Financials Ohsho Food Service Corp.

Equities

9936

JP3174300008

Restaurants & Bars

Market Closed - Japan Exchange Other stock markets 11:30:00 03/07/2024 am IST			5-day change	1st Jan Change
8,570 ^JPY	+0.47%		-2.06%	+6.20%

31/05	Ohsho Food Service's Profit Up 27% in 12 Months to March	MT
15/05	Ohsho Food Service Corp. Provides Consolidated and Unconsolidated Earnings Guidance for the First Half Ending September 2024 and Full Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,31,496	1,08,456	1,09,255	1,12,680	1,13,206	1,60,540	-	-
Enterprise Value (EV) ¹	1,22,547	96,176	96,659	91,303	90,177	1,18,070	1,60,540	1,60,540
P/E ratio	31.3 x	20.4 x	25.5 x	12.8 x	18.2 x	18.6 x	20.2 x	19.2 x
Yield	1.71%	2.08%	1.72%	2%	2.24%	1.85%	1.76%	1.84%
Capitalization / Revenue	1.61 x	1.27 x	1.36 x	1.33 x	1.22 x	1.45 x	1.49 x	1.45 x
EV / Revenue	1.61 x	1.27 x	1.36 x	1.33 x	1.22 x	1.45 x	1.49 x	1.45 x
EV / EBITDA	-	-	-	11.8 x	10.6 x	11.3 x	11.1 x	10.4 x
EV / FCF	17.9 x	-	41.1 x	10.9 x	28.1 x	16.4 x	21.4 x	18.6 x
FCF Yield	5.58%	-	2.43%	9.14%	3.56%	6.1%	4.67%	5.37%
Price to Book	2.81 x	2.16 x	2.06 x	1.91 x	1.8 x	2.15 x	2.17 x	2.02 x
Nbr of stocks (in thousands)	18,758	18,764	18,772	18,780	18,805	18,821	-	-
Reference price ²	7,010	5,780	5,820	6,000	6,020	8,530	8,530	8,530
Announcement Date	15/05/19	15/05/20	14/05/21	16/05/22	15/05/23	15/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	81,638	85,571	80,616	84,775	93,022	1,01,401	1,07,500	1,11,067
EBITDA ¹	-	-	-	9,536	10,653	13,087	14,400	15,400
EBIT ¹	6,924	7,698	6,073	6,959	7,981	10,286	11,333	12,367
Operating Margin	8.48%	9%	7.53%	8.21%	8.58%	10.14%	10.54%	11.13%
Earnings before Tax (EBT) ¹	6,606	7,946	6,591	12,991	8,758	10,753	11,500	12,500
Net income ¹	4,189	5,311	4,287	8,807	6,213	7,911	7,757	8,347
Net margin	5.13%	6.21%	5.32%	10.39%	6.68%	7.8%	7.22%	7.52%
EPS ²	223.6	283.1	228.4	469.0	330.5	420.5	422.4	443.5
Free Cash Flow ¹	7,335	-	2,660	10,303	4,025	8,995	7,502	8,614
FCF margin	8.98%	-	3.3%	12.15%	4.33%	8.87%	6.98%	7.76%
FCF Conversion (EBITDA)	-	-	-	108.04%	37.78%	68.73%	52.1%	55.94%
FCF Conversion (Net income)	175.1%	-	62.05%	116.99%	64.78%	113.7%	96.72%	103.2%
Dividend per Share ²	120.0	120.0	100.0	120.0	135.0	145.0	150.0	156.7
Announcement Date	15/05/19	15/05/20	14/05/21	16/05/22	15/05/23	15/05/24	-	-

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 S1	2025 Q3	2025 Q4
Net sales ¹	42,568	39,142	20,250	40,463	22,295	22,017	22,617	22,519	45,136	23,922	23,964	24,623	25,121	49,744	25,785	25,872	25,780	26,900	53,100	27,550	28,200
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,020	2,391	-	3,192	1,829	1,938	2,185	1,635	3,820	2,114	2,047	2,415	2,573	4,988	2,533	2,765	2,693	2,800	5,500	2,750	3,200
Operating Margin	9.44%	6.11%	-	7.89%	8.2%	8.8%	9.66%	7.26%	8.46%	8.84%	8.54%	9.81%	10.24%	10.03%	9.82%	10.69%	10.45%	10.41%	10.36%	9.98%	11.35%
Earnings before Tax (EBT)	4,232	2,655	-	6,286	4,050	-	2,804	-	4,608	2,163	-	2,848	-	5,469	2,596	-	-	-	-	-	-
Net income ¹	2,782	1,698	2,130	4,274	2,740	1,793	1,872	1,200	3,072	1,435	1,706	2,135	1,761	3,896	1,733	2,282	1,803	1,840	3,690	1,820	2,370
Net margin	6.54%	4.34%	10.52%	10.56%	12.29%	8.14%	8.28%	5.33%	6.81%	6%	7.12%	8.67%	7.01%	7.83%	6.72%	8.82%	7%	6.84%	6.95%	6.61%	8.4%
EPS	148.3	90.48	-	227.6	145.9	95.46	99.69	-	163.5	76.28	-	113.5	-	207.2	92.08	-	-	-	-	-	-
Dividend per Share	60.00	50.00	-	50.00	-	-	-	-	60.00	-	-	-	-	70.00	-	-	-	-	-	-	-
Announcement Date	30/10/19	30/10/20	29/10/21	29/10/21	31/01/22	16/05/22	29/07/22	31/10/22	31/10/22	31/01/23	15/05/23	31/07/23	31/10/23	31/10/23	31/01/24	15/05/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	8,949	12,280	12,596	21,377	23,029	29,296	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	7,335	-	2,660	10,303	4,025	8,995	7,502	8,614
ROE (net income / shareholders' equity)	9%	10.9%	8.3%	15.7%	10.2%	12%	11.2%	11%
ROA (Net income/ Total Assets)	11.3%	12.3%	8.65%	14.4%	10.5%	12%	10.4%	10.8%
Assets ¹	36,977	43,192	49,535	61,048	58,972	66,163	74,583	77,284
Book Value Per Share ²	2,499	2,681	2,821	3,146	3,338	3,647	3,927	4,224
Cash Flow per Share	360.0	417.0	363.0	606.0	473.0	569.0	-	-
Capex ¹	1,448	2,243	3,192	2,941	3,300	3,222	3,496	3,760
Capex / Sales	1.77%	2.62%	3.96%	3.47%	3.55%	3.18%	3.25%	3.39%
Announcement Date	15/05/19	15/05/20	14/05/21	16/05/22	15/05/23	15/05/24	-	-

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 Ohsho Food Service Corp.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

8,530 JPY

Average target price

9,700 JPY

Spread / Average Target

+13.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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OHSHO FOOD SERVICE CORP.	+6.20%	99Cr
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