KIZUNA HOLDINGS（7086 TSE Growth）
＋English Summary on This Page
Funeral company providing family funerals at funeral halls that serve only one family per day
1. Corporate Overview
KIZUNA HOLDINGS is a funeral company that provides family funerals nationwide. Its funerals are held at funeral halls dedicated to one service per day. It is engaged in the funeral service business and the online customer attraction business. The funeral service business consists of a direct management model in which funerals are held at halls it directly manages centered on Kazokusou No Famille, and an outsourcing model in which it outsources the holding of funerals to partner funeral companies and by using public halls, etc. The online customer attraction business is a business to act as an intermediary between customers that got in touch with the company through its website and partner funeral companies as well as agencies. The company develops its services in 33 prefectures nationwide.
2. Financial Analysis
During the three years to the fiscal year ended May 2021, while the number of funeral services has increased 15.7% per annum with the increase in number of directly managed halls, the unit price per funeral has decreased 6.6% per annum with the decrease in number of mourners. Therefore, its growth remained at relatively low with revenue increasing 7.8% per annum and profit before income taxes increasing 6.7% per annum.
From the perspective of growth potential and profitability, the company is more attractive than similar companies.
3. Non-Financial Analysis
The source of intellectual capital is the coexistence of the point of view of citizens and emphasis on efficiency.
4. Corporate Strategy Analysis
By measures including enhancing profitability through acceleration of new hall openings as well as enhancing dominance, the company formulates a medium-term management plan targeting revenue of 11,700 million yen and operating profit of 1,580 million yen in the fiscal year ending May 2024.
5. Analyst Evaluation
The Stock Research Center estimates the business performance of the fiscal year ending May 2022 to be a 16% increase in revenue and 41% increase in operating profit, slightly above the company’s plan considering the company’s progress through July.
Assuming a steady increase in the number of funeral services, improvement in the advertisement expense ratio with the dominance effect and other factors, the Stock Research Center estimates a 14% year-on-year increase in revenue and 31% increase in operating profit for the fiscal year ending May 2023 and an 11% increase in revenue and 17% increase in operating profit for the fiscal year ending May 2024.
1. Corporate Overview
KIZUNA HOLDINGS is a funeral company that provides family funerals nationwide. Its funerals are held at funeral halls dedicated to one service per day. It is engaged in the funeral service business and the online customer attraction business. The funeral service business consists of a direct management model in which funerals are held at halls it directly manages centered on Kazokusou No Famille, and an outsourcing model in which it outsources the holding of funerals to partner funeral companies and by using public halls, etc. The online customer attraction business is a business to act as an intermediary between customers that got in touch with the company through its website and partner funeral companies as well as agencies. The company develops its services in 33 prefectures nationwide.
2. Financial Analysis
During the three years to the fiscal year ended May 2021, while the number of funeral services has increased 15.7% per annum with the increase in number of directly managed halls, the unit price per funeral has decreased 6.6% per annum with the decrease in number of mourners. Therefore, its growth remained at relatively low with revenue increasing 7.8% per annum and profit before income taxes increasing 6.7% per annum.
From the perspective of growth potential and profitability, the company is more attractive than similar companies.
3. Non-Financial Analysis
The source of intellectual capital is the coexistence of the point of view of citizens and emphasis on efficiency.
4. Corporate Strategy Analysis
By measures including enhancing profitability through acceleration of new hall openings as well as enhancing dominance, the company formulates a medium-term management plan targeting revenue of 11,700 million yen and operating profit of 1,580 million yen in the fiscal year ending May 2024.
5. Analyst Evaluation
The Stock Research Center estimates the business performance of the fiscal year ending May 2022 to be a 16% increase in revenue and 41% increase in operating profit, slightly above the company’s plan considering the company’s progress through July.
Assuming a steady increase in the number of funeral services, improvement in the advertisement expense ratio with the dominance effect and other factors, the Stock Research Center estimates a 14% year-on-year increase in revenue and 31% increase in operating profit for the fiscal year ending May 2023 and an 11% increase in revenue and 17% increase in operating profit for the fiscal year ending May 2024.
概要（レポートから抜粋）
1．会社概要
・きずなホールディングス（以下、同社）は、1日1組限定の貸切ホールでの家族葬を日本各地で施行する葬儀会社である。「家族葬のファミーユ」を中心とした直営ホールで葬儀を施行する「直営モデル」と、公営斎場等を活用して葬儀施行を提携葬儀社に任せる「委託モデル」から構成される「葬儀施行業」と、自社サイトを通じてアプローチしてきた顧客と提携葬儀社や代理店を仲介する「ネット集客業」を行っており、全国33都道府県でサービスを展開している。
2．財務面の分析
・18/5期～21/5期の期間では、直営ホール数の増加に伴い、葬儀件数は年平均15.7%増加したものの、会葬者数の減少等に伴い、葬儀単価が同6.6%下落したため、売上収益は同7.8%増、税引前利益は同6.7%増と一桁の伸びにとどまった。
・成長性と収益性の観点で類似企業に比べ魅力的である。
3．非財務面の分析
・知的資本の源泉は、「生活者目線」と効率性重視の両立にある。
4．経営戦略の分析
・同社は、出店加速やドミナント強化による収益性の向上等により、24/5期に売上収益11,700百万円、営業利益1,580百万円を目指す中期経営計画を掲げている。
5．アナリストの評価
・証券リサーチセンター（以下、当センター）では、22/5期の業績について、7月までの進捗状況を考慮し、会社計画をやや上回る16%増収、41％営業増益と予想した。
・当センターでは、葬儀件数の順調な拡大や、ドミナント効果による広告宣伝費率の改善等を想定し、23/5期は前期比14%増収、31%営業増益、24/5期は同11%増収、17%営業増益を予想している。
・きずなホールディングス（以下、同社）は、1日1組限定の貸切ホールでの家族葬を日本各地で施行する葬儀会社である。「家族葬のファミーユ」を中心とした直営ホールで葬儀を施行する「直営モデル」と、公営斎場等を活用して葬儀施行を提携葬儀社に任せる「委託モデル」から構成される「葬儀施行業」と、自社サイトを通じてアプローチしてきた顧客と提携葬儀社や代理店を仲介する「ネット集客業」を行っており、全国33都道府県でサービスを展開している。
2．財務面の分析
・18/5期～21/5期の期間では、直営ホール数の増加に伴い、葬儀件数は年平均15.7%増加したものの、会葬者数の減少等に伴い、葬儀単価が同6.6%下落したため、売上収益は同7.8%増、税引前利益は同6.7%増と一桁の伸びにとどまった。
・成長性と収益性の観点で類似企業に比べ魅力的である。
3．非財務面の分析
・知的資本の源泉は、「生活者目線」と効率性重視の両立にある。
4．経営戦略の分析
・同社は、出店加速やドミナント強化による収益性の向上等により、24/5期に売上収益11,700百万円、営業利益1,580百万円を目指す中期経営計画を掲げている。
5．アナリストの評価
・証券リサーチセンター（以下、当センター）では、22/5期の業績について、7月までの進捗状況を考慮し、会社計画をやや上回る16%増収、41％営業増益と予想した。
・当センターでは、葬儀件数の順調な拡大や、ドミナント効果による広告宣伝費率の改善等を想定し、23/5期は前期比14%増収、31%営業増益、24/5期は同11%増収、17%営業増益を予想している。
