Financials Life Corporation

Equities

8194

JP3966600003

Food Retail & Distribution

Delayed Japan Exchange Other stock markets 10:56:11 15/05/2024 am IST			5-day change	1st Jan Change
3,895 ^JPY	-1.27%		-1.02%	+17.85%

19/04	Life Corp.'s Attributable Profit Jumps 27.1% in Fiscal 2024	MT
10/04	Life Corporation Provides Dividend Guidance for the Fiscal Fiscal Year Ending February 28, 2025	CI

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,16,190	1,10,188	1,47,400	1,42,477	1,29,604	1,85,144	-	-
Enterprise Value (EV) ¹	1,97,860	1,55,715	1,74,612	2,01,775	1,94,047	1,80,686	1,85,144	1,85,144
P/E ratio	15.7 x	14.1 x	8.27 x	9.37 x	9.72 x	10.7 x	10.8 x	10.3 x
Yield	1.21%	1.7%	1.59%	2.3%	2.53%	2.34%	2.47%	2.69%
Capitalization / Revenue	0.17 x	0.15 x	0.19 x	0.19 x	0.17 x	0.22 x	0.22 x	0.21 x
EV / Revenue	0.17 x	0.15 x	0.19 x	0.19 x	0.17 x	0.22 x	0.22 x	0.21 x
EV / EBITDA	4.64 x	4.12 x	3.63 x	3.84 x	3.79 x	4.5 x	4.47 x	4.32 x
EV / FCF	-8.06 x	2.79 x	8.59 x	-5.05 x	2,160 x	8.05 x	16.4 x	11.9 x
FCF Yield	-12.4%	35.8%	11.6%	-19.8%	0.05%	12.4%	6.08%	8.38%
Price to Book	1.54 x	1.35 x	1.51 x	1.29 x	1.06 x	1.32 x	1.24 x	1.16 x
Nbr of stocks (in thousands)	46,870	46,869	46,868	46,868	46,873	46,931	-	-
Reference price ²	2,479	2,351	3,145	3,040	2,765	3,945	3,945	3,945
Announcement Date	11/04/19	10/04/20	09/04/21	11/04/22	10/04/23	10/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,98,693	7,14,684	7,59,146	7,68,335	7,65,426	8,09,709	8,50,100	8,88,600
EBITDA ¹	25,043	26,713	40,613	37,111	34,235	40,152	41,400	42,867
EBIT ¹	12,285	13,879	27,388	22,932	19,148	24,118	24,900	26,225
Operating Margin	1.76%	1.94%	3.61%	2.98%	2.5%	2.98%	2.93%	2.95%
Earnings before Tax (EBT) ¹	10,917	10,984	24,867	22,312	18,641	23,178	24,000	25,300
Net income ¹	7,401	7,834	17,824	15,208	13,327	16,938	17,075	17,958
Net margin	1.06%	1.1%	2.35%	1.98%	1.74%	2.09%	2.01%	2.02%
EPS ²	157.9	167.2	380.3	324.5	284.4	360.9	363.8	382.7
Free Cash Flow ¹	-14,422	39,454	17,157	-28,229	60	22,442	11,261	15,511
FCF margin	-2.06%	5.52%	2.26%	-3.67%	0.01%	2.77%	1.32%	1.75%
FCF Conversion (EBITDA)	-	147.7%	42.25%	-	0.18%	55.89%	27.2%	36.18%
FCF Conversion (Net income)	-	503.63%	96.26%	-	0.45%	132.49%	65.95%	86.37%
Dividend per Share ²	30.00	40.00	50.00	70.00	70.00	90.00	97.50	106.2
Announcement Date	11/04/19	10/04/20	09/04/21	11/04/22	10/04/23	10/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	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 S1	2025 Q3	2025 Q4	2026 S1
Net sales ¹	3,53,363	3,86,738	1,96,176	3,87,093	1,87,668	1,93,574	1,85,780	1,91,783	3,77,563	1,91,118	1,96,745	1,95,864	2,04,284	4,00,148	2,02,304	2,07,257	2,06,658	2,14,770	4,21,428	2,12,468	2,17,703	4,47,655
