Stock 9201 JAPAN AIRLINES CO., LTD.
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Financials Japan Airlines Co., Ltd.

Equities

9201

JP3705200008

Airlines

Delayed Japan Exchange
Other stock markets
 11:30:00 26/04/2024 am IST 		5-day change 1st Jan Change
2,841 JPY +0.05% Intraday chart for Japan Airlines Co., Ltd. +2.38% +2.38%
24/04 Korean Air in Discussions to Purchase at Least 10 Boeing 777X Jetliners MT
24/04 Japan Airlines Reportedly Plans to Continue Using Both Boeing, Airbus Aircraft MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 13,60,075 6,70,514 10,79,408 10,00,747 11,28,353 12,41,537 - -
Enterprise Value (EV) 1 9,80,354 5,33,141 11,72,086 13,91,625 14,14,609 14,49,890 14,25,245 13,80,190
P/E ratio 9.02 x 12.8 x -3.23 x -5.64 x 32.8 x 13.5 x 11.7 x 10.2 x
Yield 2.82% 2.76% - - 0.97% 2.58% 2.91% 3.42%
Capitalization / Revenue 0.91 x 0.48 x 2.24 x 1.47 x 0.82 x 0.74 x 0.69 x 0.66 x
EV / Revenue 0.66 x 0.38 x 2.44 x 2.04 x 1.03 x 0.87 x 0.8 x 0.74 x
EV / EBITDA 3.26 x 2.23 x -5.43 x -23 x 6.35 x 5.03 x 4.32 x 4.29 x
EV / FCF 9.16 x -3.3 x -3.79 x -5.02 x 7.85 x 18.6 x 13.6 x 10.9 x
FCF Yield 10.9% -30.3% -26.4% -19.9% 12.7% 5.36% 7.37% 9.17%
Price to Book 1.17 x 0.61 x 1.14 x 1.25 x 1.38 x 1.39 x 1.29 x 1.19 x
Nbr of stocks (in thousands) 3,48,827 3,36,942 4,37,007 4,37,007 4,37,007 4,37,007 - -
Reference price 2 3,899 1,990 2,470 2,290 2,582 2,841 2,841 2,841
Announcement Date 26/04/19 30/04/20 07/05/21 06/05/22 02/05/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,87,261 14,11,230 4,81,225 6,82,713 13,75,589 16,66,748 17,91,780 18,73,222
EBITDA 1 3,00,264 2,38,667 -2,15,800 -60,623 2,22,760 2,88,091 3,29,818 3,21,475
EBIT 1 1,76,160 1,00,632 -3,98,300 -2,34,767 64,563 1,34,139 1,68,433 1,87,067
Operating Margin 11.84% 7.13% -82.77% -34.39% 4.69% 8.05% 9.4% 9.99%
Earnings before Tax (EBT) 1 1,56,240 96,513 -4,04,078 -2,46,617 52,429 1,35,817 1,64,117 1,84,317
Net income 1 1,50,807 53,407 -2,86,693 -1,77,551 34,423 92,156 1,05,888 1,20,579
Net margin 10.14% 3.78% -59.58% -26.01% 2.5% 5.53% 5.91% 6.44%
EPS 2 432.1 155.7 -765.0 -406.3 78.77 210.9 242.6 277.2
Free Cash Flow 1 1,07,004 -1,61,543 -3,09,205 -2,77,314 1,80,142 77,747 1,05,002 1,26,621
FCF margin 7.19% -11.45% -64.25% -40.62% 13.1% 4.66% 5.86% 6.76%
FCF Conversion (EBITDA) 35.64% - - - 80.87% 26.99% 31.84% 39.39%
FCF Conversion (Net income) 70.95% - - - 523.32% 84.36% 99.16% 105.01%
Dividend per Share 2 110.0 55.00 - - 25.00 73.29 82.55 97.06
Announcement Date 26/04/19 30/04/20 07/05/21 06/05/22 02/05/23 - - -
