Financials Takashimaya Company, Limited

Equities

8233

JP3456000003

Department Stores

Market Closed - Japan Exchange Other stock markets 11:30:00 24/06/2024 am IST			5-day change	1st Jan Change
2,595 ^JPY	+0.60%		-0.27%	+35.05%

17/06	Takashimaya Records 21.4% Increase in May Sales	MT
14/06	Takashimaya to Buy Majority Stake in Osaka-based Wealth Management Firm	MT

Valuation

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	1,68,234	1,80,405	1,87,241	2,99,060	3,55,526	4,09,311	-	-
Enterprise Value (EV) ¹	3,67,290	3,57,272	3,98,803	5,12,026	6,06,586	5,10,114	5,57,300	5,50,521
P/E ratio	10.8 x	-5.31 x	34.9 x	11.2 x	11.2 x	11.6 x	10.8 x	10.2 x
Yield	2.38%	2.22%	2.14%	1.37%	1.64%	1.59%	1.7%	1.79%
Capitalization / Revenue	0.18 x	0.26 x	0.25 x	0.67 x	0.76 x	0.83 x	0.81 x	0.79 x
EV / Revenue	0.4 x	0.52 x	0.52 x	1.15 x	1.3 x	1.03 x	1.1 x	1.07 x
EV / EBITDA	6.48 x	24.4 x	11.1 x	7.75 x	7.54 x	5.92 x	6.22 x	5.95 x
EV / FCF	21.4 x	21.4 x	-24.8 x	19.9 x	28.8 x	20.1 x	41 x	31.4 x
FCF Yield	4.68%	4.67%	-4.03%	5.04%	3.47%	4.98%	2.44%	3.18%
Price to Book	0.39 x	0.46 x	0.47 x	0.72 x	0.78 x	0.84 x	0.79 x	0.74 x
Nbr of stocks (in thousands)	1,66,733	1,66,733	1,66,733	1,57,732	1,57,731	1,57,731	-	-
Reference price ²	1,009	1,082	1,123	1,896	2,254	2,580	2,580	2,580
Announcement Date	13/04/20	12/04/21	11/04/22	14/04/23	12/04/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	9,19,094	6,80,899	7,61,124	4,43,443	4,66,134	4,94,325	5,04,450	5,15,532
EBITDA ¹	56,675	14,620	35,778	66,099	80,464	86,100	89,600	92,467
EBIT ¹	25,582	-13,496	4,110	32,519	45,937	51,250	54,450	56,775
Operating Margin	2.78%	-1.98%	0.54%	7.33%	9.85%	10.37%	10.79%	11.01%
Earnings before Tax (EBT) ¹	24,957	-31,838	3,667	34,907	40,553	50,925	54,600	57,900
Net income ¹	16,028	-33,970	5,360	27,838	31,620	35,000	37,500	39,800
Net margin	1.74%	-4.99%	0.7%	6.28%	6.78%	7.08%	7.43%	7.72%
EPS ²	93.29	-203.7	32.14	169.8	200.5	221.9	237.8	252.3
Free Cash Flow ¹	17,174	16,686	-16,076	25,790	21,035	25,400	13,600	17,533
FCF margin	1.87%	2.45%	-2.11%	5.82%	4.51%	5.14%	2.7%	3.4%
FCF Conversion (EBITDA)	30.3%	114.13%	-	39.02%	26.14%	29.5%	15.18%	18.96%
FCF Conversion (Net income)	107.15%	-	-	92.64%	66.52%	72.57%	36.27%	44.05%
Dividend per Share ²	24.00	24.00	24.00	26.00	37.00	41.00	43.75	46.25
Announcement Date	13/04/20	12/04/21	11/04/22	14/04/23	12/04/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S2	2021 S1	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	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	4,65,950	2,97,352	3,47,189	1,90,100	2,23,835	4,13,935	1,01,313	1,07,699	2,09,012	1,08,740	1,25,691	1,05,557	1,15,618	2,21,175	1,13,000	1,31,942	2,44,959	1,20,450	1,24,600	1,19,750	1,34,700	1,23,600
