Financials Yoshinoya Holdings Co., Ltd.

Equities

9861

JP3958000006

Restaurants & Bars

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
2,900 ^JPY	+0.16%		+1.17%	-9.53%

Apr. 26	Yoshinoya Holdings Co., Ltd. agreed to acquire Takara Sangyo from Hiroshi Inoue and Mitsumasa Inoue.	CI
2022	Texchem Resources' Unit Acquires 28% Stake in Sushi King for $24 Million; Shares Climb 5%	MT

Valuation

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	138,592	135,680	154,297	151,481	205,993	187,586	-	-
Enterprise Value (EV) ¹	166,052	166,121	161,228	160,854	207,263	184,086	189,386	193,786
P/E ratio	194 x	-18.1 x	19 x	20.9 x	36.8 x	40.3 x	34.1 x	27.8 x
Yield	0.93%	-	0.42%	0.43%	0.57%	0.69%	0.74%	0.69%
Capitalization / Revenue	0.64 x	0.8 x	1 x	0.9 x	1.1 x	0.92 x	0.87 x	0.8 x
EV / Revenue	0.77 x	0.98 x	1.05 x	0.96 x	1.11 x	0.9 x	0.87 x	0.82 x
EV / EBITDA	14.3 x	79 x	18.6 x	16.8 x	14.6 x	12.7 x	12.1 x	11.5 x
EV / FCF	-315,687,797 x	-67,915,561 x	6,976,834 x	49,784,694 x	32,364,685 x	-	-	-
FCF Yield	-0%	-0%	0%	0%	0%	-	-	-
Price to Book	2.9 x	3.43 x	3.21 x	2.75 x	3.41 x	2.93 x	2.74 x	2.54 x
Nbr of stocks (in thousands)	64,612	64,641	64,668	64,680	64,696	64,696	-	-
Reference price ²	2,145	2,099	2,386	2,342	3,184	2,900	2,900	2,900
Announcement Date	4/14/20	4/13/21	4/13/22	4/12/23	4/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	216,201	170,348	153,601	168,099	187,472	204,150	216,533	234,900
EBITDA ¹	11,641	2,103	8,657	9,572	14,235	14,500	15,600	16,900
EBIT ¹	3,926	-5,335	2,365	3,434	7,973	7,750	9,400	10,950
Operating Margin	1.82%	-3.13%	1.54%	2.04%	4.25%	3.8%	4.34%	4.66%
Earnings before Tax (EBT)	1,031	-7,721	13,334	8,975	8,260	-	-	-
Net income ¹	713	-7,503	8,116	7,234	5,604	4,650	5,500	6,750
Net margin	0.33%	-4.4%	5.28%	4.3%	2.99%	2.28%	2.54%	2.87%
EPS ²	11.04	-116.1	125.5	111.9	86.63	71.87	85.02	104.3
Free Cash Flow	-526	-2,446	23,109	3,231	6,404	-	-	-
FCF margin	-0.24%	-1.44%	15.04%	1.92%	3.42%	-	-	-
FCF Conversion (EBITDA)	-	-	266.94%	33.75%	44.99%	-	-	-
FCF Conversion (Net income)	-	-	284.73%	44.66%	114.28%	-	-	-
Dividend per Share ²	20.00	-	10.00	10.00	18.00	20.00	21.33	20.00
Announcement Date	4/14/20	4/13/21	4/13/22	4/12/23	4/10/24	-	-	-

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	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4
Net sales ¹	109,135	81,988	88,360	74,279	39,196	40,126	79,322	40,282	41,529	81,811	42,931	43,357	86,288	44,278	47,376	91,654	47,238	48,580	46,500	47,900	94,400	47,400	61,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	990	-5,970	635	723	672	970	1,642	440	622	1,062	907	1,465	2,372	1,434	2,552	3,986	2,115	1,872	620	1,510	2,130	1,200	3,970
Operating Margin	0.91%	-7.28%	0.72%	0.97%	1.71%	2.42%	2.07%	1.09%	1.5%	1.3%	2.11%	3.38%	2.75%	3.24%	5.39%	4.35%	4.48%	3.85%	1.33%	3.15%	2.26%	2.53%	6.46%
Earnings before Tax (EBT)	-1,762	-7,125	-596	4,748	5,330	3,256	8,586	2,206	4,212	6,418	1,462	1,095	2,557	1,624	2,761	4,385	2,260	-	-	-	-	-	-
Net income ¹	-1,166	-5,708	-1,795	3,127	3,026	1,963	4,989	1,460	3,235	4,695	1,081	1,458	2,539	1,024	1,855	2,879	1,459	1,266	400	980	1,380	780	2,040
Net margin	-1.07%	-6.96%	-2.03%	4.21%	7.72%	4.89%	6.29%	3.62%	7.79%	5.74%	2.52%	3.36%	2.94%	2.31%	3.92%	3.14%	3.09%	2.61%	0.86%	2.05%	1.46%	1.65%	3.32%
EPS	-	-88.33	-	48.38	46.80	-	-	22.58	-	72.61	16.71	-	-	15.84	-	44.52	22.55	-	-	-	-	-	-
Dividend per Share	-	-	-	5.000	-	-	-	-	-	5.000	-	-	-	-	-	8.000	-	-	-	-	-	-	-
Announcement Date	4/14/20	10/9/20	4/13/21	10/13/21	1/12/22	4/13/22	4/13/22	7/13/22	10/12/22	10/12/22	1/13/23	4/12/23	4/12/23	7/12/23	10/11/23	10/11/23	1/11/24	4/10/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	27,460	30,441	6,931	9,373	1,270	-	1,800	6,200
Net Cash position ¹	-	-	-	-	-	3,500	-	-
Leverage (Debt/EBITDA)	2.359 x	14.48 x	0.8006 x	0.9792 x	0.0892 x	-	0.1154 x	0.3669 x
Free Cash Flow	-526	-2,446	23,109	3,231	6,404	-	-	-
ROE (net income / shareholders' equity)	1.5%	-17.2%	18.5%	14%	9.7%	8.45%	9.06%	9.78%
ROA (Net income/ Total Assets)	2.82%	-5.81%	12.8%	6.56%	7.78%	-	-	-
Assets ¹	25,275	129,044	63,336	110,222	72,009	-	-	-
Book Value Per Share ²	740.0	613.0	744.0	852.0	933.0	989.0	1,059	1,142
Cash Flow per Share	130.0	-4.830	223.0	207.0	183.0	-	-	-
Capex	14,564	7,304	3,271	11,835	13,667	-	-	-
Capex / Sales	6.74%	4.29%	2.13%	7.04%	7.29%	-	-	-
Announcement Date	4/14/20	4/13/21	4/13/22	4/12/23	4/10/24	-	-	-

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 Yoshinoya Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,900 JPY

Average target price

2,800 JPY

Spread / Average Target

-3.43%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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