GuruFocus Manual of Stocks™  |  Dec 06, 2021
Shinsei Bank Ltd (OTCPK:SKLKF)
www.gurufocus.com/stock/OTCPK:SKLKF
Shinsei Bank Ltd (OTCPK:SKLKF)
[1]
Modestly Overvalued[5]$ 16.98
Banks - Banks - Regional
Market Cap: $ 3,625 Mil
Shinsei Bank, Ltd., is a diversified financial institution. The Bank provides financial products and services to domestic institutional and individual customers.
Valuation Rank
Score: 0 /10CurrentIndustry MedianHistorical Median
PE Ratio7.7810.579
Forward P/E9.1710.64N/A
PB Ratio0.441.010.52
PS Ratio1.262.831.26
P/FCF1.856.010.68
Shiller P/E10.2213.4816.09
PEG Ratio1.011.411.1
Valuation Analysis
% of Price
Peter Lynch Value16.8799
Price16.98
Median PS Value17.46103
Tangible Book35.96212
Graham Number42.02247
Dividend & Ownership
Dividend Yield(ttm) %0.64
Dividend Yield(forward) %0.64
Payout0.05
Dividend Growth(5y) %N/A
Yield on Cost(5y) %0.64
Continuous Div. since2021
Insider Ownership %N/A
Institution Ownership %17.66
Financial Strength
Score: 2 /10CurrentIndustry MedianHistorical Median
Cash-to-Debt1.202.100.67
Equity-to-Asset0.090.100.08
Piotroski F-Score565
Profitability Rank
Score: 4 /10CurrentIndustry MedianHistorical Median
Net Margin %16.3727.1415.04
ROE %5.999.686.24
ROA %0.520.940.55
Growth (Per Share)
10 Yr5 Yr1 Yr
Revenue Growth (%)-0.43.61.9
EPS w/o NRI Growth (%)8-1.86.1
Free Cash Flow Growth (%)N/AN/A-13.4
Book Value Growth (%)7.87.79.5
Quarterly
Sep20Dec20Mar21Jun21Sep21
Revenue780814813751731
Net Income70124174105106
EPS0.310.560.790.490.5
Revenue (YoY) %-11.3-0.93-1.661.25-6.25
Net Income (YoY) %-52.85-20.253888.891.7750.54
EPS (YoY) %-49.59-14.722296.97105.4660.65
Free Cash Flow----------
Cash & Equiv.1571417324176551739717260
Current Assets1571417324176551739717260
Short-Term Debt & CLO----------
Current Liabilities----------
Total Liabilities8912892521902448880088189
Stockholders Equity85628698848684528464
Warning Signs
SEVEREFinancial Strength: Poor
MEDIUMDividend Yield %: Close to 3-year low
MEDIUMPrice: Close to 5-year high
MEDIUMPS Ratio: Close to 3-year high
Good Signs
GOODBeneish M-Score: Unlikely manipulator
As of 12-06-2021
* All financial numbers are in millions except for per share data, ratios and percentage change.
Gain % SP500 %
1W---1.21
1M3.22-2.43
3M33.390.40
6M10.558.98
YTD40.0222.46
1Y32.9925.39
3Y6.8719.60
5Y2.0617.70
10Y10.0115.98
28.25
10.73
6.8
22764
11382
2011201220132014201520162017201820192020CurrentPerformance
7.2426.9325.0921.1525.5118.8819.9816.9516.919.118.14Highest Stock Price
4.68.6815.4315.8811.3411.7714.7611.4710.7711.0711.69Lowest Stock Price
18706184464453873455465938443503313438003625Market Cap
265.4265.4265.4265.4265.4260.8258.4247.7239.2223.2211.9Shares Outstanding-Diluted
44.6311.0213.029.356.410.538.227.467.578.857.78PE Ratio
0.270.940.720.890.50.640.480.440.370.450.44PB Ratio
0.831.731.691.791.161.571.251.190.981.191.26PS Ratio
3.324.250.883.091.060.77-0.150.450.460.350.31EV-to-Revenue
2012201320142015201620172018201920202021TTMPer Share Data
15.7912.9711.7411.0811.1911.5612.3811.8913.6913.8114.4Revenue per Share
0.292.031.522.122.031.721.881.91.771.862.33Earnings per Share
-60.956.0718.94-16.265.365.335.23-0.311.49.78--Free Cash Flow per Share
--0.110.10.080.090.090.09----0.110.11Dividends per Share
21.3721.9822.1421.3624.4626.2629.6330.2633.6536.4837.75Tangible Book per Share
--------------15.4417.9419.2417.46Median PS Value
11.8731.6927.5431.9533.4531.9235.3735.9736.6139.0644.53Graham Number
2012201320142015201620172018201920202021TTMIncome Statement
4190.73441.23114.82939.22969.13015.83197.42944.23273.53082.23109.4Revenue
----------------------Credit Losses Provision
3987.62866.22683.52332.22419.32594.72661.72445.82799.52673.82642.7Total Noninterest Expense
186.1568.5449.7604.3556.2458.3522.5491.1457509.1581.6Pretax Income
78539404.3563.8539.7449.5484.8470.7423.3415509Net Income
1.915.71319.218.214.915.21612.913.516.4Net Margin %
2.82.42.42.62.72.52.72.62.62.22.2Net Interest Margin-Bank %
1.286.298.36.36.35.95.24.96ROE %
0.10.50.40.70.70.60.60.50.50.40.5ROA %
2012201320142015201620172018201920202021Sep21Balance Sheet
5016.96847.1141837324.19999123871382112200149921765517260Cash & Equivalents
----------------------Total Receivables
10440395276910807383979064819938917486115949839880696718Total Assets
----------------------Short-Term Debt & CLO
145581486611035109729589.9100119436.410009133261511514416Long-Term Debt & CLO
9679288063840206757972041747248110278047865279024488189Total Liabilities
6860.86556.26438.66081.96923.47257.880548026.98388.18486.28464.1Total Stockholders Equity
7611.17213.77060.76260.8702372698072.28067.48456.48562.68529Total Equity
2012201320142015201620172018201920202021TTMCashflow Statement
-1602216895128.2-42281556.71555.81578.7125.52846.92292.8--Cash Flow from Operations
16596926.13004501.61648.61199.2-417.6-1372.5456.566.1--Cash Flow from Investing
-----------107.1-94.3-117-218.3-188.6--Repurchase of Stock
-101.93.7-343-367.1-843.4-341.8-60.4-336.5------Net Issuance of Debt
-182.1-65.7-392-763.2-955.3-544.8-172.9-451.3-215.4-251.5--Cash Flow from Financing
3922550.17741.3-4488.12249.12209.7987.4-1697.83087.22108.2--Net Change in Cash
-153.3-78.7-102.1-88.1-135.1-167.1-228-198.7-119.8-110--Capital Expenditure
-161751610.35026.1-4316.11421.61388.81350.6-73.227272182.9--Free Cash Flow
Competitor
TickerCompanyFinancial
Strength
Profitability
Rank
Market Cap
($M)
PE RatioPS RatioNet
Margin %
ROA %ROE %
TSE:8331The Chiba Bank Ltd354,4399.222.3825.810.315.27
TSE:8355Shizuoka Bank Ltd254,03610.292.6525.710.334.28
OTCPK:SKLKFShinsei Bank Ltd243,6257.781.2616.370.525.99
TSE:8369Bank of Kyoto Ltd343,40019.573.7419.120.171.73
TSE:8354Fukuoka Financial Group Inc243,1877.791.5219.520.174.91
GuruFocus Manual of Stocks™  |  Dec 06, 2021
Shinsei Bank Ltd (OTCPK:SKLKF)
www.gurufocus.com/stock/OTCPK:SKLKF

