Financials Japan Exchange Group, Inc.

Equities

8697

JP3183200009

Financial & Commodity Market Operators

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,794 ^JPY	+0.21%		+1.09%	+27.19%

Apr. 25	Chugai Pharmaceutical's Parent Roche Logs Lower Q1 Sales; Stock Falls 5%	MT
Apr. 23	Shimano’s Attributable Profit Jumps 17.2% in Fiscal Q1	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,056,798	1,020,549	1,389,057	1,205,931	1,058,225	1,974,028	-	-
Enterprise Value (EV) ¹	932,253	883,719	1,216,508	1,047,044	1,012,386	1,860,697	1,835,534	1,817,052
P/E ratio	21.5 x	21.4 x	27 x	24.2 x	22.9 x	32.1 x	31.8 x	30.2 x
Yield	3.55%	2.83%	2.62%	3.15%	3.12%	2.4%	1.99%	2.1%
Capitalization / Revenue	8.72 x	8.25 x	10.4 x	8.9 x	7.9 x	12.9 x	12.2 x	11.8 x
EV / Revenue	7.7 x	7.14 x	9.12 x	7.73 x	7.56 x	12.2 x	11.4 x	10.8 x
EV / EBITDA	11.4 x	10.4 x	13.3 x	11.5 x	11.6 x	18.5 x	16.5 x	15.5 x
EV / FCF	19,168,365 x	15,870,818 x	17,320,049 x	18,748,432 x	-	-	-	-
FCF Yield	0%	0%	0%	0%	-	-	-	-
Price to Book	3.71 x	3.42 x	4.32 x	3.82 x	3.37 x	-	-	-
Nbr of stocks (in thousands)	535,630	535,440	535,282	527,529	524,263	520,303	-	-
Reference price ²	1,973	1,906	2,595	2,286	2,018	3,794	3,794	3,794
Announcement Date	4/26/19	4/30/20	4/28/21	4/26/22	4/27/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	121,134	123,688	133,343	135,432	133,991	152,988	161,656	167,572
EBITDA ¹	81,731	85,032	91,348	90,998	87,224	100,845	111,331	116,893
EBIT ¹	69,535	68,533	74,565	73,473	68,253	84,651	88,321	92,219
Operating Margin	57.4%	55.41%	55.92%	54.25%	50.94%	55.33%	54.64%	55.03%
Earnings before Tax (EBT) ¹	70,786	69,095	74,732	73,429	68,207	85,033	91,960	97,502
Net income ¹	49,057	47,609	51,389	49,955	46,342	61,560	62,052	65,317
Net margin	40.5%	38.49%	38.54%	36.89%	34.59%	40.24%	38.39%	38.98%
EPS ²	91.58	88.91	96.00	94.35	88.03	118.3	119.3	125.5
Free Cash Flow	48,635	55,682	70,237	55,847	-	-	-	-
FCF margin	40.15%	45.02%	52.67%	41.24%	-	-	-	-
FCF Conversion (EBITDA)	59.51%	65.48%	76.89%	61.37%	-	-	-	-
FCF Conversion (Net income)	99.14%	116.96%	136.68%	111.79%	-	-	-	-
Dividend per Share ²	70.00	54.00	68.00	72.00	63.00	91.10	75.55	79.53
Announcement Date	4/26/19	4/30/20	4/28/21	4/26/22	4/27/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	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
Net sales ¹	57,936	63,834	33,003	65,506	35,080	34,846	33,576	32,910	66,486	34,043	33,462	36,953	36,432	73,385	38,254	41,838
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	31,870	35,191	17,592	36,051	19,916	17,506	17,777	16,350	34,127	17,638	16,488	25,038	19,461	44,499	21,543	22,113
Operating Margin	55.01%	55.13%	53.3%	55.03%	56.77%	50.24%	52.95%	49.68%	51.33%	51.81%	49.27%	67.76%	53.42%	60.64%	56.32%	52.85%
Earnings before Tax (EBT)	32,011	35,225	-	36,044	19,892	-	17,790	-	34,122	17,614	-	25,068	-	44,506	21,518	-
Net income	21,573	23,787	12,273	24,564	13,449	-	12,089	-	23,189	11,986	-	17,736	-	31,432	15,159	-
Net margin	37.24%	37.26%	37.19%	37.5%	38.34%	-	36%	-	34.88%	35.21%	-	48%	-	42.83%	39.63%	-
EPS ²	40.29	44.44	23.21	46.23	25.48	22.64	22.93	21.08	44.01	22.75	21.27	34.08	26.33	60.41	29.13	29.85
Dividend per Share	24.00	26.00	-	26.00	-	-	-	-	26.00	-	-	-	-	31.00	-	-
Announcement Date	10/30/19	10/28/20	10/27/21	10/27/21	1/27/22	4/26/22	7/27/22	10/27/22	10/27/22	1/30/23	4/27/23	7/28/23	10/26/23	10/26/23	1/29/24	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	124,545	136,830	172,549	158,887	45,839	113,331	138,494	156,976
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	48,635	55,682	70,237	55,847	-	-	-	-
ROE (net income / shareholders' equity)	17.6%	16.3%	16.6%	15.7%	14.7%	19.9%	21.1%	22.1%
ROA (Net income/ Total Assets)	0.15%	0.11%	0.12%	0.11%	0.09%	-	-	-
Assets ¹	33,052,823	41,809,959	43,791,223	44,742,499	52,198,693	-	-	-
Book Value Per Share	532.0	557.0	600.0	598.0	599.0	-	-	-
Cash Flow per Share	114.0	120.0	127.0	127.0	124.0	-	-	-
Capex	4,143	1,199	2,880	2,344	11,301	-	-	-
Capex / Sales	3.42%	0.97%	2.16%	1.73%	8.43%	-	-	-
Announcement Date	4/26/19	4/30/20	4/28/21	4/26/22	4/27/23	-	-	-

¹JPY in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Japan Exchange Group, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,794 JPY

Average target price

3,392 JPY

Spread / Average Target

-10.58%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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