Sanwa Holdings Corporation

XST.F · Industrials · Building Products & Equipment · Valued as of 2026-11-04 · Statements 2026-03-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

4.78B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

4.73B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

3.91B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

4.48B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

4.74B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.94×

the ratio the screener ranks by

Margin of Safety

-5.9%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 4.78B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)4.36B USD
+②Net Cash Today425.92M USD
+③Growth Value0 USD
=Value4.78B USD

EPV of the Operations (NOPAT over WACC)

4.36B USD

Net cash today

+425.92M USD

Growth Value

0 USD

Value

4.78B USD

①EPV (Earnings Power Value)

4.36B USD

②Net Cash Today

425.92M USD

③Growth Value

0 USD

Market value

Market Cap4.74B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+0.9%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 4.73B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE3.22B USD
+②Equity at Year 15, Today1.52B USD
=Value4.73B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

3.22B USD

②Equity at Year 15, Today

1.52B USD

Market value

Market Cap4.74B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-0.2%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 3.91B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF2.79B USD
+②Invested Capital at Year 15, Today696.00M USD
+③Net Cash Today425.92M USD
=Value3.91B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

2.79B USD

②Invested Capital at Year 15, Today

696.00M USD

③Net Cash Today

425.92M USD

Market value

Market Cap4.74B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-21.2%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 7.47%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.56×Market Risk Premium 6.00%= 7.89%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 127.37M USDPretax Income 504.18M USD= 25.26%

The tax the interest saves.

Interest Expense =EBIT 513.00M USD−Pretax Income 504.18M USD= 8.82M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 8.82M USDTotal Debt 357.42M USD×(1 − Tax Rate for WACC 25.26%)= 1.85%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 357.42M USDMarket Cap + Total Debt 4.74B USD + 357.42M USD= 7.01%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 92.99%×Cost of Equity 7.89%+Debt Weight 7.01%×Cost of Debt 1.85%= 7.47%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-03-31.

Total Assets 3.43B USD − Total Liabilities 1.23B USD = Book Value Today 2.20B USD

Total Debt 357.42M USD − Cash and Short-Term Investments 783.34M USD = Net Debt Today -425.92M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-4.1%at most 5%passes209,884,554 / 218,879,408
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets0.3%at least -10.0%passes(384.49M USD − 374.35M USD) ÷ 3.43B USD
Price to bookMarket Cap ÷ Book Value Today2.16×at most 3×passes4.74B USD ÷ 2.20B USD
Operating marginOperating Income ÷ Revenue12.0%above 10.0%passes495.34M USD ÷ 4.14B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-6.6%above 10.0%does not pass4.14B USD / 4.43B USD
Net cash(Cash − Total Debt) ÷ Market Cap7.7%above -30%passes(723.87M USD − 357.42M USD) ÷ 4.74B USD
Operating efficiencyOperating Income ÷ Gross Profit36.1%above 25.0%passes495.34M USD ÷ 1.37B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

20.42 EUR

Enterprise value

-67.00B EUR

the provider's own figure

EV / EBITDA

-0.74×

Price / book

2.24×

the provider's book

Price / earnings

13.60×

Return on equity

18.1%

the provider's figure, not this page's

Profit margin

8.7%

Revenue growth

-0.3%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2023202420252026

Revenue

4.42B4.04B4.43B4.14B

Gross profit

1.35B1.30B1.46B1.37B

Operating income

423.14M432.03M538.68M495.34M

EBITDA

operating income before depreciation and amortisation

484.52M526.02M660.93M610.40M

Pretax income

368.80M411.76M544.12M504.18M

Net income

248.62M285.73M384.78M374.35M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

276.09M299.48M397.56M375.00M

R&D

————
Balance sheet, year end (USD)2023202420252026

Total assets

3.32B3.25B3.58B3.43B

Total liabilities

1.50B1.36B1.41B1.23B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

1.81B1.88B2.16B2.18B

Total debt

447.85M375.65M381.25M357.42M

Cash and equivalents

478.35M634.20M839.61M723.87M

Net PP&E

fixed assets after depreciation

626.48M607.73M658.70M637.56M

Working capital

current assets less current liabilities

1.06B1.24B1.43B1.27B
Cash flow (USD)2023202420252026

Operating cash flow

258.70M478.73M514.77M384.49M

Capital expenditure

paid out, so below zero

————

Depreciation and amortisation

111.12M106.26M108.28M97.39M

Free cash flow

operating cash flow plus capital expenditure

258.70M478.73M514.77M384.49M