Financials Lawson, Inc.

Equities

2651

JP3982100004

Food Retail & Distribution

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
10,330 ^JPY	0.00%		-0.14%	+41.84%

Apr. 25	KDDI Corporation completed the acquisition of additional 47.88% stake in Lawson, Inc. from its shareholders for ¥400 billion.	CI
Apr. 11	Lawson's Attributable Profit Up 75.5% in Fiscal 2024 On Higher Sales	MT

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	675,387	573,357	497,834	480,342	536,413	1,033,805	-	-
Enterprise Value (EV) ¹	757,747	761,895	533,645	483,351	1,233,355	1,026,304	1,667,005	1,477,511
P/E ratio	26.4 x	28.5 x	57.3 x	26.8 x	18.1 x	19.7 x	19.9 x	18.5 x
Yield	3.78%	2.62%	3.02%	3.13%	2.8%	1.15%	2.53%	2.67%
Capitalization / Revenue	0.96 x	0.79 x	0.75 x	0.69 x	0.54 x	0.94 x	0.91 x	0.89 x
EV / Revenue	1.08 x	1.04 x	0.8 x	0.69 x	1.23 x	0.94 x	1.47 x	1.27 x
EV / EBITDA	5.94 x	5.36 x	4.39 x	3.8 x	8.82 x	3.34 x	5.3 x	4.58 x
EV / FCF	15.9 x	4.82 x	2.76 x	5.1 x	9.46 x	3.13 x	6.05 x	5.92 x
FCF Yield	6.28%	20.7%	36.2%	19.6%	10.6%	31.9%	16.5%	16.9%
Price to Book	2.44 x	2.12 x	1.86 x	1.76 x	2.15 x	3.6 x	3.25 x	2.99 x
Nbr of stocks (in thousands)	100,057	100,062	100,067	100,071	100,077	100,078	-	-
Reference price ²	6,750	5,730	4,975	4,800	5,360	10,330	10,330	10,330
Announcement Date	4/11/19	4/9/20	4/8/21	4/11/22	4/13/23	4/11/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	700,647	730,236	666,001	698,371	1,000,385	1,087,964	1,130,419	1,164,658
EBITDA ¹	127,625	142,126	121,654	127,038	139,904	307,377	314,800	322,625
EBIT ¹	60,781	62,943	40,876	47,096	54,459	94,090	93,383	97,583
Operating Margin	8.67%	8.62%	6.14%	6.74%	5.44%	8.65%	8.26%	8.38%
Earnings before Tax (EBT) ¹	39,876	30,319	18,230	28,098	47,134	77,292	77,672	82,415
Net income ¹	25,585	20,108	8,689	17,900	29,708	52,148	51,924	55,813
Net margin	3.65%	2.75%	1.3%	2.56%	2.97%	4.79%	4.59%	4.79%
EPS ²	255.7	201.0	86.84	178.9	296.9	521.1	519.3	558.8
Free Cash Flow ¹	47,577	157,921	193,190	94,863	130,419	327,584	275,700	249,600
FCF margin	6.79%	21.63%	29.01%	13.58%	13.04%	30.11%	24.39%	21.43%
FCF Conversion (EBITDA)	37.28%	111.11%	158.8%	74.67%	93.22%	106.57%	87.58%	77.37%
FCF Conversion (Net income)	185.96%	785.36%	2,223.39%	529.96%	439%	628.18%	530.96%	447.21%
Dividend per Share ²	255.0	150.0	150.0	150.0	150.0	117.5	261.2	275.9
Announcement Date	4/11/19	4/9/20	4/8/21	4/11/22	4/13/23	4/11/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	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 S1	2025 Q3	2025 Q4
Net sales ¹	369,131	322,890	179,504	348,768	173,721	175,882	237,756	245,747	483,503	253,882	251,236	264,100	281,392	545,492	268,651	273,821	281,394	299,922	581,316	281,394	295,290
EBITDA	-	-	35,855	-	31,984	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	36,763	16,690	16,089	26,706	11,945	8,445	13,279	15,714	28,993	16,161	9,902	26,246	26,823	53,069	22,212	18,809	30,651	31,375	62,026	25,677	12,297
Operating Margin	9.96%	5.17%	8.96%	7.66%	6.88%	4.8%	5.59%	6.39%	6%	6.37%	3.94%	9.94%	9.53%	9.73%	8.27%	6.87%	10.89%	10.46%	10.67%	9.12%	4.16%
Earnings before Tax (EBT) ¹	30,632	7,383	-	26,055	10,193	-	12,758	-	26,109	14,944	-	24,041	23,868	47,909	19,920	9,463	-	-	-	-	-
Net income ¹	20,107	3,307	11,768	17,405	6,973	-6,478	8,029	7,380	15,409	10,714	-1,434	16,095	16,308	32,403	13,479	6,266	-	-	-	-	-
Net margin	5.45%	1.02%	6.56%	4.99%	4.01%	-3.68%	3.38%	3%	3.19%	4.22%	-0.57%	6.09%	5.8%	5.94%	5.02%	2.29%	-	-	-	-	-
EPS ²	201.0	33.05	117.6	173.9	69.68	-64.74	80.24	73.74	154.0	107.0	-14.33	160.8	163.0	323.8	134.7	62.62	-	-	-	-	-
Dividend per Share	75.00	75.00	75.00	75.00	-	75.00	-	75.00	75.00	-	75.00	-	-	117.5	-	-	-	-	-	-	-
Announcement Date	10/9/19	10/8/20	10/7/21	10/7/21	1/7/22	4/11/22	7/11/22	10/6/22	10/6/22	1/10/23	4/13/23	7/11/23	10/13/23	10/13/23	1/12/24	4/11/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	82,360	188,538	35,811	3,009	696,942	634,402	633,200	443,706
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.6453 x	1.327 x	0.2944 x	0.0237 x	4.982 x	2.083 x	2.011 x	1.375 x
Free Cash Flow ¹	47,577	157,921	193,190	94,863	130,419	327,584	275,700	249,600
ROE (net income / shareholders' equity)	9.3%	7.3%	3.2%	6.6%	12.4%	19.5%	17.1%	16.7%
ROA (Net income/ Total Assets)	5.15%	4.17%	0.6%	3.52%	2.63%	3.28%	3.29%	3.38%
Assets ¹	497,233	481,810	1,448,167	508,481	1,128,110	1,504,458	1,579,017	1,648,936
Book Value Per Share ²	2,764	2,707	2,675	2,727	2,497	2,845	3,177	3,456
Cash Flow per Share ²	924.0	992.0	894.0	978.0	2,413	2,652	1,453	1,495
Capex ¹	61,344	44,782	34,764	46,769	45,906	55,806	77,000	75,500
Capex / Sales	8.76%	6.13%	5.22%	6.7%	4.59%	5.13%	6.81%	6.48%
Announcement Date	4/11/19	4/9/20	4/8/21	4/11/22	4/13/23	4/11/24	-	-

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 Lawson, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

10,330 JPY

Average target price

9,298 JPY

Spread / Average Target

-9.99%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
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FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-7.21%	38.45B
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SEVEN & I HOLDINGS CO., LTD.	+9.36%	33.86B
SM INVESTMENTS CORPORATION	+9.52%	20.2B
COLES GROUP LIMITED	+1.92%	14.29B
JERÓNIMO MARTINS, SGPS, S.A.	-17.40%	12.77B
CASEY'S GENERAL STORES, INC.	+16.48%	11.85B
ICA GRUPPEN	-.--%	11.82B
CARREFOUR	-3.89%	11.75B

Supermarkets & Convenience Stores