Financials J.S.B.Co.,Ltd.

Equities

3480

JP3386630002

Real Estate Development & Operations

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,816 ^JPY	+5.55%		+8.98%	+12.28%

2023	Gakken Cocofump Holdings Co., Ltd. completed the acquisition of Grand UniLife Care Service Co., Ltd. from J.S.B.Co.,Ltd.	CI
2023	Tranche Update on J.S.B.Co.,Ltd.'s Equity Buyback Plan announced on September 13, 2023.	CI

Valuation

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,351	28,357	28,876	40,390	48,153	59,134	-	-
Enterprise Value (EV) ¹	25,351	31,663	32,047	45,251	58,577	59,134	59,134	59,134
P/E ratio	11 x	10.2 x	8.63 x	9.41 x	10.1 x	8.21 x	10.3 x	9.51 x
Yield	1.03%	1.15%	1.22%	1.14%	1.37%	2.17%	1.85%	1.92%
Capitalization / Revenue	0.59 x	0.59 x	0.55 x	0.7 x	0.75 x	0.86 x	0.78 x	0.72 x
EV / Revenue	0.59 x	0.59 x	0.55 x	0.7 x	0.75 x	0.86 x	0.78 x	0.72 x
EV / EBITDA	6.03 x	5.43 x	4.54 x	5.36 x	5.59 x	6.06 x	5.53 x	5.21 x
EV / FCF	-27.5 x	-284 x	-15.1 x	-38.6 x	-9.9 x	17.6 x	38.5 x	66.2 x
FCF Yield	-3.64%	-0.35%	-6.61%	-2.59%	-10.1%	5.67%	2.59%	1.51%
Price to Book	1.72 x	1.65 x	1.3 x	1.51 x	1.55 x	1.6 x	1.41 x	1.26 x
Nbr of stocks (in thousands)	19,061	19,160	20,137	20,955	20,991	20,999	-	-
Reference price ²	1,330	1,480	1,434	1,928	2,294	2,816	2,816	2,816
Announcement Date	12/13/19	12/14/20	12/14/21	12/14/22	12/14/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	42,667	48,058	52,787	57,922	63,781	68,730	75,835	82,215
EBITDA ¹	4,203	5,222	6,367	7,541	8,616	9,750	10,700	11,350
EBIT ¹	3,425	4,338	5,337	6,312	7,187	7,850	8,650	9,365
Operating Margin	8.03%	9.03%	10.11%	10.9%	11.27%	11.42%	11.41%	11.39%
Earnings before Tax (EBT) ¹	3,338	4,166	5,050	6,475	7,108	10,702	8,550	9,265
Net income ¹	2,307	2,761	3,252	4,303	4,775	7,254	5,746	6,212
Net margin	5.41%	5.75%	6.16%	7.43%	7.49%	10.55%	7.58%	7.56%
EPS ²	121.0	144.5	166.2	204.8	227.4	342.9	273.8	296.0
Free Cash Flow ¹	-922	-100	-1,908	-1,046	-4,862	3,353	1,534	893
FCF margin	-2.16%	-0.21%	-3.61%	-1.81%	-7.62%	4.88%	2.02%	1.09%
FCF Conversion (EBITDA)	-	-	-	-	-	34.39%	14.34%	7.87%
FCF Conversion (Net income)	-	-	-	-	-	46.22%	26.69%	14.38%
Dividend per Share ²	13.75	17.00	17.50	22.00	31.50	61.00	52.00	54.00
Announcement Date	12/13/19	12/14/20	12/14/21	12/14/22	12/14/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: October	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	20,040	25,834	22,224	28,551	12,083	24,236	11,649	19,783	31,432	13,399	13,091	26,490	12,951	21,975	34,926	14,471	14,384	28,855	13,776	24,592	38,500	15,085	15,095	30,100
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	308	4,037	301	4,658	-3	679	-197	5,756	5,559	880	-127	753	-228	6,513	6,285	896	6	902	-375	7,512	7,200	765	-80	500
Operating Margin	1.54%	15.63%	1.35%	16.31%	-0.02%	2.8%	-1.69%	29.1%	17.69%	6.57%	-0.97%	2.84%	-1.76%	29.64%	18%	6.19%	0.04%	3.13%	-2.72%	30.55%	18.7%	5.07%	-0.53%	1.66%
Earnings before Tax (EBT)	254	3,966	200	4,638	-55	412	-225	-	5,823	863	-211	652	-262	6,516	6,254	904	-50	854	2,571	-	-	-	-	-
Net income ¹	243	2,654	107	3,071	-77	181	-145	-	3,887	589	-173	416	-172	4,352	4,180	617	-22	595	1,786	5,114	6,900	600	-300	300
Net margin	1.21%	10.27%	0.48%	10.76%	-0.64%	0.75%	-1.24%	-	12.37%	4.4%	-1.32%	1.57%	-1.33%	19.8%	11.97%	4.26%	-0.15%	2.06%	12.96%	20.8%	17.92%	3.98%	-1.99%	1%
EPS	-	139.0	-	160.2	-	-	-6.905	-	184.9	27.86	-	-	-8.210	-	199.2	29.31	-	-	85.14	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	12/13/19	6/12/20	12/14/20	6/11/21	12/14/21	12/14/21	3/14/22	6/13/22	6/13/22	9/13/22	12/14/22	12/14/22	3/14/23	6/13/23	6/13/23	9/13/23	12/14/23	12/14/23	3/14/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	3,306	3,171	4,861	10,424	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	0.6331 x	0.4981 x	0.6446 x	1.21 x	-	-	-
Free Cash Flow ¹	-922	-100	-1,908	-1,046	-4,862	3,353	1,534	893
ROE (net income / shareholders' equity)	16.8%	17.3%	16.1%	17.2%	16.5%	19.5%	-	-
ROA (Net income/ Total Assets)	10.4%	11.4%	11.5%	11.3%	11.3%	-	-	-
Assets ¹	22,246	24,316	28,307	37,987	42,391	-	-	-
Book Value Per Share ²	771.0	895.0	1,103	1,277	1,480	1,764	1,995	2,243
Cash Flow per Share	162.0	191.0	219.0	263.0	295.0	-	-	-
Capex ¹	3,901	4,692	7,074	7,366	10,813	2,500	5,750	5,750
Capex / Sales	9.14%	9.76%	13.4%	12.72%	16.95%	3.64%	7.58%	6.99%
Announcement Date	12/13/19	12/14/20	12/14/21	12/14/22	12/14/23	-	-	-

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 J.S.B.Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,816 JPY

Average target price

2,850 JPY

Spread / Average Target

+1.21%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential Real Estate Development

	1st Jan change	Capi.
J.S.B.CO.,LTD.	+12.28%	376M
VONOVIA SE	-9.36%	22.5B
AKELIUS RESIDENTIAL PROPERTY AB	+9.02%	10.79B
CHINA VANKE CO., LTD.	-34.32%	10.32B
DEUTSCHE WOHNEN SE	-28.99%	7.2B
VINHOMES	-5.56%	7.01B
VINGROUP	-0.34%	6.53B
LEG IMMOBILIEN SE	-3.03%	6.09B
OPEN HOUSE GROUP CO., LTD.	+12.96%	3.57B
IIDA GROUP HOLDINGS CO., LTD.	-5.92%	3.54B

Residential Real Estate Development