Financials Mitsui O.S.K. Lines Ltd

Equities

9104

JP3362700001

Marine Freight & Logistics

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
4,713 ^JPY	+2.12%		+2.68%	+4.34%

Apr. 05	Japan's Mitsui OSK starts FSRU operations for Indonesian gas-fired power plant	RE
Apr. 03	Russia, Novatek working on gas carriers issue for Arctic LNG 2, TASS cites minister	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	284,753	208,929	463,390	1,230,699	1,195,850	1,707,478	-	-
Enterprise Value (EV) ¹	1,264,086	1,196,970	1,387,537	2,118,292	2,252,553	2,893,831	3,011,530	3,109,126
P/E ratio	10.6 x	6.4 x	5.15 x	1.74 x	1.5 x	7.13 x	8.53 x	10.2 x
Yield	1.89%	3.72%	3.87%	11.7%	16.9%	4.31%	3.78%	3.3%
Capitalization / Revenue	0.23 x	0.18 x	0.47 x	0.97 x	0.74 x	1.09 x	1.09 x	1.09 x
EV / Revenue	1.02 x	1.04 x	1.4 x	1.67 x	1.4 x	1.85 x	1.92 x	1.99 x
EV / EBITDA	9.89 x	10.7 x	17.2 x	15 x	11.1 x	15.1 x	13.4 x	13.7 x
EV / FCF	-8.83 x	-183 x	31.4 x	10.6 x	8.41 x	29.4 x	-27.2 x	-20.7 x
FCF Yield	-11.3%	-0.55%	3.19%	9.45%	11.9%	3.4%	-3.68%	-4.84%
Price to Book	0.54 x	0.41 x	0.8 x	0.97 x	0.62 x	0.81 x	0.78 x	0.75 x
Nbr of stocks (in thousands)	358,782	358,778	358,754	359,854	361,284	362,291	-	-
Reference price ²	793.7	582.3	1,292	3,420	3,310	4,713	4,713	4,713
Announcement Date	4/26/19	4/30/20	4/30/21	4/28/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,234,077	1,155,404	991,426	1,269,310	1,611,984	1,566,381	1,566,464	1,563,624
EBITDA ¹	127,856	111,544	80,495	141,404	203,369	191,779	224,858	227,738
EBIT ¹	37,718	23,779	-5,303	55,005	108,709	95,052	109,712	105,512
Operating Margin	3.06%	2.06%	-0.53%	4.33%	6.74%	6.07%	7%	6.75%
Earnings before Tax (EBT) ¹	46,778	47,130	100,313	732,993	819,160	260,112	232,188	192,575
Net income ¹	26,875	32,623	90,052	708,819	796,060	234,052	199,034	166,778
Net margin	2.18%	2.82%	9.08%	55.84%	49.38%	14.94%	12.71%	10.67%
EPS ²	74.91	90.93	251.0	1,970	2,204	661.3	552.3	463.3
Free Cash Flow ¹	-143,093	-6,527	44,238	200,187	267,930	98,293	-110,700	-150,400
FCF margin	-11.6%	-0.56%	4.46%	15.77%	16.62%	6.28%	-7.07%	-9.62%
FCF Conversion (EBITDA)	-	-	54.96%	141.57%	131.75%	51.25%	-	-
FCF Conversion (Net income)	-	-	49.12%	28.24%	33.66%	42%	-	-
Dividend per Share ²	15.00	21.67	50.00	400.0	560.0	203.1	178.3	155.6
Announcement Date	4/26/19	4/30/20	4/30/21	4/28/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2020 S1	2020 S2	2021 S1	2021 S2	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	574,350	581,054	484,686	506,740	308,213	597,087	331,413	340,810	374,783	446,554	821,337	436,631	354,016	385,183	404,919	790,102	428,562	400,450
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	12,045	11,734	-4,222	-1,081	12,350	20,392	22,020	12,593	23,597	32,490	56,087	40,157	12,465	24,472	24,828	49,300	30,826	24,700
Operating Margin	2.1%	2.02%	-0.87%	-0.21%	4.01%	3.42%	6.64%	3.7%	6.3%	7.28%	6.83%	9.2%	3.52%	6.35%	6.13%	6.24%	7.19%	6.17%
Earnings before Tax (EBT)	32,291	-	36,579	-	173,650	280,073	219,919	-	288,824	331,612	620,436	138,824	59,900	109,629	-	177,953	60,259	-
Net income	25,636	-	30,251	-	170,701	274,848	212,339	221,632	285,779	315,744	601,523	121,722	72,815	91,155	59,637	150,792	52,812	-
Net margin	4.46%	-	6.24%	-	55.38%	46.03%	64.07%	65.03%	76.25%	70.71%	73.24%	27.88%	20.57%	23.67%	14.73%	19.09%	12.32%	-
EPS	71.46	-	84.32	-	474.8	765.0	590.1	615.1	792.0	874.5	1,666	336.9	200.7	252.0	164.8	416.7	145.9	-
Dividend per Share ²	10.00	-	5.000	-	100.0	100.0	-	300.0	-	300.0	300.0	-	-	-	-	110.0	-	130.7
Announcement Date	10/31/19	4/30/20	10/30/20	4/30/21	10/29/21	10/29/21	1/31/22	4/28/22	7/29/22	10/31/22	10/31/22	1/31/23	4/28/23	7/31/23	10/31/23	10/31/23	1/31/24	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	979,333	988,041	924,147	887,593	1,056,703	1,186,353	1,304,051	1,401,647
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.66 x	8.858 x	11.48 x	6.277 x	5.196 x	6.186 x	5.799 x	6.155 x
Free Cash Flow ¹	-143,093	-6,527	44,238	200,187	267,930	98,293	-110,700	-150,400
ROE (net income / shareholders' equity)	5.2%	6.3%	16.5%	76.5%	49.8%	11.8%	9.96%	7.37%
ROA (Net income/ Total Assets)	1.77%	2.6%	6.37%	30.2%	26%	6.44%	6.24%	4.62%
Assets ¹	1,518,876	1,253,400	1,413,516	2,348,195	3,065,671	3,635,288	3,191,860	3,608,341
Book Value Per Share ²	1,463	1,431	1,610	3,532	5,322	5,806	6,053	6,282
Cash Flow per Share ²	326.0	336.0	490.0	2,210	2,466	1,047	983.0	914.0
Capex ¹	155,683	155,104	104,419	112,337	272,092	287,316	347,316	377,316
Capex / Sales	12.62%	13.42%	10.53%	8.85%	16.88%	18.34%	22.17%	24.13%
Announcement Date	4/26/19	4/30/20	4/30/21	4/28/22	4/28/23	-	-	-

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 Mitsui O.S.K. Lines Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4,713 JPY

Average target price

4,662 JPY

Spread / Average Target

-1.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
MITSUI O.S.K. LINES LTD	+4.34%	10.85B
HAPAG-LLOYD AG	+24.30%	31.49B
COSCO SHIPPING HOLDINGS CO., LTD.	+21.02%	23.83B
AP MOLLER MAERSK	-14.91%	23.03B
NIPPON YUSEN KABUSHIKI KAISHA	-3.80%	12.27B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+45.92%	9.64B
KAWASAKI KISEN KAISHA, LTD.	+3.71%	9.39B
ORIENT OVERSEAS (INTERNATIONAL) LIMITED	-1.74%	9.03B
ADNOC LOGISTICS & SERVICES PLC	+3.13%	7.96B
HMM CO.,LTD	-22.98%	7.55B

Other Marine Freight & Logistics