Financial Strength[2] (Quarterly data, as of Sep. 2021) : Poor (2/10)

0
1
2
3
4
5
6
7
8
9

Cash-to-Debt : 1.20

Cash-to-Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.


Equity-to-Asset : 0.09

Equity-to-Asset ratio is calculated as total stockholders equity divided by its total assets. Equity-to-Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity-to-Asset ratio (more leveraged) may have higher ROE % because of the leverage.


Debt-to-Equity : 1.70

A high Debt-to-Equity ratio generally means that a company has been aggressive in financing its growth with debt.


Piotroski F-Score : 5

The Piotroski F-Score is used to determine the strength of a firm's financial position, with 9 being the best and 0 being the worst.

0
1
2
3
4
5
6
7
8
9


WACC : 1.85% vs ROIC : N/A%

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business.


Dividend Yield : 0.64%

Dividend yield is a way to measure how much cash flow you are getting for each dollar invested in an equity position.

GuruFocus Manual of Stocks™  |  Dec 06, 2021
Shinsei Bank Ltd (OTCPK:SKLKF)
www.gurufocus.com/stock/OTCPK:SKLKF

Profitability[3] (Annual data, as of Mar. 2021) : Fair (4/10)

0
1
2
3
4
5
6
7
8
9

Revenue : $731 Mil vs Net Income : $106 Mil

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Net Income is a company's total profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.


Cash & Equivalents : $17,260 Mil vs Long-Term Debt* : $14,416 Mil

Cash & equivalents are the most liquid assets on the balance sheet. Cash equivalents are assets that are readily convertible into cash. Long-Term Debt* consists of loans and obligations lasting over one year.


Net Margin % : 14.44%

Net margin % measures the percentage of revenue remaining after all operating expenses, interest, taxes, etc have been deducted from a company's total revenue. Net Margin % is calculated as Net Income divided by its Revenue.


EPS without NRI : $0.50

Earnings Per Share without Non-Recurring Items is the amount of earnings without non-recurring items per outstanding share of the company's stock. In calculating earnings per share without non-recurring items, the dividends of preferred stocks and Non Operating Income need to subtracted from the total net income first.


Dividends per Share : $0.00

Dividends per Share is the amount of dividends that the shareholders of a company receive on a per-share basis. It is calculated using the total dividends paid out to shareholders over one fiscal year and the number of shares outstanding.


Free Cash Flow per Share : $0.00

Free Cash flow per Share is the amount of Free cash flow per outstanding share of the company's stock.

GuruFocus Manual of Stocks™  |  Dec 06, 2021
Shinsei Bank Ltd (OTCPK:SKLKF)
www.gurufocus.com/stock/OTCPK:SKLKF

Valuation (Quarterly data, as of Sep. 2021)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing over time.


Valuation Chart (Current stock price : $16.98)


PE Ratio without NRI : 7.42

The price-to-earnings ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.


PB Ratio : 0.42

The price-to-book ratio measures the valuation of the stock relative to the underlying asset of the company.


PS Ratio : 1.20

The price-to-sales ratio is a valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues.


Price-to-Free-Cash-Flow : 0.00

Price-to-free-cash-flow is very similar to the valuation metric of price-to-operating-cash-flow but is considered a more exact measure, owing to the fact that it uses free cash flow, which subtracts capital expenditures from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.


EV-to-Revenue : 0.25

Enterprise value of a company divided by its trailing 12 months revenue.

