Financials ROYAL HOLDINGS Co., Ltd.

Equities

8179

JP3983600002

Restaurants & Bars

Market Closed - Japan Exchange Other stock markets 11:30:00 27/06/2024 am IST			5-day change	1st Jan Change
2,590 ^JPY	+0.54%		+1.61%	+0.39%

2023	ROYAL HOLDINGS Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2023	CI
2023	McDonald's Japan hikes prices for 3rd time in 10 months on surging costs	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	92,267	68,697	82,098	1,14,240	1,26,945	1,27,451	-	-
Enterprise Value (EV) ¹	1,19,324	1,17,107	1,18,017	1,44,012	1,51,755	1,27,451	1,27,451	1,27,451
P/E ratio	48 x	-2.5 x	-27.7 x	43.9 x	33.6 x	27.3 x	27 x	24.2 x
Yield	1.13%	-	0.26%	0.43%	0.78%	1.11%	1.13%	1.24%
Capitalization / Revenue	0.66 x	0.81 x	0.98 x	1.1 x	0.91 x	0.86 x	0.82 x	0.79 x
EV / Revenue	0.66 x	0.81 x	0.98 x	1.1 x	0.91 x	0.86 x	0.82 x	0.79 x
EV / EBITDA	76,84,418 x	-53,95,231 x	4,27,81,728 x	-	1,08,18,538 x	-	-	-
EV / FCF	-323 x	-5 x	-21 x	25 x	21.2 x	26 x	27.7 x	25 x
FCF Yield	-0.31%	-20%	-4.76%	4%	4.71%	3.84%	3.61%	4%
Price to Book	1.82 x	3.29 x	2.96 x	2.78 x	2.85 x	2.47 x	2.33 x	2.19 x
Nbr of stocks (in thousands)	37,325	37,336	43,255	49,241	49,203	49,209	-	-
Reference price ²	2,472	1,840	1,898	2,320	2,580	2,576	2,576	2,576
Announcement Date	14/02/20	15/02/21	14/02/22	14/02/23	14/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,40,578	84,304	83,975	1,04,015	1,38,940	1,49,000	1,55,625	1,60,975
EBITDA	12,007	-12,733	1,919	-	11,734	-	-	-
EBIT ¹	4,648	-19,269	-7,366	2,192	6,074	7,150	7,900	8,850
Operating Margin	3.31%	-22.86%	-8.77%	2.11%	4.37%	4.8%	5.08%	5.5%
Earnings before Tax (EBT) ¹	3,887	-27,042	-2,667	2,613	4,103	5,900	6,700	7,500
Net income ¹	1,923	-27,532	-2,873	2,754	4,035	4,650	4,700	5,250
Net margin	1.37%	-32.66%	-3.42%	2.65%	2.9%	3.12%	3.02%	3.26%
EPS ²	51.54	-737.4	-68.60	52.86	76.82	94.45	95.50	106.6
Free Cash Flow ¹	-286	-13,743	-3,911	4,571	5,976	4,900	4,600	5,100
FCF margin	-0.2%	-16.3%	-4.66%	4.39%	4.3%	3.29%	2.96%	3.17%
FCF Conversion (EBITDA)	-	-	-	-	50.93%	-	-	-
FCF Conversion (Net income)	-	-	-	165.98%	148.1%	105.38%	97.87%	97.14%
Dividend per Share ²	28.00	-	5.000	10.00	20.00	28.50	29.00	32.00
Announcement Date	14/02/20	15/02/21	14/02/22	14/02/23	14/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 Q4	2022 Q1	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
Net sales ¹	40,501	43,803	38,668	25,157	22,144	25,242	47,386	26,987	29,642	31,634	32,934	64,568	37,187	37,185	35,629	34,726	70,280	38,865	39,780	36,200	35,900
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-11,659	-7,610	-5,275	-207	-1,033	294	-739	1,155	1,776	1,617	903	2,520	2,497	1,057	1,765	1,400	-	2,800	1,135	1,700	1,600
Operating Margin	-28.79%	-17.37%	-13.64%	-0.82%	-4.66%	1.16%	-1.56%	4.28%	5.99%	5.11%	2.74%	3.9%	6.71%	2.84%	4.95%	4.03%	-	7.2%	2.85%	4.7%	4.46%
Earnings before Tax (EBT)	-13,149	-13,893	-3,070	-	-929	-	-408	1,186	-	1,257	-	1,919	2,004	-	1,684	-	-	-	-	-	-
Net income ¹	-13,163	-14,369	-3,168	1,564	-1,058	390	-668	962	2,460	975	506	1,481	1,596	958	1,526	737	2,400	1,405	982	900	800
Net margin	-32.5%	-32.8%	-8.19%	6.22%	-4.78%	1.55%	-1.41%	3.56%	8.3%	3.08%	1.54%	2.29%	4.29%	2.58%	4.28%	2.12%	3.41%	3.62%	2.47%	2.49%	2.23%
EPS	-352.6	-	-80.23	-	-25.60	-	-18.52	20.31	-	18.53	-	27.52	31.13	-	31.02	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	13/08/20	15/02/21	13/08/21	14/02/22	13/05/22	10/08/22	10/08/22	10/11/22	14/02/23	11/05/23	08/08/23	08/08/23	13/11/23	14/02/24	10/05/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	27,057	48,410	35,919	29,772	24,810	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.253 x	-3.802 x	18.72 x	-	2.114 x	-	-	-
Free Cash Flow ¹	-286	-13,743	-3,911	4,571	5,976	4,900	4,600	5,100
ROE (net income / shareholders' equity)	3.8%	-76.8%	-10.5%	7%	8.8%	9.1%	8.3%	8.7%
ROA (Net income/ Total Assets)	4.59%	-19.1%	-4.17%	1.85%	4.22%	4.8%	5.1%	5.4%
Assets ¹	41,882	1,44,514	68,875	1,49,028	95,565	96,875	92,157	97,222
Book Value Per Share ²	1,362	560.0	640.0	833.0	906.0	1,043	1,105	1,179
Cash Flow per Share	226.0	-572.0	56.20	161.0	203.0	-	-	-
Capex ¹	10,135	6,509	4,987	2,818	6,560	6,000	6,000	6,000
Capex / Sales	7.21%	7.72%	5.94%	2.71%	4.72%	4.03%	3.86%	3.73%
Announcement Date	14/02/20	15/02/21	14/02/22	14/02/23	14/02/24	-	-	-

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 ROYAL HOLDINGS Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,576 JPY

Average target price

2,600 JPY

Spread / Average Target

+0.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Restaurants & Bars

	1st Jan change	Capi.
ROYAL HOLDINGS CO., LTD.	+0.39%	79Cr
STARBUCKS CORPORATION	-17.79%	8.97TCr
COMPASS GROUP PLC	+3.08%	4.48TCr
DARDEN RESTAURANTS, INC.	-8.00%	1.82TCr
SODEXO	-14.78%	1.33TCr
CAVA GROUP, INC.	+113.54%	1.05TCr
HAIDILAO INTERNATIONAL HOLDING LTD.	-3.03%	1.04TCr
ZENSHO HOLDINGS CO., LTD.	-17.99%	561.52Cr
JUBILANT FOODWORKS LIMITED	-2.25%	437.81Cr
JOLLIBEE FOODS CORPORATION	-11.30%	424.3Cr

Other Restaurants & Bars