Financials Okinawa Cellular Telephone Company

Equities

9436

JP3194650002

Wireless Telecommunications Services

Market Closed - Japan Exchange Other stock markets 11:30:00 26/04/2024 am IST			5-day change	1st Jan Change
3,400 ^JPY	+0.15%		+1.34%	+0.44%

18/04	Tranche Update on Okinawa Cellular Telephone Company's Equity Buyback Plan announced on July 26, 2023.	CI
17/04	Okinawa Cellular Telephone Company's Equity Buyback announced on July 26, 2023, has closed with 907,300 shares, representing 1.86% for ¥2,999.91 million.	CI

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	96,137	98,186	1,36,617	1,32,288	1,58,902	1,64,336	-	-
Enterprise Value (EV) ¹	92,218	95,207	1,33,828	1,29,293	1,55,745	1,61,256	1,59,218	1,56,890
P/E ratio	10.3 x	9.94 x	13.1 x	12.4 x	14.8 x	14.4 x	13.6 x	13 x
Yield	3.69%	4.03%	3.19%	3.41%	2.9%	2.94%	3.18%	3.33%
Capitalization / Revenue	1.43 x	1.44 x	1.84 x	1.8 x	2.06 x	2.09 x	2.02 x	1.96 x
EV / Revenue	1.38 x	1.4 x	1.8 x	1.76 x	2.01 x	2.05 x	1.96 x	1.87 x
EV / EBITDA	4.69 x	4.72 x	6.17 x	5.86 x	7.04 x	6.87 x	6.56 x	6.31 x
EV / FCF	20 x	31.1 x	22.5 x	26.1 x	17 x	11.7 x	15.6 x	15.3 x
FCF Yield	5%	3.21%	4.45%	3.83%	5.9%	8.53%	6.41%	6.53%
Price to Book	1.2 x	1.13 x	1.5 x	1.37 x	1.6 x	1.76 x	1.65 x	1.55 x
Nbr of stocks (in thousands)	54,624	54,624	53,786	53,667	52,443	48,334	-	-
Reference price ²	1,760	1,798	2,540	2,465	3,030	3,400	3,400	3,400
Announcement Date	24/04/19	24/04/20	27/04/21	27/04/22	27/04/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	67,013	68,051	74,191	73,426	77,299	78,710	81,240	83,923
EBITDA ¹	19,659	20,168	21,684	22,074	22,114	23,467	24,260	24,853
EBIT ¹	12,949	13,966	14,450	15,222	15,932	16,717	17,313	17,847
Operating Margin	19.32%	20.52%	19.48%	20.73%	20.61%	21.24%	21.31%	21.27%
Earnings before Tax (EBT) ¹	13,154	14,074	14,584	15,321	16,130	16,840	17,545	18,140
Net income ¹	9,326	9,874	10,522	10,660	10,852	11,743	12,087	12,430
Net margin	13.92%	14.51%	14.18%	14.52%	14.04%	14.92%	14.88%	14.81%
EPS ²	170.7	180.8	194.3	198.6	204.6	236.3	249.2	261.2
Free Cash Flow ¹	4,607	3,057	5,960	4,950	9,182	13,755	10,206	10,243
FCF margin	6.87%	4.49%	8.03%	6.74%	11.88%	17.48%	12.56%	12.2%
FCF Conversion (EBITDA)	23.43%	15.16%	27.49%	22.42%	41.52%	58.62%	42.07%	41.21%
FCF Conversion (Net income)	49.4%	30.96%	56.64%	46.44%	84.61%	117.13%	84.44%	82.4%
Dividend per Share ²	65.00	72.50	81.00	84.00	88.00	100.0	108.0	113.2
Announcement Date	24/04/19	24/04/20	27/04/21	27/04/22	27/04/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Maart	2020 S1	2021 S1	2022 S1	2022 Q3	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	33,430	35,030	35,951	18,972	18,533	19,630	38,163	19,688	19,448	18,500	19,543	38,043	20,393	20,325	20,018	20,288	20,338	21,206
