Research from Mita Securities, Mita Securities

Mita Securities

Mita Securities provides a full scale diversified investment banking and financial services. A comprehensive investment banking department, specializes in rights offerings advisory, take-over bids agents, M&A etc. Including a proprietary trading desk, and wealth management department that offers brokerage, custody, real estate, and full proxy services.

Research from Mita Securities

Equity Bottom-Up

<ul><li>We have updated our earnings forecast for S Foods (2292, the company) and raised our target price to 5,300 yen from 4,900 yen</li><li>We have raised our OP forecasts from 12.9bn yen to 17.3bn yen (+36.9% YoY) for FY2/22, 13.6bn yen to 17.5bn yen for FY2/23, and 14.6bn yen to 16.3bn yen for FY2/24</li><li>In calculating our target price, we used a residual income model (RIM) with a cost of equity of 6.0% (unchanged) and a terminal growth rate of 0.4% (unchanged), based on our earnings forecasts for FY2/22-FY2/27 (updated due to progress of the term)</li></ul>

We have updated our earnings forecast for S Foods (2292, the company) and raised our target price to 5,300 yen from 4,900 yenWe have raised our OP forecasts from 12.9bn yen to 17.3bn yen (+36.9% YoY) for FY2/22, 13.6bn yen to 17.5bn yen for FY2/23, and 14.6bn yen to 16.3bn yen for FY2/24In calculating our target price, we used a residual income model (RIM) with a cost of equity of 6.0% (unchanged) and a terminal growth rate of 0.4% (unchanged), based on our earnings forecasts for FY2/22-FY2/27 (updated due to progress of the term)

S Foods (2292): Raising TP; Expect Strong Prices in the Short-Term

S Foods Inc

S Foods (2292): Raising TP; Expect Strong Prices in the Short-Term