Financials ABC-Mart,Inc.

Equities

2670

JP3152740001

Apparel & Accessories Retailers

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,135 ^JPY	+1.06%		+2.55%	+27.18%

Apr. 10	ABC-Mart's Attributable Profit Up 32.2% in Fiscal 2024 on Significantly Improved Sales	MT
Apr. 10	Abc-Mart,Inc. Announces Dividend for the Year Ended February 29, 2024, Payable on May 29, 2024; Provides Dividend Guidance for the Second Quarter and Fiscal Year Ending February 28, 2025	CI

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	526,554	508,441	500,187	411,045	553,837	776,279	-	-
Enterprise Value (EV) ¹	390,056	361,313	362,750	270,628	415,323	635,261	601,999	600,269
P/E ratio	17.4 x	17.1 x	26 x	23.6 x	18.3 x	15.9 x	19 x	18.3 x
Yield	2.66%	2.76%	2.81%	3.41%	2.53%	2.55%	2.12%	2.18%
Capitalization / Revenue	1.97 x	1.87 x	2.27 x	1.68 x	1.91 x	1.85 x	2.13 x	2.06 x
EV / Revenue	1.46 x	1.33 x	1.65 x	1.11 x	1.43 x	1.85 x	1.65 x	1.59 x
EV / EBITDA	8.02 x	7.46 x	14.6 x	8.17 x	8.63 x	10.3 x	9.11 x	8.82 x
EV / FCF	16.4 x	13.3 x	21.4 x	15.3 x	221 x	18.1 x	15.4 x	15.4 x
FCF Yield	6.1%	7.5%	4.67%	6.54%	0.45%	5.54%	6.48%	6.48%
Price to Book	2.04 x	1.88 x	1.8 x	1.45 x	1.79 x	1.87 x	2.18 x	2.05 x
Nbr of stocks (in thousands)	247,596	247,618	247,618	247,618	247,617	247,617	-	-
Reference price ²	2,127	2,053	2,020	1,660	2,237	3,135	3,135	3,135
Announcement Date	4/10/19	4/8/20	4/14/21	4/13/22	4/12/23	4/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	266,703	272,361	220,267	243,946	290,077	344,197	364,360	377,010
EBITDA ¹	48,629	48,459	24,919	33,117	48,102	61,454	66,116	68,059
EBIT ¹	43,929	43,374	19,513	27,446	42,301	55,671	59,253	61,432
Operating Margin	16.47%	15.93%	8.86%	11.25%	14.58%	16.17%	16.26%	16.29%
Earnings before Tax (EBT) ¹	44,186	43,369	29,115	25,840	42,661	57,257	59,801	62,003
Net income ¹	30,285	29,706	19,226	17,382	30,256	40,009	40,781	42,292
Net margin	11.36%	10.91%	8.73%	7.13%	10.43%	11.62%	11.19%	11.22%
EPS ²	122.3	120.0	77.65	70.20	122.2	161.6	165.1	171.3
Free Cash Flow ¹	23,778	27,110	16,928	17,699	1,879	35,126	39,028	38,889
FCF margin	8.92%	9.95%	7.69%	7.26%	0.65%	10.27%	10.71%	10.32%
FCF Conversion (EBITDA)	48.9%	55.94%	67.93%	53.44%	3.91%	56.77%	59.03%	57.14%
FCF Conversion (Net income)	78.51%	91.26%	88.05%	101.82%	6.21%	92.13%	95.7%	91.95%
Dividend per Share ²	56.67	56.67	56.67	56.67	56.67	65.33	66.38	68.29
Announcement Date	4/10/19	4/8/20	4/14/21	4/13/22	4/12/23	4/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	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	140,158	102,152	58,676	121,301	59,270	63,375	-	-	136,191	72,380	81,506	88,579	80,885	169,464	82,864	91,869	95,579	86,320	86,610	95,991
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	25,324	8,538	6,001	14,306	5,539	7,601	-	-	19,995	8,996	13,310	16,890	12,430	29,320	12,213	14,138	18,105	13,192	12,252	15,550
Operating Margin	18.07%	8.36%	10.23%	11.79%	9.35%	11.99%	-	-	14.68%	12.43%	16.33%	19.07%	15.37%	17.3%	14.74%	15.39%	18.94%	15.28%	14.15%	16.2%
Earnings before Tax (EBT)	25,425	8,312	-	15,422	5,809	-	10,431	-	19,721	9,855	-	17,378	-	30,559	12,679	-	-	-	-	-
Net income ¹	17,331	5,542	5,090	10,463	3,931	2,988	-	-	13,317	7,389	9,550	11,907	9,136	21,043	8,764	10,202	12,642	9,191	8,690	11,054
Net margin	12.37%	5.43%	8.67%	8.63%	6.63%	4.71%	-	-	9.78%	10.21%	11.72%	13.44%	11.3%	12.42%	10.58%	11.1%	13.23%	10.65%	10.03%	11.52%
EPS ²	70.00	22.38	20.56	42.26	15.88	12.07	28.34	25.44	53.78	29.84	38.57	48.09	36.90	84.98	35.40	41.20	51.04	36.19	34.97	44.85
Dividend per Share ²	28.33	28.33	-	28.33	-	-	-	-	28.33	-	-	-	-	28.33	-	37.00	-	33.00	-	37.00
Announcement Date	10/9/19	10/14/20	10/13/21	10/13/21	1/12/22	4/13/22	7/13/22	10/12/22	10/12/22	1/11/23	4/12/23	7/12/23	10/11/23	10/11/23	1/10/24	4/10/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	136,498	147,128	137,437	140,417	138,514	141,665	174,280	176,009
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	23,778	27,110	16,928	17,699	1,879	35,127	39,029	38,889
ROE (net income / shareholders' equity)	12.1%	11.2%	7%	6.2%	10.2%	12.3%	12%	11.8%
ROA (Net income/ Total Assets)	15.7%	14.6%	6.11%	8.89%	12.9%	15.6%	13.3%	11.6%
Assets ¹	193,467	203,745	314,458	195,456	235,004	257,064	306,625	364,596
Book Value Per Share ²	1,044	1,093	1,121	1,144	1,248	1,371	1,436	1,533
Cash Flow per Share ²	141.0	141.0	99.50	93.10	146.0	185.0	175.0	188.0
Capex ¹	11,165	7,437	6,559	9,712	6,935	7,754	7,075	7,400
Capex / Sales	4.19%	2.73%	2.98%	3.98%	2.39%	2.25%	1.94%	1.96%
Announcement Date	4/10/19	4/8/20	4/14/21	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 ABC-Mart,Inc.

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,135 JPY

Average target price

3,232 JPY

Spread / Average Target

+3.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Footwear Retailers

	1st Jan change	Capi.
ABC-MART,INC.	+27.18%	4.93B
METRO BRANDS LIMITED	-14.93%	3.53B
CCC S.A.	+43.07%	1.49B
CALERES, INC.	+20.21%	1.3B
SHOE CARNIVAL, INC.	+14.30%	937M
ACCENT GROUP LIMITED	-3.35%	688M
DESIGNER BRANDS INC.	+9.15%	553M
CHIYODA CO., LTD.	+1.74%	195M
SHOE ZONE PLC	-20.87%	110M
C.BANNER INTERNATIONAL HOLDINGS LIMITED	+27.74%	52.53M

Footwear Retailers