GuruFocus Manual of Stocks™  |  Dec 06, 2021
Shinsei Bank Ltd (OTCPK:SKLKF)
www.gurufocus.com/stock/OTCPK:SKLKF

Valuation Bands

In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a lower valuation.


Historical Price and PE Band


Historical Price and PS Band


Historical Price and PB Band


Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

GuruFocus Manual of Stocks™  |  Dec 06, 2021
Shinsei Bank Ltd (OTCPK:SKLKF)
www.gurufocus.com/stock/OTCPK:SKLKF

Warning Signs

GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.


Severe Warning Signs

Financial Strength : Poor

Shinsei Bank Ltd displays poor financial strength. Usually this is caused by too much debt for the company.

Good Signs

Beneish M-Score : Unlikely manipulator

Beneish M-Score -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

Medium Warning Signs

Dividend Yield % : Close to 3-year low

Shinsei Bank Ltd stock dividend yield is close to 3-year low.

Price : Close to 5-year high

Shinsei Bank Ltd stock Price is close to 5-year high

PS Ratio : Close to 3-year high

Shinsei Bank Ltd stock PS Ratio (=1.26) is close to 3-year high of 1.31
GuruFocus Manual of Stocks™  |  Dec 06, 2021
Shinsei Bank Ltd (OTCPK:SKLKF)
www.gurufocus.com/stock/OTCPK:SKLKF

Competitive Comparison


5 Year Price Change Comparison


Financial Strength

CompanyFinancial StrengthCash-to-DebtEquity-to-AssetDebt-to-EquityInterest CoveragePiotroski F-ScoreAltman Z-ScoreBeneish M-ScoreWACC %ROIC %
TSE:8369Bank of Kyoto Ltd3/101.600.091.58N/A40.00-3.531.86N/A
TSE:7186Concordia Financial Group Ltd3/101.910.052.09N/A40.00-3.161.99N/A
TSE:8410Seven Bank Ltd3/108.770.200.45N/A70.00-2.932.60N/A
TSE:8331The Chiba Bank Ltd3/101.700.062.11N/A50.00-3.262.18N/A
TSE:8304Aozora Bank Ltd2/101.760.091.02N/A70.00-3.073.13N/A
TSE:8354Fukuoka Financial Group Inc2/101.360.035.60N/A60.00-2.710.69N/A
TSE:8385Iyo Bank Ltd2/102.080.091.03N/A50.00-2.781.28N/A
TSE:7167Mebuki Financial Group Inc2/101.470.044.49N/A40.00-3.980.64N/A
OTCPK:SKLKFShinsei Bank Ltd2/101.200.091.70N/A50.00-2.671.85N/A
TSE:8355Shizuoka Bank Ltd2/101.850.081.11N/A60.00-2.792.42N/A

Profitability

CompanyProfitability RankOperating
Margin %
Net Margin %ROE %ROA %Price-to-Free-Cash-FlowROC (Joel Greenblatt) %3-Year Revenue Growth %3-Year EBITDA Growth %3-Year EPS w/o NRI Growth %
TSE:8304Aozora Bank Ltd5/10N/A28.066.650.570.42N/A1.90N/A-12.40
TSE:8410Seven Bank Ltd5/10N/A22.419.721.892.51N/A0.80N/A1.20
TSE:8355Shizuoka Bank Ltd5/10N/A25.714.280.330.44N/A4.90N/A-2.20
TSE:8331The Chiba Bank Ltd5/10N/A25.815.270.310.27N/A3.50N/A-0.60
TSE:8369Bank of Kyoto Ltd4/10N/A19.121.730.170.27N/A0.30N/A-4.50
TSE:8354Fukuoka Financial Group Inc4/10N/A19.524.910.170.24N/A2.70N/A-6.50
TSE:8385Iyo Bank Ltd4/10N/A15.402.610.220.22N/A1.90N/A-8.50
TSE:7167Mebuki Financial Group Inc4/10N/A15.393.980.170.06N/A3.30N/A-4.90
OTCPK:SKLKFShinsei Bank Ltd4/10N/A16.375.990.521.85N/A4.60N/A0.50
TSE:7186Concordia Financial Group Ltd2/10N/A13.523.240.180.25N/A-1.90N/A-26.20

Valuation

CompanyPE RatioPB RatioPS RatioPrice-to-Intrinsic-Value-Projected-FCFPrice-to-Intrinsic-Value-DCF (Earnings Based)Price-to-Median-PS-ValuePrice-to-Peter-Lynch-Fair-ValuePrice-to-Graham-NumberEarnings Yield (Joel Greenblatt) %Forward Rate of Return (Yacktman) %
TSE:7167Mebuki Financial Group Inc6.670.251.030.030.000.000.000.27N/A404.34
OTCPK:SKLKFShinsei Bank Ltd7.780.441.260.310.000.971.010.40N/A41.76
TSE:8354Fukuoka Financial Group Inc7.790.371.520.050.000.850.000.36N/A205.93
TSE:8304Aozora Bank Ltd9.050.582.540.190.000.670.000.49N/A57.22
TSE:8385Iyo Bank Ltd9.120.231.400.080.620.640.000.31N/A82.85
TSE:8331The Chiba Bank Ltd9.220.472.380.100.620.871.830.44N/A92.93
TSE:8355Shizuoka Bank Ltd10.290.412.650.180.700.810.000.44N/A48.03
TSE:8410Seven Bank Ltd12.301.162.760.320.830.680.000.86N/A29.81
TSE:7186Concordia Financial Group Ltd13.720.431.850.000.000.000.000.52N/A0.00
TSE:8369Bank of Kyoto Ltd19.570.333.740.121.331.042.360.54N/A77.35
GuruFocus Manual of Stocks™  |  Dec 06, 2021
Shinsei Bank Ltd (OTCPK:SKLKF)
www.gurufocus.com/stock/OTCPK:SKLKF

