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7083 東証マザーズ(サービス業)

AHCグループ

ベーシックレポート

(公開日 2021.05.21)

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AHC GROUP(7083 TSE Mothers)

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Develops nursing care and restaurant businesses while focusing on welfare business for disabled

1. Corporate Overview
AHC GROUP develops the welfare, the nursing care and the restaurant businesses centering on the Tokyo metropolitan area. Its welfare business features a one-stop service line-up that can cover the disabled from their childhood to adulthood.

2. Financial Analysis
Led by the increase in the number of its offices in the welfare and the nursing care businesses, it has recorded revenue increase from the fiscal year ended November 2015 through the fiscal year ended November 2019. It has recorded an ordinary loss on a non-consolidated basis in the fiscal year ended November 2017 when reorganization of its group companies and opening of offices were concentrated, but it recorded an ordinary profit in the fiscal years ended November 2018 and November 2019. On balance, it has recorded a slight decrease in revenue and a large decrease in ordinary profit in the fiscal year ended November 2020 as the COVID-19 pandemic directly affected the restaurant business.
When comparing its financial statements with those of listed companies conducting the welfare business for persons with disabilities or the nursing business, profitability and growth potential of the AHC GROUP are, as a company conducting both businesses, generally higher than that of nursing care service providers, but lower than providers of welfare services for persons with disabilities. Therefore, it is sensible that the company is striving to expand its welfare business, which has high growth potential.

3. Non-Financial Analysis
The company’s source of intellectual capital is the accumulation of knowledge and expertise concerning operation of offices in the welfare, the nursing care and the restaurant businesses (organizational capital). It also utilizes its expertise gained from the operation of nursing care facilities into the welfare business, increasing its number of offices which are points of contact with their customers and are social capital, leading to further accumulation of operational expertise.

4. Corporate Strategy Analysis
As for problems that should be dealt with, the company needs to stably secure qualified personnel for its welfare business, secure properties appropriate for offices of the welfare business, and cope with the spread of the COVID-19 infection.
The company considers the welfare business as its growth business and its policy is to promote opening of offices in group homes with aids with the goal of having the most in the industry.

5. Analyst Evaluation
The Stock Research Center highly evaluates the way the company has developed by increasing its welfare business service types to fully cover the life span of persons with disabilities. The company’s policy for the time being is to focus on opening group homes with aids, and the Stock Research Center would like to keep an eye on the impact of expected bottlenecks and the pace of opening.

概要(レポートから抜粋)

1.会社概要
・AHCグループ(以下、同社)は、首都圏を中心に、福祉、介護、外食の3事業を展開している。福祉事業は、障害を持つ幼年から成人までをワンストップでカバーできるサービスラインナップが特徴である。

2.財務面の分析
・福祉事業と介護事業の事業所数の増加が牽引し、14/11期以降19/11期まで連続増収を続けてきた。グループ会社の整理と事業所開設が集中した17/11期は単体ベースでは経常損失を計上したが、18/11期と19/11期は経常増益となった。20/11期は新型コロナウイルス禍が外食事業を直撃して微減収・大幅経常減益となった。
・障害福祉または介護を事業とする上場企業と財務指標を比較した。障害福祉と介護の両方を行う同社の収益性と成長性の数値は、総じて介護事業者より高いが、障害福祉事業者より低い傾向にある。同社が成長性の高い福祉事業の拡大を図っているのは理にかなっていると言える。

3.非財務面の分析
・同社の知的資本の源泉は、福祉、介護、外食の3事業にわたる事業所運営に関する知見・ノウハウの蓄積(組織資本)にある。介護施設の運営を通じて得たノウハウを福祉事業にも活用し、関係資本である顧客接点となる事業所を増やし、更なる運営ノウハウの蓄積につなげている。

4.経営戦略の分析
・対処すべき課題として、福祉事業における有資格者人材の安定的な確保、福祉事業における事業所開設に適した物件の確保、新型コロナウイルス感染症の感染拡大への対応が挙げられる。
・同社は福祉事業を成長事業と位置づけ、中でも共同生活援助(グループホーム)の事業所数において業界首位となることを目標に開設を進めていく方針である。

5.アナリストの評価
・証券リサーチセンターでは、障害を持つ人の人生をフルカバーするように福祉事業のサービスの種類を増やしてきた展開の仕方を評価している。今は共同生活援助(グループホーム)の開設に注力する方針だが、想定されるボトルネックによる影響と、その開設ペースに注目していきたい。

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