Financials Ryohin Keikaku Co., Ltd.

Equities

7453

JP3976300008

Department Stores

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-22 am EDT			5-day change	1st Jan Change
2,408 ^JPY	+0.52%		+0.65%	+2.03%

Apr. 12	Ryohin Keikaku's Attributable Profit Soars 114% in Fiscal H1	MT
Apr. 12	Ryohin Keikaku Co., Ltd. Announces Dividend for the Second Quarter Ended February 29, 2024, Payable on May 1, 2024	CI

Valuation

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	480,989	436,622	620,220	342,644	496,361	633,764	-	-
Enterprise Value (EV) ¹	427,325	421,119	594,308	328,931	476,979	569,774	562,047	546,121
P/E ratio	14.2 x	-25.8 x	18.3 x	13.9 x	22.5 x	18.7 x	17.8 x	16 x
Yield	2.11%	0.3%	1.7%	3.08%	2.13%	1.7%	1.8%	1.94%
Capitalization / Revenue	1.17 x	2.44 x	1.37 x	0.69 x	0.85 x	0.98 x	0.9 x	0.83 x
EV / Revenue	1.04 x	2.35 x	1.31 x	0.66 x	0.82 x	0.88 x	0.79 x	0.71 x
EV / EBITDA	7.65 x	35.7 x	9.5 x	5.87 x	-	7.42 x	6.89 x	6.17 x
EV / FCF	23.5 x	-170 x	11.2 x	49.3 x	13.9 x	22.1 x	20.9 x	14.8 x
FCF Yield	4.26%	-0.59%	8.91%	2.03%	7.22%	4.52%	4.79%	6.77%
Price to Book	2.52 x	2.42 x	2.92 x	1.42 x	1.88 x	2.19 x	2.05 x	1.88 x
Nbr of stocks (in thousands)	262,692	263,025	263,028	263,572	264,232	264,620	-	-
Reference price ²	1,831	1,660	2,358	1,300	1,878	2,395	2,395	2,395
Announcement Date	4/10/19	10/8/20	10/14/21	10/13/22	10/13/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	409,697	178,933	453,689	496,171	581,412	646,928	707,381	766,517
EBITDA ¹	55,865	11,793	62,569	56,059	-	76,755	81,522	88,541
EBIT ¹	44,743	872	42,447	32,773	33,137	48,846	53,619	59,610
Operating Margin	10.92%	0.49%	9.36%	6.61%	5.7%	7.55%	7.58%	7.78%
Earnings before Tax (EBT) ¹	53,883	-18,113	48,589	33,204	33,767	49,583	52,202	57,879
Net income ¹	33,845	-16,917	33,903	24,558	22,052	33,589	35,707	39,487
Net margin	8.26%	-9.45%	7.47%	4.95%	3.79%	5.19%	5.05%	5.15%
EPS ²	128.9	-64.32	128.9	93.24	83.51	127.8	134.8	149.3
Free Cash Flow ¹	18,188	-2,481	52,960	6,667	34,421	25,780	26,924	36,996
FCF margin	4.44%	-1.39%	11.67%	1.34%	5.92%	3.99%	3.81%	4.83%
FCF Conversion (EBITDA)	32.56%	-	84.64%	11.89%	-	33.59%	33.03%	41.78%
FCF Conversion (Net income)	53.74%	-	156.21%	27.15%	156.09%	76.75%	75.4%	93.69%
Dividend per Share ²	38.70	5.000	40.00	40.00	40.00	40.64	43.09	46.55
Announcement Date	4/10/19	10/8/20	10/14/21	10/13/22	10/13/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August	2020 S1	2021 S1	2021 S2	2022 Q1	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 Q3
Net sales ¹	216,451	228,353	225,336	122,946	121,550	244,496	126,260	125,415	136,948	146,382	283,330	152,467	145,615	162,913	156,926	319,839	170,170	158,120	181,500	178,500	189,000
