Stock 8304 AOZORA BANK, LTD.
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Financials Aozora Bank, Ltd.

Equities

8304

JP3711200000

Banks

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
2,476 JPY +1.04% Intraday chart for Aozora Bank, Ltd. +2.48% -19.18%
Apr. 26 Ichigo Office REIT Investment Secures Fixed Rates for 2 Billion Loans In Swap Deal MT
Apr. 26 Japan Metropolitan Fund Investment Sets Interest Rates for 3 Billion Yen Loan MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 319,230 240,601 295,725 302,324 280,158 289,194 - -
Enterprise Value (EV) 1 319,230 240,601 295,725 302,324 280,158 289,194 289,194 289,194
P/E ratio 8.84 x 8.55 x 10.2 x 8.64 x 32.1 x -10.3 x 15.3 x 12.8 x
Yield 5.63% 7.57% 4.89% 5.76% 6.42% 3.07% 3.79% 4.29%
Capitalization / Revenue 3.81 x 2.51 x 3.06 x 2.93 x 4.7 x 4.79 x 3.37 x 3.13 x
EV / Revenue 3.81 x 2.51 x 3.06 x 2.93 x 4.7 x 4.79 x 3.37 x 3.13 x
EV / EBITDA - - - - - - - -
EV / FCF 2,318,690 x -823,130 x 409,031 x - - - - -
FCF Yield 0% -0% 0% - - - - -
Price to Book 0.71 x 0.56 x 0.6 x 0.61 x 0.64 x 0.73 x 0.72 x 0.7 x
Nbr of stocks (in thousands) 116,678 116,683 116,703 116,772 116,781 116,822 - -
Reference price 2 2,736 2,062 2,534 2,589 2,399 2,476 2,476 2,476
Announcement Date 5/16/19 5/14/20 5/13/21 5/16/22 5/17/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 83,800 95,711 96,546 103,011 59,573 60,376 85,702 92,427
EBITDA - - - - - - - -
EBIT 1 34,400 42,312 42,669 47,839 2,591 -9,447 21,496 31,163
Operating Margin 41.05% 44.21% 44.2% 46.44% 4.35% -15.65% 25.08% 33.72%
Earnings before Tax (EBT) 1 47,794 43,325 38,977 45,975 7,354 -48,441 23,915 31,210
Net income 1 36,130 28,142 28,972 35,004 8,719 -28,204 18,614 23,136
Net margin 43.11% 29.4% 30.01% 33.98% 14.64% -46.71% 21.72% 25.03%
EPS 2 309.7 241.2 248.3 299.8 74.67 -241.4 162.1 194.0
Free Cash Flow 137,677 -292,300 722,990 - - - - -
FCF margin 164.29% -305.4% 748.86% - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) 381.06% - 2,495.48% - - - - -
Dividend per Share 2 154.0 156.0 124.0 149.0 154.0 76.00 93.71 106.3
Announcement Date 5/16/19 5/14/20 5/13/21 5/16/22 5/17/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2021 S1 2021 S2 2022 Q2 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 Q3
Net sales 1 88,788 76,503 51,448 40,159 66,955 33,407 23,701 - 50,831 - 95,447 30,916 4,277 - 17,731 - 135,662 57,592 5,203 21,160 22,254 -
EBITDA - - - - - - - - - - - - - - - - - - - - - -
EBIT 1 - - - 12,212 25,705 13,174 8,960 - 7,396 7,600 15,050 -2,622 -10,326 - 3,174 12,448 - - -15,557 4,449 5,544 4,743
Operating Margin - - - 30.41% 38.39% 39.43% 37.8% - 14.55% - 15.77% -8.48% -241.43% - 17.9% - - - -299.03% 21.02% 24.91% -
Earnings before Tax (EBT) 1 29,112 18,943 20,034 10,645 26,308 12,221 7,446 - 11,318 - 20,410 -1,986 -11,070 - 7,385 - 14,381 -39,245 -24,550 - - -
Net income 1 20,200 15,126 13,846 7,883 19,440 9,146 6,418 15,564 8,372 7,017 15,389 322 -6,992 -6,670 6,771 5,277 12,048 -26,753 -13,598 3,484 4,708 5,086
Net margin 22.75% 19.77% 26.91% 19.63% 29.03% 27.38% 27.08% - 16.47% - 16.12% 1.04% -163.48% - 38.19% - 8.88% -46.45% -261.36% 16.46% 21.15% -
EPS 2 173.5 129.6 - 68.00 166.5 78.32 54.96 - 71.69 60.09 131.8 2.750 -59.86 - 57.98 45.17 103.2 -229.0 -119.0 36.86 45.90 43.55
Dividend per Share 2 78.00 60.00 - 64.00 64.00 40.00 45.00 85.00 38.00 - 76.00 38.00 40.00 - 38.00 - 76.00 - - - - -
Announcement Date 11/14/19 11/16/20 5/13/21 11/12/21 11/12/21 1/31/22 5/16/22 5/16/22 8/1/22 11/11/22 11/11/22 2/3/23 5/17/23 5/17/23 8/2/23 11/13/23 11/13/23 2/1/24 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 137,677 -292,300 722,990 - - - - -
ROE (net income / shareholders' equity) 8.2% 6.4% 6.3% 7.1% 1.9% -6.71% 4.29% 5.65%
ROA (Net income/ Total Assets) 0.94% 0.82% 0.7% 0.73% 0.11% -0.39% 0.23% 0.31%
Assets 1 3,843,045 3,427,604 4,168,213 4,780,792 8,245,697 7,313,029 8,092,910 7,463,179
Book Value Per Share 2 3,844 3,660 4,234 4,223 3,752 3,385 3,447 3,539
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 5/16/19 5/14/20 5/13/21 5/16/22 5/17/23 - - -
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 Aozora Bank, Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
7
Last Close Price
2,476 JPY
Average target price
2,119 JPY
Spread / Average Target
-14.42%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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