Financials Fast Retailing Co., Ltd.

Equities

9983

JP3802300008

Apparel & Accessories Retailers

Market Closed - Japan Exchange Other stock markets 01:00:00 2023-12-04 am EST			5-day change	1st Jan Change
37,120 ^JPY	+0.05%		+0.27%	+38.28%

Nov. 30	Japan's Nikkei edges lower; set for best month in 2 years	RE
Nov. 29	Japan's Nikkei ends lower as investors lock in profits from recent rally	RE

Valuation

Fiscal Period : August	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6 351 953	6 460 481	7 406 445	8 373 801	10 266 710	11 384 068	-	-
Enterprise Value (EV) ¹	5 765 382	5 687 840	6 633 209	7 867 587	9 129 493	10 497 220	10 048 703	9 851 277
P/E ratio	39,1x	71,5x	43,6x	30,6x	34,7x	37,1x	33,7x	30,6x
Yield	0,77%	0,76%	0,66%	0,76%	0,87%	0,89%	0,94%	1,00%
Capitalization / Revenue	2,77x	3,22x	3,47x	3,64x	3,71x	3,74x	3,43x	3,17x
EV / Revenue	2,52x	2,83x	3,11x	3,42x	3,30x	3,45x	3,03x	2,74x
EV / EBITDA	18,8x	17,4x	15,5x	16,5x	16,1x	16,3x	14,3x	13,0x
EV / FCF	26,0x	30,1x	19,2x	36,0x	-82,1x	30,5x	24,5x	21,3x
FCF Yield	3,85%	3,32%	5,22%	2,78%	-1,22%	3,28%	4,07%	4,70%
Price to Book	6,77x	6,75x	6,63x	5,36x	5,64x	5,90x	5,25x	4,62x
Nbr of stocks (in thousands)	306 167	306 281	306 389	306 545	306 652	306 683	-	-
Reference price ²	20 747	21 093	24 173	27 317	33 480	37 120	37 120	37 120
Announcement Date	10/10/19	10/15/20	10/14/21	10/13/22	10/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : August	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2 290 548	2 008 846	2 132 992	2 301 122	2 766 557	3 045 478	3 320 564	3 596 416
EBITDA ¹	306 112	327 195	426 921	477 600	567 962	644 660	701 988	759 522
EBIT ¹	257 636	149 347	249 011	297 325	381 090	442 443	492 997	542 673
Operating Margin	11,2%	7,43%	11,7%	12,9%	13,8%	14,5%	14,8%	15,1%
Earnings before Tax (EBT) ¹	252 447	152 868	265 872	413 584	437 918	465 855	512 513	566 178
Net income ¹	162 578	90 357	169 847	273 335	296 229	307 603	338 678	373 982
Net margin	7,10%	4,50%	7,96%	11,9%	10,7%	10,1%	10,2%	10,4%
EPS ²	531	295	554	892	966	1 000	1 102	1 213
Free Cash Flow ¹	221 749	188 887	346 371	218 591	-111 186	344 538	409 325	463 218
FCF margin	9,68%	9,40%	16,2%	9,50%	-4,02%	11,3%	12,3%	12,9%
FCF Conversion (EBITDA)	72,4%	57,7%	81,1%	45,8%	-	53,4%	58,3%	61,0%
FCF Conversion (Net income)	136%	209%	204%	80,0%	-	112%	121%	124%
Dividend per Share ²	160	160	160	207	290	332	349	372
Announcement Date	10/10/19	10/15/20	10/14/21	10/13/22	10/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : August	2020 S1	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	1 208 512	1 202 864	495 218	434 910	930 128	627 391	591 585	1 218 977	546 129	536 016	716 393	750 957	1 467 350	676 154	623 053	812 679	830 631	742 883	679 973	914 000
EBITDA	-	-	103 487	66 448	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	136 736	167 982	59 915	21 114	81 029	119 406	69 871	189 278	81 806	26 241	117 077	103 186	220 263	110 311	50 516	139 754	120 599	119 972	68 117	164 000
Operating Margin	11,3%	14,0%	12,1%	4,85%	8,71%	19,0%	11,8%	15,5%	15,0%	4,90%	16,3%	13,7%	15,0%	16,3%	8,11%	17,2%	14,5%	16,1%	10,0%	17,9%
Earnings before Tax (EBT) ¹	150 859	171 482	74 172	20 218	-	134 208	78 357	212 566	136 689	64 329	126 812	103 687	230 499	128 704	78 715	145 827	128 026	130 860	74 987	167 500
Net income ¹	100 459	105 868	45 483	18 496	-	93 592	53 252	146 844	90 992	35 499	85 074	68 318	153 392	85 127	57 710	96 532	84 335	84 807	49 299	109 000
Net margin	8,31%	8,80%	9,18%	4,25%	-	14,9%	9,00%	12,0%	16,7%	6,62%	11,9%	9,10%	10,5%	12,6%	9,26%	11,9%	10,2%	11,4%	7,25%	11,9%
EPS ²	328	346	148	60,3	-	305	174	479	297	116	277	223	500	278	188	322	273	269	168	-
Dividend per Share ²	80,0	80,0	-	80,0	-	-	93,3	93,3	-	113	-	125	125	-	-	-	155	-	185	-
Announcement Date	04/09/20	04/08/21	07/15/21	10/14/21	10/14/21	01/13/22	04/14/22	04/14/22	07/14/22	10/13/22	01/12/23	04/13/23	04/13/23	07/13/23	10/12/23	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period : August	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	586 571	772 641	773 236	506 214	1 137 217	886 848	1 335 364	1 532 791
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	221 749	188 887	346 371	218 591	-111 186	344 538	409 325	463 218
ROE (net income / shareholders' equity)	18,0%	9,50%	16,4%	20,4%	17,5%	16,3%	16,3%	16,0%
Shareholders' equity ¹	903 211	951 126	1 035 652	1 339 877	1 692 737	1 891 324	2 082 475	2 343 843
ROA (Net income/ Total Assets)	12,7%	4,09%	10,8%	14,5%	13,5%	11,4%	11,1%	11,6%
Assets ¹	1 276 432	2 211 272	1 572 149	1 885 069	2 194 216	2 694 332	3 061 570	3 224 541
Book Value Per Share ²	3 066	3 123	3 643	5 094	5 939	6 296	7 071	8 033
Cash Flow per Share ²	689	876	1 135	1 480	1 576	942	1 775	2 077
Capex ¹	65 744	67 508	76 124	79 606	95 306	91 066	94 498	104 657
Capex / Sales	2,87%	3,36%	3,57%	3,46%	3,44%	2,99%	2,85%	2,91%
Announcement Date	10/10/19	10/15/20	10/14/21	10/13/22	10/12/23	-	-	-

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 Fast Retailing Co., Ltd.

Trading Rating :

Investor Rating :

ESG Refinitiv :

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

37,120JPY

Average target price

36,940.83JPY

Spread / Average Target

-0.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Apparel & Accessories Retailers

	1st Jan change	Capi.
FAST RETAILING CO., LTD.	+38.28%	77 282 M $
INDITEX	+54.41%	130 B $
KERING	-15.87%	51 911 M $
ROSS STORES, INC.	+14.32%	44 747 M $
NEXT PLC	+39.44%	12 341 M $
BURLINGTON STORES, INC.	-12.95%	11 129 M $
THE GAP, INC.	+85.86%	7 795 M $
TAPESTRY, INC.	-13.84%	7 494 M $
LPP SA	+46.48%	7 262 M $
BURBERRY GROUP PLC	-27.96%	6 766 M $

Other Apparel & Accessories Retailers