Financials The Sumitomo Warehouse Co., Ltd.

Equities

9303

JP3407000003

Air Freight & Logistics

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-06 am EDT			5-day change	1st Jan Change
2,586 ^JPY	+0.15%		+3.32%	+5.51%

May. 10	The Sumitomo Warehouse Co., Ltd. announces an Equity Buyback for 750,000 shares, representing 0.95% for ¥2,000 million.	CI
May. 10	The Sumitomo Warehouse Co., Ltd. authorizes a Buyback Plan.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	119,361	99,537	119,122	185,705	169,529	203,153	-	-
Enterprise Value (EV) ¹	163,498	155,987	179,045	228,737	202,946	239,069	249,344	268,321
P/E ratio	17.5 x	11.2 x	14.5 x	9.48 x	7.74 x	16.2 x	16.7 x	15.9 x
Yield	3.26%	3.97%	3.26%	4.22%	4.6%	3.94%	3.94%	4%
Capitalization / Revenue	0.64 x	0.52 x	0.62 x	0.8 x	0.76 x	1.08 x	1.07 x	1.01 x
EV / Revenue	0.88 x	0.81 x	0.93 x	0.99 x	0.91 x	1.29 x	1.31 x	1.33 x
EV / EBITDA	10.1 x	8.02 x	8.92 x	6.08 x	5.62 x	10.3 x	10.3 x	10.3 x
EV / FCF	-84.5 x	-69.8 x	42.2 x	9.08 x	8.04 x	805 x	-101 x	-110 x
FCF Yield	-1.18%	-1.43%	2.37%	11%	12.4%	0.12%	-0.99%	-0.91%
Price to Book	0.66 x	0.6 x	0.64 x	0.91 x	0.79 x	0.79 x	0.84 x	0.87 x
Nbr of stocks (in thousands)	85,563	84,140	80,980	80,741	77,944	78,559	-	-
Reference price ²	1,395	1,183	1,471	2,300	2,175	2,586	2,586	2,586
Announcement Date	5/14/19	5/12/20	5/13/21	5/13/22	5/12/23	5/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	186,172	191,721	192,024	231,461	223,948	184,661	190,350	202,075
EBITDA ¹	16,219	19,445	20,073	37,618	36,122	23,178	24,296	26,171
EBIT ¹	8,795	11,101	10,963	27,748	26,090	13,187	14,475	15,250
Operating Margin	4.72%	5.79%	5.71%	11.99%	11.65%	7.14%	7.6%	7.55%
Earnings before Tax (EBT) ¹	11,162	13,955	13,466	30,702	41,159	18,134	17,900	18,800
Net income ¹	6,912	8,951	8,454	19,703	22,455	12,490	12,175	12,725
Net margin	3.71%	4.67%	4.4%	8.51%	10.03%	6.76%	6.4%	6.3%
EPS ²	79.80	105.7	101.7	242.6	281.1	158.0	154.8	162.8
Free Cash Flow ¹	-1,936	-2,236	4,239	25,205	25,244	297	-2,480	-2,436
FCF margin	-1.04%	-1.17%	2.21%	10.89%	11.27%	0.16%	-1.3%	-1.21%
FCF Conversion (EBITDA)	-	-	21.12%	67%	69.89%	1.28%	-	-
FCF Conversion (Net income)	-	-	50.14%	127.92%	112.42%	2.38%	-	-
Dividend per Share ²	45.50	47.00	48.00	97.00	100.0	101.0	102.0	103.5
Announcement Date	5/14/19	5/12/20	5/13/21	5/13/22	5/12/23	5/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4
Net sales ¹	95,231	96,490	92,945	54,689	105,789	61,094	64,578	69,314	54,206	123,520	54,343	46,085	46,678	93,532	47,202	43,927	46,480	47,370	93,850	48,920	48,830