Peter Lynch Chart[4]

GuruFocus Manual of Stocks™  |  Dec 06, 2021
Shinsei Bank Ltd (OTCPK:SKLKF)
www.gurufocus.com/stock/OTCPK:SKLKF

Per Share Data



Per Share Data

Mar06
Mar07
Mar08
Mar09
Mar10
Mar11
Mar12
Mar13
Mar14
Mar15
Mar16
Mar17
Mar18
Mar19
Mar20
Mar21
TTM Fiscal Period
17.64
18.45
24.82
23.86
26.08
23.89
15.79
12.97
11.74
11.08
11.19
11.56
12.38
11.89
13.69
13.81
14.4
Revenue per Share
3.22
-3.92
3.22
-7.45
-7.87
2.62
0.29
2.03
1.52
2.12
2.03
1.72
1.88
1.9
1.77
1.86
2.33
Earnings per Share (Diluted)
3.22
-3.92
3.22
-7.45
-7.87
2.62
0.29
2.03
1.52
2.12
2.03
1.72
1.88
1.9
1.77
1.86
2.33
EPS without NRI
--
--
--
--
--
2.01
-0.18
1.53
0.88
1.74
2.59
--
--
--
--
--
0.74
Owner Earnings per Share (TTM)
-17.12
26.53
16.64
57.41
52.96
4.87
-60.95
6.07
18.94
-16.26
5.36
5.33
5.23
-0.3
11.4
9.78
-- Free Cash Flow per Share
-16.74
26.77
16.99
57.64
53.79
5.8
-60.37
6.36
19.32
-15.93
5.87
5.97
6.11
0.51
11.9
10.27
-- Operating Cash Flow per Share
30.67
25.96
24.36
30.01
27.68
20.89
18.24
25.8
53.44
27.6
37.68
47.86
54.66
49.74
64.97
82.01
82.73
Cash per Share
--
--
--
--
--
0.12
--
0.11
0.1
0.08
0.09
0.09
0.09
--
--
0.11
0.11
Dividends per Share
36.71
28.02
34.53
27.85
25.75
25.28
24.95
24.7
24.26
22.92
26.09
28.04
31.85
32.73
36.35
39.42
40.57
Book Value per Share
13.84
13.89
23.3
17.47
19.58
20.84
21.37
21.98
22.14
21.36
24.46
26.26
29.63
30.26
33.65
36.48
37.75
Tangible Book per Share
72.31
40.7
141
111
123
110
52.93
56.01
41.58
41.34
36.14
38.68
37.32
40.81
57.75
70.21
69.1
Total Debt per Share
--
--
--
--
11.5
6.8
6.8
23.3
17.5
20.3
13.02
18
15.2
14.28
13.58
17.65
16.98
Month End Stock Price

Ratios

Mar06
Mar07
Mar08
Mar09
Mar10
Mar11
Mar12
Mar13
Mar14
Mar15
Mar16
Mar17
Mar18
Mar19
Mar20
Mar21
TTM Fiscal Period
8.79
-8.14
9.47
-22.75
-28.62
8.88
1.15
8.03
6.22
9.01
8.3
6.34
6.33
5.85
5.16
4.92
5.97
ROE %
--
--
--
--
-63.6
32.89
4.26
8.54
8.64
10.12
16.6
9.91
13.19
13.3
13.95
10.93
13.61
ROE % Adjusted to Book Value
0.8
-0.6
0.58
-1.24
-1.25
0.42
0.07
0.54
0.43
0.68
0.71
0.56
0.57
0.54
0.47
0.43
0.52
ROA %
13.89
-13.7
14.54
-34.81
-41.5
11.14
1.37
9.2
6.91
9.77
8.88
6.77
6.79
6.31
5.57
5.31
6.44
Return-on-Tangible-Equity
0.83
-0.62
0.59
-1.26
-1.27
0.42
0.07
0.54
0.44
0.69
0.71
0.56
0.57
0.54
0.47
0.43
0.52
Return-on-Tangible-Asset
1.73
1.47
0.96
3.37
4.8
3.79
3.25
5.18
5.44
5.01
3.21
3.36
3.45
3.46
2.32
1.43
1.85
WACC %
3.35
8.34
5.92
3.95
3.54
2.32
2.37
2.59
2.47
1.67
1.58
1.46
1.91
1.95
1.61
0.84
0.78
Effective Interest Rate on Debt %
129
205
5
3.69
4.06
3.65
2.79
2.39
2.38
2.55
2.69
2.52
2.65
2.56
2.56
2.22
2.21
Net Interest Margin (Bank Only) %
25.69
-21.22
12.97
-31.21
-30.16
10.95
1.86
15.66
12.98
19.18
18.18
14.91
15.16
15.99
12.93
13.46
16.37
Net Margin %
-97.07
144
67.04
241
203
20.4
-386
46.79
161
-147
47.88
46.05
42.24
-2.49
83.31
70.82
-- FCF Margin %
1.35
1.09
4.08
4
4.77
4.35
2.12
2.27
1.71
1.8
1.39
1.38
1.17
1.25
1.59
1.78
1.7
Debt-to-Equity
0.09
0.06
0.06
0.05
0.04
0.05
0.07
0.07
0.07
0.08
0.09
0.09
0.09
0.09
0.09
0.09
0.09
Equity-to-Asset
0.12
0.07
0.25
0.19
0.19
0.23
0.14
0.16
0.12
0.15
0.12
0.12
0.11
0.12
0.14
0.15
0.15
Debt-to-Asset
0.88
0.91
0.92
0.94
0.94
0.94
0.93
0.92
0.92
0.92
0.91
0.91
0.91
0.91
0.91
0.91
0.91
Liabilities-to-Assets
0.03
0.03
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.04
0.04
0.04
0.04
0.03
0.04
0.03
0.03
Asset Turnover
--
--
--
--
--
0.05
--
0.05
0.06
0.04
0.04
0.05
0.05
--
--
0.06
0.05
Dividend Payout Ratio
0.02
0.01
0.01
0.01
0.03
0.04
0.04
0.02
0.03
0.03
0.05
0.06
0.07
0.07
0.04
0.04
-- Capex-to-Revenue
* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative.
GuruFocus Manual of Stocks™  |  Dec 06, 2021
Shinsei Bank Ltd (OTCPK:SKLKF)
www.gurufocus.com/stock/OTCPK:SKLKF

