Financials H2O Retailing Corporation Deutsche Boerse AG

Equities

HKU

JP3774600005

Department Stores

Market Closed - Deutsche Boerse AG Other stock markets 02:02:37 2024-05-21 am EDT			5-day change	1st Jan Change
12.2 ^EUR	+1.67%		+15.09%	+29.10%

May. 16	Tranche Update on H2O Retailing Corporation's Equity Buyback Plan announced on May 15, 2024.	CI
May. 16	H2O Retailing Corporation's Equity Buyback announced on May 15, 2024, has closed with 13,000,000 shares, representing 11.28% for ¥24,154 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	190,539	97,780	113,289	104,354	173,280	218,988	-	-
Enterprise Value (EV) ¹	300,229	238,251	265,638	258,527	304,996	224,106	218,988	218,988
P/E ratio	88.1 x	-7.44 x	-4.57 x	10.6 x	11 x	10.2 x	8.81 x	12.9 x
Yield	2.59%	5.06%	2.73%	2.95%	1.68%	1.44%	1.91%	1.68%
Capitalization / Revenue	0.21 x	0.11 x	0.15 x	0.2 x	0.28 x	0.34 x	0.31 x	0.31 x
EV / Revenue	0.21 x	0.11 x	0.15 x	0.2 x	0.28 x	0.34 x	0.31 x	0.31 x
EV / EBITDA	4.96 x	3.23 x	7.95 x	5.45 x	5.58 x	4.77 x	4.5 x	4.28 x
EV / FCF	-11.4 x	-3.9 x	-11.4 x	82.7 x	4.8 x	12.7 x	27 x	10.7 x
FCF Yield	-8.74%	-25.7%	-8.78%	1.21%	20.8%	7.84%	3.7%	9.34%
Price to Book	0.68 x	0.4 x	0.5 x	0.44 x	0.7 x	0.84 x	0.99 x	0.88 x
Nbr of stocks (in thousands)	123,566	123,615	123,677	123,204	116,373	102,235	-	-
Reference price ²	1,542	791.0	916.0	847.0	1,489	2,142	2,142	2,142
Announcement Date	5/14/19	5/25/20	5/11/21	5/12/22	5/11/23	5/15/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	926,872	897,289	739,198	518,447	628,089	657,400	704,000	706,500
EBITDA ¹	38,391	30,271	14,249	19,149	31,054	45,907	48,707	51,207
EBIT ¹	20,422	11,171	-4,438	740	11,388	26,188	28,250	30,600
Operating Margin	2.2%	1.24%	-0.6%	0.14%	1.81%	3.98%	4.01%	4.33%
Earnings before Tax (EBT) ¹	8,050	-9,337	-24,030	15,586	21,146	22,289	37,450	29,900
Net income ¹	2,162	-13,150	-24,791	9,872	16,382	21,905	29,000	19,600
Net margin	0.23%	-1.47%	-3.35%	1.9%	2.61%	3.33%	4.12%	2.77%
EPS ²	17.50	-106.4	-200.4	79.84	135.8	189.8	243.2	166.4
Free Cash Flow ¹	-16,647	-25,086	-9,944	1,262	36,077	17,578	8,100	20,450
FCF margin	-1.8%	-2.8%	-1.35%	0.24%	5.74%	2.67%	1.15%	2.89%
FCF Conversion (EBITDA)	-	-	-	6.59%	116.18%	25.38%	16.63%	39.94%
FCF Conversion (Net income)	-	-	-	12.78%	220.22%	80.25%	27.93%	104.34%
Dividend per Share ²	40.00	40.00	25.00	25.00	25.00	28.00	41.00	36.00
Announcement Date	5/14/19	5/25/20	5/11/21	5/12/22	5/11/23	5/15/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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	450,710	335,614	122,735	237,020	134,283	147,144	149,352	155,073	304,425	170,471	153,193	154,813	163,730	318,543	176,921	161,936	164,000	178,000	191,000	171,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,320	-4,405	-3,104	-5,148	5,868	20	664	450	1,114	8,367	1,907	4,758	5,139	9,897	12,287	4,004	6,100	5,400	13,000	4,500
Operating Margin	1.4%	-1.31%	-2.53%	-2.17%	4.37%	0.01%	0.44%	0.29%	0.37%	4.91%	1.24%	3.07%	3.14%	3.11%	6.94%	2.47%	3.72%	3.03%	6.81%	2.63%
Earnings before Tax (EBT)	4,801	-13,474	-	10,887	4,912	-	1,175	-	4,719	11,875	-	5,516	-	10,473	15,148	-	-	-	-	-
Net income ¹	1,463	-10,102	1,808	8,085	4,852	-3,065	651	2,139	2,790	8,167	5,425	3,371	2,923	6,294	11,478	4,133	18,900	3,600	9,400	-2,900
Net margin	0.32%	-3.01%	1.47%	3.41%	3.61%	-2.08%	0.44%	1.38%	0.92%	4.79%	3.54%	2.18%	1.79%	1.98%	6.49%	2.55%	11.52%	2.02%	4.92%	-1.7%
EPS	11.84	-81.69	-	65.35	39.21	-	5.290	-	22.64	67.29	-	29.11	-	54.47	99.47	-	-	-	-	-
Dividend per Share	20.00	12.50	-	12.50	-	-	-	-	12.50	-	-	-	-	12.50	-	-	-	-	-	-
Announcement Date	10/31/19	10/30/20	11/5/21	11/5/21	2/10/22	5/12/22	8/4/22	11/2/22	11/2/22	2/6/23	5/11/23	8/2/23	11/2/23	11/2/23	2/2/24	5/15/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	109,690	140,471	152,349	154,173	131,716	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.857 x	4.64 x	10.69 x	8.051 x	4.242 x	-	-	-
Free Cash Flow ¹	-16,647	-25,086	-9,944	1,262	36,077	17,578	8,100	20,450
ROE (net income / shareholders' equity)	0.8%	-5%	-10.5%	4.2%	6.7%	8.5%	10.8%	7.15%
ROA (Net income/ Total Assets)	3.23%	1.89%	-0.48%	0.37%	1.94%	3.99%	4.3%	4.6%
Assets ¹	67,017	-694,811	5,171,579	2,694,176	844,659	548,365	674,419	426,087
Book Value Per Share ²	2,252	1,968	1,844	1,922	2,138	2,324	2,172	2,420
Cash Flow per Share	158.0	43.40	-53.80	225.0	295.0	363.0	-	-
Capex ¹	32,039	35,125	22,699	25,256	31,160	31,754	32,400	33,000
Capex / Sales	3.46%	3.91%	3.07%	4.87%	4.96%	4.83%	4.6%	4.67%
Announcement Date	5/14/19	5/25/20	5/11/21	5/12/22	5/11/23	5/15/24	-	-

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 H2O Retailing Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,142 JPY

Average target price

1,975 JPY

Spread / Average Target

-7.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Retail - Department Stores