EBITDA ¹	-	-	-	-	-	5,717	-	5,972	4,492	6,091	6,316	-	6,029	5,144	6,411	6,621	6,361	5,377
EBIT ¹	7,446	7,794	9,421	4,221	4,594	4,191	8,785	4,253	2,894	4,522	4,763	9,285	4,387	3,174	4,700	4,900	4,600	3,400
Operating Margin	22.27%	22.25%	26.21%	22.25%	24.79%	21.35%	23.02%	21.6%	14.88%	24.44%	24.37%	24.41%	21.51%	15.62%	23.48%	24.15%	22.62%	16.03%
Earnings before Tax (EBT) ¹	7,489	7,863	9,469	4,238	4,620	4,217	8,837	4,273	3,020	4,544	4,775	9,319	4,345	3,365	4,738	4,938	4,668	3,526
Net income ¹	5,160	5,455	6,493	2,972	3,079	2,901	5,980	2,834	2,038	3,325	3,225	6,550	3,027	2,431	3,348	3,478	3,318	2,426
Net margin	15.44%	15.57%	18.06%	15.67%	16.61%	14.78%	15.67%	14.39%	10.48%	17.97%	16.5%	17.22%	14.84%	11.96%	16.72%	17.14%	16.31%	11.44%
EPS	94.47	100.2	120.9	55.38	57.46	54.54	112.0	53.64	-	64.09	-	129.8	62.18	-	-	-	-	-
Dividend per Share	34.00	38.50	41.00	-	-	-	43.00	-	-	-	-	50.00	-	-	-	-	-	-
Announcement Date	25/10/19	23/10/20	22/10/21	26/01/22	27/07/22	28/10/22	28/10/22	30/01/23	27/04/23	26/07/23	30/10/23	30/10/23	30/01/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	3,919	2,979	2,789	2,995	3,157	3,080	5,118	7,446
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	4,607	3,057	5,960	4,950	9,182	13,755	10,206	10,243
ROE (net income / shareholders' equity)	12%	11.8%	11.9%	11.4%	11.1%	12%	12.1%	11.8%
ROA (Net income/ Total Assets)	13.9%	13.8%	13.4%	13.3%	13.5%	9.75%	9.7%	9.45%
Assets ¹	67,111	71,483	78,690	80,288	80,149	1,20,444	1,24,605	1,31,534
Book Value Per Share ²	1,471	1,584	1,694	1,797	1,892	1,934	2,062	2,194
Cash Flow per Share	282.0	294.0	320.0	326.0	321.0	-	-	-
Capex ¹	6,910	11,497	9,500	8,283	5,460	8,220	7,100	7,215
Capex / Sales	10.31%	16.89%	12.8%	11.28%	7.06%	10.44%	8.74%	8.6%
Announcement Date	24/04/19	24/04/20	27/04/21	27/04/22	27/04/23	-	-	-

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 Okinawa Cellular Telephone Company

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,400 JPY

Average target price

3,755 JPY

Spread / Average Target

+10.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Wireless Telecommunications Services

	1st Jan change	Capi.
OKINAWA CELLULAR TELEPHONE COMPANY	+0.44%	1.04B
T-MOBILE US	+2.26%	193B
AT&T INC.	-0.18%	120B
SOFTBANK GROUP CORP.	+23.66%	72.46B
KDDI CORPORATION	-2.36%	57.97B
CHINA UNICOM HONG KONG LIMITED	+24.90%	23.92B
TELENOR ASA	+9.95%	16.07B
ADVANCED INFO SERVICE	-10.14%	15.66B
TAIWAN MOBILE CO., LTD.	+4.97%	9.6B
VODACOM GROUP LIMITED	-15.58%	9.2B

Other Wireless Telecommunications Services