Financial Satement



Income Statement

Mar06
Mar07
Mar08
Mar09
Mar10
Mar11
Mar12
Mar13
Mar14
Mar15
Mar16
Mar17
Mar18
Mar19
Mar20
Mar21
TTM Fiscal Period
1066
1474
2404
3101
3126
2537
1937
1560
1400
1234
1246
1226
1400
1393
1428
1242
1242
  Interest Income
-364
-659
-1036
-1026
-833
-618
-519
-381
-320
-184
-163
-144
-186
-189
-188
-120
-116
  Interest Expense
702
814
1367
2074
2293
1919
1418
1178
1080
1050
1083
1083
1214
1204
1240
1123
1126
Net Interest Income (for Banks)
1824
1636
3231
2611
2830
2851
2773
2263
2035
1889
1886
1933
1983
1740
2033
1960
1984
Non Interest Income
2525
2451
4599
4686
5122
4769
4191
3441
3115
2939
2969
3016
3197
2944
3274
3082
3109
Revenue
1416
1281
1576
1860
1883
1780
1581
1382
1320
1198
1252
1278
1348
1311
1394
1372
1420
Selling, General, & Admin. Expense
-1129
271
124
179
231
160
2406
1484
1364
1134
1167
1317
1313
1135
1406
1302
1223
Other Noninterest Expense
287
1553
1700
2040
2114
1941
3988
2866
2683
2332
2419
2595
2662
2446
2800
2674
2643
Total Noninterest Expense
1610
1459
1980
3862
4365
2121
17.04
6.53
-18.3
2.67
-6.44
-37.31
13.2
7.31
17.05
-101
-115
SpecialCharges
629
-560
919
-1217
-1357
708
186
568
450
604
556
458
523
491
457
509
582
Pre-Tax Income
65.49
182
-143
-107
-90.99
-88.47
-64.98
7.79
-16.3
-27.89
-13.18
-10.96
-36.22
-22.52
-37.83
-102
-79.96
Tax Provision
-10.42
32.52
15.56
-8.8
-6.71
12.5
34.92
-1.37
3.62
4.62
2.37
2.39
6.93
4.59
8.28
20.08
13.75
Tax Rate %
604
-662
776
-1324
-1448
619
121
576
433
576
543
447
486
469
419
407
502
Net Income (Continuing Operations)
45.13
142
-179
-139
-97.08
-96.86
-43.11
-37.29
-29.08
-12.69
-3.35
2.14
-1.47
2.15
4.17
8.15
7.33
  Other Income (Minority Interest)
649
-520
597
-1462
-1545
522
77.97
539
404
564
540
450
485
471
423
415
509
Net Income
25.69
-21.22
12.97
-31.21
-30.16
10.95
1.86
15.66
12.98
19.18
18.18
14.91
15.16
15.99
12.93
13.46
16.37
Net Margin %
4.53
-3.92
3.87
-7.45
-7.87
2.62
0.29
2.03
1.52
2.12
2.03
1.72
1.88
1.9
1.77
1.86
2.34
EPS (Basic)
3.22
-3.92
3.22
-7.45
-7.87
2.62
0.29
2.03
1.52
2.12
2.03
1.72
1.88
1.9
1.77
1.86
2.33
EPS (Diluted)
143
133
185
196
196
200
265
265
265
265
265
261
258
248
239
223
212
Shares Outstanding (Diluted Average)
1464
1402
1499
650
391
305
268
225
196
158
158
157
141
138
155
156
-- Depreciation, Depletion and Amortization

