Financials Citizen Watch Co., Ltd.

Equities

7762

JP3352400000

Apparel & Accessories

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,034 ^JPY	+1.27%		+1.77%	+22.95%

Apr. 01	Factory Outlook Lifts China Stocks; Otherwise Asia Choppy	MT
Apr. 01	Japan's Nikkei ends at 2-week low as new fiscal year begins	RE

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	196,381	120,054	118,178	157,320	216,202	252,112	-	-
Enterprise Value (EV) ¹	160,570	95,042	91,222	113,197	203,908	234,212	236,831	236,368
P/E ratio	14.7 x	-7.24 x	-4.69 x	7.3 x	10.3 x	12 x	13.4 x	12.7 x
Yield	3.24%	3.13%	1.32%	3.45%	4.37%	3.91%	3.87%	3.82%
Capitalization / Revenue	0.61 x	0.43 x	0.57 x	0.56 x	0.72 x	0.82 x	0.83 x	0.81 x
EV / Revenue	0.5 x	0.34 x	0.44 x	0.4 x	0.68 x	0.76 x	0.78 x	0.76 x
EV / EBITDA	4.37 x	4.41 x	45.5 x	3.38 x	5.84 x	6.3 x	6.6 x	6.17 x
EV / FCF	4,460 x	51.4 x	-661 x	4.5 x	66.9 x	12.1 x	15 x	20.5 x
FCF Yield	0.02%	1.95%	-0.15%	22.2%	1.5%	8.28%	6.65%	4.87%
Price to Book	0.76 x	0.54 x	0.58 x	0.68 x	0.9 x	1.01 x	1.01 x	0.97 x
Nbr of stocks (in thousands)	318,283	312,640	312,640	301,957	277,894	243,822	-	-
Reference price ²	617.0	384.0	378.0	521.0	778.0	1,034	1,034	1,034
Announcement Date	5/13/19	5/14/20	5/13/21	5/12/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	321,652	278,531	206,641	281,417	301,366	307,207	303,720	312,540
EBITDA ¹	36,758	21,574	2,006	33,464	34,908	37,200	35,900	38,300
EBIT ¹	22,411	6,136	-9,551	22,273	23,708	25,060	23,400	25,022
Operating Margin	6.97%	2.2%	-4.62%	7.91%	7.87%	8.16%	7.7%	8.01%
Earnings before Tax (EBT) ¹	19,251	-15,086	-13,761	26,694	28,240	27,738	25,162	26,066
Net income ¹	13,369	-16,667	-25,173	22,140	21,836	21,160	18,880	19,882
Net margin	4.16%	-5.98%	-12.18%	7.87%	7.25%	6.89%	6.22%	6.36%
EPS ²	42.00	-53.07	-80.52	71.38	75.25	86.05	77.32	81.40
Free Cash Flow ¹	36	1,849	-138	25,143	3,050	19,382	15,754	11,516
FCF margin	0.01%	0.66%	-0.07%	8.93%	1.01%	6.31%	5.19%	3.68%
FCF Conversion (EBITDA)	0.1%	8.57%	-	75.13%	8.74%	52.1%	43.88%	30.07%
FCF Conversion (Net income)	0.27%	-	-	113.56%	13.97%	91.6%	83.44%	57.92%
Dividend per Share ²	20.00	12.00	5.000	18.00	34.00	40.40	40.00	39.50
Announcement Date	5/13/19	5/14/20	5/13/21	5/12/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	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	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	144,416	134,115	88,999	117,642	69,978	135,737	79,871	65,809	145,680	71,358	76,337	147,695	82,483	71,188	153,671	72,695	80,229	152,924	85,970	68,873	156,610	71,182	76,850	84,950	74,300
EBITDA	-	-	-	-	9,461	-	11,672	5,378	-	8,353	9,648	-	11,532	-	-	8,315	-	-	-	-	-	-	-	-	-
