近鉄グループホールディングス (9041) 資産流動化、事業ポートフォリオ見直しの具体化・加速化が鍵

Research evidence excerpt

近鉄グループホールディングス (9041) 資産流動化、事業ポートフォリオ見直しの具体化・加速化が鍵

27/3E2028/3E2029/3E

Cash and cash equivalents 265,692220,575204,400188,900173,500 Gross margin 18.4% 18.9% 18.3% 18.1% 17.9%

Accounts receivable 193,178208,012208,000208,000208,000 EBITDA margin 9.4% 9.7% 8.8% 8.8% 8.7%

Inventories 222,589241,914251,900261,900271,900 EBIT margin 4.8% 5.1% 5.0% 5.0% 5.1%

Other current assets 79,717 76,034 76,000 76,000 76,000 Net profit margin 2.7% 3.1% 2.6% 2.6% 2.6%

Current assets 761,176746,535740,300734,800729,400

PP&E 1,385,0561,464,0221,522,7001,550,0001,576,300 ROE 8.8% 9.3% 7.5% 7.5% 7.4%

LT investments 70,080 91,497 91,500 91,500 91,500 ROA 1.9% 2.1% 1.8% 1.9% 1.9%

Other non current assets 290,943291,448288,300285,100281,900 ROCE 3.1% 3.7% 3.3% 3.3% 3.5%

Total assets 2,507,2552,593,5022,642,8002,661,4002,679,100 SG&A/Sales 13.6% 13.7% 13.4% 13.1% 12.9%

Net debt/Equity 1.6 1.5 1.5 1.4 1.4

Short term borrowings 343,656218,539218,500218,500218,500 Net debt/EBITDA 6.1 6.1 6.7 6.4 6.2

Payables 196,334202,581202,500202,500202,500

Other short term liabilities 221,619219,424219,500219,500219,500 Sales/Assets (x) 0.7 0.7 0.7 0.7 0.7

Current liabilities 761,609640,544640,500640,500640,500 Assets/Equity (x) 4.7 4.4 4.2 4.0 3.8

Long-term debt 913,2541,047,0001,062,6001,046,7001,029,800 Interest cover (x) 27.5 20.6 14.2 13.3 12.5

Other long term liabilities 218,667213,992214,000214,000214,000 Operating leverage -50.3%1220.1% 44.6% 121.9% 127.2%

Total liabilities 1,893,5301,901,5361,917,1001,901,2001,884,300 Tax rate 33.6% 24.3% 32.7% 32.7% 32.6%

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Shareholders' equity 544,128611,709645,400679,900714,500 Revenue y/y Growth 6.9% 0.5% 4.9% 3.9% 4.0%

Minority interests 69,597 80,257 80,300 80,300 80,300 EBITDA y/y Growth 10.8% 4.1% -5.6% 4.2% 3.5%