Cashflow Statement

Mar06
Mar07
Mar08
Mar09
Mar10
Mar11
Mar12
Mar13
Mar14
Mar15
Mar16
Mar17
Mar18
Mar19
Mar20
Mar21
TTM Fiscal Period
604
-662
919
-1217
-1357
708
186
568
450
604
556
458
523
491
457
509
502
Net Income From Continuing Operations
1464
1402
1499
650
391
305
268
225
196
158
158
157
141
138
155
156
-- Depreciation, Depletion and Amortization
1212
1424
-76.45
189
-27.78
-92.91
-1141
944
-280
130
178
105
180
162
84.05
90.02
--   Change In Receivables
-354
-670
812
10237
10032
380
-15493
-369
5784
-4116
1635
1097
1442
-543
2980
2346
--   Change In Other Working Capital
859
754
736
10426
10004
288
-16633
575
5505
-3986
1814
1202
1622
-381
3064
2436
-- Change In Working Capital
-5323
2061
-6.29
1461
1525
-142
158
320
-1022
-1005
-971
-262
-707
-123
-830
-809
-- Cash Flow from Others
-2396
3555
3148
11320
10563
1158
-16022
1689
5128
-4228
1557
1556
1579
125
2847
2293
-- Cash Flow from Operations
-55.32
-31.84
-64.49
-44.87
-56.96
-89.21
-72.08
-33.86
-46.98
-33.24
-35.26
-42.5
-32.45
-34.49
-49.6
-19.36
-- Purchase Of Property, Plant, Equipment
18.21
56.42
1189
200
--
--
--
--
--
--
--
--
--
--
--
--
-- Sale Of Property, Plant, Equipment
--
--
-311
-6587
-5.35
--
--
--
--
-0.23
-13.1
-3.92
--
-297
-48.24
-432
-- Purchase Of Business
--
26.24
293
143
--
8.67
59.56
154
--
--
--
27.12
--
17.83
--
--
-- Sale Of Business
-29156
-21795
-27727
-28762
-37377
-47901
-8481
-90212
-6776
-61104
-36570
-14948
-13268
-15220
-17261
-14177
-- Purchase Of Investment
30133
18527
24815
25003
25829
46804
25660
91008
9777
62079
38637
16251
13024
14995
18832
14594
-- Sale Of Investment
--
--
--
--
-106
-96.05
-81.27
-44.83
-55.09
-54.84
-99.87
-125
-196
-164
-70.23
-90.62
-- Net Intangibles Purchase And Sale
217
-152
-92.64
-260
-5.35
-1.46
-490
54.92
106
-385
-270
39.45
53.83
-670
-946
191
-- Cash From Other Investing Activities
1157
-3370
-1898
-10307
-11722
-1275
16596
926
3004
502
1649
1199
-418
-1372
457
66.11
-- Cash Flow from Investing
--
--
506
514
99.22
874
1.1
2.76
8.32
9.68
0.01
0.44
7.9
24.92
26.08
26.35
-- Issuance of Stock
-0.01
-1166
-0.01
--
--
--
--
--
--
--
--
-107
-94.31
-117
-218
-189
-- Repurchase of Stock
--
--
--
--
54.58
29.39
468
66.99
266
--
--
--
--
--
--
--
--   Issuance of Debt
--
--
-32.83
-467
-257
-80.92
-570
-63.31
-609
-367
-843
-342
-60.35
-336
--
--
--   Payments of Debt
--
--
-32.83
-467
-203
-51.53
-102
3.68
-343
-367
-843
-342
-60.35
-336
--
--
-- Net Issuance of Debt
-76.27
-159
-30.49
-59
--
--
-32.17
-27.99
-25.92
-22.04
-23.49
-23.5
-24.4
-22.75
-22.77
-21.22
-- Cash Flow for Dividends
2837
549
-358
-209
-381
-1118
-49.2
-44.19
-31.42
-384
-88.44
-72.74
-1.75
-0.01
-0.46
-68.05
-- Other Financing
2760
-775
85.24
-222
-484
-296
-182
-65.74
-392
-763
-955
-545
-173
-451
-215
-252
-- Cash Flow from Financing
0.26
0.01
-0.88
-0.51
-0.03
-1
0.52
0.72
1.06
1.48
-0.84
-0.53
-0.79
0.47
-0.75
0.75
-- Effect of Exchange Rate Changes
1522
-590
1334
790
-1643
-414
392
2550
7741
-4488
2249
2210
987
-1698
3087
2108
-- Net Change in Cash
-55.32
-31.84
-64.49
-44.87
-163
-185
-153
-78.7
-102
-88.08
-135
-167
-228
-199
-120
-110
-- Capital Expenditure
-2451
3523
3083
11275
10400
973
-16175
1610
5026
-4316
1422
1389
1351
-73.2
2727
2183
-- Free Cash Flow
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Dec 06, 2021
Shinsei Bank Ltd (OTCPK:SKLKF)
www.gurufocus.com/stock/OTCPK:SKLKF