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	12,158	-10,217	-2,014	918	5,206	6,124	6,632	6,180	12,812	10,044	9,663	11,038	9,772	20,810	12,400	12,728	25,127	13,450	11,150	13,500	13,400	14,000
Operating Margin	2.61%	-3.44%	-0.58%	0.48%	2.33%	1.48%	6.55%	5.74%	6.13%	9.24%	7.69%	10.46%	8.45%	9.41%	10.97%	9.65%	10.26%	11.17%	8.95%	11.27%	9.95%	11.33%
Earnings before Tax (EBT)	-	-22,804	-2,446	1,903	-	-	6,499	-	13,260	12,239	-	11,309	8,748	20,057	12,781	-	-	-	-	-	-	-
Net income ¹	3,624	-23,284	-4,375	660	9,075	9,735	5,345	8,177	13,522	9,388	4,928	8,540	6,422	14,962	9,300	7,369	16,658	9,000	7,000	10,200	8,400	9,600
Net margin	0.78%	-7.83%	-1.26%	0.35%	4.05%	2.35%	5.28%	7.59%	6.47%	8.63%	3.92%	8.09%	5.55%	6.76%	8.23%	5.59%	6.8%	7.47%	5.62%	8.52%	6.24%	7.77%
EPS	-	-139.6	-26.24	3.960	-	-	32.05	-	81.10	57.05	-	54.14	-	94.85	58.90	-	-	-	-	-	-	-
Dividend per Share	-	12.00	12.00	-	-	-	-	-	12.00	-	-	-	-	17.00	-	-	-	-	-	-	-	-
Announcement Date	13/04/20	13/10/20	14/10/21	24/12/21	11/04/22	11/04/22	30/06/22	11/10/22	11/10/22	26/12/22	14/04/23	29/06/23	13/10/23	13/10/23	25/12/23	12/04/24	12/04/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,99,056	1,76,867	2,11,562	2,12,966	2,51,060	1,00,803	1,47,988	1,41,209
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.512 x	12.1 x	5.913 x	3.222 x	3.12 x	1.171 x	1.652 x	1.527 x
Free Cash Flow ¹	17,174	16,686	-16,076	25,790	21,035	25,400	13,600	17,533
ROE (net income / shareholders' equity)	3.6%	-8.2%	1.4%	6.9%	7.3%	7.48%	7.5%	7.5%
ROA (Net income/ Total Assets)	2.07%	-2.93%	0.6%	2.97%	4.02%	3.73%	3.97%	4%
Assets ¹	7,76,058	11,59,504	8,90,943	9,36,483	7,86,876	9,37,501	9,45,377	9,95,000
Book Value Per Share ²	2,607	2,365	2,390	2,620	2,879	3,062	3,256	3,463
Cash Flow per Share ²	274.0	-35.90	221.0	373.0	417.0	485.0	478.0	492.0
Capex ¹	42,487	32,542	34,515	24,986	27,857	55,697	62,250	62,500
Capex / Sales	4.62%	4.78%	4.53%	5.63%	5.98%	11.27%	12.34%	12.12%
Announcement Date	13/04/20	12/04/21	11/04/22	14/04/23	12/04/24	-	-	-

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 Takashimaya Company, Limited

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,580 JPY

Average target price

2,538 JPY

Spread / Average Target

-1.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Retail - Department Stores

	1st Jan change	Capi.
TAKASHIMAYA COMPANY, LIMITED	+35.05%	2.55B
TRENT LIMITED	+76.57%	22.4B
FALABELLA S.A.	+35.00%	7.93B
DILLARD'S, INC.	+4.56%	6.85B
ISETAN MITSUKOSHI HOLDINGS LTD.	+86.15%	6.85B
MINISO GROUP HOLDING LIMITED	+1.47%	6.42B
CANADIAN TIRE CORPORATION, LIMITED	-3.18%	5.73B
MACY'S, INC.	-9.05%	5.06B
CCOOP GROUP CO., LTD	+21.23%	4.67B
PEPKOR HOLDINGS LIMITED	+2.04%	4.09B

Retail - Department Stores