Financials Ryohin Keikaku Co., Ltd.

Equities

7453

JP3976300008

Department Stores

Delayed Japan Exchange Other stock markets 11:30:00 30/04/2024 am IST			5-day change	1st Jan Change
2,556 ^JPY	+3.25%		+1.39%	+8.31%

12/04	Ryohin Keikaku's Attributable Profit Soars 114% in Fiscal H1	MT
12/04	Ryohin Keikaku Co., Ltd. Announces Dividend for the Second Quarter Ended February 29, 2024, Payable on May 1, 2024	CI

Valuation

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,80,989	4,36,622	6,20,220	3,42,644	4,96,361	6,54,666	-	-
Enterprise Value (EV) ¹	4,27,325	4,21,119	5,94,308	3,28,931	4,76,979	5,90,395	5,82,348	5,66,822
P/E ratio	14.2 x	-25.8 x	18.3 x	13.9 x	22.5 x	19.7 x	18.6 x	16.7 x
Yield	2.11%	0.3%	1.7%	3.08%	2.13%	1.64%	1.73%	1.88%
Capitalization / Revenue	1.17 x	2.44 x	1.37 x	0.69 x	0.85 x	1.02 x	0.93 x	0.86 x
EV / Revenue	1.04 x	2.35 x	1.31 x	0.66 x	0.82 x	0.92 x	0.83 x	0.74 x
EV / EBITDA	7.65 x	35.7 x	9.5 x	5.87 x	-	7.92 x	7.25 x	6.54 x
EV / FCF	23.5 x	-170 x	11.2 x	49.3 x	13.9 x	15.7 x	21.7 x	15.4 x
FCF Yield	4.26%	-0.59%	8.91%	2.03%	7.22%	6.37%	4.61%	6.48%
Price to Book	2.52 x	2.42 x	2.92 x	1.42 x	1.88 x	2.28 x	2.13 x	1.95 x
Nbr of stocks (in thousands)	2,62,692	2,63,025	2,63,028	2,63,572	2,64,232	2,64,511	-	-
Reference price ²	1,831	1,660	2,358	1,300	1,878	2,475	2,475	2,475
Announcement Date	10/04/19	08/10/20	14/10/21	13/10/22	13/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,09,697	1,78,933	4,53,689	4,96,171	5,81,412	6,44,922	7,05,752	7,64,425
EBITDA ¹	55,865	11,793	62,569	56,059	-	74,544	80,310	86,681
EBIT ¹	44,743	872	42,447	32,773	33,137	48,492	53,366	59,201
Operating Margin	10.92%	0.49%	9.36%	6.61%	5.7%	7.52%	7.56%	7.74%
Earnings before Tax (EBT) ¹	53,883	-18,113	48,589	33,204	33,767	48,629	51,902	57,424
Net income ¹	33,845	-16,917	33,903	24,558	22,052	33,066	35,540	39,205
Net margin	8.26%	-9.45%	7.47%	4.95%	3.79%	5.13%	5.04%	5.13%
EPS ²	128.9	-64.32	128.9	93.24	83.51	125.8	132.9	148.3
Free Cash Flow ¹	18,188	-2,481	52,960	6,667	34,421	37,596	26,827	36,730
FCF margin	4.44%	-1.39%	11.67%	1.34%	5.92%	5.83%	3.8%	4.8%
FCF Conversion (EBITDA)	32.56%	-	84.64%	11.89%	-	50.43%	33.4%	42.37%
FCF Conversion (Net income)	53.74%	-	156.21%	27.15%	156.09%	113.7%	75.49%	93.69%
Dividend per Share ²	38.70	5.000	40.00	40.00	40.00	40.58	42.83	46.64
Announcement Date	10/04/19	08/10/20	14/10/21	13/10/22	13/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August	2020 S1	2021 S1	2021 S2	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	2025 Q3
Net sales ¹	2,16,451	2,28,353	2,25,336	1,22,946	1,21,550	2,44,496	1,26,260	1,25,415	1,36,948	1,46,382	2,83,330	1,52,467	1,45,615	1,62,913	1,56,926	3,19,839	1,67,989	1,58,079	1,81,500	1,78,500	1,89,000
