Financials Fukuyama Transporting Co., Ltd.

Equities

9075

JP3806800003

Ground Freight & Logistics

Delayed Japan Exchange Other stock markets 08:00:00 30/04/2024 am IST			5-day change	1st Jan Change
3,810 ^JPY	+1.06%		+0.66%	-6.04%

13/02	Fukuyama Transporting’s Profit Down Nearly 61% in Fiscal Q1-Q3	MT
13/02	Fukuyama Transporting Co., Ltd. Provides Dividend Guidance for the Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,14,882	1,91,771	2,22,693	1,47,722	1,45,298	1,52,601	-	-
Enterprise Value (EV) ¹	2,72,367	2,57,554	2,78,368	2,25,047	2,01,884	2,10,954	2,08,838	2,04,346
P/E ratio	14.4 x	14.9 x	14.6 x	9.23 x	6.99 x	16.3 x	12.6 x	11.6 x
Yield	1.29%	1.29%	1.1%	1.64%	1.95%	1.99%	2.07%	2.14%
Capitalization / Revenue	0.75 x	0.65 x	0.78 x	0.51 x	0.5 x	0.53 x	0.52 x	0.5 x
EV / Revenue	0.95 x	0.88 x	0.97 x	0.77 x	0.69 x	0.74 x	0.71 x	0.67 x
EV / EBITDA	7.99 x	6.89 x	7.33 x	5.73 x	5.54 x	7.6 x	6.4 x	5.86 x
EV / FCF	28.4 x	-83.4 x	21.3 x	14.4 x	13.8 x	-490 x	46.3 x	27.7 x
FCF Yield	3.52%	-1.2%	4.7%	6.93%	7.27%	-0.2%	2.16%	3.61%
Price to Book	0.86 x	0.76 x	0.83 x	0.58 x	0.54 x	0.56 x	0.54 x	0.52 x
Nbr of stocks (in thousands)	50,442	49,617	48,836	40,472	40,473	40,478	-	-
Reference price ²	4,260	3,865	4,560	3,650	3,590	3,770	3,770	3,770
Announcement Date	13/05/19	13/05/20	11/05/21	11/05/22	15/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,85,686	2,92,999	2,85,518	2,91,266	2,93,358	2,86,867	2,95,365	3,02,980
EBITDA ¹	34,082	37,374	37,991	39,260	36,472	27,753	32,622	34,859
EBIT ¹	19,478	20,541	21,145	22,091	21,375	12,042	16,224	17,808
Operating Margin	6.82%	7.01%	7.41%	7.58%	7.29%	4.2%	5.49%	5.88%
Earnings before Tax (EBT) ¹	21,876	19,757	22,740	24,939	30,951	14,067	17,847	19,328
Net income ¹	14,962	12,918	15,320	16,763	20,791	9,338	12,068	13,168
Net margin	5.24%	4.41%	5.37%	5.76%	7.09%	3.26%	4.09%	4.35%
EPS ²	295.2	259.2	312.8	395.3	513.7	230.7	298.2	325.4
Free Cash Flow ¹	9,575	-3,090	13,097	15,594	14,667	-430.8	4,511	7,377
FCF margin	3.35%	-1.05%	4.59%	5.35%	5%	-0.15%	1.53%	2.43%
FCF Conversion (EBITDA)	28.09%	-	34.47%	39.72%	40.21%	-	13.83%	21.16%
FCF Conversion (Net income)	64%	-	85.49%	93.03%	70.54%	-	37.38%	56.02%
Dividend per Share ²	55.00	50.00	50.00	60.00	70.00	75.00	78.00	80.50
Announcement Date	13/05/19	13/05/20	11/05/21	11/05/22	15/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 S1	2023 Q3	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	1,44,885	1,48,114	1,38,431	1,47,087	70,330	1,41,999	78,183	71,084	73,162	1,45,325	77,956	71,685	69,544	1,41,229	77,025	69,273
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	11,211	9,330	9,476	11,669	4,646	10,958	8,469	2,664	6,738	11,688	7,208	4,288	1,949	6,237	4,707	1,778
Operating Margin	7.74%	6.3%	6.85%	7.93%	6.61%	7.72%	10.83%	3.75%	9.21%	8.04%	9.25%	5.98%	2.8%	4.42%	6.11%	2.57%
Earnings before Tax (EBT)	10,847	-	10,042	-	-	11,202	8,973	-	7,368	12,233	16,152	4,965	-	7,067	5,229	-
Net income	7,268	-	6,663	-	-	7,569	6,014	-	4,938	8,056	10,846	3,381	-	4,384	3,063	-
Net margin	5.02%	-	4.81%	-	-	5.33%	7.69%	-	6.75%	5.54%	13.91%	4.72%	-	3.1%	3.98%	-
EPS	145.4	-	135.7	-	-	171.8	144.2	-	122.0	199.1	268.0	83.56	-	108.3	75.68	-
Dividend per Share	25.00	-	25.00	-	-	30.00	-	-	-	35.00	-	-	-	35.00	-	-
Announcement Date	06/11/19	13/05/20	05/11/20	11/05/21	10/11/21	10/11/21	09/02/22	11/05/22	10/08/22	09/11/22	09/02/23	10/08/23	08/11/23	08/11/23	08/02/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	57,485	65,783	55,675	77,325	56,586	58,354	56,238	51,746
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.687 x	1.76 x	1.465 x	1.97 x	1.551 x	2.103 x	1.724 x	1.484 x
Free Cash Flow ¹	9,575	-3,090	13,097	15,594	14,667	-431	4,511	7,377
ROE (net income / shareholders' equity)	6.1%	5.2%	5.9%	6.4%	8%	3.51%	4.37%	4.58%
ROA (Net income/ Total Assets)	4.91%	4.92%	4.88%	4.88%	4.81%	2.21%	2.88%	3.09%
Assets ¹	3,04,823	2,62,576	3,13,769	3,43,292	4,31,994	4,22,466	4,19,039	4,26,235
Book Value Per Share ²	4,962	5,109	5,520	6,240	6,590	6,751	6,974	7,223
Cash Flow per Share ²	583.0	597.0	657.0	800.0	887.0	602.0	691.0	768.0
Capex ¹	21,010	33,669	20,122	16,296	16,429	24,575	22,158	21,313
Capex / Sales	7.35%	11.49%	7.05%	5.59%	5.6%	8.57%	7.5%	7.03%
Announcement Date	13/05/19	13/05/20	11/05/21	11/05/22	15/05/23	-	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Fukuyama Transporting Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

3,770 JPY

Average target price

3,812 JPY

Spread / Average Target

+1.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Ground Freight & Logistics

	1st Jan change	Capi.
FUKUYAMA TRANSPORTING CO., LTD.	-6.04%	969M
CANADIAN NATIONAL RAILWAY COMPANY	+1.82%	79.59B
CANADIAN PACIFIC KANSAS CITY LIMITED	+5.40%	76.06B
KANSAS CITY SOUTHERN	-.--%	26.71B
XPO, INC.	+26.41%	12.9B
U-HAUL HOLDING COMPANY	-9.61%	12.39B
C.H. ROBINSON WORLDWIDE, INC.	-17.00%	8.22B
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.	-18.72%	7.55B
ALD	-1.86%	5.4B
RYDER SYSTEM, INC.	+6.99%	5.34B

Other Ground Freight & Logistics