Financials Ito En, Ltd.

Equities

2593

JP3143000002

Non-Alcoholic Beverages

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,689 ^JPY	+0.38%		+0.85%	-13.85%

Mar. 19	Ito En Repurchases 1.02 Million Shares for 1.91 Billion Yen Early March	MT
Mar. 05	Ito En to Buy Back Nearly 2 Billion Yen Worth of Shares	MT

Valuation

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	574,588	596,507	610,648	533,534	431,368	383,453	-	-
Enterprise Value (EV) ¹	569,893	587,371	600,069	515,347	403,937	346,453	335,653	323,853
P/E ratio	47.7 x	97.2 x	110 x	51.4 x	40.5 x	29.1 x	27.9 x	22.3 x
Yield	0.72%	0.67%	0.66%	0.75%	0.95%	1.14%	1.18%	1.3%
Capitalization / Revenue	1.14 x	1.23 x	1.37 x	1.33 x	1 x	0.85 x	0.84 x	0.83 x
EV / Revenue	1.13 x	1.22 x	1.34 x	1.29 x	0.94 x	0.77 x	0.73 x	0.7 x
EV / EBITDA	15 x	16.9 x	19.8 x	16.6 x	13 x	9.99 x	9.42 x	8.36 x
EV / FCF	41.5 x	37.9 x	38.1 x	34.8 x	26.7 x	26.4 x	22.4 x	20.2 x
FCF Yield	2.41%	2.64%	2.62%	2.88%	3.75%	3.78%	4.47%	4.94%
Price to Book	4.5 x	4.89 x	4.84 x	4 x	2.99 x	2.07 x	1.95 x	1.81 x
Nbr of stocks (in thousands)	121,611	121,242	121,251	120,967	120,993	119,576	-	-
Reference price ²	5,530	5,980	6,050	5,340	4,205	3,689	3,689	3,689
Announcement Date	6/3/19	6/15/20	6/1/21	6/1/22	6/1/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	504,153	483,360	446,281	400,769	431,674	451,563	458,132	464,450
EBITDA ¹	38,007	34,805	30,368	31,135	31,015	34,680	35,625	38,750
EBIT ¹	22,819	19,940	16,675	18,794	19,588	25,749	26,711	30,650
Operating Margin	4.53%	4.13%	3.74%	4.69%	4.54%	5.7%	5.83%	6.6%
Earnings before Tax (EBT)	22,486	14,368	13,395	20,343	19,684	-	-	-
Net income ¹	14,462	7,793	7,011	12,928	12,888	15,338	16,012	17,205
Net margin	2.87%	1.61%	1.57%	3.23%	2.99%	3.4%	3.49%	3.7%
EPS ²	116.0	61.53	55.10	103.9	103.8	126.8	132.3	165.7
Free Cash Flow ¹	13,745	15,502	15,740	14,829	15,134	13,100	15,000	16,000
FCF margin	2.73%	3.21%	3.53%	3.7%	3.51%	2.9%	3.27%	3.44%
FCF Conversion (EBITDA)	36.16%	44.54%	51.83%	47.63%	48.8%	37.77%	42.11%	41.29%
FCF Conversion (Net income)	95.04%	198.92%	224.5%	114.7%	117.43%	85.41%	93.68%	93%
Dividend per Share ²	40.00	40.00	40.00	40.00	40.00	42.00	43.67	48.00
Announcement Date	6/3/19	6/15/20	6/1/21	6/1/22	6/1/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: April	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	265,471	236,585	102,941	208,716	94,910	97,143	113,225	114,037	227,262	101,192	103,220	121,154	121,373	242,527	103,724	104,749	-	-	-	-
EBITDA	-	-	8,432	-	3,946	10,080	8,830	8,227	-	4,784	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,107	8,610	4,544	10,856	3,255	4,683	6,002	5,333	11,335	4,536	3,717	9,992	7,054	17,046	4,712	3,942	-	-	-	-
Operating Margin	5.31%	3.64%	4.41%	5.2%	3.43%	4.82%	5.3%	4.68%	4.99%	4.48%	3.6%	8.25%	5.81%	7.03%	4.54%	3.76%	-	-	-	-
Earnings before Tax (EBT)	13,688	8,088	-	12,127	4,149	-	6,622	-	12,178	3,915	-	10,409	-	17,304	4,829	-	-	-	-	-
Net income ¹	8,925	4,596	3,288	7,752	2,586	2,590	4,217	3,706	7,923	2,262	2,703	6,828	4,381	11,209	3,034	92.09	-	-	-	-
Net margin	3.36%	1.94%	3.19%	3.71%	2.72%	2.67%	3.72%	3.25%	3.49%	2.24%	2.62%	5.64%	3.61%	4.62%	2.93%	0.09%	-	-	-	-
EPS ²	72.20	36.54	-	62.57	21.33	-	34.86	-	64.14	18.69	-	56.43	34.58	91.01	25.08	-28.02	-	-	-	-
Dividend per Share ²	20.00	20.00	-	20.00	-	-	-	-	20.00	-	-	-	-	21.00	-	21.00	-	22.50	-	22.50
Announcement Date	12/2/19	12/1/20	12/1/21	12/1/21	3/1/22	6/1/22	9/1/22	12/1/22	12/1/22	3/1/23	6/1/23	9/1/23	12/1/23	12/1/23	3/1/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	4,695	9,136	10,579	18,187	27,431	37,000	47,800	59,600
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	13,745	15,502	15,740	14,829	15,134	13,100	15,000	16,000
ROE (net income / shareholders' equity)	9.9%	5.07%	4.7%	8.2%	7.8%	10.1%	9.84%	10.3%
ROA (Net income/ Total Assets)	7.67%	2.62%	5.46%	6.04%	6.1%	7.8%	7.9%	8.4%
Assets ¹	188,528	297,329	128,395	214,083	211,347	196,638	202,679	204,818
Book Value Per Share ²	1,229	1,222	1,250	1,335	1,409	1,780	1,895	2,034
Cash Flow per Share	315.0	237.0	220.0	274.0	263.0	-	-	-
Capex ¹	12,383	10,348	9,611	9,253	9,352	9,900	9,000	9,000
Capex / Sales	2.46%	2.14%	2.15%	2.31%	2.17%	2.19%	1.96%	1.94%
Announcement Date	6/3/19	6/15/20	6/1/21	6/1/22	6/1/23	-	-	-

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 Ito En, Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,689 JPY

Average target price

4,117 JPY

Spread / Average Target

+11.59%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Non-Alcoholic Beverages

	1st Jan change	Capi.
ITO EN, LTD.	-13.85%	2.44B
THE COCA-COLA COMPANY	+4.77%	266B
KEURIG DR PEPPER INC.	+1.20%	45.71B
VARUN BEVERAGES LIMITED	+18.01%	22.74B
ARCA CONTINENTAL, S.A.B. DE C.V.	-9.31%	16.6B
CELSIUS HOLDINGS, INC.	+34.19%	17.05B
COCA-COLA HELLENIC	+11.50%	11.7B
SWIRE PACIFIC LIMITED	-1.51%	10.8B
SUNTORY BEVERAGE & FOOD LIMITED	+8.37%	9.89B
COCA-COLA CONSOLIDATED, INC.	-11.41%	7.71B

Other Non-Alcoholic Beverages