Stock 2914 JAPAN TOBACCO, INC.
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Financials Japan Tobacco, Inc.

Equities

2914

JP3726800000

Tobacco

Market Closed - Japan Exchange
Other stock markets
 02:31:46 2024-04-26 am EDT 		5-day change 1st Jan Change
4,177 JPY +0.51% Intraday chart for Japan Tobacco, Inc. +2.58% +14.60%
Apr. 19 Japan Tobacco Issues 643.23 Million Yen Worth of Shares as Restricted Stock Compensation and Performance Share Units MT
Apr. 15 Japan Tobacco to Issue Euro-Denominated Bonds Worth 600 Million Euros MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,314,758 3,729,458 4,121,325 4,722,880 6,470,988 7,415,461 - -
Enterprise Value (EV) 1 4,932,101 4,208,419 4,318,216 4,814,306 6,573,041 7,336,750 7,167,339 6,951,738
P/E ratio 12.4 x 12 x 12.2 x 10.7 x 13.4 x 15.2 x 14.2 x 13.2 x
Yield 6.33% 7.33% 6.03% 7.07% 5.32% 4.79% 5.12% 5.49%
Capitalization / Revenue 1.98 x 1.78 x 1.77 x 1.78 x 2.28 x 2.49 x 2.42 x 2.31 x
EV / Revenue 2.27 x 2.01 x 1.86 x 1.81 x 2.31 x 2.47 x 2.34 x 2.17 x
EV / EBITDA 7.19 x 6.49 x 6.29 x 5.64 x 7.71 x 8.5 x 8.01 x 7.5 x
EV / FCF 12.1 x 10.2 x 8.61 x 12.6 x 14.9 x 16.7 x 15 x 13.3 x
FCF Yield 8.29% 9.77% 11.6% 7.93% 6.72% 6% 6.66% 7.5%
Price to Book 1.62 x 1.48 x 1.47 x 1.33 x 1.69 x 1.87 x 1.84 x 1.79 x
Nbr of stocks (in thousands) 1,773,796 1,774,243 1,774,521 1,774,851 1,775,305 1,775,308 - -
Reference price 2 2,432 2,102 2,322 2,661 3,645 4,177 4,177 4,177
Announcement Date 2/6/20 2/9/21 2/14/22 2/14/23 2/13/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,175,626 2,092,561 2,324,838 2,657,832 2,841,077 2,975,994 3,069,285 3,208,105
EBITDA 1 686,207 648,708 686,078 853,226 852,062 863,536 894,720 927,483
EBIT 1 502,355 469,054 499,021 653,575 672,410 692,052 724,360 764,072
Operating Margin 23.09% 22.42% 21.46% 24.59% 23.67% 23.25% 23.6% 23.82%
Earnings before Tax (EBT) 1 465,232 420,063 472,390 593,450 621,601 652,645 693,566 740,834
Net income 1 348,190 310,253 338,490 442,716 482,288 486,915 518,652 556,802
Net margin 16% 14.83% 14.56% 16.66% 16.98% 16.36% 16.9% 17.36%
EPS 2 196.0 174.9 190.8 249.4 271.7 274.6 293.3 316.1
Free Cash Flow 1 408,976 411,213 501,410 381,977 441,653 439,934 477,700 521,520
FCF margin 18.8% 19.65% 21.57% 14.37% 15.55% 14.78% 15.56% 16.26%
FCF Conversion (EBITDA) 59.6% 63.39% 73.08% 44.77% 51.83% 50.95% 53.39% 56.23%
FCF Conversion (Net income) 117.46% 132.54% 148.13% 86.28% 91.57% 90.35% 92.1% 93.66%
Dividend per Share 2 154.0 154.0 140.0 188.0 194.0 200.3 214.1 229.4
Announcement Date 2/6/20 2/9/21 2/14/22 2/14/23 2/13/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2021 S1 2021 Q3 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 2025 Q1 2025 S1 2025 S2 2026 S1
