Sanei Architecture Planning Co Ltd est une entreprise japonaise active depuis 1993 dans le secteur real estate. Elle achète des terrains, planifie, conceptualise et supervise la construction des maisons individuelles, puis les vend et assurance le service après-vente. En parallèle, elle achète, loue et gère des propriétés commerciales et résidentielles.
Sanei Architecture se négocie à un prix attractif, à 9 fois les bénéfices récurrents, 1.75 fois la valeur comptable corporelle, 0.54 fois les ventes et 4.7 fois le free cash flow. Le dividend yield n'est certes pas énorme, avec 1.7%, mais il est donné avec un distribution ratio de seulement 14.43%. Ceci signifie que la société possède une marge très importante pour investir dans son propre développement ou pour continuer à faire croître ses distributions, chose qu'elle a faite sur un rythme soutenu ces cinq dernières années, avec une croissance de plus de 20% par an en moyenne.
Just like the dividend, the profit, cash reserves and asset values are growing over the long term, which proves the strength of this company's business model. Sanei is clearly managing to create value over time for its owners and this is reflected in its share price which is now trading at six times the value it was... six years ago!
Les réserves de liquidités sont confortables, avec un ratio de liquidité générale de 2.35 (en hausse) et un ratio de liquidité réduite de 1.08. La gross margin est certes très légèrement en baisse, à 16.7%, mais pour une marge nette de tout de même 6.3%. Le rendement des actifs est en hausse, avec un intéressant 8.3% et notons également une rentabilité des capitaux propres de plus de 20%. De tels chiffres expliquent pourquoi le prix par rapport à la valeur comptable est légèrement plus élevé que les titres que j'analyse d'habitude (bien que la valorisation reste encore correcte, en particulier par rapport aux ventes et au free cash flow). On est ainsi à mi-chemin entre un titre à la Graham and a title to the Buffett. I guess that dividinde must appreciate...
The only real downside is the debt ratio, which has increased to 15%. As already noted in the past, debt is not necessarily bad in itself if it is used well, because it can represent a good leverage effect. It also allows Sanei not to dilute the value of the company for shareholders (the company has not increased its share capital for many years). If we take into account the comfortable general liquidity ratio that we discussed above, we also realize that the company has room to honor its financial obligations. It should also be noted that the free cash flow / total debt ratio is 0.48, which means that Sanei would theoretically be able to repay all of its debt in two years using all of its free cash flow.
At the current price of JPY 2,581, Sanei Architecture is slightly undervalued. However, if the company's earnings continue to grow in the future as they have in the past, the stock could easily triple in the next few years.
So I just bought Sanei Architecture.
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Beautiful specimen indeed! I would say we are halfway between Munger and Lynch 😉
I have two more for you that will follow 😉
Unfortunately, profits did not continue to increase, on the contrary.
Sanei lost over 10% today. Is this a share grab or a falling knife?
Where do you see profits falling?
It is a fairly volatile title, it reacts quite strongly to both the rise and the fall.
In the short term it is on a negative trend, but in the long term the trend is still positive. So I will not speak of a falling knife yet.
So the best thing right now is to wait in my opinion. Keep it if you have it, and monitor it if you don't, and take stock again at the end of the year.
This news?
Apr 13 (Reuters)-
Sansei Architecture Planning Co Ltd
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in trillions of yen unless specified)
6 months ended 6 months ended Year to
Feb 28, 2018 Feb 28, 2017 Aug 31, 2018
LATEST YEAR-AGO LATEST
RESULTS RESULTS FORECAST
Sales 38.54 33.75 117.11
(+14.2 pct) (+30.3 pct) (+16.4 pct)
Operating 2.44 2.76 10.48
(-11.8 pct) (+25.2 pct) (+10.3 pct)
Recurring 2.26 2.72 10.02
(-17.1 pct) (+25.9 pct) (+9.9 pct)
Net 1.44 1.79 6.59
(-19.5 pct) (+20.0 pct) (+9.0 pct)
EPS 67.91 yen
Ok, these are half-year results.
It is difficult to draw any real conclusions from this. I will do a new analysis in December, the tax period ends on August 31.