Company Valuation: J. Front Retailing Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: February 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 266,301 251,915 331,274 389,601 499,234 648,884 - -
Change - -5.4% 31.5% 17.61% 28.14% 29.98% - -
Enterprise Value (EV) 1 497,306 476,351 705,348 682,657 807,836 970,884 972,984 973,184
Change - -4.21% 48.07% -3.22% 18.34% 20.18% 0.22% 0.02%
P/E ratio -10.2x 58.3x 23.3x 13x 12.1x 23.9x 21.1x 19.5x
PBR 0.76x 0.72x 0.92x 1.02x 1.22x 1.57x 1.51x 1.45x
PEG - -1x 0x 0x 0.3x -0.8x 1.6x 2.42x
Capitalization / Revenue 0.83x 0.76x 0.92x 0.96x 1.13x 1.44x 1.42x 1.39x
EV / Revenue 1.56x 1.44x 1.96x 1.68x 1.83x 2.16x 2.13x 2.08x
EV / EBITDA 19.1x 8.07x 10.3x 7.62x 7.78x 11.6x 10.9x 10.4x
EV / EBIT -20.5x 50.8x 37x 15.9x 13.9x 20.4x 20x 18.7x
EV / FCF 14x 10.7x 13.5x 8.68x 12.9x 23.2x 26.1x 24.8x
FCF Yield 7.16% 9.36% 7.39% 11.5% 7.78% 4.32% 3.83% 4.02%
Dividend per Share 2 27 29 31 36 52 54 56.8 59.2
Rate of return 2.65% 3.01% 2.45% 2.42% 2.67% 2.07% 2.18% 2.27%
EPS 2 -100 16.5 54.32 114.1 160.4 109.3 124 133.9
Distribution rate -27% 176% 57.1% 31.6% 32.4% 49.4% 45.8% 44.2%
Net sales 1 319,079 331,484 359,679 407,006 441,877 449,965 456,561 467,020
EBITDA 1 26,096 59,009 68,166 89,540 103,792 84,058 89,300 93,450
EBIT 1 -24,265 9,380 19,059 43,048 58,199 47,575 48,580 51,920
Net income 1 -26,193 4,321 14,237 29,913 41,424 27,368 30,980 33,360
Net Debt 1 231,005 224,436 374,074 293,056 308,602 322,000 324,100 324,300
Reference price 2 1,017.00 962.00 1,264.00 1,485.50 1,948.00 2,611.00 2,611.00 2,611.00
Nbr of stocks (in thousands) 261,850 261,866 262,084 262,269 256,280 248,519 - -
Announcement Date 4/13/21 4/12/22 4/11/23 4/15/24 4/14/25 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.78x2.15x11.52x2.08% 4.21B
81.38x7.27x41.64x0.14% 16.38B
19.09x1.49x11.2x4.7% 10.32B
17.49x1.03x8.03x3.9% 7.17B
16.52x1.99x10.79x2.26% 6.77B
67.56x4.27x29.27x0.38% 6.19B
14.31x1.04x6.23x2.35% 5.96B
19.85x1.94x9.41x3.29% 5.93B
11.18x0.33x3.94x3.3% 5.91B
Average 30.13x 2.39x 14.67x 2.49% 7.65B
Weighted average by Cap. 37.11x 3.06x 18.51x 2.3%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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