Financials Food & Life Companies Ltd.

Equities

3563

JP3397150008

Restaurants & Bars

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,028 ^JPY	+3.05%		+3.42%	+4.52%

Mar. 06	OASYS Tea Lounge Inc. announced that it has received funding from Food & Life Companies Ltd.	CI
Feb. 09	Food & Life Companies Ltd. Provides Year-End Dividend Guidance for the Fiscal Year Ending September 2024	CI

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	210,920	307,300	598,916	257,261	290,834	350,334	-	-
Enterprise Value (EV) ¹	241,350	430,999	741,663	420,830	461,155	506,670	500,913	489,133
P/E ratio	21.2 x	47.6 x	45.4 x	71.4 x	36.8 x	28.4 x	21.6 x	17.8 x
Yield	1.24%	0.57%	0.44%	1.01%	0.89%	0.76%	1.11%	1.3%
Capitalization / Revenue	1.06 x	1.5 x	2.49 x	0.91 x	0.96 x	0.99 x	0.89 x	0.79 x
EV / Revenue	1.21 x	2.1 x	3.08 x	1.5 x	1.53 x	1.44 x	1.27 x	1.11 x
EV / EBITDA	12.5 x	15.8 x	17.9 x	12.7 x	12.3 x	10.1 x	8.43 x	7.19 x
EV / FCF	24.4 x	37 x	51.5 x	42.7 x	18.8 x	13.8 x	18.1 x	13.4 x
FCF Yield	4.1%	2.7%	1.94%	2.34%	5.31%	7.24%	5.53%	7.48%
Price to Book	4.46 x	6.06 x	9.34 x	4.01 x	4.16 x	4.41 x	3.83 x	3.3 x
Nbr of stocks (in thousands)	116,050	116,050	116,069	115,675	115,686	115,698	-	-
Reference price ²	1,818	2,648	5,160	2,224	2,514	3,028	3,028	3,028
Announcement Date	11/8/19	11/6/20	11/5/21	11/4/22	11/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	199,088	204,957	240,804	281,301	301,747	352,461	395,445	441,468
EBITDA ¹	19,340	27,278	41,466	33,025	37,587	49,947	59,402	68,022
EBIT ¹	14,546	12,061	22,901	10,123	11,001	20,537	26,202	31,020
Operating Margin	7.31%	5.88%	9.51%	3.6%	3.65%	5.83%	6.63%	7.03%
Earnings before Tax (EBT) ¹	14,363	10,536	21,584	7,564	9,864	19,069	24,654	29,495
Net income ¹	9,959	6,457	13,185	3,607	7,899	12,421	16,375	19,816
Net margin	5%	3.15%	5.48%	1.28%	2.62%	3.52%	4.14%	4.49%
EPS ²	85.81	55.64	113.6	31.16	68.28	106.5	140.3	170.0
Free Cash Flow ¹	9,893	11,637	14,393	9,867	24,472	36,668	27,693	36,590
FCF margin	4.97%	5.68%	5.98%	3.51%	8.11%	10.4%	7%	8.29%
FCF Conversion (EBITDA)	51.15%	42.66%	34.71%	29.88%	65.11%	73.41%	46.62%	53.79%
FCF Conversion (Net income)	99.34%	180.22%	109.16%	273.55%	309.81%	295.21%	169.12%	184.65%
Dividend per Share ²	22.50	15.00	22.50	22.50	22.50	23.00	33.65	39.33
Announcement Date	11/8/19	11/6/20	11/5/21	11/4/22	11/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	102,549	108,170	96,787	119,042	62,053	121,762	71,601	68,656	140,257	71,680	69,364	68,004	75,294	143,298	75,616	82,833	-	85,533	87,019	91,083	98,942	97,500	99,800
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,794	8,235	3,826	13,114	4,656	9,787	5,469	4,103	9,572	2,800	-1,770	1,570	3,662	5,232	2,701	3,068	-	6,123	4,725	4,905	5,288	-	-
Operating Margin	6.63%	7.61%	3.95%	11.02%	7.5%	8.04%	7.64%	5.98%	6.82%	3.91%	-2.55%	2.31%	4.86%	3.65%	3.57%	3.7%	-	7.16%	5.43%	5.39%	5.34%	-	-
Earnings before Tax (EBT) ¹	6,706	7,883	-	12,414	4,291	-	5,255	3,791	9,046	1,127	-2,609	1,078	3,524	4,602	2,602	2,660	-	5,732	4,425	4,605	5,082	6,900	6,100
Net income ¹	5,005	5,087	-	7,811	2,415	-	3,388	2,200	5,588	-341	-1,640	671	2,954	3,625	2,047	2,742	-	3,257	2,754	2,865	3,526	4,300	3,500
Net margin	4.88%	4.7%	-	6.56%	3.89%	-	4.73%	3.2%	3.98%	-0.48%	-2.36%	0.99%	3.92%	2.53%	2.71%	3.31%	-	3.81%	3.16%	3.15%	3.56%	4.41%	3.51%
EPS ²	-	43.83	-	67.31	-	-	29.23	-	48.26	-2.930	-	5.800	-	31.33	17.70	19.25	-	28.15	26.03	28.93	28.40	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22.50	22.50	-	-	-	22.50	-	-
Announcement Date	11/8/19	5/7/20	11/6/20	5/6/21	11/5/21	11/5/21	2/10/22	5/6/22	5/6/22	8/4/22	11/4/22	2/7/23	5/9/23	5/9/23	8/7/23	11/10/23	11/10/23	2/9/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	30,430	123,699	142,747	163,569	170,321	156,335	150,578	138,799
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.573 x	4.535 x	3.443 x	4.953 x	4.531 x	3.13 x	2.535 x	2.041 x
Free Cash Flow ¹	9,893	11,637	14,393	9,867	24,472	36,668	27,693	36,590
ROE (net income / shareholders' equity)	22.4%	13.2%	23.2%	5.7%	11.8%	15.8%	18.2%	19.1%
ROA (Net income/ Total Assets)	10.7%	5.64%	8.1%	2.41%	2.89%	5.23%	6.33%	7.25%
Assets ¹	93,055	114,485	162,878	149,731	273,335	237,724	258,888	273,325
Book Value Per Share ²	408.0	437.0	552.0	555.0	604.0	686.0	790.0	917.0
Cash Flow per Share ²	127.0	187.0	274.0	229.0	298.0	393.0	461.0	523.0
Capex ¹	7,416	12,286	13,273	19,434	18,445	30,458	28,287	31,304
Capex / Sales	3.72%	5.99%	5.51%	6.91%	6.11%	8.64%	7.15%	7.09%
Announcement Date	11/8/19	11/6/20	11/5/21	11/4/22	11/10/23	-	-	-

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 Food & Life Companies Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,028 JPY

Average target price

3,840 JPY

Spread / Average Target

+26.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Commercial Food Services

	1st Jan change	Capi.
FOOD & LIFE COMPANIES LTD.	+4.52%	2.23B
TEXAS ROADHOUSE, INC.	+28.82%	10.53B
ARAMARK	+15.12%	8.49B
BRINKER INTERNATIONAL, INC.	+13.08%	2.16B
SSP GROUP PLC	-16.23%	1.95B
THE CHEESECAKE FACTORY INCORPORATED	+0.99%	1.8B
DO & CO AKTIENGESELLSCHAFT	+7.74%	1.69B
CREATE RESTAURANTS HOLDINGS INC.	-0.27%	1.46B
TONGQINGLOU CATERING CO., LTD.	-10.32%	980M
BJ'S RESTAURANTS, INC.	-7.14%	781M

Commercial Food Services