Financials PARK24 Co., Ltd.

Equities

4666

JP3780100008

Highways & Rail Tracks

Market Closed - Japan Exchange Other stock markets 11:30:00 10/05/2024 am IST			5-day change	1st Jan Change
1,782 ^JPY	+1.77%		+8.19%	-1.33%

2023	Park24 Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending October 31, 2024	CI
2023	PARK24 Co., Ltd. Provides Consolidated Earnings Guidance for the Interim and Fiscal Year Ending October 31, 2024	CI

Valuation

Fiscal Period: Oktober	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,95,195	2,17,519	2,69,019	3,38,482	2,88,349	3,03,952	-	-
Enterprise Value (EV) ¹	5,10,511	3,67,677	4,05,828	4,47,614	3,85,114	3,83,100	3,65,444	3,54,925
P/E ratio	32.1 x	-4.66 x	-23.1 x	130 x	16.4 x	14.5 x	12.6 x	11.1 x
Yield	2.74%	-	-	-	-	0.28%	1.02%	1.99%
Capitalization / Revenue	1.24 x	0.81 x	1.07 x	1.17 x	0.87 x	0.85 x	0.79 x	0.74 x
EV / Revenue	1.61 x	1.37 x	1.62 x	1.54 x	1.17 x	1.07 x	0.95 x	0.86 x
EV / EBITDA	9.57 x	15.9 x	15.8 x	8.58 x	6.06 x	5.57 x	4.89 x	4.45 x
EV / FCF	-136 x	20.9 x	18.1 x	37.3 x	17.1 x	18.2 x	16.7 x	16.3 x
FCF Yield	-0.74%	4.78%	5.54%	2.68%	5.85%	5.51%	5.98%	6.14%
Price to Book	4.37 x	7.02 x	16.4 x	8.47 x	4.94 x	3.86 x	3 x	2.56 x
Nbr of stocks (in thousands)	1,54,433	1,54,488	1,54,520	1,70,520	1,70,520	1,70,520	-	-
Reference price ²	2,559	1,408	1,741	1,985	1,691	1,782	1,782	1,782
Announcement Date	16/12/19	15/12/20	15/12/21	15/12/22	14/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Oktober	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,17,438	2,68,904	2,51,102	2,90,253	3,30,123	3,58,781	3,85,400	4,10,403
EBITDA ¹	53,338	23,052	25,641	52,159	63,501	68,788	74,694	79,698
EBIT ¹	22,322	-14,698	-8,039	20,672	31,986	37,038	41,763	45,989
Operating Margin	7.03%	-5.47%	-3.2%	7.12%	9.69%	10.32%	10.84%	11.21%
Earnings before Tax (EBT) ¹	19,345	-49,192	-9,950	14,623	25,779	33,273	38,088	43,240
Net income ¹	12,348	-46,652	-11,658	2,476	17,542	21,250	24,398	27,756
Net margin	3.89%	-17.35%	-4.64%	0.85%	5.31%	5.92%	6.33%	6.76%
EPS ²	79.79	-302.0	-75.45	15.22	102.9	122.9	141.2	160.3
Free Cash Flow ¹	-3,759	17,581	22,469	12,012	22,527	21,096	21,868	21,799
FCF margin	-1.18%	6.54%	8.95%	4.14%	6.82%	5.88%	5.67%	5.31%
FCF Conversion (EBITDA)	-	76.27%	87.63%	23.03%	35.48%	30.67%	29.28%	27.35%
FCF Conversion (Net income)	-	-	-	485.14%	128.42%	99.28%	89.63%	78.54%
Dividend per Share ²	70.00	-	-	-	-	5.000	18.19	35.40
Announcement Date	16/12/19	15/12/20	15/12/21	15/12/22	14/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: October	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	1,63,314	1,45,679	1,23,225	1,21,865	67,074	1,29,237	69,928	65,963	1,35,891	75,139	79,223	1,54,362	79,022	78,056	1,57,078	84,426	88,619	86,731	84,967	1,71,550	90,373	95,985	1,83,950	-	-
