Financials Okuwa Co., Ltd.

Equities

8217

JP3172150009

Food Retail & Distribution

Market Closed - Japan Exchange Other stock markets 11:30:00 08/05/2024 am IST			5-day change	1st Jan Change
932 ^JPY	-0.85%		-0.53%	+12.70%

08/04	Okuwa's Profit Up Nearly 8% in Fiscal 2024	MT
02/04	Okuwa Co., Ltd. Provides Consolidated and Non-Consolidated Earnings Guidance for the First Half Ending August 2024 and Fiscal Year Ending February, 2025	CI

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	50,291	64,168	52,648	41,395	40,408	40,795	-	-
Enterprise Value (EV) ¹	62,141	74,211	56,518	44,882	45,810	38,098	40,795	40,795
P/E ratio	205 x	45.2 x	13.9 x	27.2 x	43.5 x	38.1 x	33.8 x	29 x
Yield	2.31%	1.78%	2.16%	2.75%	2.82%	3%	2.77%	2.77%
Capitalization / Revenue	0.19 x	0.24 x	0.19 x	0.16 x	0.16 x	0.15 x	0.16 x	0.16 x
EV / Revenue	0.19 x	0.24 x	0.19 x	0.16 x	0.16 x	0.15 x	0.16 x	0.16 x
EV / EBITDA	5.4 x	6.6 x	3.73 x	3.54 x	4.17 x	3.92 x	4.1 x	3.89 x
EV / FCF	13.9 x	24.3 x	6.03 x	26.3 x	-	21.8 x	37.1 x	37.1 x
FCF Yield	7.2%	4.12%	16.6%	3.8%	-	4.59%	2.7%	2.7%
Price to Book	0.67 x	0.86 x	0.68 x	0.53 x	0.52 x	0.49 x	0.52 x	0.52 x
Nbr of stocks (in thousands)	44,624	43,831	43,837	43,851	43,874	43,399	-	-
Reference price ²	1,127	1,464	1,201	944.0	921.0	940.0	940.0	940.0
Announcement Date	01/04/19	30/03/20	05/04/21	04/04/22	03/04/23	02/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,65,114	2,65,398	2,79,216	2,66,530	2,46,877	2,47,377	2,52,600	2,56,500
EBITDA ¹	9,314	9,729	14,100	11,685	9,685	9,710	9,949	10,476
EBIT ¹	2,840	3,448	7,845	5,233	2,927	2,888	3,000	3,400
Operating Margin	1.07%	1.3%	2.81%	1.96%	1.19%	1.17%	1.19%	1.33%
Earnings before Tax (EBT) ¹	943	2,479	5,214	3,057	1,119	1,805	1,850	2,250
Net income ¹	245	1,429	3,786	1,523	928	1,000	1,220	1,420
Net margin	0.09%	0.54%	1.36%	0.57%	0.38%	0.4%	0.48%	0.55%
EPS ²	5.510	32.38	86.38	34.74	21.18	22.79	27.80	32.40
Free Cash Flow ¹	3,620	2,642	8,738	1,574	-	1,750	1,100	1,100
FCF margin	1.37%	1%	3.13%	0.59%	-	0.71%	0.44%	0.43%
FCF Conversion (EBITDA)	38.87%	27.16%	61.97%	13.47%	-	18.02%	11.06%	10.5%
FCF Conversion (Net income)	1,477.55%	184.88%	230.8%	103.35%	-	175%	90.16%	77.46%
Dividend per Share ²	26.00	26.00	26.00	26.00	26.00	26.00	26.00	26.00
Announcement Date	01/04/19	30/03/20	05/04/21	04/04/22	03/04/23	02/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	2021 S1	2022 S1	2022 Q3	2023 Q1	2023 S1	2023 Q3	2024 Q1	2024 S1	2024 Q3
Net sales ¹	1,30,606	1,40,102	1,33,002	65,189	58,132	-	60,876	58,236	1,21,520	61,115
EBITDA	-	-	-	-	-	-	-	-	-	-
EBIT ¹	739	4,217	2,470	955	273	-	324	6	706	487
Operating Margin	0.57%	3.01%	1.86%	1.46%	0.47%	-	0.53%	0.01%	0.58%	0.8%
Earnings before Tax (EBT) ¹	545	3,659	2,285	695	397	1,153	288	15	740	474
Net income ¹	245	2,384	1,448	421	203	-	159	-45	399	263
Net margin	0.19%	1.7%	1.09%	0.65%	0.35%	-	0.26%	-0.08%	0.33%	0.43%
EPS ²	5.520	54.39	33.04	9.590	4.640	14.48	3.640	-1.050	9.100	5.990
Dividend per Share	13.00	13.00	13.00	-	-	13.00	-	-	13.00	-
Announcement Date	30/09/19	05/10/20	04/10/21	27/12/21	27/06/22	03/10/22	27/12/22	26/06/23	03/10/23	27/12/23

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	11,850	10,043	3,870	3,487	5,402	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.272 x	1.032 x	0.2745 x	0.2984 x	0.5578 x	-	-	-
Free Cash Flow ¹	3,620	2,642	8,738	1,574	-	1,750	1,100	1,100
ROE (net income / shareholders' equity)	0.3%	1.9%	5%	2%	1.2%	1.3%	1.5%	1.8%
ROA (Net income/ Total Assets)	2.25%	2.77%	5.85%	4.03%	2.37%	2.34%	2.4%	2.7%
Assets ¹	10,900	51,550	64,767	37,828	39,213	42,773	50,833	52,593
Book Value Per Share ²	1,693	1,708	1,767	1,776	1,769	1,785	1,802	1,809
Cash Flow per Share	151.0	175.0	229.0	182.0	175.0	178.0	-	-
Capex ¹	5,015	6,964	6,391	8,707	7,625	7,746	9,500	9,000
Capex / Sales	1.89%	2.62%	2.29%	3.27%	3.09%	3.13%	3.76%	3.51%
Announcement Date	01/04/19	30/03/20	05/04/21	04/04/22	03/04/23	02/04/24	-	-

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 Okuwa Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

940 JPY

Average target price

850 JPY

Spread / Average Target

-9.57%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
OKUWA CO., LTD.	+12.70%	264M
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-8.13%	39.2B
AVENUE SUPERMARTS LIMITED	+17.74%	36.34B
SEVEN & I HOLDINGS CO., LTD.	+6.22%	33.71B
SM INVESTMENTS CORPORATION	+8.66%	20.24B
COLES GROUP LIMITED	+1.24%	14.35B
JERÓNIMO MARTINS, SGPS, S.A.	-14.41%	13.28B
CASEY'S GENERAL STORES, INC.	+20.06%	12.21B
ICA GRUPPEN	-.--%	11.82B
CARREFOUR	-3.08%	11.8B

Supermarkets & Convenience Stores