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,563	16,914	6,836	15,251	4,454	3,227	5,520	3,394	8,914	4,645	5,589	6,347	6,063	12,410	6,822	4,886	6,766	6,178	12,944	6,831	5,125	14,329
Operating Margin	1.57%	4.37%	3.48%	3.94%	2.37%	1.67%	2.97%	1.77%	2.36%	2.43%	2.84%	3.24%	2.97%	3.1%	3.37%	2.36%	3.27%	2.88%	3.07%	3.22%	2.35%	3.2%
Earnings before Tax (EBT)	5,842	17,118	-	15,735	4,343	-	5,716	-	9,315	4,795	-	6,514	-	12,587	6,963	-	-	-	-	-	-	-
Net income	3,833	11,705	4,715	10,782	2,929	1,497	3,981	2,431	6,412	3,240	3,675	4,418	4,116	8,534	4,735	-	-	-	-	-	-	-
Net margin	1.08%	3.03%	2.4%	2.79%	1.56%	0.77%	2.14%	1.27%	1.7%	1.7%	1.87%	2.26%	2.01%	2.13%	2.34%	-	-	-	-	-	-	-
EPS	81.80	249.8	-	230.1	62.49	-	84.95	-	136.8	69.10	-	94.16	-	181.9	100.9	-	-	-	-	-	-	-
Dividend per Share	20.00	25.00	-	30.00	-	-	-	-	35.00	-	-	-	-	40.00	-	-	-	-	-	-	-	-
Announcement Date	09/10/19	09/10/20	07/10/21	07/10/21	11/01/22	11/04/22	08/07/22	11/10/22	11/10/22	11/01/23	10/04/23	07/07/23	10/10/23	10/10/23	11/01/24	10/04/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	81,670	45,527	27,212	59,298	64,443	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.261 x	1.704 x	0.67 x	1.598 x	1.882 x	-	-	-
Free Cash Flow ¹	-14,422	39,454	17,157	-28,229	60	22,442	11,261	15,511
ROE (net income / shareholders' equity)	10.2%	10%	19.9%	14.6%	11.5%	13.1%	12%	11.2%
ROA (Net income/ Total Assets)	5.41%	5.72%	6.72%	8.8%	7.26%	8.79%	5.5%	6.95%
Assets ¹	1,36,808	1,36,916	2,65,180	1,72,823	1,83,455	1,92,802	3,10,455	2,58,396
Book Value Per Share ²	1,607	1,736	2,082	2,353	2,600	2,916	3,172	3,404
Cash Flow per Share ²	430.0	441.0	662.0	627.0	606.0	703.0	718.0	753.0
Capex ¹	25,209	15,444	24,590	16,953	21,181	19,258	25,000	22,050
Capex / Sales	3.61%	2.16%	3.24%	2.21%	2.77%	2.38%	2.94%	2.48%
Announcement Date	11/04/19	10/04/20	09/04/21	11/04/22	10/04/23	10/04/24	-	-

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 Life Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,945 JPY

Average target price

4,425 JPY

Spread / Average Target

+12.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
LIFE CORPORATION	+17.85%	1.18B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-8.05%	39.02B
AVENUE SUPERMARTS LIMITED	+13.51%	35.82B
SEVEN & I HOLDINGS CO., LTD.	+8.10%	33.63B
SM INVESTMENTS CORPORATION	+1.72%	18.8B
COLES GROUP LIMITED	+0.81%	14.2B
JERÓNIMO MARTINS, SGPS, S.A.	-13.19%	13.6B
CASEY'S GENERAL STORES, INC.	+22.94%	12.5B
CARREFOUR	+1.42%	12.56B
ICA GRUPPEN	-.--%	11.82B

Supermarkets & Convenience Stores