Financials SHIMAMURA Co., Ltd.

Equities

8227

JP3358200008

Apparel & Accessories Retailers

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
7,779 ^JPY	+2.57%		+6.78%	-1.28%

Apr. 03	Shimamura Logs Higher Attributable Profit in Fiscal Year Ended February	MT
Apr. 01	Shimamura Co., Ltd. Provides Earnings Guidance for the Six Months Ending August 20, 2024 and Full Year Ending February 20, 2025 (From February 21, 2024 to February 20, 2025)	CI

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	337,019	283,717	426,298	367,503	475,189	571,766	-	-
Enterprise Value (EV) ¹	173,759	105,623	214,812	133,076	212,032	599,560	285,395	269,704
P/E ratio	21.1 x	21.6 x	16.3 x	10.4 x	12.5 x	15 x	14.7 x	14.3 x
Yield	2.18%	2.59%	1.9%	2.4%	2.01%	1.72%	2.44%	2.58%
Capitalization / Revenue	0.62 x	0.54 x	0.79 x	0.63 x	0.77 x	0.94 x	0.87 x	0.85 x
EV / Revenue	0.32 x	0.2 x	0.4 x	0.23 x	0.34 x	0.94 x	0.44 x	0.4 x
EV / EBITDA	5.57 x	3.72 x	4.94 x	2.41 x	3.58 x	4.68 x	4.5 x	4.15 x
EV / FCF	37.8 x	6.29 x	7.98 x	0.74 x	5.76 x	18.3 x	9.9 x	8.02 x
FCF Yield	2.65%	15.9%	12.5%	136%	17.4%	5.46%	10.1%	12.5%
Price to Book	0.94 x	0.78 x	1.11 x	0.89 x	1.08 x	1.27 x	1.15 x	1.09 x
Nbr of stocks (in thousands)	73,505	73,502	73,500	73,501	73,502	73,501	-	-
Reference price ²	4,585	3,860	5,800	5,000	6,465	7,779	7,779	7,779
Announcement Date	4/1/19	3/30/20	4/5/21	4/4/22	4/3/23	4/1/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	545,996	521,982	542,608	583,618	616,125	635,091	655,078	670,365
EBITDA ¹	31,170	28,359	43,497	55,331	59,193	61,326	63,399	65,036
EBIT ¹	25,451	22,985	38,026	49,420	53,302	55,308	57,399	59,059
Operating Margin	4.66%	4.4%	7.01%	8.47%	8.65%	8.71%	8.76%	8.81%
Earnings before Tax (EBT) ¹	24,420	20,793	38,446	50,224	53,638	55,542	58,274	60,361
Net income ¹	15,996	13,125	26,163	35,428	38,021	40,084	40,863	41,938
Net margin	2.93%	2.51%	4.82%	6.07%	6.17%	6.31%	6.24%	6.26%
EPS ²	217.6	178.6	356.0	482.0	517.3	545.4	528.7	543.2
Free Cash Flow ¹	4,596	16,779	26,919	180,350	36,836	32,764	28,835	33,646
FCF margin	0.84%	3.21%	4.96%	30.9%	5.98%	5.16%	4.4%	5.02%
FCF Conversion (EBITDA)	14.74%	59.17%	61.89%	325.95%	62.23%	54.99%	45.48%	51.73%
FCF Conversion (Net income)	28.73%	127.84%	102.89%	509.06%	96.88%	81.74%	70.56%	80.23%
Dividend per Share ²	100.0	100.0	110.0	120.0	130.0	140.0	190.0	201.0
Announcement Date	4/1/19	3/30/20	4/5/21	4/4/22	4/3/23	4/1/24	-	-

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 Q3	2025 Q4
Net sales ¹	264,393	254,253	142,053	284,592	152,225	146,801	149,319	152,029	301,348	162,555	152,222	157,105	159,733	316,838	162,822	155,431	161,984	163,603	168,629	161,144
EBITDA	-	-	-	-	-	12,112	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,355	15,976	12,323	25,342	13,443	10,635	14,615	14,304	28,919	15,628	8,755	14,533	15,640	30,173	15,476	9,659	14,222	15,016	16,314	10,998
Operating Margin	5.43%	6.28%	8.67%	8.9%	8.83%	7.24%	9.79%	9.41%	9.6%	9.61%	5.75%	9.25%	9.79%	9.52%	9.5%	6.21%	8.78%	9.18%	9.67%	6.83%
Earnings before Tax (EBT)	14,356	15,685	-	25,579	13,786	-	14,911	-	29,334	15,723	-	14,615	-	30,528	15,943	-	-	-	-	-
Net income ¹	9,613	10,525	8,552	17,427	9,499	8,502	10,212	10,408	20,620	11,091	6,310	10,029	10,925	20,954	12,123	7,007	9,992	10,513	11,550	7,895
Net margin	3.64%	4.14%	6.02%	6.12%	6.24%	5.79%	6.84%	6.85%	6.84%	6.82%	4.15%	6.38%	6.84%	6.61%	7.45%	4.51%	6.17%	6.43%	6.85%	4.9%
EPS ²	130.8	143.2	116.4	237.1	129.2	115.7	138.9	141.6	280.5	150.9	85.86	136.4	148.6	285.1	164.9	95.33	103.5	106.8	119.7	79.12
Dividend per Share ²	50.00	50.00	-	55.00	-	-	-	-	60.00	-	-	-	-	65.00	-	70.00	-	95.00	-	95.00
Announcement Date	9/30/19	9/28/20	9/27/21	9/27/21	12/27/21	4/4/22	6/27/22	10/3/22	10/3/22	12/26/22	4/3/23	6/26/23	10/2/23	10/2/23	12/25/23	4/1/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	163,260	178,094	211,486	234,427	263,157	284,943	286,372	302,062
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	4,596	16,779	26,919	180,350	36,836	32,764	28,835	33,646
ROE (net income / shareholders' equity)	4.5%	3.6%	7%	8.9%	8.9%	8.8%	8.48%	8.38%
ROA (Net income/ Total Assets)	6.6%	5.92%	9.17%	10.9%	11.1%	10.9%	9.73%	8.77%
Assets ¹	242,259	221,567	285,433	324,598	341,654	366,223	419,829	478,365
Book Value Per Share ²	4,885	4,978	5,230	5,592	5,987	6,414	6,785	7,150
Cash Flow per Share ²	295.0	252.0	430.0	562.0	597.0	626.0	636.0	656.0
Capex ¹	10,832	6,024	19,315	6,023	4,716	8,398	15,600	14,480
Capex / Sales	1.98%	1.15%	3.56%	1.03%	0.77%	1.32%	2.38%	2.16%
Announcement Date	4/1/19	3/30/20	4/5/21	4/4/22	4/3/23	4/1/24	-	-

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 SHIMAMURA Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

7,779 JPY

Average target price

8,077 JPY

Spread / Average Target

+3.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Women's Apparel Retailers

	1st Jan change	Capi.
SHIMAMURA CO., LTD.	-1.28%	3.63B
ARITZIA INC.	+21.85%	2.72B
VICTORIA'S SECRET & CO.	-34.33%	1.35B
EEKA FASHION HOLDINGS LIMITED	-9.31%	1.11B
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TORRID HOLDINGS INC.	-13.34%	522M
SHENZHEN ELLASSAY FASHION CO.,LTD.	-14.94%	392M
SAI SILKS (KALAMANDIR) LIMITED	-26.56%	357M
HONEYS HOLDINGS CO., LTD.	-2.06%	303M
J.JILL, INC.	+0.89%	280M

Women's Apparel Retailers