Net sales 1 1,117,077 1,030,218 1,144,500 631,600 558,763 1,180,338 581,505 685,323 1,266,828 741,670 649,284 1,391,004 665,278 727,534 1,392,812 764,206 684,059 1,448,265 717,303 783,800 1,505,000 821,195 725,621 1,565,800 793,087 - - -
EBITDA - - - - - - - - - - - - - - - - - - - - - - - - - - - -
EBIT 1 191,029 251,989 322,100 158,600 18,325 - 178,368 204,604 382,972 196,330 91,372 270,603 206,404 207,151 413,555 218,292 40,563 258,855 209,686 206,491 400,900 219,737 65,820 264,000 198,881 - - -
Operating Margin 17.1% 24.46% 28.14% 25.11% 3.28% - 30.67% 29.86% 30.23% 26.47% 14.07% 19.45% 31.03% 28.47% 29.69% 28.56% 5.93% 17.87% 29.23% 26.34% 26.64% 26.76% 9.07% 16.86% 25.08% - - -
Earnings before Tax (EBT) 1 174,614 225,961 314,095 149,726 8,569 - 174,699 186,286 360,985 174,611 57,854 - 183,146 190,284 373,430 212,779 35,392 248,171 202,857 221,572 - 235,910 57,357 - - - - -
Net income 1 121,739 172,495 225,200 113,600 -323 - 124,110 139,953 264,063 139,740 38,916 - 144,684 142,325 287,009 155,001 40,278 195,279 143,650 158,060 - 169,101 31,615 - - - - -
Net margin 10.9% 16.74% 19.68% 17.99% -0.06% - 21.34% 20.42% 20.84% 18.84% 5.99% - 21.75% 19.56% 20.61% 20.28% 5.89% 13.48% 20.03% 20.17% - 20.59% 4.36% - - - - -
EPS 2 68.74 97.23 126.9 64.03 -0.1900 - 69.94 78.86 148.8 78.73 21.92 100.6 81.52 80.18 161.7 87.31 22.68 110.0 81.06 86.35 - 90.67 22.50 - - - - -
Dividend per Share 2 77.00 - 65.00 - 75.00 75.00 - 75.00 75.00 - 113.0 113.0 - 94.00 94.00 - 100.0 100.0 49.82 49.82 96.50 49.82 49.82 99.50 55.42 103.0 108.5 105.5
Announcement Date 2/6/20 7/31/20 7/30/21 10/29/21 2/14/22 2/14/22 4/28/22 7/29/22 7/29/22 10/31/22 2/14/23 2/14/23 5/2/23 7/31/23 7/31/23 10/31/23 2/13/24 2/13/24 - - - - - - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 617,343 478,961 196,891 91,426 102,053 - - -
Net Cash position 1 - - - - - 78,711 248,122 463,724
Leverage (Debt/EBITDA) 0.8996 x 0.7383 x 0.287 x 0.1072 x 0.1198 x - - -
Free Cash Flow 1 408,976 411,213 501,410 381,977 441,653 439,934 477,700 521,521
ROE (net income / shareholders' equity) 13.2% 12% 12.7% 13.9% 13.1% 12.5% 13.3% 14%
ROA (Net income/ Total Assets) 8.45% 7.68% 8.47% 9.63% 8.99% 6.5% 6.8% 7.17%
Assets 1 4,121,738 4,038,023 3,996,755 4,596,237 5,365,283 7,491,004 7,627,242 7,769,327
Book Value Per Share 2 1,501 1,422 1,583 1,995 2,157 2,230 2,269 2,334
Cash Flow per Share 2 299.0 276.0 296.0 362.0 373.0 358.0 379.0 395.0
Capex 1 131,434 108,620 86,350 101,044 125,361 152,000 131,600 127,500
Capex / Sales 6.04% 5.19% 3.71% 3.8% 4.41% 5.11% 4.29% 3.97%
Announcement Date 2/6/20 2/9/21 2/14/22 2/14/23 2/13/24 - - -
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 Japan Tobacco, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
4,177 JPY
Average target price
4,014 JPY
Spread / Average Target
-3.89%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Cigars & Cigarette Manufacturing
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