EBITDA	-	-	-	16,178	-	-	11,010	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	20,596	23,393	19,054	11,147	7,707	18,854	5,978	7,941	5,021	5,156	10,177	12,495	10,465	13,882	10,217	24,099	13,875	11,245	15,500	12,500	16,800
Operating Margin	9.52%	10.24%	8.46%	9.07%	6.34%	7.71%	4.73%	6.33%	3.67%	3.52%	3.59%	8.2%	7.19%	8.52%	6.51%	7.53%	8.26%	7.11%	8.54%	7%	8.89%
Earnings before Tax (EBT)	19,594	28,521	-	11,669	-	18,801	7,948	-	5,433	-	10,963	16,072	6,732	14,565	-	24,186	-	-	-	-	-
Net income ¹	13,270	20,373	-	7,843	6,934	14,777	5,221	4,560	3,895	3,463	7,358	11,324	3,370	9,801	5,971	15,772	11,616	5,584	10,100	7,800	10,900
Net margin	6.13%	8.92%	-	6.38%	5.7%	6.04%	4.14%	3.64%	2.84%	2.37%	2.6%	7.43%	2.31%	6.02%	3.8%	4.93%	6.91%	3.53%	5.56%	4.37%	5.77%
EPS ²	50.50	77.46	-	29.82	26.33	56.15	19.80	17.29	14.77	13.11	27.88	42.89	12.74	37.07	22.56	59.63	46.93	21.90	-	-	-
Dividend per Share ²	18.20	20.00	-	20.00	20.00	20.00	-	20.00	-	20.00	20.00	-	-	-	20.00	20.00	-	20.00	-	22.00	-
Announcement Date	10/10/19	14/04/21	14/10/21	07/01/22	14/04/22	14/04/22	08/07/22	13/10/22	06/01/23	13/04/23	13/04/23	07/07/23	13/10/23	12/01/24	12/04/24	12/04/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	53,664	15,503	25,912	13,713	19,382	64,271	72,317	87,843
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	18,188	-2,481	52,960	6,667	34,421	37,596	26,827	36,730
ROE (net income / shareholders' equity)	18.8%	-8.8%	17.3%	10.8%	8.7%	12.3%	12.3%	12.5%
ROA (Net income/ Total Assets)	18.4%	0.2%	12.3%	9.4%	8.5%	7.93%	8.58%	8.92%
Assets ¹	1,83,903	-84,58,500	2,75,634	2,61,255	2,59,435	4,16,889	4,14,216	4,39,623
Book Value Per Share ²	726.0	685.0	807.0	916.0	997.0	1,085	1,161	1,267
Cash Flow per Share ²	168.0	6.680	202.0	178.0	178.0	240.0	277.0	331.0
Capex ¹	19,912	4,991	25,617	17,679	44,142	36,174	32,663	32,688
Capex / Sales	4.86%	2.79%	5.65%	3.56%	7.59%	5.61%	4.63%	4.28%
Announcement Date	10/04/19	08/10/20	14/10/21	13/10/22	13/10/23	-	-	-

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 Ryohin Keikaku Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,475 JPY

Average target price

2,805 JPY

Spread / Average Target

+13.32%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Department Stores

	1st Jan change	Capi.
RYOHIN KEIKAKU CO., LTD.	+8.31%	4.18B
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FIVE BELOW, INC.	-30.93%	8.13B
ZHEJIANG CHINA COMMODITIES CITY GROUP CO., LTD.	+19.54%	6.63B
CENTRAL RETAIL CORPORATION	-17.07%	5.54B
WOOLWORTHS HOLDINGS LIMITED	-18.07%	2.87B
BERLI JUCKER	-0.80%	2.68B
MAGAZINE LUIZA S.A.	-32.87%	2.08B
IZUMI CO., LTD.	+1.24%	1.66B

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