Financials Skylark Holdings Co., Ltd.

Equities

3197

JP3396210001

Restaurants & Bars

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,262 ^JPY	+1.12%		+3.98%	+9.54%

Apr. 03	Skylark Holdings Secures A- Long-term Issuer Rating with Stable Outlook	MT
Feb. 26	Hezbollah says it downed Israeli drone over Lebanese territory	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	421,667	315,411	343,756	347,396	469,792	514,610	-	-
Enterprise Value (EV) ¹	531,713	556,275	427,869	540,174	641,662	560,578	564,542	531,163
P/E ratio	44.4 x	-18.3 x	37.1 x	-54.5 x	98.3 x	59.4 x	55.3 x	49.6 x
Yield	0.89%	-	0.79%	-	0.34%	0.52%	0.55%	0.63%
Capitalization / Revenue	1.12 x	1.09 x	1.3 x	1.14 x	1.32 x	1.36 x	1.33 x	1.29 x
EV / Revenue	1.42 x	1.93 x	1.62 x	1.78 x	1.81 x	1.48 x	1.46 x	1.33 x
EV / EBITDA	7.42 x	19.8 x	6.53 x	12.9 x	10.6 x	8.88 x	8.76 x	8.08 x
EV / FCF	11.2 x	26.5 x	11.5 x	-	11.5 x	12.3 x	13.9 x	12.6 x
FCF Yield	8.91%	3.78%	8.67%	-	8.71%	8.14%	7.21%	7.93%
Price to Book	3.17 x	2.77 x	2.07 x	2.2 x	2.89 x	3.03 x	2.95 x	2.78 x
Nbr of stocks (in thousands)	197,502	197,502	227,502	227,502	227,502	227,502	-	-
Reference price ²	2,135	1,597	1,511	1,527	2,065	2,262	2,262	2,262
Announcement Date	2/13/20	2/12/21	2/14/22	2/14/23	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	375,394	288,400	264,570	303,705	354,831	379,500	386,862	400,333
EBITDA ¹	71,623	28,137	65,506	41,823	60,337	63,150	64,459	65,700
EBIT ¹	20,562	-23,000	18,213	-5,575	11,688	17,067	17,814	19,367
Operating Margin	5.48%	-7.98%	6.88%	-1.84%	3.29%	4.5%	4.6%	4.84%
Earnings before Tax (EBT) ¹	16,729	-26,400	14,325	-8,225	8,691	14,307	15,338	16,840
Net income ¹	9,487	-17,200	8,742	-6,371	4,781	8,667	9,310	10,367
Net margin	2.53%	-5.96%	3.3%	-2.1%	1.35%	2.28%	2.41%	2.59%
EPS ²	48.07	-87.16	40.77	-28.00	21.01	38.08	40.92	45.57
Free Cash Flow ¹	47,379	21,024	37,100	-	55,870	45,624	40,691	42,112
FCF margin	12.62%	7.29%	14.02%	-	15.75%	12.02%	10.52%	10.52%
FCF Conversion (EBITDA)	66.15%	74.72%	56.64%	-	92.6%	72.25%	63.13%	64.1%
FCF Conversion (Net income)	499.41%	-	424.39%	-	1,168.58%	526.44%	437.07%	406.22%
Dividend per Share ²	19.00	-	12.00	-	7.000	11.67	12.50	14.33
Announcement Date	2/13/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	139,066	126,655	62,900	75,004	67,137	74,456	141,593	80,300	81,835	84,600	85,221	169,789	93,779	91,263	93,850	91,850	97,250	93,300	98,300
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-18,080	459	7,000	10,793	-200	-2,223	-2,423	-1,800	-1,395	-400	3,233	2,853	7,098	1,737	2,000	3,550	7,500	2,950	3,300
Operating Margin	-13%	0.36%	11.13%	14.39%	-0.3%	-2.99%	-1.71%	-2.24%	-1.7%	-0.47%	3.79%	1.68%	7.57%	1.9%	2.13%	3.86%	7.71%	3.16%	3.36%
Earnings before Tax (EBT) ¹	-19,858	-1,943	6,243	10,054	-916	-2,881	-3,797	-2,403	-2,021	-1,000	2,601	1,558	6,418	715	2,200	2,800	6,000	3,000	2,600
Net income ¹	-18,928	-505	2,900	6,347	-467	-2,313	-2,780	-1,820	-1,755	-700	1,210	549	3,984	248	1,300	1,700	3,900	1,800	1,600
Net margin	-13.61%	-0.4%	4.61%	8.46%	-0.7%	-3.11%	-1.96%	-2.27%	-2.14%	-0.83%	1.42%	0.32%	4.25%	0.27%	1.39%	1.85%	4.01%	1.93%	1.63%
EPS ²	-95.83	-2.510	13.80	29.48	-2.050	-10.17	-12.22	-8.070	-7.710	-2.900	5.310	2.410	17.52	1.080	2.200	7.910	18.02	4.830	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/13/20	8/13/21	11/12/21	2/14/22	5/13/22	8/12/22	8/12/22	11/11/22	2/14/23	5/15/23	8/10/23	8/10/23	11/10/23	2/14/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	110,046	240,864	84,113	192,778	171,870	45,968	49,932	16,553
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.536 x	8.56 x	1.284 x	4.609 x	2.849 x	0.7279 x	0.7746 x	0.2519 x
Free Cash Flow ¹	47,379	21,024	37,100	-	55,870	45,625	40,691	42,112
ROE (net income / shareholders' equity)	7.2%	-14%	6.2%	-3.9%	3%	5.6%	5.77%	6.41%
ROA (Net income/ Total Assets)	4.26%	-5.9%	3.18%	-1.86%	2.04%	2.77%	3.16%	3.37%
Assets ¹	222,487	291,401	274,515	341,891	234,035	312,876	294,943	307,616
Book Value Per Share ²	672.0	576.0	730.0	693.0	713.0	746.0	768.0	813.0
Cash Flow per Share	307.0	172.0	261.0	180.0	235.0	-	-	-
Capex ¹	17,869	8,000	12,221	15,788	14,847	18,000	19,000	19,000
Capex / Sales	4.76%	2.77%	4.62%	5.2%	4.18%	4.74%	4.91%	4.75%
Announcement Date	2/13/20	2/12/21	2/14/22	2/14/23	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 Skylark Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

2,262 JPY

Average target price

1,910 JPY

Spread / Average Target

-15.56%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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	1st Jan change	Capi.
SKYLARK HOLDINGS CO., LTD.	+9.54%	3.27B
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SODEXO	-21.05%	12.31B
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JOLLIBEE FOODS CORPORATION	-4.93%	4.64B
JUBILANT FOODWORKS LIMITED	-22.60%	3.45B

Other Restaurants & Bars