Financials Yaoko Co.,Ltd.

Equities

8279

JP3930200005

Food Retail & Distribution

Market Closed - Japan Exchange Other stock markets 11:30:00 02/05/2024 am IST			5-day change	1st Jan Change
8,386 ^JPY	+0.36%		-0.96%	+3.93%

24/04	SOPHIE INVESTMENT JOINT STOCK COMPANY announced that it has received funding from Yaoko Co.,Ltd.	CI
15/01	Yaoko Co.,Ltd. agreed to acquire 22.82% stake in Sendo Co., Ltd.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,11,234	2,58,999	2,64,072	2,57,883	2,68,075	3,41,606	-	-
Enterprise Value (EV) ¹	2,60,721	3,03,893	3,09,035	3,23,867	3,15,523	3,41,606	3,41,606	3,41,606
P/E ratio	17.9 x	20.8 x	18.1 x	16.8 x	16.9 x	16.8 x	15.8 x	15.1 x
Yield	1.1%	0.97%	1.26%	1.2%	1.23%	1.09%	1.15%	1.21%
Capitalization / Revenue	0.49 x	0.56 x	0.52 x	0.48 x	0.47 x	0.56 x	0.51 x	0.49 x
EV / Revenue	0.49 x	0.56 x	0.52 x	0.48 x	0.47 x	0.56 x	0.51 x	0.49 x
EV / EBITDA	7.56 x	8.45 x	8.09 x	7.1 x	6.99 x	7.86 x	7.28 x	6.94 x
EV / FCF	32.3 x	35.8 x	74.4 x	-15.7 x	11.8 x	30.7 x	27.5 x	23.7 x
FCF Yield	3.1%	2.79%	1.34%	-6.35%	8.49%	3.26%	3.64%	4.21%
Price to Book	2.25 x	2.49 x	2.26 x	2 x	1.89 x	2.04 x	1.87 x	1.7 x
Nbr of stocks (in thousands)	38,830	38,830	38,834	38,838	38,852	40,735	-	-
Reference price ²	5,440	6,670	6,800	6,640	6,900	8,386	8,386	8,386
Announcement Date	13/05/19	11/05/20	10/05/21	10/05/22	10/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,35,085	4,60,476	5,07,862	5,36,025	5,64,487	6,15,155	6,63,780	6,93,040
EBITDA ¹	27,943	30,654	32,661	36,346	38,363	43,469	46,913	49,200
EBIT ¹	17,900	19,882	22,458	24,081	26,235	30,282	32,588	34,260
Operating Margin	4.11%	4.32%	4.42%	4.49%	4.65%	4.92%	4.91%	4.94%
Earnings before Tax (EBT) ¹	17,730	18,761	21,089	22,376	23,479	29,121	31,208	32,817
Net income ¹	11,798	12,458	14,593	15,382	15,849	19,602	20,964	22,075
Net margin	2.71%	2.71%	2.87%	2.87%	2.81%	3.19%	3.16%	3.19%
EPS ²	303.9	320.8	375.8	396.1	408.0	498.0	529.1	556.3
Free Cash Flow ¹	6,539	7,226	3,551	-16,384	22,760	11,133	12,441	14,385
FCF margin	1.5%	1.57%	0.7%	-3.06%	4.03%	1.81%	1.87%	2.08%
FCF Conversion (EBITDA)	23.4%	23.57%	10.87%	-	59.33%	25.61%	26.52%	29.24%
FCF Conversion (Net income)	55.42%	58%	24.33%	-	143.61%	56.79%	59.35%	65.17%
Dividend per Share ²	60.00	65.00	85.50	80.00	85.00	91.00	96.40	101.4
Announcement Date	13/05/19	11/05/20	10/05/21	10/05/22	10/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	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 S1	2025 Q3	2025 Q4
Net sales ¹	2,25,293	2,58,456	1,37,903	2,69,426	1,38,667	1,27,932	1,36,999	1,42,857	2,79,856	1,50,104	1,34,527	1,48,704	1,56,253	3,04,957	1,64,616	1,46,064	1,65,491	1,72,448	3,27,829	1,79,874	1,63,186