EBITDA	-	-	-	16,178	-	-	11,010	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	20,596	23,393	19,054	11,147	7,707	18,854	5,978	7,941	5,021	5,156	10,177	12,495	10,465	13,882	10,217	24,099	14,290	10,691	15,500	12,500	16,800
Operating Margin	9.52%	10.24%	8.46%	9.07%	6.34%	7.71%	4.73%	6.33%	3.67%	3.52%	3.59%	8.2%	7.19%	8.52%	6.51%	7.53%	8.4%	6.76%	8.54%	7%	8.89%
Earnings before Tax (EBT)	19,594	28,521	-	11,669	-	18,801	7,948	-	5,433	-	10,963	16,072	6,732	14,565	-	24,186	-	-	-	-	-
Net income ¹	13,270	20,373	-	7,843	6,934	14,777	5,221	4,560	3,895	3,463	7,358	11,324	3,370	9,801	5,971	15,772	13,015	5,591	10,100	7,800	10,900
Net margin	6.13%	8.92%	-	6.38%	5.7%	6.04%	4.14%	3.64%	2.84%	2.37%	2.6%	7.43%	2.31%	6.02%	3.8%	4.93%	7.65%	3.54%	5.56%	4.37%	5.77%
EPS ²	50.50	77.46	-	29.82	26.33	56.15	19.80	17.29	14.77	13.11	27.88	42.89	12.74	37.07	22.56	59.63	46.93	21.90	-	-	-
Dividend per Share ²	18.20	20.00	-	20.00	20.00	20.00	-	20.00	-	20.00	20.00	-	-	-	20.00	20.00	-	20.00	-	22.00	-
Announcement Date	10/10/19	4/14/21	10/14/21	1/7/22	4/14/22	4/14/22	7/8/22	10/13/22	1/6/23	4/13/23	4/13/23	7/7/23	10/13/23	1/12/24	4/12/24	4/12/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	53,664	15,503	25,912	13,713	19,382	63,991	71,717	87,643
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	18,188	-2,481	52,960	6,667	34,421	25,780	26,925	36,996
ROE (net income / shareholders' equity)	18.8%	-8.8%	17.3%	10.8%	8.7%	12.5%	12.3%	12.5%
ROA (Net income/ Total Assets)	18.4%	0.2%	12.3%	9.4%	8.5%	8.15%	8.59%	8.98%
Assets ¹	183,903	-8,458,500	275,634	261,255	259,435	412,343	415,469	439,964
Book Value Per Share ²	726.0	685.0	807.0	916.0	997.0	1,092	1,167	1,274
Cash Flow per Share ²	168.0	6.680	202.0	178.0	178.0	241.0	276.0	327.0
Capex ¹	19,912	4,991	25,617	17,679	44,142	35,402	32,756	32,688
Capex / Sales	4.86%	2.79%	5.65%	3.56%	7.59%	5.47%	4.63%	4.26%
Announcement Date	4/10/19	10/8/20	10/14/21	10/13/22	10/13/23	-	-	-

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 Ryohin Keikaku Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,395 JPY

Average target price

2,893 JPY

Spread / Average Target

+20.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Department Stores

	1st Jan change	Capi.
RYOHIN KEIKAKU CO., LTD.	+2.03%	4.06B
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EL PUERTO DE LIVERPOOL, S.A.B. DE C.V.	+24.12%	12.2B
FIVE BELOW, INC.	-38.81%	7.29B
ZHEJIANG CHINA COMMODITIES CITY GROUP CO., LTD.	+12.43%	6.25B
CENTRAL RETAIL CORPORATION	-21.95%	5.31B
WOOLWORTHS HOLDINGS LIMITED	-14.28%	3.1B
BERLI JUCKER	-9.60%	2.49B
MAGAZINE LUIZA S.A.	-31.02%	2.23B
IZUMI CO., LTD.	-7.27%	1.55B

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