EBIT ¹	5,725	411	-8,266	-1,285	6,450	10,682	8,953	2,638	11,591	5,587	6,767	12,354	8,678	2,676	11,354	5,537	8,005	13,542	9,874	1,734	12,258	5,700	6,600	9,800	3,150
Operating Margin	3.96%	0.31%	-9.29%	-1.09%	9.22%	7.87%	11.21%	4.01%	7.96%	7.83%	8.86%	8.36%	10.52%	3.76%	7.39%	7.62%	9.98%	8.86%	11.49%	2.52%	7.83%	8.01%	8.59%	11.54%	4.24%
Earnings before Tax (EBT)	5,221	-20,307	-10,308	-	7,005	12,844	10,141	3,709	-	10,220	7,532	17,752	7,353	3,135	-	8,508	-	17,721	9,820	-	-	-	-	-	-
Net income ¹	3,593	-20,260	-21,513	-3,660	5,474	9,870	7,322	4,948	12,270	7,260	5,385	12,645	7,052	2,139	9,191	6,280	7,108	13,388	7,302	-290	7,012	4,500	-	-	-
Net margin	2.49%	-15.11%	-24.17%	-3.11%	7.82%	7.27%	9.17%	7.52%	8.42%	10.17%	7.05%	8.56%	8.55%	3%	5.98%	8.64%	8.86%	8.75%	8.49%	-0.42%	4.48%	6.32%	-	-	-
EPS ²	11.39	-64.46	-68.81	-11.71	17.51	31.57	23.46	16.35	39.81	24.72	18.43	43.15	24.11	7.990	32.10	25.16	29.10	54.26	29.93	-1.000	23.50	15.10	-	-	-
Dividend per Share	12.00	-	2.500	2.500	9.000	9.000	-	9.000	-	-	15.00	15.00	-	19.00	-	-	20.00	20.00	-	-	-	-	-	-	-
Announcement Date	11/8/19	5/14/20	11/12/20	5/13/21	11/11/21	11/11/21	2/10/22	5/12/22	5/12/22	8/12/22	11/14/22	11/14/22	2/13/23	5/12/23	5/12/23	8/14/23	11/13/23	11/13/23	2/13/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	35,811	25,012	26,956	44,123	12,294	17,900	15,282	15,745
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	36	1,849	-138	25,143	3,050	19,382	15,754	11,516
ROE (net income / shareholders' equity)	5.2%	-7%	-11.8%	10.2%	9.6%	8.83%	7.88%	7.85%
ROA (Net income/ Total Assets)	3.25%	1.92%	-6.85%	7.19%	7.41%	5.39%	4.01%	4.49%
Assets ¹	411,912	-866,976	367,693	308,015	294,543	392,360	471,175	443,309
Book Value Per Share ²	809.0	709.0	652.0	769.0	867.0	1,019	1,021	1,061
Cash Flow per Share	85.80	-3.910	-43.60	107.0	114.0	-	-	-
Capex ¹	23,234	21,078	12,285	9,566	17,428	22,000	21,000	19,500
Capex / Sales	7.22%	7.57%	5.95%	3.4%	5.78%	7.16%	6.91%	6.24%
Announcement Date	5/13/19	5/14/20	5/13/21	5/12/22	5/12/23	-	-	-

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 Citizen Watch Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,034 JPY

Average target price

964 JPY

Spread / Average Target

-6.77%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Watches

	1st Jan change	Capi.
CITIZEN WATCH CO., LTD.	+22.95%	1.6B
SEIKO GROUP CORPORATION	+49.96%	1.05B
MOVADO GROUP, INC.	-13.80%	575M
CITYCHAMP WATCH & JEWELLERY GROUP LIMITED	-11.30%	567M
FIYTA PRECISION TECHNOLOGY CO., LTD.	-6.20%	555M
KDDL LIMITED	-8.33%	391M
TIMEX GROUP INDIA LIMITED	-18.09%	165M
TIME WATCH INVESTMENTS LIMITED	-25.81%	90.7M
ERNEST BOREL HOLDINGS LIMITED	+2.63%	89.74M
HENGDELI HOLDINGS LIMITED	-4.73%	79.32M

Watches