Financials LITALICO Inc.

Equities

7366

JP3974470001

Professional & Business Education

Market Closed - Japan Exchange Other stock markets 11:30:00 10/05/2024 am IST			5-day change	1st Jan Change
1,935 ^JPY	+3.59%		+8.04%	-6.16%

29/01	LITALICO Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024	CI
29/01	Litalico Inc. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	63,502	73,698	1,46,149	1,01,735	91,755	69,039	-	-
Enterprise Value (EV) ¹	64,471	75,550	1,46,149	1,05,541	96,412	75,640	65,545	60,246
P/E ratio	52.8 x	43.4 x	104 x	94.2 x	55.8 x	21.3 x	20.6 x	15.6 x
Yield	-	-	0.12%	0.18%	0.25%	0.41%	0.41%	0.52%
Capitalization / Revenue	5.24 x	5.31 x	9.06 x	5.15 x	3.8 x	2.54 x	1.94 x	1.71 x
EV / Revenue	5.32 x	5.45 x	9.06 x	5.35 x	3.99 x	2.54 x	1.85 x	1.49 x
EV / EBITDA	52.3 x	53.9 x	65 x	33.7 x	23 x	13.8 x	10.3 x	7.93 x
EV / FCF	176 x	-84.8 x	-193 x	95.8 x	-1,148 x	20.1 x	16.4 x	16.4 x
FCF Yield	0.57%	-1.18%	-0.52%	1.04%	-0.09%	4.97%	6.11%	6.11%
Price to Book	11 x	9.85 x	16.1 x	18.1 x	12.8 x	7.25 x	4.94 x	3.85 x
Nbr of stocks (in thousands)	35,123	35,195	35,473	35,609	35,647	35,679	-	-
Reference price ²	904.0	1,047	2,060	2,857	2,574	1,935	1,935	1,935
Announcement Date	14/05/19	14/05/20	10/05/21	09/05/22	08/05/23	07/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	12,128	13,867	16,133	19,737	24,170	29,792	35,511	40,442
EBITDA ¹	1,233	1,403	2,249	3,130	4,189	5,041	6,337	7,595
EBIT ¹	881	982	1,690	2,444	3,121	3,715	4,851	6,258
Operating Margin	7.26%	7.08%	10.48%	12.38%	12.91%	12.47%	13.66%	15.47%
Earnings before Tax (EBT) ¹	871	1,259	1,411	2,121	2,776	4,706	5,128	6,505
Net income ¹	600	847	700	1,078	1,644	3,545	3,095	4,024
Net margin	4.95%	6.11%	4.34%	5.46%	6.8%	11.9%	8.71%	9.95%
EPS ²	17.12	24.12	19.80	30.32	46.15	99.38	94.11	123.7
Free Cash Flow ¹	366	-891	-756.9	1,102	-84	3,469	4,003	3,680
FCF margin	3.02%	-6.43%	-4.69%	5.58%	-0.35%	11.24%	11.27%	9.1%
FCF Conversion (EBITDA)	29.69%	-	-	35.21%	-	68.82%	63.17%	48.45%
FCF Conversion (Net income)	61%	-	-	102.23%	-	98.67%	129.35%	91.46%
Dividend per Share ²	-	-	2.500	5.000	6.500	8.000	8.000	10.00
Announcement Date	14/05/19	14/05/20	10/05/21	09/05/22	08/05/23	07/05/24	-	-

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	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	6,634	7,233	7,686	8,447	4,816	9,455	5,112	5,170	10,282	5,665	5,740	11,405	6,067	6,698	12,765	7,059	7,333	14,392	7,683	7,717	15,400	8,299	8,901	9,025	9,385
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	462	520	805	885	593	990	710	744	1,454	702	646	1,348	894	879	1,773	593	759	1,352	1,247	1,116	2,363	604.5	895.5	1,582	1,582
Operating Margin	6.96%	7.19%	10.47%	10.48%	12.31%	10.47%	13.89%	14.39%	14.14%	12.39%	11.25%	11.82%	14.74%	13.12%	13.89%	8.4%	10.35%	9.39%	16.23%	14.46%	15.34%	7.28%	10.06%	17.53%	16.86%
Earnings before Tax (EBT) ¹	700	559	679	732	511	830	691	600	1,291	644	578	1,222	797	757	1,554	1,634	743	2,377	1,232	1,097	2,329	810	888	1,578	1,602
Net income ¹	482	365	411	289	277	391	421	266	687	367	295	662	453	529	982	1,444	423	1,867	765	913	1,678	550	576.5	1,039	1,112
Net margin	7.27%	5.05%	5.35%	3.42%	5.75%	4.14%	8.24%	5.15%	6.68%	6.48%	5.14%	5.8%	7.47%	7.9%	7.69%	20.46%	5.77%	12.97%	9.96%	11.83%	10.9%	6.63%	6.48%	11.51%	11.84%
EPS	13.74	-	11.67	-	7.790	11.01	11.85	-3.550	-	10.32	8.270	18.59	12.72	-	-	40.51	-	52.36	21.44	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	14/11/19	14/05/20	12/11/20	10/05/21	01/11/21	01/11/21	31/01/22	09/05/22	09/05/22	08/08/22	31/10/22	31/10/22	30/01/23	08/05/23	08/05/23	07/08/23	30/10/23	30/10/23	29/01/24	07/05/24	07/05/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	969	1,852	-	3,806	4,657	772	-	-
Net Cash position ¹	-	-	-	-	-	-	3,495	8,794
Leverage (Debt/EBITDA)	0.7861 x	1.32 x	-	1.216 x	1.112 x	0.1532 x	-	-
Free Cash Flow ¹	366	-891	-757	1,102	-84	3,469	4,003	3,680
ROE (net income / shareholders' equity)	23.4%	25.6%	16.9%	19.2%	23%	41%	28.3%	27.6%
ROA (Net income/ Total Assets)	14.4%	11.8%	6.9%	8.71%	16.9%	3%	4.1%	-
Assets ¹	4,181	7,180	10,143	12,378	9,717	1,17,190	75,478	-
Book Value Per Share ²	82.10	106.0	128.0	157.0	200.0	292.0	392.0	502.0
Cash Flow per Share ²	27.10	36.00	-	49.60	70.90	180.0	1.450	1.760
Capex ¹	429	828	508	590	1,261	1,090	900	1,390
Capex / Sales	3.54%	5.97%	3.15%	2.99%	5.22%	3.53%	2.53%	3.44%
Announcement Date	14/05/19	14/05/20	10/05/21	09/05/22	08/05/23	07/05/24	-	-

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 LITALICO Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,935 JPY

Average target price

3,600 JPY

Spread / Average Target

+86.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Professional & Business Education

	1st Jan change	Capi.
LITALICO INC.	-6.16%	443M
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AFYA LIMITED	-16.69%	1.64B
SHANGHAI ACTION EDUCATION TECHNOLOGY CO.,LTD.	+32.61%	835M
PORTER HOLDING INTERNATIONAL, INC.	-.--%	813M
ATAA EDUCATIONAL COMPANY	+0.84%	812M
UNIVERSAL TECHNICAL INSTITUTE, INC.	+19.97%	808M
CHINA EAST EDUCATION HOLDINGS LIMITED	-2.24%	731M

Professional & Business Education