Financials The Sumitomo Warehouse Co., Ltd.

Equities

9303

JP3407000003

Air Freight & Logistics

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-30 am EDT			5-day change	1st Jan Change
2,614 ^JPY	+0.42%		-1.13%	+6.65%

2023	Tranche Update on The Sumitomo Warehouse Co., Ltd.'s Equity Buyback Plan announced on August 4, 2023.	CI
2023	The Sumitomo Warehouse Co., Ltd. announces an Equity Buyback for 750,000 shares, representing 0.94% for ¥2,000 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	119,361	99,537	119,122	185,705	169,529	203,846	-	-
Enterprise Value (EV) ¹	163,498	155,987	179,045	228,737	202,946	246,770	260,201	272,661
P/E ratio	17.5 x	11.2 x	14.5 x	9.48 x	7.74 x	17 x	16.8 x	16 x
Yield	3.26%	3.97%	3.26%	4.22%	4.6%	3.88%	3.93%	3.98%
Capitalization / Revenue	0.64 x	0.52 x	0.62 x	0.8 x	0.76 x	1.08 x	1.05 x	1.01 x
EV / Revenue	0.88 x	0.81 x	0.93 x	0.99 x	0.91 x	1.3 x	1.34 x	1.35 x
EV / EBITDA	10.1 x	8.02 x	8.92 x	6.08 x	5.62 x	10.2 x	10.1 x	9.96 x
EV / FCF	-84.5 x	-69.8 x	42.2 x	9.08 x	8.04 x	36 x	-87.4 x	-141 x
FCF Yield	-1.18%	-1.43%	2.37%	11%	12.4%	2.78%	-1.14%	-0.71%
Price to Book	0.66 x	0.6 x	0.64 x	0.91 x	0.79 x	0.93 x	0.92 x	0.91 x
Nbr of stocks (in thousands)	85,563	84,140	80,980	80,741	77,944	77,982	-	-
Reference price ²	1,395	1,183	1,471	2,300	2,175	2,603	2,603	2,603
Announcement Date	5/14/19	5/12/20	5/13/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	186,172	191,721	192,024	231,461	223,948	189,600	194,250	202,025
EBITDA ¹	16,219	19,445	20,073	37,618	36,122	24,290	25,751	27,379
EBIT ¹	8,795	11,101	10,963	27,748	26,090	13,700	14,675	15,500
Operating Margin	4.72%	5.79%	5.71%	11.99%	11.65%	7.23%	7.55%	7.67%
Earnings before Tax (EBT) ¹	11,162	13,955	13,466	30,702	41,159	17,400	18,200	18,767
Net income ¹	6,912	8,951	8,454	19,703	22,455	12,133	12,175	12,750
Net margin	3.71%	4.67%	4.4%	8.51%	10.03%	6.4%	6.27%	6.31%
EPS ²	79.80	105.7	101.7	242.6	281.1	153.5	154.8	163.1
Free Cash Flow ¹	-1,936	-2,236	4,239	25,205	25,244	6,849	-2,978	-1,927
FCF margin	-1.04%	-1.17%	2.21%	10.89%	11.27%	3.61%	-1.53%	-0.95%
FCF Conversion (EBITDA)	-	-	21.12%	67%	69.89%	28.2%	-	-
FCF Conversion (Net income)	-	-	50.14%	127.92%	112.42%	56.45%	-	-
Dividend per Share ²	45.50	47.00	48.00	97.00	100.0	101.0	102.2	103.5
Announcement Date	5/14/19	5/12/20	5/13/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 S1	2024 Q3	2024 Q4
Net sales ¹	95,231	96,490	92,945	54,689	105,789	61,094	64,578	69,314	54,206	123,520	54,343	46,085	46,678	93,532	47,202	47,466
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,551	5,550	4,440	5,400	9,540	8,570	9,638	13,408	4,247	17,655	4,631	3,804	3,342	6,541	3,742	3,467
Operating Margin	5.83%	5.75%	4.78%	9.87%	9.02%	14.03%	14.92%	19.34%	7.83%	14.29%	8.52%	8.25%	7.16%	6.99%	7.93%	7.3%
Earnings before Tax (EBT)	6,747	-	5,670	-	10,836	10,071	-	21,892	-	26,613	6,507	-	5,345	8,531	5,561	-
Net income ¹	4,302	4,649	3,360	-	7,700	7,056	-	11,725	-	14,781	4,337	-	3,518	5,488	3,728	2,884
Net margin	4.52%	4.82%	3.62%	-	7.28%	11.55%	-	16.92%	-	11.97%	7.98%	-	7.54%	5.87%	7.9%	6.08%
EPS	50.45	-	40.21	-	94.28	87.02	-	145.6	-	184.0	54.82	-	44.32	69.19	47.25	-
Dividend per Share	18.00	-	24.00	-	38.00	-	-	-	-	50.00	-	-	-	50.50	-	-
Announcement Date	11/7/19	5/12/20	11/6/20	11/9/21	11/9/21	2/7/22	5/13/22	8/5/22	11/8/22	11/8/22	2/7/23	5/12/23	8/4/23	11/9/23	2/7/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	44,137	56,450	59,923	43,032	33,417	42,924	56,355	68,815
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.721 x	2.903 x	2.985 x	1.144 x	0.9251 x	1.767 x	2.188 x	2.513 x
Free Cash Flow ¹	-1,936	-2,236	4,239	25,205	25,244	6,849	-2,978	-1,927
ROE (net income / shareholders' equity)	3.8%	5.2%	4.77%	10%	10.7%	5.57%	5.48%	5.75%
ROA (Net income/ Total Assets)	3.4%	4.24%	2.53%	8.42%	7.67%	3.44%	3.49%	3.51%
Assets ¹	203,574	211,049	333,715	234,034	292,887	352,816	348,954	363,662
Book Value Per Share ²	2,119	1,978	2,301	2,519	2,738	2,786	2,826	2,864
Cash Flow per Share ²	165.0	204.0	211.0	364.0	406.0	283.0	314.0	335.0
Capex ¹	15,935	20,149	16,746	9,298	12,977	18,000	26,500	28,167
Capex / Sales	8.56%	10.51%	8.72%	4.02%	5.79%	9.49%	13.64%	13.94%
Announcement Date	5/14/19	5/12/20	5/13/21	5/13/22	5/12/23	-	-	-

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 The Sumitomo Warehouse Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,603 JPY

Average target price

2,533 JPY

Spread / Average Target

-2.68%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Logistics Operators

	1st Jan change	Capi.
THE SUMITOMO WAREHOUSE CO., LTD.	+6.65%	1.3B
KUEHNE UND NAGEL INTERNATIONAL AG	-15.39%	31.76B
PANALPINA WELTTRANSPORT (HOLDING) AG	-1.52%	6.34B
HYUNDAI GLOVIS CO., LTD.	-4.49%	4.99B
NIPPON EXPRESS HOLDINGS INC.	+0.65%	4.56B
COMPAGNIE DU CAMBODGE	+4.62%	4.08B
COMPAÑÍA DE DISTRIBUCIÓN INTEGRAL LOGISTA HOLDINGS, S.A.	+4.58%	3.63B
JIAYOU INTERNATIONAL LOGISTICS CO.,LTD	+59.02%	2.42B
KAMIGUMI CO., LTD.	+1.22%	2.33B
SEINO HOLDINGS CO., LTD.	-1.08%	2.3B

Integrated Logistics Operators