Financials Mitsui O.S.K. Lines Ltd OTC Markets

Equities

MSLOF

JP3362700001

Marine Freight & Logistics

Market Closed - OTC Markets Other stock markets 12:23:10 10/05/2024 am IST			5-day change	1st Jan Change
31.5 ^USD	+3.96%		-.--%	+3.48%

28/06	Mitsui O.S.K. Lines, Ltd. signed a letter of intent to acquire remaining 50% stake in LNG Rose Shipping Corporation from ITOCHU Corporation for $32 million.	CI
26/06	GTT: order from Korean shipyard	CF

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,84,753	2,08,929	4,63,390	12,30,699	11,95,850	17,98,417	-	-
Enterprise Value (EV) ¹	12,64,086	11,96,970	13,87,537	21,18,292	22,52,553	28,42,689	29,90,757	31,14,371
P/E ratio	10.6 x	6.4 x	5.15 x	1.74 x	1.5 x	6.38 x	6.71 x	10.4 x
Yield	1.89%	3.72%	3.87%	11.7%	16.9%	4.77%	4.42%	3.21%
Capitalization / Revenue	0.23 x	0.18 x	0.47 x	0.97 x	0.74 x	1.03 x	1.09 x	1.1 x
EV / Revenue	1.02 x	1.04 x	1.4 x	1.67 x	1.4 x	1.75 x	1.82 x	1.9 x
EV / EBITDA	9.89 x	10.7 x	17.2 x	15 x	11.1 x	13.8 x	12 x	12.1 x
EV / FCF	-8.83 x	-183 x	31.4 x	10.6 x	8.41 x	-69.3 x	-31.2 x	-27.5 x
FCF Yield	-11.3%	-0.55%	3.19%	9.45%	11.9%	-1.44%	-3.21%	-3.63%
Price to Book	0.54 x	0.41 x	0.8 x	0.97 x	0.62 x	0.71 x	0.72 x	0.72 x
Nbr of stocks (in thousands)	3,58,782	3,58,778	3,58,754	3,59,854	3,61,284	3,62,365	-	-
Reference price ²	793.7	582.3	1,292	3,420	3,310	4,963	4,963	4,963
Announcement Date	26/04/19	30/04/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	12,34,077	11,55,404	9,91,426	12,69,310	16,11,984	16,27,912	16,46,745	16,35,111
EBITDA ¹	1,27,856	1,11,544	80,495	1,41,404	2,03,369	2,05,605	2,48,977	2,56,923
EBIT ¹	37,718	23,779	-5,303	55,005	1,08,709	1,03,132	1,14,361	1,11,507
Operating Margin	3.06%	2.06%	-0.53%	4.33%	6.74%	6.34%	6.94%	6.82%
Earnings before Tax (EBT) ¹	46,778	47,130	1,00,313	7,32,993	8,19,160	2,95,417	3,11,745	2,16,340
Net income ¹	26,875	32,623	90,052	7,08,819	7,96,060	2,61,651	2,67,813	1,72,694
Net margin	2.18%	2.82%	9.08%	55.84%	49.38%	16.07%	16.26%	10.56%
EPS ²	74.91	90.93	251.0	1,970	2,204	722.8	739.1	478.9
Free Cash Flow ¹	-1,43,093	-6,527	44,238	2,00,187	2,67,930	-41,037	-95,946	-1,13,159
FCF margin	-11.6%	-0.56%	4.46%	15.77%	16.62%	-2.52%	-5.83%	-6.92%
FCF Conversion (EBITDA)	-	-	54.96%	141.57%	131.75%	17.16%	-	-
FCF Conversion (Net income)	-	-	49.12%	28.24%	33.66%	13.73%	-	-
Dividend per Share ²	15.00	21.67	50.00	400.0	560.0	220.0	219.1	159.1
Announcement Date	26/04/19	30/04/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	5,74,350	5,81,054	4,84,686	5,06,740	3,08,213	5,97,087	3,31,413	3,40,810	3,74,783	4,46,554	8,21,337	4,36,631	3,54,016	3,85,183	4,04,919	7,90,102	4,28,562	4,09,248
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	12,045	11,734	-4,222	-1,081	12,350	20,392	22,020	12,593	23,597	32,490	56,087	40,157	12,465	24,472	24,828	49,300	30,826	23,006
Operating Margin	2.1%	2.02%	-0.87%	-0.21%	4.01%	3.42%	6.64%	3.7%	6.3%	7.28%	6.83%	9.2%	3.52%	6.35%	6.13%	6.24%	7.19%	5.62%
Earnings before Tax (EBT)	32,291	-	36,579	-	1,73,650	2,80,073	2,19,919	-	2,88,824	3,31,612	6,20,436	1,38,824	59,900	1,09,629	-	1,77,953	60,259	-
Net income	25,636	-	30,251	-	1,70,701	2,74,848	2,12,339	2,21,632	2,85,779	3,15,744	6,01,523	1,21,722	72,815	91,155	59,637	1,50,792	52,812	-
Net margin	4.46%	-	6.24%	-	55.38%	46.03%	64.07%	65.03%	76.25%	70.71%	73.24%	27.88%	20.57%	23.67%	14.73%	19.09%	12.32%	-
EPS	71.46	-	84.32	-	474.8	765.0	590.1	615.1	792.0	874.5	1,666	336.9	200.7	252.0	164.8	416.7	145.9	-
Dividend per Share ²	10.00	-	5.000	-	100.0	100.0	-	300.0	-	300.0	300.0	-	-	-	-	110.0	-	130.7
Announcement Date	31/10/19	30/04/20	30/10/20	30/04/21	29/10/21	29/10/21	31/01/22	28/04/22	29/07/22	31/10/22	31/10/22	31/01/23	28/04/23	31/07/23	31/10/23	31/10/23	31/01/24	30/04/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,79,333	9,88,041	9,24,147	8,87,593	10,56,703	11,72,838	11,92,340	13,15,954
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.66 x	8.858 x	11.48 x	6.277 x	5.196 x	5.704 x	4.789 x	5.122 x
Free Cash Flow ¹	-1,43,093	-6,527	44,238	2,00,187	2,67,930	-41,037	-95,946	-1,13,159
ROE (net income / shareholders' equity)	5.2%	6.3%	16.5%	76.5%	49.8%	12.2%	12.1%	7.32%
ROA (Net income/ Total Assets)	1.77%	2.6%	6.37%	30.2%	26%	6.74%	7.7%	4.64%
Assets ¹	15,18,876	12,53,400	14,13,516	23,48,195	30,65,671	38,81,936	34,79,673	37,19,985
Book Value Per Share ²	1,463	1,431	1,610	3,532	5,322	6,496	6,884	6,855
Cash Flow per Share ²	326.0	336.0	490.0	2,210	2,466	1,006	1,105	969.0
Capex ¹	1,55,683	1,55,104	1,04,419	1,12,337	2,72,092	3,35,241	3,62,000	3,92,000
Capex / Sales	12.62%	13.42%	10.53%	8.85%	16.88%	20.59%	21.98%	23.97%
Announcement Date	26/04/19	30/04/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

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 Mitsui O.S.K. Lines Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4,963 JPY

Average target price

5,275 JPY

Spread / Average Target

+6.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
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CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+48.47%	9.47B
ADNOC LOGISTICS & SERVICES PLC	+9.40%	8.44B

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