Financial Satement


Balance Sheet

Mar06
Mar07
Mar08
Mar09
Mar10
Mar11
Mar12
Mar13
Mar14
Mar15
Mar16
Mar17
Mar18
Mar19
Mar20
Mar21
TTM Fiscal Period
4166
3825
5018
6184
5436
5545
5017
6847
14183
7324
9999
12387
13821
12200
14992
17655
17260
Cash and cash equivalents
--
--
--
--
--
--
3468
3296
2466
2385
2263
2140
2215
2752
3855
3624
3492
Money Market Investments
--
--
-1449
-1967
-2168
-2440
-2190
-1707
-1342
-899
-812
-887
-951
-882
-1003
-1039
-1006
  Allowance For Loans And Lease Losses
426
368
54352
58090
54965
50121
48165
43785
41225
36406
39592
41958
45217
43986
46462
47109
46144
Net Loan
--
--
206
2.86
30.88
127
--
--
--
--
--
--
--
--
--
--
--   Other Current Receivables
--
--
206
2.86
30.88
127
--
--
--
--
--
--
--
--
--
--
-- Total Receivables
3418
3262
3035
521
575
614
656
556
490
384
432
425
474
408
645
588
548
Property, Plant and Equipment
3107
2082
2314
2138
1212
1176
983
722
563
412
433
461
561
605
623
632
587
Intangible Assets
--
--
1412
1359
638
607
509
373
283
193
160
130
112
98.87
98.69
124
--   Goodwill
69077
82888
49467
55176
63191
67731
46114
40070
32153
26928
26345
24622
26886
26164
28406
29199
28686
Other Assets for Banks
80194
92424
114393
122111
125411
125314
104403
95276
91080
73839
79064
81993
89174
86115
94983
98806
96718
Total Assets
34719
46230
57631
64096
71381
68719
65026
57587
57167
45291
51367
51923
57211
53283
58562
60454
58923
Total Deposits
--
--
1473
6370
6139
3303
--
--
--
--
--
--
--
--
--
--
-- Accounts Payable & Accrued Expense
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Short-Term Debt & Capital Lease Obligation
9824
5998
28997
22969
24108
29196
14558
14866
11035
10972
9590
10011
9436
10009
13326
15115
14416
Long-Term Debt & Capital Lease Obligation
1.35
1.09
4.08
4
4.77
4.35
2.12
2.27
1.71
1.8
1.39
1.38
1.17
1.25
1.59
1.78
1.7
Debt-to-Equity
26126
32238
16711
20833
16783
16611
17208
15610
15817
11316
11083
12790
14454
14755
14639
14674
14850
Other Liabilities for Banks
70668
84466
104812
114268
118411
117829
96792
88063
84020
67579
72041
74724
81102
78047
86527
90244
88189
Total Liabilities
1542
2489
4727
4867
5250
6273
6211
5405
5005
4254
4536
4536
4830
4608
4757
4712
4650
Common Stock
2306
1360
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Preferred Stock
3236
2094
3003
1562
137
675
714
1132
1427
1739
2371
2768
3408
3118
3619
3971
4107
Retained Earnings
158
158
432
445
480
973
964
838
776
660
704
695
740
706
729
671
662
Additional Paid-In Capital
-0.1
-619
-720
-741
-800
-889
-880
-766
-709
-603
-643
-704
-844
-339
-567
-749
-829
Treasury Stock
51.08
6.98
-328
-396
-10.99
-325
-148
-53.47
-60.47
30.79
-43.87
-37.07
-79.55
-66.59
-149
-119
-125
Other Stockholders Equity
7293
5489
7114
5738
5057
6708
6861
6556
6439
6082
6923
7258
8054
8027
8388
8486
8464
Total Stockholders Equity
2233
2470
2466
2106
1943
778
750
658
622
179
99.65
11.18
18.2
40.47
68.4
76.36
64.93
Minority Interest
9526
7959
9580
7843
6999
7485
7611
7214
7061
6261
7023
7269
8072
8067
8456
8563
8529
Total Equity
0.09
0.06
0.06
0.05
0.04
0.05
0.07
0.07
0.07
0.08
0.09
0.09
0.09
0.09
0.09
0.09
0.09
Equity-to-Asset
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Dec 06, 2021
Shinsei Bank Ltd (OTCPK:SKLKF)
www.gurufocus.com/stock/OTCPK:SKLKF

Valuation Ratios



Valuation Ratios

Mar06
Mar07
Mar08
Mar09
Mar10
Mar11
Mar12
Mar13
Mar14
Mar15
Mar16
Mar17
Mar18
Mar19
Mar20
Mar21
TTM Fiscal Period
21.83
N/A
10.14
N/A
At Loss
4.59
44.63
11.02
13.02
9.35
6.4
10.53
8.22
7.46
7.57
8.85
7.78
PE Ratio
21.83
N/A
10.14
N/A
At Loss
4.59
44.63
11.02
13.02
9.35
6.4
10.53
8.22
7.46
7.57
8.85
7.78
PE Ratio without NRI
--
--
--
--
--
3.38
--
15.23
19.89
11.67
5.03
--
--
--
--
--
22.92
Price-to-Owner-Earnings
--
--
--
--
0.45
0.27
0.27
0.94
0.72
0.89
0.5
0.64
0.48
0.44
0.37
0.45
0.44
PB Ratio
--
--
--
--
0.59
0.33
0.32
1.06
0.79
0.95
0.53
0.69
0.51
0.47
0.4
0.48
0.47
Price-to-Tangible-Book
--
1.82
1.96
0.18
0.24
2.46
--
3.69
1.05
--
2.43
3.41
2.95
--
1.17
1.68
1.85
Price-to-Free-Cash-Flow
--
1.8
1.92
0.18
0.23
2.07
--
3.52
1.03
--
2.22
3.04
2.52
27.97
1.13
1.6
1.76
Price-to-Operating-Cash-Flow
3.98
2.61
1.32
0.42
0.48
0.5
0.83
1.73
1.69
1.79
1.16
1.57
1.25
1.19
0.98
1.19
1.26
PS Ratio
--
--
--
--
--
--
--
--
--
2.05
0.81
1.24
1.06
0.98
1.05
1.16
1.01
PEG Ratio
7.82
5.35
7.21
4.48
4.5
5.79
3.32
4.25
0.88
3.09
1.06
0.77
-0.15
0.45
0.46
0.35
0.31
EV-to-Revenue
5.2
23.55
29.63
122
208
218
152
55.17
66.89
9.53
-31.24
-17.74
31.39
25.74
18.77
45.1
41.76
Forward Rate of Return (Yacktman) %
--
--
--
--
--
--
--
--
--
--
--
--
287
16.31
7.52
9.46
10.22
Shiller PE Ratio
--
--
--
--
--
--
--
0.45
0.56
0.41
0.68
0.49
0.59
0.64
--
--
0.64
Dividend Yield %

