Financials MatsukiyoCocokara & Co.

Equities

3088

JP3869010003

Drug Retailers

Delayed Japan Exchange Other stock markets 11:30:00 02/05/2024 am IST			5-day change	1st Jan Change
2,224 ^JPY	0.00%		-0.58%	-10.91%

28/02	Aeon Co. Plans to Merge Japan Drugstore Unit Welcia With Rival Tsuruha -- 2nd Update	DJ
28/02	Aeon Co. Plans to Merge Japan Drugstore Unit Welcia With Rival Tsuruha -- Update	DJ

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,78,636	4,03,395	5,06,714	6,12,670	9,77,203	9,27,908	-	-
Enterprise Value (EV) ¹	3,41,076	3,99,207	4,91,897	5,61,071	9,03,391	8,32,492	8,01,652	7,66,712
P/E ratio	15.4 x	15.4 x	23.5 x	15.3 x	24.3 x	17.8 x	16.8 x	15.7 x
Yield	1.76%	1.78%	1.42%	1.61%	1.21%	1.57%	1.7%	1.8%
Capitalization / Revenue	0.66 x	0.68 x	0.91 x	0.84 x	1.03 x	0.9 x	0.87 x	0.84 x
EV / Revenue	0.59 x	0.68 x	0.88 x	0.77 x	0.95 x	0.81 x	0.75 x	0.69 x
EV / EBITDA	7.71 x	8.68 x	12.3 x	10.7 x	10.9 x	8.66 x	7.81 x	7.1 x
EV / FCF	28.8 x	25.2 x	22.1 x	23.1 x	20.4 x	19.3 x	14.9 x	13.3 x
FCF Yield	3.47%	3.96%	4.52%	4.34%	4.91%	5.18%	6.71%	7.5%
Price to Book	1.81 x	1.76 x	2.05 x	1.32 x	2.03 x	1.8 x	1.67 x	1.55 x
Nbr of stocks (in thousands)	3,08,252	3,07,935	3,08,345	4,23,993	4,18,204	4,17,131	-	-
Reference price ²	1,228	1,310	1,643	1,445	2,337	2,224	2,224	2,224
Announcement Date	10/05/19	13/05/20	13/05/21	13/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,75,991	5,90,593	5,56,907	7,29,969	9,51,247	10,25,926	10,70,576	11,09,911
EBITDA ¹	44,261	45,966	40,111	52,459	83,116	96,174	1,02,612	1,07,929
EBIT ¹	36,028	37,563	31,533	41,407	62,276	76,523	82,722	88,459
Operating Margin	6.25%	6.36%	5.66%	5.67%	6.55%	7.46%	7.73%	7.97%
Earnings before Tax (EBT) ¹	37,369	39,078	32,617	49,629	64,908	80,879	85,753	91,866
Net income ¹	25,035	26,176	21,568	34,588	40,545	52,312	55,262	59,476
Net margin	4.35%	4.43%	3.87%	4.74%	4.26%	5.1%	5.16%	5.36%
EPS ²	79.81	85.01	70.04	94.38	96.02	125.0	132.1	142.0
Free Cash Flow ¹	11,846	15,820	22,245	24,327	44,392	43,088	53,815	57,529
FCF margin	2.06%	2.68%	3.99%	3.33%	4.67%	4.2%	5.03%	5.18%
FCF Conversion (EBITDA)	26.76%	34.42%	55.46%	46.37%	53.41%	44.8%	52.45%	53.3%
FCF Conversion (Net income)	47.32%	60.44%	103.14%	70.33%	109.49%	82.37%	97.38%	96.73%
Dividend per Share ²	21.67	23.33	23.33	23.33	28.33	34.82	37.72	40.04
Announcement Date	10/05/19	13/05/20	13/05/21	13/05/22	12/05/23	-	-	-

