Financials Citizen Watch Co., Ltd.

Equities

7762

JP3352400000

Apparel & Accessories

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-24 am EDT			5-day change	1st Jan Change
1,002 ^JPY	-0.50%		-0.40%	+19.14%

Apr. 01	Factory Outlook Lifts China Stocks; Otherwise Asia Choppy	MT
Apr. 01	Japan's Nikkei ends at 2-week low as new fiscal year begins	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	196,381	120,054	118,178	157,320	216,202	244,309	-	-
Enterprise Value (EV) ¹	160,570	95,042	91,222	113,197	203,908	241,628	237,146	237,820
P/E ratio	14.7 x	-7.24 x	-4.69 x	7.3 x	10.3 x	10.6 x	12.2 x	12 x
Yield	3.24%	3.13%	1.32%	3.45%	4.37%	4.04%	4.12%	4.07%
Capitalization / Revenue	0.61 x	0.43 x	0.57 x	0.56 x	0.72 x	0.77 x	0.79 x	0.78 x
EV / Revenue	0.5 x	0.34 x	0.44 x	0.4 x	0.68 x	0.77 x	0.77 x	0.76 x
EV / EBITDA	4.37 x	4.41 x	45.5 x	3.38 x	5.84 x	6.09 x	6.67 x	6.23 x
EV / FCF	4,460 x	51.4 x	-661 x	4.5 x	66.9 x	11.7 x	9.46 x	21.2 x
FCF Yield	0.02%	1.95%	-0.15%	22.2%	1.5%	8.56%	10.6%	4.72%
Price to Book	0.76 x	0.54 x	0.58 x	0.68 x	0.9 x	0.98 x	1 x	0.97 x
Nbr of stocks (in thousands)	318,283	312,640	312,640	301,957	277,894	243,821	-	-
Reference price ²	617.0	384.0	378.0	521.0	778.0	1,002	1,002	1,002
Announcement Date	5/13/19	5/14/20	5/13/21	5/12/22	5/12/23	5/13/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	321,652	278,531	206,641	281,417	301,366	312,830	307,725	314,060
EBITDA ¹	36,758	21,574	2,006	33,464	34,908	37,200	35,550	38,175
EBIT ¹	22,411	6,136	-9,551	22,273	23,708	25,068	22,900	24,660
Operating Margin	6.97%	2.2%	-4.62%	7.91%	7.87%	8.01%	7.44%	7.85%
Earnings before Tax (EBT) ¹	19,251	-15,086	-13,761	26,694	28,240	29,329	26,167	26,700
Net income ¹	13,369	-16,667	-25,173	22,140	21,836	22,958	20,000	20,360
Net margin	4.16%	-5.98%	-12.18%	7.87%	7.25%	7.34%	6.5%	6.48%
EPS ²	42.00	-53.07	-80.52	71.38	75.25	93.60	81.88	83.34
Free Cash Flow ¹	36	1,849	-138	25,143	3,050	19,382	25,072	11,216
FCF margin	0.01%	0.66%	-0.07%	8.93%	1.01%	6.31%	8.15%	3.57%
FCF Conversion (EBITDA)	0.1%	8.57%	-	75.13%	8.74%	52.1%	70.53%	29.38%
FCF Conversion (Net income)	0.27%	-	-	113.56%	13.97%	91.6%	125.36%	55.09%
Dividend per Share ²	20.00	12.00	5.000	18.00	34.00	40.00	41.25	40.75
Announcement Date	5/13/19	5/14/20	5/13/21	5/12/22	5/12/23	5/13/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	144,416	134,115	88,999	117,642	69,978	135,737	79,871	65,809	145,680	71,358	76,337	147,695	82,483	71,188	153,671	72,695	80,229	152,924	85,970	73,936	159,906	71,482	78,000	87,500	77,500
EBITDA	-	-	-	-	9,461	-	11,672	5,378	-	8,353	9,648	-	11,532	-	-	8,315	-	-	-	-	-	-	-	-	-
