Financials Japan Exchange Group, Inc. Deutsche Boerse AG

Equities

OSK

JP3183200009

Financial & Commodity Market Operators

Real-time Estimate Tradegate Other stock markets 09:39:40 08/07/2024 pm IST			5-day change	1st Jan Change
23 ^EUR	+3.60%		+7.69%	+19.79%

01/07	Open Up Records 92.3% Engineer Utilization with 91 New Hires in May	MT
14/06	Activia Properties Determinetes Interest Rates for 12 Billion Yen Loan	MT

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	10,20,549	13,89,057	12,05,931	10,58,225	21,12,595	20,77,614	-	-
Enterprise Value (EV) ¹	8,83,719	12,16,508	10,47,044	10,12,386	20,37,056	19,35,048	19,13,361	18,90,973
P/E ratio	21.4 x	27 x	24.2 x	22.9 x	35.2 x	33.8 x	32.5 x	31.1 x
Yield	2.83%	2.62%	3.15%	3.12%	2.21%	1.86%	1.94%	2.01%
Capitalization / Revenue	8.25 x	10.4 x	8.9 x	7.9 x	13.8 x	12.8 x	12.3 x	11.9 x
EV / Revenue	7.14 x	9.12 x	7.73 x	7.56 x	13.3 x	11.9 x	11.3 x	10.8 x
EV / EBITDA	10.4 x	13.3 x	11.5 x	11.6 x	19.3 x	18.1 x	17.4 x	16.5 x
EV / FCF	1,58,70,818 x	1,73,20,049 x	1,87,48,432 x	-	3,06,48,091 x	-	-	-
FCF Yield	0%	0%	0%	-	0%	-	-	-
Price to Book	3.42 x	4.32 x	3.82 x	3.37 x	6.51 x	5.92 x	5.54 x	5.21 x
Nbr of stocks (in thousands)	5,35,440	5,35,282	5,27,529	5,24,263	5,14,013	5,20,314	-	-
Reference price ²	1,906	2,595	2,286	2,018	4,110	3,993	3,993	3,993
Announcement Date	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: März	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,23,688	1,33,343	1,35,432	1,33,991	1,52,871	1,62,928	1,68,983	1,75,041
EBITDA ¹	85,032	91,348	90,998	87,224	1,05,742	1,06,792	1,10,245	1,14,803
EBIT ¹	68,533	74,565	73,473	68,253	87,444	87,832	90,741	93,494
Operating Margin	55.41%	55.92%	54.25%	50.94%	57.2%	53.91%	53.7%	53.41%
Earnings before Tax (EBT) ¹	69,095	74,732	73,429	68,207	87,404	89,636	93,356	97,180
Net income ¹	47,609	51,389	49,955	46,342	60,822	61,448	64,013	66,705
Net margin	38.49%	38.54%	36.89%	34.59%	39.79%	37.71%	37.88%	38.11%
EPS ²	88.91	96.00	94.35	88.03	116.9	118.1	123.0	128.2
Free Cash Flow	55,682	70,237	55,847	-	66,466	-	-	-
FCF margin	45.02%	52.67%	41.24%	-	43.48%	-	-	-
FCF Conversion (EBITDA)	65.48%	76.89%	61.37%	-	62.86%	-	-	-
FCF Conversion (Net income)	116.96%	136.68%	111.79%	-	109.28%	-	-	-
Dividend per Share ²	54.00	68.00	72.00	63.00	91.00	74.17	77.33	80.14
Announcement Date	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: März	2021 S1	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	63,834	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	40,224	40,955	42,617	41,415
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	26,013	-	-	-	-
EBIT ¹	35,191	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	22,115	23,242	25,115	21,238
Operating Margin	55.13%	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%	54.98%	56.75%	58.93%	51.28%
Earnings before Tax (EBT)	35,225	36,044	19,892	-	17,790	-	34,122	17,614	-	25,068	-	44,506	21,518	-	-	-	-	-
Net income	23,787	24,564	13,449	-	12,089	-	23,189	11,986	-	17,736	-	31,432	15,159	-	-	-	-	-
Net margin	37.26%	37.5%	38.34%	-	36%	-	34.88%	35.21%	-	48%	-	42.83%	39.63%	-	-	-	-	-
EPS ²	44.44	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	29.73	31.24	33.76	28.55
Dividend per Share	26.00	26.00	-	-	-	-	26.00	-	-	-	-	31.00	-	-	-	-	-	-
Announcement Date	28/10/20	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: März	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,36,830	1,72,549	1,58,887	45,839	75,539	1,42,566	1,64,253	1,86,641
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	55,682	70,237	55,847	-	66,466	-	-	-
ROE (net income / shareholders' equity)	16.3%	16.6%	15.7%	14.7%	19%	17.6%	17.4%	17.2%
ROA (Net income/ Total Assets)	0.11%	0.12%	0.11%	0.09%	0.11%	0.1%	0.1%	0.1%
Assets ¹	4,18,09,959	4,37,91,223	4,47,42,499	5,21,98,693	5,66,68,220	6,14,48,238	6,40,13,403	6,67,04,553
Book Value Per Share ²	557.0	600.0	598.0	599.0	631.0	675.0	721.0	767.0
Cash Flow per Share	120.0	127.0	127.0	124.0	152.0	-	-	-
Capex ¹	1,199	2,880	2,344	11,301	13,100	16,295	16,732	17,332
Capex / Sales	0.97%	2.16%	1.73%	8.43%	8.57%	10%	9.9%	9.9%
Announcement Date	30/04/20	28/04/21	26/04/22	27/04/23	30/04/24	-	-	-

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 Exchange Group, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,993 JPY

Average target price

3,530 JPY

Spread / Average Target

-11.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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