Financials Takashimaya Company, Limited

Equities

8233

JP3456000003

Department Stores

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,218 ^JPY	+1.35%		-0.05%	+15.40%

Apr. 15	Japan's Nikkei sags as Iran attack, Wall Street sell-off sour sentiment	RE
Apr. 15	Takashimaya Company, Limited Reports Sales Results for the Month of March 2024	CI

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	255,985	168,234	180,405	187,241	299,060	349,768	-	-
Enterprise Value (EV) ¹	353,676	367,290	357,272	398,803	512,026	355,526	450,571	447,251
P/E ratio	15.6 x	10.8 x	-5.31 x	34.9 x	11.2 x	11.2 x	10.9 x	9.4 x
Yield	1.64%	2.38%	2.22%	2.14%	1.37%	1.64%	1.76%	1.83%
Capitalization / Revenue	0.28 x	0.18 x	0.26 x	0.25 x	0.67 x	0.76 x	0.72 x	0.7 x
EV / Revenue	0.39 x	0.4 x	0.52 x	0.52 x	1.15 x	0.76 x	0.93 x	0.9 x
EV / EBITDA	7.59 x	6.48 x	24.4 x	11.1 x	7.75 x	4.42 x	5.25 x	5.03 x
EV / FCF	-11.4 x	21.4 x	21.4 x	-24.8 x	19.9 x	16.9 x	16.4 x	21.3 x
FCF Yield	-8.76%	4.68%	4.67%	-4.03%	5.04%	5.92%	6.08%	4.68%
Price to Book	0.58 x	0.39 x	0.46 x	0.47 x	0.72 x	0.78 x	0.72 x	0.68 x
Nbr of stocks (in thousands)	174,734	166,733	166,733	166,733	157,732	157,731	-	-
Reference price ²	1,465	1,009	1,082	1,123	1,896	2,218	2,218	2,218
Announcement Date	4/8/19	4/13/20	4/12/21	4/11/22	4/14/23	4/12/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	912,848	919,094	680,899	761,124	443,443	466,134	486,933	496,300
EBITDA ¹	46,607	56,675	14,620	35,778	66,099	80,464	85,800	88,900
EBIT ¹	26,661	25,582	-13,496	4,110	32,519	45,937	49,933	53,433
Operating Margin	2.92%	2.78%	-1.98%	0.54%	7.33%	9.85%	10.25%	10.77%
Earnings before Tax (EBT) ¹	24,476	24,957	-31,838	3,667	34,907	40,553	49,633	53,433
Net income ¹	16,443	16,028	-33,970	5,360	27,838	31,620	34,500	37,200
Net margin	1.8%	1.74%	-4.99%	0.7%	6.28%	6.78%	7.09%	7.5%
EPS ²	94.10	93.29	-203.7	32.14	169.8	200.5	204.2	235.8
Free Cash Flow ¹	-30,991	17,174	16,686	-16,076	25,790	21,035	27,400	20,950
FCF margin	-3.39%	1.87%	2.45%	-2.11%	5.82%	4.51%	5.63%	4.22%
FCF Conversion (EBITDA)	-	30.3%	114.13%	-	39.02%	26.14%	31.93%	23.57%
FCF Conversion (Net income)	-	107.15%	-	-	92.64%	66.52%	79.42%	56.32%
Dividend per Share ²	24.00	24.00	24.00	24.00	26.00	37.00	39.00	40.50
Announcement Date	4/8/19	4/13/20	4/12/21	4/11/22	4/14/23	4/12/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	2020 S2	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	453,144	465,950	297,352	182,230	347,189	190,100	223,835	413,935	101,313	107,699	209,012	108,740	125,691	105,557	115,618	221,175	113,000	131,942	248,000	120,400	123,600	121,200	132,300