EBIT ¹	5,725	411	-8,266	-1,285	6,450	10,682	8,953	2,638	11,591	5,587	6,767	12,354	8,678	2,676	11,354	5,537	8,005	13,542	9,874	1,652	11,526	5,300	6,300	10,000	3,400
Operating Margin	3.96%	0.31%	-9.29%	-1.09%	9.22%	7.87%	11.21%	4.01%	7.96%	7.83%	8.86%	8.36%	10.52%	3.76%	7.39%	7.62%	9.98%	8.86%	11.49%	2.23%	7.21%	7.41%	8.08%	11.43%	4.39%
Earnings before Tax (EBT)	5,221	-20,307	-10,308	-	7,005	12,844	10,141	3,709	-	10,220	7,532	17,752	7,353	3,135	-	8,508	-	17,721	9,820	-	-	-	-	-	-
Net income ¹	3,593	-20,260	-21,513	-3,660	5,474	9,870	7,322	4,948	12,270	7,260	5,385	12,645	7,052	2,139	9,191	6,280	7,108	13,388	7,302	2,268	9,570	4,500	-	-	-
Net margin	2.49%	-15.11%	-24.17%	-3.11%	7.82%	7.27%	9.17%	7.52%	8.42%	10.17%	7.05%	8.56%	8.55%	3%	5.98%	8.64%	8.86%	8.75%	8.49%	3.07%	5.98%	6.3%	-	-	-
EPS ²	11.39	-64.46	-68.81	-11.71	17.51	31.57	23.46	16.35	39.81	24.72	18.43	43.15	24.11	7.990	32.10	25.16	29.10	54.26	29.93	9.410	39.34	15.10	-	-	-
Dividend per Share	12.00	-	2.500	2.500	9.000	9.000	-	9.000	-	-	15.00	15.00	-	19.00	-	-	20.00	20.00	-	-	-	-	-	-	-
Announcement Date	11/8/19	5/14/20	11/12/20	5/13/21	11/11/21	11/11/21	2/10/22	5/12/22	5/12/22	8/12/22	11/14/22	11/14/22	2/13/23	5/12/23	5/12/23	8/14/23	11/13/23	11/13/23	2/13/24	5/13/24	5/13/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	35,811	25,012	26,956	44,123	12,294	17,900	7,163	6,489
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	36	1,849	-138	25,143	3,050	19,382	25,072	11,216
ROE (net income / shareholders' equity)	5.2%	-7%	-11.8%	10.2%	9.6%	9.7%	8.01%	7.69%
ROA (Net income/ Total Assets)	3.25%	1.92%	-6.85%	7.19%	7.41%	7.65%	4.01%	4.49%
Assets ¹	411,912	-866,976	367,693	308,015	294,543	300,081	499,127	453,958
Book Value Per Share ²	809.0	709.0	652.0	769.0	867.0	1,016	999.0	1,036
Cash Flow per Share	85.80	-3.910	-43.60	107.0	114.0	144.0	-	-
Capex ¹	23,234	21,078	12,285	9,566	17,428	22,000	22,000	19,500
Capex / Sales	7.22%	7.57%	5.95%	3.4%	5.78%	7.16%	7.15%	6.21%
Announcement Date	5/13/19	5/14/20	5/13/21	5/12/22	5/12/23	5/13/24	-	-

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 Citizen Watch Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,002 JPY

Average target price

974 JPY

Spread / Average Target

-2.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Watches

	1st Jan change	Capi.
CITIZEN WATCH CO., LTD.	+19.14%	1.56B
SWATCH GROUP	-16.21%	10.75B
SEIKO GROUP CORPORATION	+63.14%	1.1B
MOVADO GROUP, INC.	-10.85%	592M
CITYCHAMP WATCH & JEWELLERY GROUP LIMITED	-10.43%	557M
FIYTA PRECISION TECHNOLOGY CO., LTD.	-10.49%	525M
KDDL LIMITED	-11.51%	381M
TIME WATCH INVESTMENTS LIMITED	-5.38%	116M
ERNEST BOREL HOLDINGS LIMITED	+2.63%	89.96M
HENGDELI HOLDINGS LIMITED	-7.43%	77.26M

Watches