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 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 7,59,844 6,51,386 1,94,700 2,86,525 1,57,615 2,90,647 2,07,833 1,84,233 2,68,896 3,49,626 6,18,522 3,87,067 3,69,999 7,57,067 3,81,440 4,39,498 8,20,938 4,28,427 4,14,017 4,16,700 4,61,700 4,45,900 4,37,800
EBITDA - - - - - - - - - - - - - - - - - - - - - - -
EBIT 1 81,316 19,316 -2,23,900 -1,74,400 -64,858 -1,41,703 -31,842 -61,222 -30,186 26,228 -3,958 37,900 30,621 - 1,87,424 59,852 91,235 37,564 9,510 44,200 58,700 32,800 39,100
Operating Margin 10.7% 2.97% -115% -60.87% -41.15% -48.75% -15.32% -33.23% -11.23% 7.5% -0.64% 9.79% 8.28% - 49.14% 13.62% 11.11% 8.77% 2.3% 10.61% 12.71% 7.36% 8.93%
Earnings before Tax (EBT) 78,803 - -2,28,252 - -70,561 -1,54,446 -34,246 -57,925 -28,808 25,974 -2,834 27,499 27,764 - 31,897 57,198 89,095 34,875 - - - - -
Net income 1 51,203 - -1,61,226 - -47,057 -1,04,976 -23,346 -49,229 -19,560 17,448 -2,112 - 18,110 - 23,063 38,608 61,671 24,201 33,559 - - - -
Net margin 6.74% - -82.81% - -29.86% -36.12% -11.23% -26.72% -7.27% 4.99% -0.34% - 4.89% - 6.05% 8.78% 7.51% 5.65% 8.11% - - - -
EPS 2 147.9 - -478.4 - -107.7 -240.2 -53.42 -112.6 -44.76 39.93 -4.830 42.16 41.44 - 52.77 88.35 141.1 55.38 76.79 - - - -
Dividend per Share 2 55.00 - - - - - - - - - - - - - - - 30.00 - 35.00 - 32.42 - 32.42
Announcement Date 31/10/19 30/04/20 30/10/20 07/05/21 02/11/21 02/11/21 02/02/22 06/05/22 01/08/22 01/11/22 01/11/22 02/02/23 02/05/23 02/05/23 01/08/23 31/10/23 31/10/23 02/02/24 - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - 92,678 3,90,878 2,86,256 2,08,353 1,83,708 1,38,652
Net Cash position 1 3,79,721 1,37,373 - - - - - -
Leverage (Debt/EBITDA) - - -0.4295 x -6.448 x 1.285 x 0.7232 x 0.557 x 0.4313 x
Free Cash Flow 1 1,07,004 -1,61,543 -3,09,205 -2,77,314 1,80,142 77,747 1,05,002 1,26,621
ROE (net income / shareholders' equity) 13.6% 4.7% -29.2% -20.3% 4.3% 10.7% 11.6% 12.3%
ROA (Net income/ Total Assets) 8.51% 5.27% -20.4% -11% 2.14% 3.26% 4.3% 4.93%
Assets 1 17,71,341 10,12,649 14,07,164 16,12,297 16,06,045 28,31,216 24,63,080 24,44,494
Book Value Per Share 2 3,340 3,249 2,168 1,830 1,868 2,041 2,200 2,389
Cash Flow per Share 2 788.0 558.0 -256.0 2.820 441.0 540.0 604.0 673.0
Capex 1 2,22,126 2,39,611 89,686 1,61,306 1,17,488 2,05,000 2,23,600 2,10,000
Capex / Sales 14.94% 16.98% 18.64% 23.63% 8.54% 12.3% 12.48% 11.21%
Announcement Date 26/04/19 30/04/20 07/05/21 06/05/22 02/05/23 - - -
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 Japan Airlines Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
2,841 JPY
Average target price
3,307 JPY
Spread / Average Target
+16.39%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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