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	13,424	12,158	-10,217	-1,297	-2,014	918	5,206	6,124	6,632	6,180	12,812	10,044	9,663	11,038	9,772	20,810	12,400	12,728	24,300	13,000	11,500	13,500	13,000
Operating Margin	2.96%	2.61%	-3.44%	-0.71%	-0.58%	0.48%	2.33%	1.48%	6.55%	5.74%	6.13%	9.24%	7.69%	10.46%	8.45%	9.41%	10.97%	9.65%	9.8%	10.8%	9.3%	11.14%	9.83%
Earnings before Tax (EBT)	18,811	-	-22,804	-	-2,446	1,903	-	-	6,499	-	13,260	12,239	-	11,309	8,748	20,057	12,781	-	-	-	-	-	-
Net income ¹	12,404	3,624	-23,284	-3,070	-4,375	660	9,075	9,735	5,345	8,177	13,522	9,388	4,928	8,540	6,422	14,962	9,300	7,369	15,400	9,000	7,000	10,200	8,400
Net margin	2.74%	0.78%	-7.83%	-1.68%	-1.26%	0.35%	4.05%	2.35%	5.28%	7.59%	6.47%	8.63%	3.92%	8.09%	5.55%	6.76%	8.23%	5.59%	6.21%	7.48%	5.66%	8.42%	6.35%
EPS	71.32	-	-139.6	-	-26.24	3.960	-	-	32.05	-	81.10	57.05	-	54.14	-	94.85	58.90	-	-	-	-	-	-
Dividend per Share	12.00	-	12.00	-	12.00	-	-	-	-	-	12.00	-	-	-	-	17.00	-	-	-	-	-	-	-
Announcement Date	10/11/19	4/13/20	10/13/20	10/14/21	10/14/21	12/24/21	4/11/22	4/11/22	6/30/22	10/11/22	10/11/22	12/26/22	4/14/23	6/29/23	10/13/23	10/13/23	12/25/23	4/12/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	97,691	199,056	176,867	211,562	212,966	148,011	100,803	97,482
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.096 x	3.512 x	12.1 x	5.913 x	3.222 x	1.87 x	1.175 x	1.097 x
Free Cash Flow ¹	-30,991	17,174	16,686	-16,076	25,790	21,035	27,400	20,950
ROE (net income / shareholders' equity)	3.7%	3.6%	-8.2%	1.4%	6.9%	7.3%	7.37%	7.47%
ROA (Net income/ Total Assets)	2.96%	2.07%	-2.93%	0.6%	2.97%	4.02%	3.67%	3.9%
Assets ¹	556,437	776,058	1,159,504	890,943	936,483	786,876	940,908	953,846
Book Value Per Share ²	2,541	2,607	2,365	2,390	2,620	2,879	3,060	3,241
Cash Flow per Share ²	208.0	274.0	-35.90	221.0	373.0	417.0	485.0	478.0
Capex ¹	98,904	42,487	32,542	34,515	24,986	27,857	55,693	54,500
Capex / Sales	10.83%	4.62%	4.78%	4.53%	5.63%	5.98%	11.44%	10.98%
Announcement Date	4/8/19	4/13/20	4/12/21	4/11/22	4/14/23	4/12/24	-	-

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 Takashimaya Company, Limited

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,218 JPY

Average target price

2,350 JPY

Spread / Average Target

+5.98%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Retail - Department Stores

	1st Jan change	Capi.
TAKASHIMAYA COMPANY, LIMITED	+15.40%	2.22B
TRENT LIMITED	+40.86%	18.35B
DILLARD'S, INC.	+11.23%	7.29B
MINISO GROUP HOLDING LIMITED	+15.83%	7.32B
FALABELLA S.A.	+13.19%	6.59B
CANADIAN TIRE CORPORATION, LIMITED	-2.96%	5.84B
ISETAN MITSUKOSHI HOLDINGS LTD.	+45.96%	5.39B
MACY'S, INC.	-8.40%	5.07B
CCOOP GROUP CO., LTD	+31.51%	5.08B
HARVEY NORMAN HOLDINGS LIMITED	+6.90%	3.65B

Retail - Department Stores