Financials Yaoko Co.,Ltd.

Equities

8279

JP3930200005

Food Retail & Distribution

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-22 am EDT			5-day change	1st Jan Change
8,664 ^JPY	-1.86%		+4.50%	+7.37%

Apr. 24	SOPHIE INVESTMENT JOINT STOCK COMPANY announced that it has received funding from Yaoko Co.,Ltd.	CI
Jan. 15	Yaoko Co.,Ltd. agreed to acquire 22.82% stake in Sendo Co., Ltd.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	211,234	258,999	264,072	257,883	268,075	352,930	-	-
Enterprise Value (EV) ¹	260,721	303,893	309,035	323,867	315,523	372,524	352,930	352,930
P/E ratio	17.9 x	20.8 x	18.1 x	16.8 x	16.9 x	19.7 x	17 x	15.6 x
Yield	1.1%	0.97%	1.26%	1.2%	1.23%	1.2%	1.18%	1.22%
Capitalization / Revenue	0.49 x	0.56 x	0.52 x	0.48 x	0.47 x	0.6 x	0.51 x	0.51 x
EV / Revenue	0.49 x	0.56 x	0.52 x	0.48 x	0.47 x	0.6 x	0.51 x	0.51 x
EV / EBITDA	7.56 x	8.45 x	8.09 x	7.1 x	6.99 x	8.12 x	7.52 x	7.22 x
EV / FCF	32.3 x	35.8 x	74.4 x	-15.7 x	11.8 x	25.8 x	31.8 x	27.2 x
FCF Yield	3.1%	2.79%	1.34%	-6.35%	8.49%	3.87%	3.14%	3.67%
Price to Book	2.25 x	2.49 x	2.26 x	2 x	1.89 x	2.22 x	1.9 x	1.76 x
Nbr of stocks (in thousands)	38,830	38,830	38,834	38,838	38,852	40,735	-	-
Reference price ²	5,440	6,670	6,800	6,640	6,900	8,664	8,664	8,664
Announcement Date	5/13/19	5/11/20	5/10/21	5/10/22	5/10/23	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	435,085	460,476	507,862	536,025	564,487	619,587	698,550	693,800
EBITDA ¹	27,943	30,654	32,661	36,346	38,363	43,469	46,947	48,867
EBIT ¹	17,900	19,882	22,458	24,081	26,235	29,328	32,200	34,260
Operating Margin	4.11%	4.32%	4.42%	4.49%	4.65%	4.73%	4.61%	4.94%
Earnings before Tax (EBT) ¹	17,730	18,761	21,089	22,376	23,479	25,955	30,700	32,692
Net income ¹	11,798	12,458	14,593	15,382	15,849	18,243	20,307	22,035
Net margin	2.71%	2.71%	2.87%	2.87%	2.81%	2.94%	2.91%	3.18%
EPS ²	303.9	320.8	375.8	396.1	408.0	464.4	510.3	556.4
Free Cash Flow ¹	6,539	7,226	3,551	-16,384	22,760	13,671	11,082	12,962
FCF margin	1.5%	1.57%	0.7%	-3.06%	4.03%	2.22%	1.59%	1.87%
FCF Conversion (EBITDA)	23.4%	23.57%	10.87%	-	59.33%	31.45%	23.6%	26.52%
FCF Conversion (Net income)	55.42%	58%	24.33%	-	143.61%	69.74%	54.57%	58.82%
Dividend per Share ²	60.00	65.00	85.50	80.00	85.00	110.0	102.5	106.0
Announcement Date	5/13/19	5/11/20	5/10/21	5/10/22	5/10/23	5/13/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	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	2025 Q4
Net sales ¹	225,293	258,456	137,903	269,426	138,667	127,932	136,999	142,857	279,856	150,104	134,527	148,704	156,253	304,957	164,616	150,014	174,525	177,025	183,825	170,925
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	10,868	15,827	9,116	17,250	8,455	-1,624	7,674	8,291	15,965	10,253	17	9,066	10,381	19,447	12,361	-2,480	9,500	10,900	13,000	-400
Operating Margin	4.82%	6.12%	6.61%	6.4%	6.1%	-1.27%	5.6%	5.8%	5.7%	6.83%	0.01%	6.1%	6.64%	6.38%	7.51%	-1.65%	5.44%	6.16%	7.07%	-0.23%
Earnings before Tax (EBT) ¹	10,758	15,787	8,917	16,977	8,274	-2,875	7,578	8,139	15,717	8,854	-1,092	9,122	10,226	19,348	12,294	-5,687	9,300	10,800	12,800	-1,600
Net income ¹	7,161	10,685	5,984	11,406	5,564	-1,588	5,201	5,558	10,759	6,076	-986	6,617	7,063	13,680	8,408	-3,845	6,400	7,400	8,800	-1,200
Net margin	3.18%	4.13%	4.34%	4.23%	4.01%	-1.24%	3.8%	3.89%	3.84%	4.05%	-0.73%	4.45%	4.52%	4.49%	5.11%	-2.56%	3.67%	4.18%	4.79%	-0.7%
EPS	184.4	275.2	-	293.7	143.2	-	133.9	-	277.0	156.4	-	170.3	-	352.1	216.4	-	-	-	-	-
Dividend per Share	30.00	32.50	-	36.25	-	-	-	-	40.00	-	-	-	-	42.50	-	-	-	-	-	-
Announcement Date	11/11/19	11/10/20	11/11/21	11/11/21	2/10/22	5/10/22	8/10/22	11/10/22	11/10/22	2/13/23	5/10/23	8/10/23	11/13/23	11/13/23	2/13/24	5/13/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	49,487	44,894	44,963	65,984	47,448	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.771 x	1.465 x	1.377 x	1.815 x	1.237 x	-	-	-
Free Cash Flow ¹	6,539	7,226	3,551	-16,384	22,760	13,671	11,082	12,962
ROE (net income / shareholders' equity)	13.2%	12.6%	13.2%	12.5%	11.7%	11.8%	12%	11.6%
ROA (Net income/ Total Assets)	7.99%	8.37%	8.65%	8.1%	8.2%	8.74%	9.2%	9.1%
Assets ¹	147,741	148,776	168,733	189,920	193,253	208,679	220,731	242,143
Book Value Per Share ²	2,422	2,679	3,003	3,317	3,645	4,122	4,564	4,916
Cash Flow per Share ²	536.0	572.0	639.0	686.0	720.0	787.0	686.0	720.0
Capex ¹	21,341	20,819	21,812	42,021	22,977	27,124	39,000	23,667
Capex / Sales	4.91%	4.52%	4.29%	7.84%	4.07%	4.41%	5.58%	3.41%
Announcement Date	5/13/19	5/11/20	5/10/21	5/10/22	5/10/23	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 Yaoko Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

8,828 JPY

Average target price

8,462 JPY

Spread / Average Target

-4.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
YAOKO CO.,LTD.	+7.37%	2.3B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-11.31%	38.35B
AVENUE SUPERMARTS LIMITED	+17.54%	36.77B
SEVEN & I HOLDINGS CO., LTD.	+8.85%	33.9B
SM INVESTMENTS CORPORATION	-1.15%	18.13B
COLES GROUP LIMITED	+0.19%	14.43B
JERÓNIMO MARTINS, SGPS, S.A.	-10.94%	14.21B
CASEY'S GENERAL STORES, INC.	+23.27%	12.44B
CARREFOUR	-1.96%	12.2B
ICA GRUPPEN	-.--%	11.82B

Supermarkets & Convenience Stores