Financials Sapporo Holdings Limited

Equities

2501

JP3320800000

Brewers

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
5,736 ^JPY	+1.29%		+0.86%	-7.75%

Feb. 27	Imperial Hotel's Stock Price Falls on Plan to Offer Shares at Discount	DJ
Feb. 19	Sapporo to refocus on beer business as activist raises stake	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	200,898	155,095	170,052	255,505	484,377	446,828	-	-
Enterprise Value (EV) ¹	412,998	376,629	372,752	503,322	712,797	659,400	656,382	629,605
P/E ratio	46.1 x	-9.65 x	13.8 x	46.9 x	55.5 x	39.2 x	34.7 x	32.5 x
Yield	1.63%	2.11%	1.92%	1.28%	0.76%	0.86%	0.97%	1.18%
Capitalization / Revenue	0.41 x	0.36 x	0.39 x	0.53 x	0.93 x	0.84 x	0.83 x	0.82 x
EV / Revenue	0.84 x	0.87 x	0.85 x	1.05 x	1.37 x	1.24 x	1.21 x	1.15 x
EV / EBITDA	11.5 x	8.94 x	8.34 x	16.1 x	21.7 x	15.8 x	15 x	14.1 x
EV / FCF	83.5 x	60.1 x	20.3 x	-279 x	43.1 x	49.1 x	63.2 x	53.4 x
FCF Yield	1.2%	1.66%	4.92%	-0.36%	2.32%	2.04%	1.58%	1.87%
Price to Book	1.15 x	1.04 x	1.05 x	1.54 x	2.66 x	2.39 x	2.29 x	2.21 x
Nbr of stocks (in thousands)	77,898	77,898	77,898	77,898	77,899	77,899	-	-
Reference price ²	2,579	1,991	2,183	3,280	6,218	5,736	5,736	5,736
Announcement Date	2/13/20	2/10/21	2/10/22	2/15/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	491,896	434,723	437,159	478,422	518,632	530,491	541,240	546,833
EBITDA ¹	36,000	42,140	44,689	31,340	32,791	41,851	43,684	44,590
EBIT ¹	12,208	-15,938	22,029	10,106	11,820	18,363	19,988	21,427
Operating Margin	2.48%	-3.67%	5.04%	2.11%	2.28%	3.46%	3.69%	3.92%
Earnings before Tax (EBT) ¹	11,588	-19,364	21,185	11,367	12,144	17,163	18,888	20,360
Net income ¹	4,356	-16,071	12,331	5,450	8,724	11,388	12,888	13,760
Net margin	0.89%	-3.7%	2.82%	1.14%	1.68%	2.15%	2.38%	2.52%
EPS ²	55.92	-206.3	158.3	69.96	112.0	146.2	165.5	176.6
Free Cash Flow ¹	4,946	6,267	18,326	-1,806	16,546	13,423	10,384	11,782
FCF margin	1.01%	1.44%	4.19%	-0.38%	3.19%	2.53%	1.92%	2.15%
FCF Conversion (EBITDA)	13.74%	14.87%	41.01%	-	50.46%	32.07%	23.77%	26.42%
FCF Conversion (Net income)	113.54%	-	148.62%	-	189.66%	117.86%	80.57%	85.62%
Dividend per Share ²	42.00	42.00	42.00	42.00	47.00	49.50	55.50	67.50
Announcement Date	2/13/20	2/10/21	2/10/22	2/15/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	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
Net sales ¹	199,983	-	199,706	109,354	128,098	-	93,246	120,542	213,788	132,024	132,610	264,634	108,768	129,759	238,527	139,222	140,883	280,105	110,650	131,700	246,300	137,150	143,850	277,200
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-9,398	-	19,102	4,846	-1,871	-	-4,508	4,267	-241	7,774	2,573	-	-3,282	-	-2,810	12,383	2,247	-	-1,800	6,700	4,900	10,600	3,400	-
Operating Margin	-4.7%	-	9.57%	4.43%	-1.46%	-	-4.83%	3.54%	-0.11%	5.89%	1.94%	-	-3.02%	-	-1.18%	8.89%	1.59%	-	-1.63%	5.09%	1.99%	7.73%	2.36%	-
Earnings before Tax (EBT)	-9,929	-	19,052	4,831	-	-	-4,302	5,060	758	8,231	-	-	-3,826	-	-3,341	11,941	-	-	-	-	-	-	-	-
Net income	-6,429	-	12,341	3,390	-	-	-3,993	3,607	-386	5,685	151	-	-3,596	-	-5,104	8,162	5,666	-	-	-	-	-	-	-
Net margin	-3.21%	-	6.18%	3.1%	-	-	-4.28%	2.99%	-0.18%	4.31%	0.11%	-	-3.31%	-	-2.14%	5.86%	4.02%	-	-	-	-	-	-	-
EPS	-82.53	-	158.4	43.53	-43.65	-	-51.26	46.30	-4.960	72.98	1.940	-	-46.16	-	-65.52	104.8	72.73	-	-	-	-	-	-	-
Dividend per Share	-	42.00	-	-	-	42.00	-	-	-	-	-	42.00	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/6/20	2/10/21	8/6/21	11/5/21	2/10/22	2/10/22	5/12/22	8/10/22	8/10/22	11/9/22	2/15/23	2/15/23	5/11/23	8/10/23	8/10/23	11/10/23	2/14/24	2/14/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	212,100	221,534	202,700	247,817	228,420	212,572	209,554	182,777
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.892 x	5.257 x	4.536 x	7.907 x	6.966 x	5.079 x	4.797 x	4.099 x
Free Cash Flow ¹	4,946	6,267	18,326	-1,806	16,546	13,423	10,384	11,782
ROE (net income / shareholders' equity)	2.6%	-9.9%	7.9%	3.3%	5%	6.18%	6.75%	6.93%
ROA (Net income/ Total Assets)	1.81%	-3.09%	3.5%	1.84%	1.86%	2.13%	2.38%	2.37%
Assets ¹	240,282	520,818	352,410	295,746	467,913	535,918	542,642	581,408
Book Value Per Share ²	2,235	1,923	2,087	2,135	2,340	2,399	2,508	2,594
Cash Flow per Share ²	419.0	130.0	449.0	343.0	381.0	409.0	429.0	452.0
Capex ¹	31,123	10,199	11,982	25,600	28,900	25,383	26,833	24,333
Capex / Sales	6.33%	2.35%	2.74%	5.35%	5.57%	4.78%	4.96%	4.45%
Announcement Date	2/13/20	2/10/21	2/10/22	2/15/23	2/14/24	-	-	-

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 Sapporo Holdings Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

5,736 JPY

Average target price

5,276 JPY

Spread / Average Target

-8.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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