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	10,868	15,827	9,116	17,250	8,455	-1,624	7,674	8,291	15,965	10,253	17	9,066	10,381	19,447	12,361	-953	9,535	10,995	21,461	13,330	309
Operating Margin	4.82%	6.12%	6.61%	6.4%	6.1%	-1.27%	5.6%	5.8%	5.7%	6.83%	0.01%	6.1%	6.64%	6.38%	7.51%	-0.65%	5.76%	6.38%	6.55%	7.41%	0.19%
Earnings before Tax (EBT) ¹	10,758	15,787	8,917	16,977	8,274	-2,875	7,578	8,139	15,717	8,854	-1,092	9,122	10,226	19,348	12,294	-2,950	8,800	10,600	-	12,900	-400
Net income ¹	7,161	10,685	5,984	11,406	5,564	-1,588	5,201	5,558	10,759	6,076	-986	6,617	7,063	13,680	8,408	-2,594	6,000	7,300	-	8,900	-400
Net margin	3.18%	4.13%	4.34%	4.23%	4.01%	-1.24%	3.8%	3.89%	3.84%	4.05%	-0.73%	4.45%	4.52%	4.49%	5.11%	-1.78%	3.63%	4.23%	-	4.95%	-0.25%
EPS	184.4	275.2	-	293.7	143.2	-	133.9	-	277.0	156.4	-	170.3	-	352.1	216.4	-	-	-	-	-	-
Dividend per Share	30.00	32.50	-	36.25	-	-	-	-	40.00	-	-	-	-	42.50	-	-	-	-	-	-	-
Announcement Date	11/11/19	10/11/20	11/11/21	11/11/21	10/02/22	10/05/22	10/08/22	10/11/22	10/11/22	13/02/23	10/05/23	10/08/23	13/11/23	13/11/23	13/02/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	49,487	44,894	44,963	65,984	47,448	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.771 x	1.465 x	1.377 x	1.815 x	1.237 x	-	-	-
Free Cash Flow ¹	6,539	7,226	3,551	-16,384	22,760	11,133	12,441	14,385
ROE (net income / shareholders' equity)	13.2%	12.6%	13.2%	12.5%	11.7%	13.2%	12.2%	11.5%
ROA (Net income/ Total Assets)	7.99%	8.37%	8.65%	8.1%	8.2%	9.15%	9.25%	9.15%
Assets ¹	1,47,741	1,48,776	1,68,733	1,89,920	1,93,253	2,14,234	2,26,636	2,41,257
Book Value Per Share ²	2,422	2,679	3,003	3,317	3,645	4,105	4,485	4,928
Cash Flow per Share ²	536.0	572.0	639.0	686.0	720.0	639.0	686.0	720.0
Capex ¹	21,341	20,819	21,812	42,021	22,977	27,124	23,667	23,667
Capex / Sales	4.91%	4.52%	4.29%	7.84%	4.07%	4.41%	3.57%	3.41%
Announcement Date	13/05/19	11/05/20	10/05/21	10/05/22	10/05/23	-	-	-

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 Yaoko Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

8,386 JPY

Average target price

8,488 JPY

Spread / Average Target

+1.21%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
YAOKO CO.,LTD.	+3.93%	2.16B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-8.34%	38.15B
AVENUE SUPERMARTS LIMITED	+12.80%	35.89B
SEVEN & I HOLDINGS CO., LTD.	+8.71%	33.82B
SM INVESTMENTS CORPORATION	+8.94%	20.11B
COLES GROUP LIMITED	-0.12%	14.21B
JERÓNIMO MARTINS, SGPS, S.A.	-15.97%	12.99B
ICA GRUPPEN	-.--%	11.82B
CASEY'S GENERAL STORES, INC.	+15.26%	11.8B
CARREFOUR	-6.22%	11.66B

Supermarkets & Convenience Stores