Financials Mitsubishi UFJ Financial Group, Inc

Equities

8306

JP3902900004

Banks

Market Closed - Japan Exchange Other stock markets 11:30:00 26/04/2024 am IST			5-day change	1st Jan Change
1,552 ^JPY	+0.06%		+3.50%	+28.15%

26/04	Mirai Fixes Interest Rate on 1.5 Billion Yen Bank Loan from Mitsubishi UFJ Financial	MT
23/04	MUFG Reportedly Likely to Sweeten $1.7 Billion Offer for HDB Finance	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	71,07,381	51,88,021	76,00,186	95,90,952	99,66,660	1,83,74,539	-	-
Enterprise Value (EV) ¹	71,07,381	51,88,021	76,00,186	95,90,952	99,66,660	1,83,74,539	1,83,74,539	1,83,74,539
P/E ratio	8.22 x	9.84 x	9.78 x	8.6 x	9.35 x	12.9 x	12.4 x	11.6 x
Yield	4%	6.2%	4.23%	3.68%	3.77%	2.66%	3.04%	3.26%
Capitalization / Revenue	1.91 x	1.3 x	1.26 x	1.58 x	2.21 x	4.01 x	3.78 x	3.64 x
EV / Revenue	1.91 x	1.3 x	1.26 x	1.58 x	2.21 x	4.01 x	3.78 x	3.64 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.44 x	0.32 x	0.45 x	0.56 x	0.59 x	0.99 x	0.93 x	0.88 x
Nbr of stocks (in thousands)	1,29,22,510	1,28,73,502	1,28,44,661	1,26,14,694	1,17,54,523	1,18,35,452	-	-
Reference price ²	550.0	403.0	591.7	760.3	847.9	1,552	1,552	1,552
Announcement Date	15/05/19	15/05/20	17/05/21	16/05/22	15/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	37,25,720	39,86,304	60,25,336	60,75,887	45,03,000	45,77,661	48,67,010	50,52,241
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	10,78,582	11,84,445	12,48,400	12,16,700	15,94,200	17,70,415	18,46,956	19,38,293
Operating Margin	28.95%	29.71%	20.72%	20.03%	35.4%	38.68%	37.95%	38.37%
Earnings before Tax (EBT) ¹	11,45,327	8,29,443	10,42,036	14,89,857	15,69,923	19,96,708	20,34,397	21,49,500
Net income ¹	8,72,689	5,28,151	7,77,018	11,30,840	11,16,496	14,20,059	14,63,945	15,62,324
Net margin	23.42%	13.25%	12.9%	18.61%	24.79%	31.02%	30.08%	30.92%
EPS ²	66.91	40.95	60.49	88.45	90.73	119.9	125.7	133.9
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	22.00	25.00	25.00	28.00	32.00	41.31	47.16	50.54
Announcement Date	15/05/19	15/05/20	17/05/21	16/05/22	15/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	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
Net sales ¹	35,85,298	-	31,39,256	14,54,692	29,58,419	14,04,499	17,12,969	11,24,813	31,89,404	43,14,217	24,79,550	9,23,000	12,41,301	12,46,119	-	28,42,013	9,39,040	10,43,489	12,05,655	11,76,738
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	7,40,455	3,54,048	6,37,500	2,95,530	2,83,670	4,25,185	-4,253	-	4,86,247	2,12,680	5,56,609	5,38,720	-	4,24,935	2,72,414	3,58,797	4,88,715	4,79,509
Operating Margin	-	-	23.59%	24.34%	21.55%	21.04%	16.56%	37.8%	-0.13%	-	19.61%	23.04%	44.84%	43.23%	-	14.95%	29.01%	34.38%	40.54%	40.75%
Earnings before Tax (EBT) ¹	7,86,104	-	5,72,619	5,59,171	10,55,941	4,00,266	33,650	2,41,043	2,92,701	5,33,744	2,50,621	7,85,558	7,03,061	-	12,37,093	5,23,619	4,27,500	-	-	-
Net income ¹	6,09,958	-	4,00,826	3,98,351	7,81,433	2,88,965	60,442	1,13,685	1,17,406	2,31,091	1,12,084	7,67,999	5,58,389	3,68,892	9,27,281	3,70,635	1,99,750	3,36,370	3,99,910	4,76,743
Net margin	17.01%	-	12.77%	27.38%	26.41%	20.57%	3.53%	10.11%	3.68%	5.36%	4.52%	83.21%	44.98%	29.6%	-	13.04%	21.27%	32.24%	33.17%	40.51%
EPS ²	47.20	-	31.21	31.03	60.87	22.57	5.010	9.030	9.470	18.50	9.190	63.04	46.44	30.67	77.11	30.93	12.79	27.58	35.45	38.48
Dividend per Share ²	12.50	12.50	12.50	13.50	13.50	-	14.50	-	-	16.00	-	16.00	-	20.50	20.50	-	20.50	-	-	-
Announcement Date	13/11/19	15/05/20	13/11/20	15/11/21	15/11/21	02/02/22	16/05/22	02/08/22	14/11/22	14/11/22	02/02/23	15/05/23	01/08/23	14/11/23	14/11/23	05/02/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	5.4%	3.3%	4.7%	6.7%	6.5%	8.14%	7.81%	8.03%
ROA (Net income/ Total Assets)	0.44%	0.38%	0.3%	0.42%	0.27%	0.4%	0.45%	0.48%
Assets ¹	20,00,61,668	13,84,11,604	25,66,61,822	26,96,13,523	41,59,51,121	35,44,21,216	32,77,46,387	32,77,57,971
Book Value Per Share ²	1,252	1,245	1,308	1,350	1,433	1,575	1,669	1,762
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	15/05/19	15/05/20	17/05/21	16/05/22	15/05/23	-	-	-

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 Mitsubishi UFJ Financial Group, Inc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,552 JPY

Average target price

1,655 JPY

Spread / Average Target

+6.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Banks

	1st Jan change	Capi.
MITSUBISHI UFJ FINANCIAL GROUP, INC	+28.15%	117B
JPMORGAN CHASE & CO.	+13.75%	556B
BANK OF AMERICA CORPORATION	+12.36%	298B
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	+8.64%	247B
WELLS FARGO & COMPANY	+21.72%	210B
BANK OF CHINA LIMITED	+16.11%	170B
CHINA CONSTRUCTION BANK CORPORATION	+6.88%	162B
HSBC HOLDINGS PLC	+4.42%	153B
ROYAL BANK OF CANADA	+0.10%	139B
HDFC BANK LIMITED	-11.67%	138B

Other Banks