Financials Japan Exchange Group, Inc.

Equities

8697

JP3183200009

Financial & Commodity Market Operators

Delayed Japan Exchange Other stock markets 11:30:00 01/05/2024 am IST			5-day change	1st Jan Change
3,557 ^JPY	-4.05%		-8.32%	+19.24%

01/05	Sojitz’s Attributable Profit Down 9% in Fiscal 2024	MT
01/05	Mitsui & Co's Attributable Profit Slides 6% in Fiscal 2024 as Revenue Falls 7%	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,56,798	10,20,549	13,89,057	12,05,931	10,58,225	18,21,320	-	-
Enterprise Value (EV) ¹	9,32,253	8,83,719	12,16,508	10,47,044	10,12,386	21,12,595	16,46,381	16,27,264
P/E ratio	21.5 x	21.4 x	27 x	24.2 x	22.9 x	35.2 x	30.2 x	28.8 x
Yield	3.55%	2.83%	2.62%	3.15%	3.12%	2.56%	2.08%	2.18%
Capitalization / Revenue	8.72 x	8.25 x	10.4 x	8.9 x	7.9 x	13.8 x	11.2 x	10.8 x
EV / Revenue	7.7 x	7.14 x	9.12 x	7.73 x	7.56 x	13.8 x	10.1 x	9.62 x
EV / EBITDA	11.4 x	10.4 x	13.3 x	11.5 x	11.6 x	20 x	15.2 x	14.4 x
EV / FCF	1,91,68,365 x	1,58,70,818 x	1,73,20,049 x	1,87,48,432 x	-	-	-	-
FCF Yield	0%	0%	0%	0%	-	-	-	-
Price to Book	3.71 x	3.42 x	4.32 x	3.82 x	3.37 x	6.51 x	-	-
Nbr of stocks (in thousands)	5,35,630	5,35,440	5,35,282	5,27,529	5,24,263	5,12,038	-	-
Reference price ²	1,973	1,906	2,595	2,286	2,018	3,557	3,557	3,557
Announcement Date	26/04/19	30/04/20	28/04/21	26/04/22	27/04/23	30/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,21,134	1,23,688	1,33,343	1,35,432	1,33,991	1,52,871	1,62,917	1,69,103
EBITDA ¹	81,731	85,032	91,348	90,998	87,224	1,05,742	1,08,337	1,12,632
EBIT ¹	69,535	68,533	74,565	73,473	68,253	87,444	88,107	91,533
Operating Margin	57.4%	55.41%	55.92%	54.25%	50.94%	57.2%	54.08%	54.13%
Earnings before Tax (EBT) ¹	70,786	69,095	74,732	73,429	68,207	87,404	89,923	94,641
Net income ¹	49,057	47,609	51,389	49,955	46,342	60,822	61,305	64,171
Net margin	40.5%	38.49%	38.54%	36.89%	34.59%	39.79%	37.63%	37.95%
EPS ²	91.58	88.91	96.00	94.35	88.03	116.9	117.8	123.3
Free Cash Flow	48,635	55,682	70,237	55,847	-	-	-	-
FCF margin	40.15%	45.02%	52.67%	41.24%	-	-	-	-
FCF Conversion (EBITDA)	59.51%	65.48%	76.89%	61.37%	-	-	-	-
FCF Conversion (Net income)	99.14%	116.96%	136.68%	111.79%	-	-	-	-
Dividend per Share ²	70.00	54.00	68.00	72.00	63.00	91.10	73.94	77.40
Announcement Date	26/04/19	30/04/20	28/04/21	26/04/22	27/04/23	30/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	57,936	63,834	33,003	65,506	35,080	34,846	33,576	32,910	66,486	34,043	33,462	36,953	36,432	73,385	38,254	41,232	41,304	41,292	42,417	41,871
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	26,013	-	-	-	-
EBIT ¹	31,870	35,191	17,592	36,051	19,916	17,506	17,777	16,350	34,127	17,638	16,488	25,038	19,461	44,499	21,543	21,402	23,195	23,579	24,916	21,694
Operating Margin	55.01%	55.13%	53.3%	55.03%	56.77%	50.24%	52.95%	49.68%	51.33%	51.81%	49.27%	67.76%	53.42%	60.64%	56.32%	51.91%	56.16%	57.1%	58.74%	51.81%
Earnings before Tax (EBT)	32,011	35,225	-	36,044	19,892	-	17,790	-	34,122	17,614	-	25,068	-	44,506	21,518	-	-	-	-	-
Net income	21,573	23,787	12,273	24,564	13,449	-	12,089	-	23,189	11,986	-	17,736	-	31,432	15,159	-	-	-	-	-
Net margin	37.24%	37.26%	37.19%	37.5%	38.34%	-	36%	-	34.88%	35.21%	-	48%	-	42.83%	39.63%	-	-	-	-	-
EPS ²	40.29	44.44	23.21	46.23	25.48	22.64	22.93	21.08	44.01	22.75	21.27	34.08	26.33	60.41	29.13	27.35	31.18	31.70	33.50	29.16
Dividend per Share	24.00	26.00	-	26.00	-	-	-	-	26.00	-	-	-	-	31.00	-	-	-	-	-	-
Announcement Date	30/10/19	28/10/20	27/10/21	27/10/21	27/01/22	26/04/22	27/07/22	27/10/22	27/10/22	30/01/23	27/04/23	28/07/23	26/10/23	26/10/23	29/01/24	30/04/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,24,545	1,36,830	1,72,549	1,58,887	45,839	1,13,331	1,74,939	1,94,056
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	48,635	55,682	70,237	55,847	-	-	-	-
ROE (net income / shareholders' equity)	17.6%	16.3%	16.6%	15.7%	14.7%	19%	14.7%	18.2%
ROA (Net income/ Total Assets)	0.15%	0.11%	0.12%	0.11%	0.09%	0.11%	0.1%	0.1%
Assets ¹	3,30,52,823	4,18,09,959	4,37,91,223	4,47,42,499	5,21,98,693	5,66,68,220	6,13,05,479	6,41,70,559
Book Value Per Share	532.0	557.0	600.0	598.0	599.0	631.0	-	-
Cash Flow per Share	114.0	120.0	127.0	127.0	124.0	152.0	-	-
Capex	4,143	1,199	2,880	2,344	11,301	-	16,732	17,332
Capex / Sales	3.42%	0.97%	2.16%	1.73%	8.43%	-	10.27%	10.25%
Announcement Date	26/04/19	30/04/20	28/04/21	26/04/22	27/04/23	30/04/24	-	-

¹JPY in Million

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 Exchange Group, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,557 JPY

Average target price

3,418 JPY

Spread / Average Target

-3.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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