Financials Ichigo Inc.

Equities

2337

JP3120010008

Real Estate Development & Operations

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-07 am EDT			5-day change	1st Jan Change
384 ^JPY	+1.05%		-2.78%	+13.61%

Jun. 06	Ichigo's Solar, Wind Power Output Rise Over 4% in May	MT
Jun. 05	Ichigo Inc. Reports Operating Results for the Month of May 2024	CI

Valuation

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	158,001	165,646	124,933	131,483	172,707	168,005	-	-
Enterprise Value (EV) ¹	330,470	334,818	287,875	300,905	358,583	349,053	346,216	343,600
P/E ratio	19.4 x	33.3 x	19.3 x	14.2 x	14.5 x	11.9 x	11 x	10.4 x
Yield	2.13%	2.01%	2.62%	2.76%	2.31%	2.6%	2.86%	3.13%
Capitalization / Revenue	1.81 x	2.7 x	2.19 x	1.93 x	2.09 x	1.81 x	1.73 x	1.63 x
EV / Revenue	3.78 x	5.46 x	5.06 x	4.42 x	4.33 x	3.77 x	3.56 x	3.33 x
EV / EBITDA	10.9 x	23.1 x	18.4 x	16.9 x	20.4 x	16.4 x	15.4 x	14.6 x
EV / FCF	-2,327 x	-2,005 x	200 x	-76.2 x	-20.9 x	21.4 x	15.6 x	21.2 x
FCF Yield	-0.04%	-0.05%	0.5%	-1.31%	-4.79%	4.68%	6.41%	4.72%
Price to Book	1.57 x	1.66 x	1.24 x	1.28 x	1.64 x	1.6 x	1.53 x	1.45 x
Nbr of stocks (in thousands)	481,712	474,631	467,915	453,389	442,838	437,514	-	-
Reference price ²	328.0	349.0	267.0	290.0	390.0	384.0	384.0	384.0
Announcement Date	4/16/20	4/19/21	4/19/22	4/19/23	4/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	87,360	61,368	56,934	68,093	82,747	92,577	97,130	103,263
EBITDA ¹	30,351	14,465	15,662	17,831	17,549	21,272	22,526	23,456
EBIT ¹	27,721	9,668	10,018	12,492	12,960	16,263	17,060	17,963
Operating Margin	31.73%	15.75%	17.6%	18.35%	15.66%	17.57%	17.56%	17.4%
Earnings before Tax (EBT) ¹	16,545	7,610	9,595	14,234	17,962	19,670	21,365	22,470
Net income ¹	8,201	5,027	6,473	9,409	12,108	14,047	15,010	15,647
Net margin	9.39%	8.19%	11.37%	13.82%	14.63%	15.17%	15.45%	15.15%
EPS ²	16.89	10.48	13.81	20.45	26.89	32.28	34.88	36.84
Free Cash Flow ¹	-142	-167	1,437	-3,947	-17,171	16,341	22,200	16,225
FCF margin	-0.16%	-0.27%	2.52%	-5.8%	-20.75%	17.65%	22.86%	15.71%
FCF Conversion (EBITDA)	-	-	9.18%	-	-	76.82%	98.55%	69.17%
FCF Conversion (Net income)	-	-	22.2%	-	-	116.33%	147.9%	103.7%
Dividend per Share ²	7.000	7.000	7.000	8.000	9.000	10.00	11.00	12.00
Announcement Date	4/16/20	4/19/21	4/19/22	4/19/23	4/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S2	2021 S1	2021 S2	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 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	41,175	32,026	29,342	23,303	6,083	27,548	33,631	16,638	8,837	25,475	27,322	15,296	42,618	10,152	16,344	26,496	11,923	44,328	56,251	12,200	37,600	49,800	27,300	17,930	45,230
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	12,603	5,452	4,216	4,243	793	4,982	5,775	2,723	2,359	5,082	4,029	3,381	7,410	2,445	3,038	5,483	2,444	5,033	7,477	3,000	5,250	8,250	5,050	3,490	8,540
Operating Margin	30.61%	17.02%	14.37%	18.21%	13.04%	18.08%	17.17%	16.37%	26.69%	19.95%	14.75%	22.1%	17.39%	24.08%	18.59%	20.69%	20.5%	11.35%	13.29%	24.59%	13.96%	16.57%	18.5%	19.46%	18.88%
Earnings before Tax (EBT)	3,167	4,136	3,474	2,668	387	6,540	6,927	2,367	-	5,261	7,155	-	-	2,175	-	12,479	1,729	-	-	-	-	-	-	-	-
Net income ¹	-411	2,778	2,249	1,731	238	4,504	4,742	1,534	1,895	3,429	5,041	939	5,980	1,455	7,048	8,503	1,087	2,518	3,605	2,098	4,952	7,050	5,000	2,090	7,090
Net margin	-1%	8.67%	7.66%	7.43%	3.91%	16.35%	14.1%	9.22%	21.44%	13.46%	18.45%	6.14%	14.03%	14.33%	43.12%	32.09%	9.12%	5.68%	6.41%	17.2%	13.17%	14.16%	18.32%	11.66%	15.68%
EPS	-	5.770	-	3.690	0.5100	-	-	3.290	4.090	7.380	10.94	-	-	3.210	15.55	18.76	2.450	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	4/16/20	10/14/20	4/19/21	10/14/21	1/13/22	4/19/22	4/19/22	7/14/22	10/13/22	10/13/22	1/12/23	4/19/23	4/19/23	7/13/23	10/12/23	10/12/23	1/11/24	4/15/24	4/15/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	172,469	169,172	162,942	169,422	185,876	181,048	178,211	175,595
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.682 x	11.7 x	10.4 x	9.502 x	10.59 x	8.511 x	7.911 x	7.486 x
Free Cash Flow ¹	-142	-167	1,437	-3,947	-17,171	16,341	22,200	16,225
ROE (net income / shareholders' equity)	8.2%	5%	6.5%	9.2%	11.7%	13.1%	14.4%	14.7%
ROA (Net income/ Total Assets)	7.47%	1.48%	2.18%	3.21%	2.95%	4.6%	4.9%	5%
Assets ¹	109,816	340,398	296,732	293,383	411,117	305,362	306,327	312,933
Book Value Per Share ²	208.0	210.0	215.0	227.0	238.0	240.0	252.0	265.0
Cash Flow per Share	22.30	20.50	25.90	32.10	37.70	-	-	-
Capex ¹	12,034	18,102	5,155	10,523	8,594	37,500	42,500	45,000
Capex / Sales	13.78%	29.5%	9.05%	15.45%	10.39%	40.51%	43.76%	43.58%
Announcement Date	4/16/20	4/19/21	4/19/22	4/19/23	4/15/24	-	-	-

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 Ichigo Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

384 JPY

Average target price

466.7 JPY

Spread / Average Target

+21.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
ICHIGO INC.	+13.61%	1.07B
MITSUI FUDOSAN CO., LTD.	+30.61%	26.94B
CHINA RESOURCES LAND LIMITED	+3.93%	26.56B
SUN HUNG KAI PROPERTIES LIMITED	-12.85%	25.79B
DLF LIMITED	+16.11%	25B
MITSUBISHI ESTATE CO., LTD.	+35.64%	21.27B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+11.63%	21.52B
EMAAR PROPERTIES	-6.57%	17.81B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+5.25%	17.06B
MACROTECH DEVELOPERS LIMITED	+40.04%	17.07B

Other Real Estate Development & Operations