Financials Sankyu Inc.

Equities

9065

JP3326000001

Air Freight & Logistics

Delayed Japan Exchange Other stock markets 07:54:30 04/07/2024 am IST			5-day change	1st Jan Change
5,509 ^JPY	+0.07%		+0.95%	+6.33%

02/07	Tranche Update on Sankyu Inc.'s Equity Buyback Plan announced on May 13, 2024.	CI
13/05	Sankyu Inc. announces an Equity Buyback for 3,750,000 shares, representing 6.76% for ¥15,000 million.	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	2,44,131	2,94,037	2,33,402	2,86,920	2,91,563	3,02,556	-	-
Enterprise Value (EV) ¹	2,57,580	3,11,780	2,43,328	2,90,414	2,98,428	3,44,023	3,51,582	3,56,794
P/E ratio	9.53 x	12.5 x	10.4 x	11.5 x	12.2 x	11.2 x	10.8 x	10.1 x
Yield	2.6%	2.26%	2.76%	3.06%	3.33%	3.56%	3.73%	3.97%
Capitalization / Revenue	0.43 x	0.55 x	0.42 x	0.5 x	0.52 x	0.51 x	0.51 x	0.5 x
EV / Revenue	0.45 x	0.58 x	0.44 x	0.5 x	0.53 x	0.58 x	0.6 x	0.59 x
EV / EBITDA	4.45 x	6.16 x	4.57 x	5.04 x	5.4 x	5.67 x	5.72 x	5.51 x
EV / FCF	27 x	32 x	8.46 x	17.3 x	90.5 x	28.7 x	28.4 x	32.2 x
FCF Yield	3.71%	3.13%	11.8%	5.77%	1.1%	3.48%	3.52%	3.1%
Price to Book	1.15 x	1.25 x	0.95 x	1.07 x	1.03 x	1.02 x	0.99 x	0.92 x
Nbr of stocks (in thousands)	60,503	60,501	58,497	58,495	55,834	54,960	-	-
Reference price ²	4,035	4,860	3,990	4,905	5,222	5,505	5,505	5,505
Announcement Date	11/05/20	10/05/21	10/05/22	10/05/23	13/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	5,69,461	5,33,870	5,53,831	5,79,226	5,63,547	5,88,750	5,88,734	6,00,125
EBITDA ¹	57,915	50,593	53,189	57,677	55,245	60,712	61,425	64,800
EBIT ¹	40,374	33,928	34,465	38,169	35,216	39,050	39,590	41,300
Operating Margin	7.09%	6.36%	6.22%	6.59%	6.25%	6.63%	6.72%	6.88%
Earnings before Tax (EBT) ¹	38,417	36,219	34,284	38,458	36,227	40,045	40,640	42,400
Net income ¹	25,619	23,540	22,636	24,959	24,379	26,666	27,088	28,400
Net margin	4.5%	4.41%	4.09%	4.31%	4.33%	4.53%	4.6%	4.73%
EPS ²	423.4	389.1	382.5	426.7	428.6	492.2	508.8	544.0
Free Cash Flow ¹	9,545	9,747	28,754	16,744	3,297	11,987	12,366	11,072
FCF margin	1.68%	1.83%	5.19%	2.89%	0.59%	2.04%	2.1%	1.84%
FCF Conversion (EBITDA)	16.48%	19.27%	54.06%	29.03%	5.97%	19.74%	20.13%	17.09%
FCF Conversion (Net income)	37.26%	41.41%	127.03%	67.09%	13.52%	44.95%	45.65%	38.99%
Dividend per Share ²	105.0	110.0	110.0	150.0	174.0	196.2	205.2	218.8
Announcement Date	11/05/20	10/05/21	10/05/22	10/05/23	13/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	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	2025 Q4
Net sales ¹	2,84,596	2,69,550	2,64,320	2,73,656	1,37,808	1,42,367	1,41,717	1,47,576	2,89,293	1,47,261	1,42,672	1,37,515	1,39,660	2,77,175	1,44,742	1,41,630	1,45,000	1,47,000	1,47,900	1,48,550
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	21,185	17,464	16,464	17,865	8,423	8,177	8,876	10,256	19,132	10,625	8,412	8,786	8,120	16,906	10,118	8,192	9,600	10,050	10,300	9,300
Operating Margin	7.44%	6.48%	6.23%	6.53%	6.11%	5.74%	6.26%	6.95%	6.61%	7.22%	5.9%	6.39%	5.81%	6.1%	6.99%	5.78%	6.62%	6.84%	6.96%	6.26%
Earnings before Tax (EBT)	-	17,219	-	18,851	7,332	8,101	10,021	11,632	21,653	9,533	7,272	9,700	-	17,927	10,075	-	-	-	-	-
Net income	-	11,022	-	12,021	4,998	5,617	6,062	7,819	13,881	6,236	4,842	5,784	-	11,460	7,068	-	-	-	-	-
Net margin	-	4.09%	-	4.39%	3.63%	3.95%	4.28%	5.3%	4.8%	4.23%	3.39%	4.21%	-	4.13%	4.88%	-	-	-	-	-
EPS	-	182.2	-	201.1	85.46	-	103.6	-	237.3	106.6	-	99.35	-	198.4	125.0	-	-	-	-	-
Dividend per Share	-	50.00	-	55.00	-	-	-	-	70.00	-	-	-	-	84.00	-	-	-	-	-	-
Announcement Date	11/05/20	30/10/20	10/05/21	29/10/21	28/01/22	10/05/22	29/07/22	31/10/22	31/10/22	30/01/23	10/05/23	31/07/23	31/10/23	31/10/23	31/01/24	13/05/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	13,449	17,743	9,926	3,494	6,865	41,467	49,026	54,238
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.2322 x	0.3507 x	0.1866 x	0.0606 x	0.1243 x	0.683 x	0.7981 x	0.837 x
Free Cash Flow ¹	9,545	9,747	28,754	16,744	3,297	11,987	12,366	11,072
ROE (net income / shareholders' equity)	12.6%	10.5%	9.4%	9.7%	8.8%	9.34%	9.38%	9.31%
ROA (Net income/ Total Assets)	9.51%	7.86%	7.71%	8.4%	7.42%	5.87%	5.81%	6.03%
Assets ¹	2,69,340	2,99,617	2,93,650	2,97,299	3,28,341	4,54,528	4,66,170	4,70,770
Book Value Per Share ²	3,494	3,883	4,205	4,604	5,083	5,372	5,561	6,008
Cash Flow per Share ²	713.0	665.0	690.0	751.0	773.0	764.0	966.0	1,032
Capex ¹	19,637	23,642	20,489	23,341	20,589	28,667	38,000	40,000
Capex / Sales	3.45%	4.43%	3.7%	4.03%	3.65%	4.87%	6.45%	6.67%
Announcement Date	11/05/20	10/05/21	10/05/22	10/05/23	13/05/24	-	-	-

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 Sankyu Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5,505 JPY

Average target price

6,180 JPY

Spread / Average Target

+12.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Logistics Operators

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AGILITY GLOBAL PLC	0.00%	314.82Cr
JIAYOU INTERNATIONAL LOGISTICS CO.,LTD	+49.44%	229.48Cr

Integrated Logistics Operators