EBITDA	-	-	-	-	10,816	-	-	-	-	-	16,520	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	12,352	-1,229	-13,469	-6,515	1,879	-1,524	4,651	905	5,556	6,407	8,709	15,116	8,416	6,681	15,097	9,293	7,596	8,622	7,614	16,734	10,186	9,761	19,766	-	-
Operating Margin	7.56%	-0.84%	-10.93%	-5.35%	2.8%	-1.18%	6.65%	1.37%	4.09%	8.53%	10.99%	9.79%	10.65%	8.56%	9.61%	11.01%	8.57%	9.94%	8.96%	9.75%	11.27%	10.17%	10.75%	-	-
Earnings before Tax (EBT) ¹	-	-2,333	-	-9,283	-	-	2,342	-	2,413	5,365	-	-	4,919	-	12,331	9,643	-	7,927	6,700	-	-	-	-	-	-
Net income ¹	6,720	-2,589	-44,063	-8,960	1,034	-2,698	473	-1,103	-630	2,943	163	3,106	3,148	4,831	7,979	7,314	2,249	5,086	4,875	10,034	6,952	2,850	11,266	-	-
Net margin	4.11%	-1.78%	-35.76%	-7.35%	1.54%	-2.09%	0.68%	-1.67%	-0.46%	3.92%	0.21%	2.01%	3.98%	6.19%	5.08%	8.66%	2.54%	5.86%	5.74%	5.85%	7.69%	2.97%	6.12%	-	-
EPS ²	-	-16.77	-	-57.99	6.690	-	3.070	-7.150	-4.080	18.53	0.7700	-	18.47	28.33	46.80	42.89	13.18	29.83	35.93	-	54.99	-13.83	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5.000	-	-	-
Announcement Date	16/12/19	15/06/20	15/12/20	14/06/21	15/12/21	15/12/21	15/03/22	14/06/22	14/06/22	14/09/22	15/12/22	15/12/22	15/03/23	14/06/23	14/06/23	14/09/23	14/12/23	14/03/24	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,15,316	1,50,158	1,36,809	1,09,132	96,765	79,148	61,492	50,974
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.162 x	6.514 x	5.336 x	2.092 x	1.524 x	1.151 x	0.8233 x	0.6396 x
Free Cash Flow ¹	-3,759	17,581	22,469	12,012	22,527	21,096	21,868	21,799
ROE (net income / shareholders' equity)	13.4%	-76.9%	-49.2%	8.8%	35.7%	30.4%	26.5%	24.3%
ROA (Net income/ Total Assets)	7.48%	-5.15%	-3.8%	5.4%	8.99%	9.5%	10.5%	13%
Assets ¹	1,64,976	9,05,593	3,06,789	45,852	1,95,173	2,23,682	2,33,472	2,14,058
Book Value Per Share ²	585.0	201.0	106.0	234.0	342.0	462.0	595.0	697.0
Cash Flow per Share ²	280.0	-57.60	143.0	201.0	280.0	285.0	307.0	330.0
Capex ¹	42,845	17,788	12,412	13,130	26,427	33,698	34,901	36,775
Capex / Sales	13.5%	6.62%	4.94%	4.52%	8.01%	9.39%	9.06%	8.96%
Announcement Date	16/12/19	15/12/20	15/12/21	15/12/22	14/12/23	-	-	-

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 PARK24 Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,782 JPY

Average target price

2,740 JPY

Spread / Average Target

+53.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Parking Lot Operators

	1st Jan change	Capi.
PARK24 CO., LTD.	-1.33%	1.92B
PARKIN COMPANY	0.00%	2.21B
SHOUCHENG HOLDINGS LIMITED	-5.73%	1.36B
SP PLUS CORPORATION	+4.31%	1.02B
NIPPON PARKING DEVELOPMENT CO.,LTD.	+4.69%	402M
ALLPARK EMPREENDIMENTOS, PARTICIPAÇÕES E SERVIÇOS S.A.	-20.50%	171M
PARACA INC.	-0.31%	133M
SMART PARKING LIMITED	+27.14%	102M
JENKONGKLAI	-0.77%	66.33M

Parking Lot Operators