Valuation and Quality

Mar06
Mar07
Mar08
Mar09
Mar10
Mar11
Mar12
Mar13
Mar14
Mar15
Mar16
Mar17
Mar18
Mar19
Mar20
Mar21
TTM Fiscal Period
--
--
--
--
2259
1805
1870
6184
4644
5387
3455
4659
3844
3503
3134
3800
3625
Market Cap
--
--
--
--
22873
26233
12162
14860
2118
9215
3146
2295
-523
1352
1536
1337
911
Enterprise Value
--
--
--
--
11.5
6.8
6.8
23.3
17.5
20.3
13.02
18
15.2
14.28
13.58
17.65
16.98
Month End Stock Price
-506
-564
-496
-535
-585
-426
-336
-309
-265
-228
-234
-241
-266
-269
-310
-338
-340
Net Cash per Share
-523
-573
-496
-535
-585
-426
-336
-309
-265
-228
-234
-241
-266
-269
-310
-338
-340
Net-Net Working Capital
-14.07
--
11.13
20.88
235
147
50.38
115
95.32
59.65
20.73
-14.09
-10.93
56.19
69.5
61.65
-- Intrinsic Value: Projected FCF
--
--
--
--
--
--
--
--
--
--
--
--
--
15.44
17.94
19.24
17.46
Median PS Value
8.06
-9.65
7.9
--
--
--
--
--
--
--
16.02
14.56
14.35
14.54
12.96
15.21
16.87
Peter Lynch Fair Value
31.66
--
41.08
--
--
35.03
11.87
31.69
27.54
31.95
33.45
31.92
35.37
35.97
36.61
39.06
44.53
Graham Number
--
--
--
--
--
-54.57
-21.5
-37.79
5.57
-18.8
1.56
--
--
--
--
--
-3.37
Earnings Power Value (EPV)
5
4
6
3
6
6
3
8
6
6
6
5
7
5
5
5
5
Piotroski F-Score
-1.9
-2.54
-3
-3.01
-2.86
-2.65
-1.69
-2.65
-2.71
-2.12
-2.53
-2.54
-2.48
-2.54
-2.56
-2.67
-2.67
Beneish M-Score
0.19
0.13
0.36
0.22
0.21
0.25
0.14
0.15
0.04
0.11
0.09
0.06
0.05
0.07
0.08
0.06
0.06
Scaled Net Operating Assets
2.35
-0.76
-0.57
-2.03
-0.31
0.51
-0.47
-2.18
-8.48
5.81
-3.37
-2.81
-0.76
1.99
-3.03
-1.97
-- Sloan Ratio %
--
--
--
--
16.69
9.37
7.24
26.93
25.09
21.15
25.51
18.88
19.98
16.95
16.9
19.1
18.14
Highest Stock Price
--
--
--
--
9.67
3.96
4.6
8.68
15.43
15.88
11.34
11.77
14.76
11.47
10.77
11.07
11.69
Lowest Stock Price
--
-8.47
-39.82
--
4.68
-35.13
-3.63
3.51
--
--
--
2.47
2.31
3
5.92
6.7
6.67
Shares Buyback Ratio %
--
--
--
--
-4.39
-48.4
-0.06
-0.04
-0.18
-0.18
--
2.29
2.25
2.63
6.13
4.27
-- Buyback Yield %
38.85
4.61
34.49
-3.87
9.33
-8.39
-33.91
-17.88
-9.49
-5.64
1.01
3.37
7.01
-3.95
15.15
0.89
5.26
YoY Rev. per Sh. Growth
-3.13
-222
182
-331
-5.65
133
-88.8
593
-24.98
39.46
-4.28
-15.2
8.82
1.28
-6.84
5.03
89.29
YoY EPS Growth
143
133
153
196
196
200
265
265
265
265
265
261
258
248
239
223
212
Shares Outstanding (Basic Average)
136
147
206
206
196
265
275
265
265
265
265
259
253
245
231
215
209
Shares Outstanding (EOP)
--
--
--
--
--
--
--
0.3
0.32
0.67
0.97
0.95
0.95
1.2
0.72
0.4
-0.02
Beta
03/31/07
03/31/08
06/18/10
06/18/10
06/23/10
06/22/11
06/20/12
06/19/13
06/18/14
06/18/15
06/23/16
06/22/17
06/21/18
06/20/19
06/18/20
06/24/21
  Filing Date
03/31/07
03/31/08
06/18/10
06/23/10
06/22/11
06/20/12
06/19/13
06/18/14
06/18/15
06/23/16
06/22/17
06/21/18
06/20/19
06/18/20
06/24/21
06/24/21
  Restated Filing Date
  Earnings Release Date
--
--
--
7006
6116
5718
4830
4863
5064
5300
5356
5360
6413
6340
6738
7066
7343
Number of Employees
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Dec 06, 2021
Shinsei Bank Ltd (OTCPK:SKLKF)
www.gurufocus.com/stock/OTCPK:SKLKF

Explanation

1. Predictability Rank

GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher predictability also have better stock performance.

The rank is from 1-star to 5-star, with 5-star as the best.

2. Financial Strength

GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:

  1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
  2. Debt to revenue ratio. The lower, the better.
  3. Altman Z-Score.

The rank is from 1 to 10, with 10 as the highest.

A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial strength.

3. Profitability Rank

GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these factors:

  1. Operating Margin %.
  2. Piotroski F-Score.
  3. Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
  4. Consistency of the profitability.
  5. Predictability Rank.

The rank is from 1 to 10, with 10 as the highest.

A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.

4. Peter Lynch Chart

In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”

The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-year historical median PE without NRI Ratio for each stock.

The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals, durable goods, and so forth.

5. GF Value

Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:

  1. Possible Value Trap, Think Twice
  2. Significantly Overvalued
  3. Modestly Overvalued
  4. Fairly Valued
  5. Modestly Undervalued
  6. Significantly Undervalued
There is only a sufficient margin of safety when the stock is undervalued.

Disclaimer

GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.