Financials Yamato Holdings Co Ltd

Equities

9064

JP3940000007

Air Freight & Logistics

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,068 ^JPY	+0.51%		+3.53%	-20.63%

Feb. 06	Japan's Nikkei softens on profit-taking as investors weigh earnings	RE
Feb. 06	Japan's Nikkei edges down on caution before earnings, profit-taking	RE

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,127,231	660,844	1,126,062	845,514	821,998	709,215	-	-
Enterprise Value (EV) ¹	1,044,510	588,456	949,691	677,870	684,898	608,370	614,215	593,508
P/E ratio	43.9 x	29.9 x	20 x	15.2 x	17.9 x	20.6 x	16.6 x	12.6 x
Yield	0.98%	2.42%	1.52%	2.01%	2.03%	2.22%	2.39%	2.88%
Capitalization / Revenue	0.69 x	0.41 x	0.66 x	0.47 x	0.46 x	0.4 x	0.39 x	0.37 x
EV / Revenue	0.64 x	0.36 x	0.56 x	0.38 x	0.38 x	0.35 x	0.34 x	0.31 x
EV / EBITDA	9.52 x	5.9 x	6.73 x	6.01 x	6.73 x	7.4 x	5.57 x	4.39 x
EV / FCF	27.3 x	30.3 x	13.9 x	-97.9 x	200 x	-64.9 x	-300 x	50.4 x
FCF Yield	3.66%	3.3%	7.21%	-1.02%	0.5%	-1.54%	-0.33%	1.98%
Price to Book	1.99 x	1.18 x	1.95 x	1.42 x	1.35 x	1.21 x	1.14 x	1.07 x
Nbr of stocks (in thousands)	394,275	389,419	371,025	368,737	362,273	342,948	-	-
Reference price ²	2,859	1,697	3,035	2,293	2,269	2,068	2,068	2,068
Announcement Date	4/26/19	5/15/20	4/28/21	5/10/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,625,315	1,630,146	1,695,867	1,793,618	1,800,668	1,759,700	1,817,472	1,894,527
EBITDA ¹	109,703	99,805	141,018	112,769	101,711	82,223	110,325	135,153
EBIT ¹	58,345	44,701	92,121	77,199	60,085	38,781	63,071	82,971
Operating Margin	3.59%	2.74%	5.43%	4.3%	3.34%	2.2%	3.47%	4.38%
Earnings before Tax (EBT) ¹	52,258	44,581	91,759	81,040	56,815	47,795	64,248	82,682
Net income ¹	25,682	22,324	56,700	55,956	45,898	34,043	42,382	55,703
Net margin	1.58%	1.37%	3.34%	3.12%	2.55%	1.93%	2.33%	2.94%
EPS ²	65.14	56.78	151.6	151.0	126.6	100.5	124.6	164.7
Free Cash Flow ¹	38,255	19,400	68,490	-6,927	3,426	-9,374	-2,050	11,768
FCF margin	2.35%	1.19%	4.04%	-0.39%	0.19%	-0.53%	-0.11%	0.62%
FCF Conversion (EBITDA)	34.87%	19.44%	48.57%	-	3.37%	-	-	8.71%
FCF Conversion (Net income)	148.96%	86.9%	120.79%	-	7.46%	-	-	21.13%
Dividend per Share ²	28.00	41.00	46.00	46.00	46.00	46.00	49.37	59.50
Announcement Date	4/26/19	5/15/20	4/28/21	5/10/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	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	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	800,126	830,020	806,067	889,800	445,629	865,470	506,916	421,232	424,159	459,596	883,755	512,212	404,701	420,212	446,370	866,582	500,245	389,764	916,900	416,700	444,000	516,300	416,400
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,213	38,488	26,915	65,206	18,956	31,690	47,482	-1,973	2,416	15,632	18,048	48,352	-6,315	1,598	10,760	12,358	38,004	-12,197	42,000	2,300	-	51,300	-3,500
Operating Margin	0.78%	4.64%	3.34%	7.33%	4.25%	3.66%	9.37%	-0.47%	0.57%	3.4%	2.04%	9.44%	-1.56%	0.38%	2.41%	1.43%	7.6%	-3.13%	4.58%	0.55%	-	9.94%	-0.84%
Earnings before Tax (EBT)	2,509	-	26,975	-	-	22,293	48,946	-	1,706	15,726	17,432	44,736	-	1,686	-	10,266	50,783	-	-	-	-	-	-
Net income ¹	-3,459	-	14,186	-	2,926	14,631	33,148	8,177	320	10,038	10,358	28,729	6,811	-133	5,517	5,384	41,543	-11,427	-	-	-	-	-
Net margin	-0.43%	-	1.76%	-	0.66%	1.69%	6.54%	1.94%	0.08%	2.18%	1.17%	5.61%	1.68%	-0.03%	1.24%	0.62%	8.3%	-2.93%	-	-	-	-	-
EPS ²	-8.770	-	37.60	-	7.890	39.44	89.34	22.25	0.8800	27.69	28.57	79.26	18.81	-0.3700	15.44	15.07	117.7	-41.00	-	-	-	-	-
Dividend per Share	15.00	-	16.00	-	23.00	23.00	-	23.00	-	23.00	23.00	-	-	-	-	23.00	-	-	-	-	-	-	-
Announcement Date	10/31/19	5/15/20	10/30/20	4/28/21	11/12/21	11/12/21	2/9/22	5/10/22	8/8/22	11/7/22	11/7/22	2/6/23	5/10/23	8/3/23	11/1/23	11/1/23	2/5/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	82,721	72,388	176,371	167,644	137,100	100,845	95,001	115,707
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	38,255	19,400	68,490	-6,927	3,426	-9,374	-2,050	11,768
ROE (net income / shareholders' equity)	4.6%	4%	10%	9.6%	7.6%	5.64%	7.01%	8.75%
ROA (Net income/ Total Assets)	4.85%	3.65%	8.58%	7.75%	5.29%	3.13%	3.84%	4.94%
Assets ¹	529,906	611,169	660,581	722,208	867,293	1,088,345	1,103,077	1,126,912
Book Value Per Share ²	1,435	1,441	1,553	1,611	1,685	1,714	1,814	1,928
Cash Flow per Share ²	195.0	197.0	282.0	247.0	241.0	240.0	214.0	273.0
Capex ¹	79,838	55,033	55,431	78,572	55,691	73,750	97,500	97,500
Capex / Sales	4.91%	3.38%	3.27%	4.38%	3.09%	4.19%	5.36%	5.15%
Announcement Date	4/26/19	5/15/20	4/28/21	5/10/22	5/10/23	-	-	-

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 Yamato Holdings Co Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,068 JPY

Average target price

2,622 JPY

Spread / Average Target

+26.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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