400 billion yen in operating profit for Sukiya? Zensho HD's stock price is soaring.
2024/02/23
クリスのレポート
すき家やなか卯などを運営する企業。 コロナで売上が下がったが2023年3月期には回復している。自己資本率24.7%と低く、流動比率は1.43とそこそこ。キャッシュフローはプラスで保っており、FCFマージンは8.29％。株価はこの一年で倍の価格になっており成長著しい。値上げにもかかわらず顧客数が増加したこと、コロナ終了で外食が増えたこと、原価を改善し営業利益が改善したこと、すき家の2024年３月期の営業利益予測が400億と過去最大なことなどが原因。
Chris's report
A company that operates Sukiya and Nakau among others. Despite a decline in sales due to COVID-19, there has been a recovery in the fiscal year ending March 2023. The equity ratio is low at 24.7%, with a decent current ratio of 1.43. Cash flow remains positive, with an FCF margin of 8.29%. The stock price has doubled over the past year, showing significant growth. Factors contributing to this include an increase in customer numbers despite price hikes, an increase in dining out as COVID-19 restrictions ease, and improvements in cost leading to improved operating profit. As a result, the forecasted operating profit for Sukiya for the fiscal year ending March 2024 is expected to reach a record high of 400 billion yen.
ゼンショーHDの株価の成長がヤヴァイ。経営状況はどうなっているんだろー？
Insight
The stock price growth of Zensho HD is alarming. I wonder what the management situation is like?
ミナの判断
財務体質はあまり強くないが、企業運営の成績は良さそう。松屋も国内顧客とインバウンドで伸びているため同じ状況と推察される。円安が継続しインバウンド需要が続く環境で中期的に購入し売却益を狙う手もある。PERが76と業界平均より高いが成長性が期待されている値であるためそこまで気にしなくても良いと思う。
Mina's judgement
While the financial health may not be particularly strong, the operational performance of the company seems promising. Given that Matsuya is also experiencing growth with domestic customers and inbound tourism, a similar situation can be inferred. With the continuation of a weak yen and sustained inbound demand, there is a potential strategy of purchasing in the medium term and aiming for capital gains upon selling. Although the PER (Price-to-Earnings Ratio) is high at 76 compared to the industry average, considering the anticipated growth potential, I believe it's not something to be overly concerned about.
