Financials LY Corporation OTC Markets

Equities

YAHOY

US98877X1019

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Market Closed - OTC Markets Other stock markets 01:29:26 29/06/2024 am IST			5-day change	1st Jan Change
4.79 ^USD	-0.83%		-2.13%	-31.86%

14/06	LY to End LINE Pay Service in Japan Next Year	MT
14/06	LY Corp. to Terminate LINE Pay Services in Japan in 2025	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	16,57,333	41,81,834	40,19,314	27,94,726	29,07,330	29,17,225	-	-
Enterprise Value (EV) ¹	18,63,669	45,05,671	45,58,294	30,56,674	33,69,652	32,61,915	30,38,636	36,59,878
P/E ratio	20.6 x	39.3 x	52.6 x	15.6 x	25.7 x	22.8 x	19.5 x	17.4 x
Yield	2.55%	1.01%	1.08%	1.49%	1.43%	1.5%	1.69%	1.7%
Capitalization / Revenue	1.57 x	3.47 x	2.56 x	1.67 x	1.6 x	1.48 x	1.36 x	1.28 x
EV / Revenue	1.77 x	3.74 x	2.91 x	1.83 x	1.86 x	1.65 x	1.41 x	1.6 x
EV / EBITDA	7.91 x	17.1 x	14 x	6.6 x	8.12 x	7.6 x	6.48 x	7.25 x
EV / FCF	-7.17 x	23 x	-121 x	7.4 x	-26.4 x	19.1 x	12.6 x	13.6 x
FCF Yield	-13.9%	4.34%	-0.82%	13.5%	-3.79%	5.25%	7.96%	7.34%
Price to Book	2.15 x	1.56 x	1.5 x	0.96 x	0.96 x	0.94 x	0.91 x	0.86 x
Nbr of stocks (in thousands)	47,62,452	75,95,050	74,93,129	74,96,584	75,00,852	75,01,221	-	-
Reference price ²	348.0	550.6	536.4	372.8	387.6	388.9	388.9	388.9
Announcement Date	30/04/20	28/04/21	28/04/22	28/04/23	08/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	10,52,943	12,05,846	15,67,421	16,72,377	18,14,663	19,71,955	21,50,942	22,84,483
EBITDA ¹	2,35,695	2,64,205	3,25,247	4,63,309	4,14,917	4,29,101	4,68,945	5,04,693
EBIT ¹	1,52,276	1,62,125	1,89,503	3,14,533	2,08,191	2,28,284	2,65,508	2,91,204
Operating Margin	14.46%	13.44%	12.09%	18.81%	11.47%	11.58%	12.34%	12.75%
Earnings before Tax (EBT) ¹	1,35,676	1,42,615	1,58,542	2,35,219	1,81,621	2,13,778	2,51,406	2,71,470
Net income ¹	81,675	70,145	77,316	1,78,868	1,13,199	1,26,902	1,51,043	1,66,851
Net margin	7.76%	5.82%	4.93%	10.7%	6.24%	6.44%	7.02%	7.3%
EPS ²	16.88	14.02	10.20	23.87	15.10	17.04	19.98	22.35
Free Cash Flow ¹	-2,59,756	1,95,572	-37,585	4,12,837	-1,27,583	1,71,194	2,41,767	2,68,533
FCF margin	-24.67%	16.22%	-2.4%	24.69%	-7.03%	8.68%	11.24%	11.75%
FCF Conversion (EBITDA)	-	74.02%	-	89.11%	-	39.9%	51.56%	53.21%
FCF Conversion (Net income)	-	278.81%	-	230.81%	-	134.9%	160.07%	160.94%
Dividend per Share ²	8.860	5.560	5.810	5.560	5.560	5.817	6.562	6.620
Announcement Date	30/04/20	28/04/21	28/04/22	28/04/23	08/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	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	5,57,223	7,50,962	4,09,174	4,07,285	3,90,565	3,94,344	7,84,909	4,53,687	4,33,781	-	4,30,523	4,41,276	8,71,799	4,75,041	4,67,823	4,57,326	4,68,572	5,08,733	4,91,007
EBITDA ¹	-	-	94,427	48,241	86,520	80,676	-	93,566	72,558	-	99,993	1,02,077	-	1,09,846	1,01,762	1,07,111	1,06,063	1,17,617	99,279
EBIT ¹	98,237	1,15,469	61,046	12,988	49,721	49,757	99,478	1,90,782	24,273	-	59,397	56,731	1,16,128	58,152	33,911	55,422	55,562	62,265	46,068
Operating Margin	17.63%	15.38%	14.92%	3.19%	12.73%	12.62%	12.67%	42.05%	5.6%	-	13.8%	12.86%	13.32%	12.24%	7.25%	12.12%	11.86%	12.24%	9.38%
Earnings before Tax (EBT) ¹	86,748	1,06,060	30,152	22,330	45,221	42,462	87,683	1,41,606	5,930	-	73,198	50,222	1,23,420	46,759	11,442	59,736	53,794	58,111	40,323
Net income ¹	45,837	54,226	12,595	10,495	25,232	15,075	40,307	1,39,844	-1,283	-	37,316	56,420	93,736	28,712	-9,249	32,242	36,117	30,976	18,933
Net margin	8.23%	7.22%	3.08%	2.58%	6.46%	3.82%	5.14%	30.82%	-0.3%	-	8.67%	12.79%	10.75%	6.04%	-1.98%	7.05%	7.71%	6.09%	3.86%
EPS ²	9.620	7.140	1.660	1.400	3.370	2.010	5.380	18.66	-0.1700	-	4.980	7.520	12.50	3.830	-1.230	4.980	7.525	3.954	-1.359
Dividend per Share ²	-	-	-	-	-	-	-	-	5.560	5.560	-	-	-	-	5.560	-	-	-	6.780
Announcement Date	30/10/20	02/11/21	02/02/22	28/04/22	03/08/22	02/11/22	02/11/22	02/02/23	28/04/23	28/04/23	03/08/23	07/11/23	07/11/23	06/02/24	08/05/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	2,06,336	3,23,837	5,38,980	2,61,948	4,62,322	3,44,690	1,21,412	7,42,653
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.8754 x	1.226 x	1.657 x	0.5654 x	1.114 x	0.8033 x	0.2589 x	1.471 x
Free Cash Flow ¹	-2,59,756	1,95,572	-37,585	4,12,837	-1,27,583	1,71,195	2,41,767	2,68,533
ROE (net income / shareholders' equity)	10.3%	4.1%	2.9%	6.4%	3.8%	4.1%	4.83%	5.09%
ROA (Net income/ Total Assets)	4.26%	2.68%	2.3%	3%	2.06%	1.54%	1.73%	2%
Assets ¹	19,15,370	26,14,317	33,66,644	59,69,051	54,94,964	82,19,053	87,34,982	83,42,556
Book Value Per Share ²	162.0	353.0	358.0	389.0	405.0	414.0	429.0	454.0
Cash Flow per Share ²	34.10	34.40	28.10	43.70	36.80	-34.10	55.10	59.10
Capex ¹	85,126	70,741	2,72,633	1,48,986	1,17,296	1,47,898	1,59,507	1,72,034
Capex / Sales	8.08%	5.87%	17.39%	8.91%	6.46%	7.5%	7.42%	7.53%
Announcement Date	30/04/20	28/04/21	28/04/22	28/04/23	08/05/24	-	-	-

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 LY Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

388.9 JPY

Average target price

487.7 JPY

Spread / Average Target

+25.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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