Financials Kotobuki Spirits Co., Ltd.

Equities

2222

JP3299600001

Food Processing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-24 am EDT			5-day change	1st Jan Change
1,769 ^JPY	-0.39%		+3.24%	-18.14%

May. 20	Japanese Shares Breaches 39,000 Again as Wall Street Gains on Rate Cut Hopes	MT
May. 20	Kotobuki Spirits' Fiscal-Year Attributable Profit Shoots Up 54% on Higher Net Sales	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	131,948	151,397	223,749	202,898	291,587	275,248	-	-
Enterprise Value (EV) ¹	126,721	143,286	216,680	193,711	274,865	298,277	250,548	241,648
P/E ratio	33.2 x	36.9 x	-393 x	106 x	41.5 x	27.5 x	21.6 x	17.5 x
Yield	0.94%	0.82%	0.42%	0.46%	0.75%	1.46%	1.87%	2.32%
Capitalization / Revenue	3.24 x	3.35 x	9.64 x	6.3 x	5.81 x	4.66 x	3.77 x	3.1 x
EV / Revenue	3.11 x	3.17 x	9.34 x	6.02 x	5.48 x	4.66 x	3.43 x	2.72 x
EV / EBITDA	17.6 x	18.1 x	-147 x	73.8 x	24.8 x	14.8 x	11.3 x	8.86 x
EV / FCF	52.2 x	31.9 x	-415 x	51.4 x	36.8 x	33.5 x	25.8 x	17.1 x
FCF Yield	1.91%	3.14%	-0.24%	1.94%	2.72%	2.98%	3.87%	5.83%
Price to Book	7.21 x	7.15 x	11.6 x	9.97 x	11 x	8.47 x	6.31 x	5.3 x
Nbr of stocks (in thousands)	155,599	155,598	155,597	155,597	155,596	155,596	-	-
Reference price ²	848.0	973.0	1,438	1,304	1,874	1,769	1,769	1,769
Announcement Date	5/13/19	5/19/20	5/13/21	5/13/22	5/15/23	5/14/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	40,768	45,180	23,205	32,191	50,155	64,035	73,000	88,914
EBITDA ¹	7,210	7,913	-1,470	2,623	11,088	17,241	22,094	27,284
EBIT ¹	5,975	6,454	-2,890	1,402	9,951	15,780	18,500	23,116
Operating Margin	14.66%	14.29%	-12.46%	4.36%	19.84%	24.64%	25.34%	26%
Earnings before Tax (EBT) ¹	5,907	5,946	-474.2	2,877	10,278	15,662	18,400	23,115
Net income ¹	3,972	4,100	-569.6	1,915	7,018	10,831	12,700	15,706
Net margin	9.74%	9.07%	-2.45%	5.95%	13.99%	16.91%	17.4%	17.66%
EPS ²	25.53	26.35	-3.660	12.31	45.10	69.61	81.90	101.1
Free Cash Flow ¹	2,426	4,493	-522.2	3,767	7,470	8,903	9,700	14,092
FCF margin	5.95%	9.94%	-2.25%	11.7%	14.89%	13.9%	13.29%	15.85%
FCF Conversion (EBITDA)	33.65%	56.78%	-	143.59%	67.37%	34.73%	43.9%	51.65%
FCF Conversion (Net income)	61.08%	109.59%	-	196.69%	106.44%	82.2%	76.38%	89.73%
Dividend per Share ²	8.000	8.000	6.000	6.000	14.00	28.00	33.00	41.00
Announcement Date	5/13/19	5/19/20	5/13/21	5/13/22	5/15/23	5/14/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	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 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	22,387	7,904	6,200	11,958	10,963	9,270	20,233	9,515	10,584	20,099	15,271	14,785	30,056	13,853	15,038	28,891	18,145	16,999	35,144	15,400	17,000	32,400	21,200	19,400	40,600
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,518	-3,420	-659	-1,418	2,278	542	2,820	1,150	1,680	2,830	4,026	3,095	7,121	3,058	3,564	6,622	5,112	4,046	9,158	3,700	3,900	7,600	6,100	4,800	10,900
Operating Margin	15.71%	-43.27%	-10.63%	-11.86%	20.78%	5.85%	13.94%	12.09%	15.87%	14.08%	26.36%	20.93%	23.69%	22.07%	23.7%	22.92%	28.17%	23.8%	26.06%	24.03%	22.94%	23.46%	28.77%	24.74%	26.85%
Earnings before Tax (EBT)	3,455	-1,954	-	-483	2,666	-	-	1,299	-	3,051	4,121	-	-	3,082	-	6,665	5,130	-	-	-	-	-	-	-	-
Net income ¹	2,268	-1,290	-91	-282	1,759	-	-	838	1,156	1,994	2,717	2,307	-	2,068	2,385	4,453	3,446	2,932	6,378	-	-	-	-	-	-
Net margin	10.13%	-16.32%	-1.47%	-2.36%	16.04%	-	-	8.81%	10.92%	9.92%	17.79%	15.6%	-	14.93%	15.86%	15.41%	18.99%	17.25%	18.15%	-	-	-	-	-	-
EPS	14.58	-8.292	-	-1.816	11.31	-	-	5.392	-	12.82	17.46	-	-	13.30	-	28.62	22.15	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/5/19	11/4/20	11/4/21	11/4/21	2/3/22	5/13/22	5/13/22	8/3/22	11/1/22	11/1/22	2/2/23	5/15/23	5/15/23	8/1/23	11/1/23	11/1/23	2/1/24	5/14/24	5/14/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	5,227	8,111	7,070	9,187	16,722	19,335	24,700	33,600
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,426	4,493	-522	3,767	7,470	8,903	9,700	14,093
ROE (net income / shareholders' equity)	23.5%	20.8%	-2.8%	9.7%	29.9%	35.1%	32.3%	33.5%
ROA (Net income/ Total Assets)	24.9%	24.5%	-2.2%	11.1%	32%	38%	25.6%	25%
Assets ¹	15,932	16,706	25,933	17,217	21,931	28,486	49,609	62,822
Book Value Per Share ²	118.0	136.0	124.0	131.0	170.0	226.0	280.0	334.0
Cash Flow per Share ²	33.50	35.70	0.5300	20.10	52.40	77.10	99.30	123.0
Capex ¹	2,271	2,085	588	449	588	1,942	3,500	1,750
Capex / Sales	5.57%	4.61%	2.54%	1.39%	1.17%	3.03%	4.79%	1.97%
Announcement Date	5/13/19	5/19/20	5/13/21	5/13/22	5/15/23	5/14/24	-	-

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 Kotobuki Spirits Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,769 JPY

Average target price

2,985 JPY

Spread / Average Target

+68.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Snack Food & Non-Chocolate Confectionary

	1st Jan change	Capi.
KOTOBUKI SPIRITS CO., LTD.	-18.14%	1.75B
J&J SNACK FOODS CORP.	-2.86%	3.15B
CHACHA FOOD COMPANY, LIMITED	-5.08%	2.29B
YANKER SHOP FOOD CO.,LTD	-2.58%	1.82B
UTZ BRANDS, INC.	+11.45%	1.47B
GANYUAN FOODS CO., LTD.	+2.74%	934M
JINZAI FOOD GROUP CO.,LTD.	+10.56%	835M
YOUYOU FOODS CO., LTD.	-26.45%	404M
TAOKAENOI FOOD & MARKETING	+12.63%	403M
FUJICCO CO., LTD.	-4.54%	336M

Snack Food & Non-Chocolate Confectionary