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,551	5,550	4,440	5,400	9,540	8,570	9,638	13,408	4,247	17,655	4,631	3,804	3,342	6,541	3,742	2,904	3,310	3,300	6,610	3,680	3,510
Operating Margin	5.83%	5.75%	4.78%	9.87%	9.02%	14.03%	14.92%	19.34%	7.83%	14.29%	8.52%	8.25%	7.16%	6.99%	7.93%	6.61%	7.12%	6.97%	7.04%	7.52%	7.19%
Earnings before Tax (EBT)	6,747	-	5,670	-	10,836	10,071	-	21,892	-	26,613	6,507	-	5,345	8,531	5,561	-	-	-	-	-	-
Net income ¹	4,302	4,649	3,360	-	7,700	7,056	-	11,725	-	14,781	4,337	-	3,518	5,488	3,728	3,274	3,260	2,050	5,310	3,630	3,560
Net margin	4.52%	4.82%	3.62%	-	7.28%	11.55%	-	16.92%	-	11.97%	7.98%	-	7.54%	5.87%	7.9%	7.45%	7.01%	4.33%	5.66%	7.42%	7.29%
EPS	50.45	-	40.21	-	94.28	87.02	-	145.6	-	184.0	54.82	-	44.32	69.19	47.25	-	-	-	-	-	-
Dividend per Share	18.00	-	24.00	-	38.00	-	-	-	-	50.00	-	-	-	50.50	-	-	-	-	-	-	-
Announcement Date	11/7/19	5/12/20	11/6/20	11/9/21	11/9/21	2/7/22	5/13/22	8/5/22	11/8/22	11/8/22	2/7/23	5/12/23	8/4/23	11/9/23	2/7/24	5/10/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	44,137	56,450	59,923	43,032	33,417	38,966	46,192	65,168
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.721 x	2.903 x	2.985 x	1.144 x	0.9251 x	1.681 x	1.901 x	2.49 x
Free Cash Flow ¹	-1,936	-2,236	4,239	25,205	25,244	297	-2,480	-2,436
ROE (net income / shareholders' equity)	3.8%	5.2%	4.77%	10%	10.7%	5.3%	5.05%	5.52%
ROA (Net income/ Total Assets)	3.4%	4.24%	2.53%	8.42%	7.67%	4.1%	3.5%	3.41%
Assets ¹	203,574	211,049	333,715	234,034	292,887	304,374	347,857	373,605
Book Value Per Share ²	2,119	1,978	2,301	2,519	2,738	3,240	3,069	2,984
Cash Flow per Share ²	165.0	204.0	211.0	364.0	406.0	284.0	314.0	335.0
Capex ¹	15,935	20,149	16,746	9,298	12,977	21,737	26,500	28,167
Capex / Sales	8.56%	10.51%	8.72%	4.02%	5.79%	11.77%	13.92%	13.94%
Announcement Date	5/14/19	5/12/20	5/13/21	5/13/22	5/12/23	5/10/24	-	-

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 The Sumitomo Warehouse Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,586 JPY

Average target price

2,467 JPY

Spread / Average Target

-4.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Logistics Operators

	1st Jan change	Capi.
THE SUMITOMO WAREHOUSE CO., LTD.	+5.51%	1.3B
KUEHNE UND NAGEL INTERNATIONAL AG	-7.14%	35.23B
DSV A/S	-6.96%	31.93B
PANALPINA WELTTRANSPORT (HOLDING) AG	-1.52%	6.34B
HYUNDAI GLOVIS CO., LTD.	-4.13%	5.02B
COMPAGNIE DU CAMBODGE	+7.69%	4.26B
NIPPON EXPRESS HOLDINGS INC.	-6.10%	4.21B
COMPAÑÍA DE DISTRIBUCIÓN INTEGRAL LOGISTA HOLDINGS, S.A.	+9.72%	3.82B
AGILITY GLOBAL PLC	0.00%	3.66B
JIAYOU INTERNATIONAL LOGISTICS CO.,LTD	+70.30%	2.59B

Integrated Logistics Operators