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	3,00,415	2,73,846	1,39,517	2,77,003	2,30,854	2,22,112	2,27,209	2,37,866	4,65,075	2,49,201	2,36,971	2,48,222	2,59,544	5,07,766	2,62,567	2,55,326	2,60,950	2,71,650	2,75,850	2,68,650
EBITDA	-	-	10,640	-	17,063	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	18,424	14,496	8,429	15,785	12,010	13,612	12,360	15,962	28,322	20,036	13,918	17,450	20,104	37,554	21,194	17,577	19,500	22,050	23,600	20,100
Operating Margin	6.13%	5.29%	6.04%	5.7%	5.2%	6.13%	5.44%	6.71%	6.09%	8.04%	5.87%	7.03%	7.75%	7.4%	8.07%	6.88%	7.47%	8.12%	8.56%	7.48%
Earnings before Tax (EBT)	19,305	14,665	-	15,905	23,526	-	13,360	-	30,153	21,298	-	18,451	-	40,323	24,892	-	-	-	-	-
Net income ¹	12,952	9,729	5,088	10,305	18,458	5,825	7,930	10,574	18,504	13,755	8,286	11,997	13,841	25,838	16,456	10,046	13,400	14,800	16,100	13,050
Net margin	4.31%	3.55%	3.65%	3.72%	8%	2.62%	3.49%	4.45%	3.98%	5.52%	3.5%	4.83%	5.33%	5.09%	6.27%	3.93%	5.14%	5.45%	5.84%	4.86%
EPS ²	42.07	31.60	16.65	33.66	49.24	-	18.70	-	43.69	32.57	-	28.69	33.10	61.79	39.41	25.12	-	-	-	-
Dividend per Share ²	11.67	11.67	-	11.67	-	-	-	-	13.33	-	-	-	16.67	16.67	-	17.00	-	17.00	-	17.00
Announcement Date	13/11/19	13/11/20	15/11/21	15/11/21	14/02/22	13/05/22	12/08/22	14/11/22	14/11/22	14/02/23	12/05/23	10/08/23	14/11/23	14/11/23	14/02/24	-	-	-	-	-

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	37,560	4,188	14,817	51,599	73,812	95,416	1,26,256	1,61,196
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	11,846	15,820	22,245	24,327	44,392	43,088	53,815	57,529
ROE (net income / shareholders' equity)	12.1%	11.9%	9.07%	9.7%	8.6%	10.5%	10.3%	10.3%
ROA (Net income/ Total Assets)	12.3%	11.9%	9.46%	8.75%	9.92%	9.36%	9.52%	9.7%
Assets ¹	2,03,439	2,19,350	2,27,989	3,95,217	4,08,624	5,58,942	5,80,552	6,13,149
Book Value Per Share ²	680.0	745.0	800.0	1,095	1,154	1,239	1,334	1,435
Cash Flow per Share ²	103.0	109.0	84.00	125.0	130.0	162.0	176.0	190.0
Capex ¹	10,051	8,944	3,630	11,916	19,853	22,625	22,550	22,763
Capex / Sales	1.74%	1.51%	0.65%	1.63%	2.09%	2.21%	2.11%	2.05%
Announcement Date	10/05/19	13/05/20	13/05/21	13/05/22	12/05/23	-	-	-

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 MatsukiyoCocokara & Co.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,224 JPY

Average target price

3,061 JPY

Spread / Average Target

+37.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Drug Retailers

	1st Jan change	Capi.
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YIFENG PHARMACY CHAIN CO., LTD.	+9.74%	6.13B
ALIBABA HEALTH INFORMATION TECHNOLOGY LIMITED	-21.93%	6.75B
NAHDI MEDICAL COMPANY	+0.88%	4.78B
CORPORATIVO FRAGUA, S.A.B. DE C.V.	+53.60%	4.39B
CLICKS GROUP LIMITED	-10.49%	3.76B
DASHENLIN PHARMACEUTICAL GROUP CO., LTD.	-12.53%	3.43B
WELCIA HOLDINGS CO., LTD.	-7.34%	3.07B

Other Drug Retailers