Financials Zojirushi Corporation

Equities

7965

JP3437400009

Appliances, Tools & Housewares

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,525 ^JPY	+2.42%		+5.39%	+2.28%

Apr. 04	Zojirushi's Fiscal Q1 Attributable Profit Falls on Increased Costs	MT
Apr. 03	Zojirushi Corporation Provides Dividend Guidance for the Second Quarter-End and Year End of the Fiscal Year Ending November 20, 2024	CI

Valuation

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	117,697	131,912	111,524	107,572	103,063	103,198	-	-
Enterprise Value (EV) ¹	88,756	99,227	77,300	77,159	72,617	73,798	73,498	72,698
P/E ratio	28.8 x	33.4 x	24.7 x	29.4 x	23.2 x	18.1 x	21.1 x	19.9 x
Yield	1.49%	1.33%	2.06%	2.14%	2.23%	2.36%	2.49%	2.62%
Capitalization / Revenue	1.49 x	1.76 x	1.44 x	1.3 x	1.23 x	1.18 x	1.15 x	1.13 x
EV / Revenue	1.12 x	1.32 x	1 x	0.93 x	0.87 x	0.84 x	0.82 x	0.79 x
EV / EBITDA	11.8 x	12.7 x	9.12 x	11.6 x	10 x	9.46 x	8.65 x	7.99 x
EV / FCF	16.2 x	17.2 x	17.8 x	-26.9 x	25.8 x	39.1 x	22.3 x	18.6 x
FCF Yield	6.17%	5.8%	5.61%	-3.71%	3.88%	2.56%	4.49%	5.36%
Price to Book	1.67 x	1.82 x	1.46 x	1.34 x	1.22 x	1.18 x	1.14 x	1.11 x
Nbr of stocks (in thousands)	67,603	67,612	67,631	67,655	67,671	67,671	-	-
Reference price ²	1,741	1,951	1,649	1,590	1,523	1,525	1,525	1,525
Announcement Date	12/25/19	12/25/20	12/24/21	12/26/22	12/25/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	79,110	74,947	77,673	82,534	83,494	87,500	89,500	91,500
EBITDA ¹	7,502	7,784	8,477	6,627	7,258	7,800	8,500	9,100
EBIT ¹	5,444	5,440	6,399	4,664	5,000	5,800	6,200	6,600
Operating Margin	6.88%	7.26%	8.24%	5.65%	5.99%	6.63%	6.93%	7.21%
Earnings before Tax (EBT) ¹	5,880	5,629	6,827	5,711	6,442	8,300	7,000	7,400
Net income ¹	4,082	3,943	4,509	3,658	4,441	5,700	4,900	5,200
Net margin	5.16%	5.26%	5.81%	4.43%	5.32%	6.51%	5.47%	5.68%
EPS ²	60.39	58.34	66.69	54.09	65.64	84.20	72.40	76.80
Free Cash Flow ¹	5,474	5,758	4,338	-2,865	2,820	1,889	3,300	3,900
FCF margin	6.92%	7.68%	5.58%	-3.47%	3.38%	2.16%	3.69%	4.26%
FCF Conversion (EBITDA)	72.97%	73.97%	51.17%	-	38.85%	24.22%	38.82%	42.86%
FCF Conversion (Net income)	134.1%	146.03%	96.21%	-	63.5%	33.14%	67.35%	75%
Dividend per Share ²	26.00	26.00	34.00	34.00	34.00	36.00	38.00	40.00
Announcement Date	12/25/19	12/25/20	12/24/21	12/26/22	12/25/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: November	2020 S1	2021 S1	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
Net sales ¹	39,819	42,504	19,755	26,500	18,747	45,247	16,676	20,611	27,128	18,319	45,447	16,491	21,556	28,144	19,600	17,600	22,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,122	4,841	1,251	3,979	865	4,844	-269	89	3,525	951	4,476	-273	797	3,525	1,100	100	1,000
Operating Margin	7.84%	11.39%	6.33%	15.02%	4.61%	10.71%	-1.61%	0.43%	12.99%	5.19%	9.85%	-1.66%	3.7%	12.52%	5.61%	0.57%	4.44%
Earnings before Tax (EBT)	3,024	4,790	-	4,146	-	5,588	202	-	4,022	-	5,321	65	-	3,949	-	-	-
Net income	2,032	3,075	-	2,756	-	3,673	51	-	2,852	-	3,732	-21	-	2,695	-	-	-
Net margin	5.1%	7.23%	-	10.4%	-	8.12%	0.31%	-	10.51%	-	8.21%	-0.13%	-	9.58%	-	-	-
EPS	30.07	45.49	-	40.76	-	54.31	0.7500	-	42.16	-	55.17	-0.3100	-	39.83	-	-	-
Dividend per Share	13.00	15.00	-	-	-	17.00	-	-	-	-	17.00	-	-	-	-	-	-
Announcement Date	6/29/20	6/28/21	12/24/21	4/1/22	7/1/22	7/1/22	10/3/22	12/26/22	4/3/23	7/3/23	7/3/23	10/2/23	12/25/23	4/1/24	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	28,941	32,685	34,224	30,413	30,446	29,400	29,700	30,500
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,474	5,758	4,338	-2,865	2,820	1,889	3,300	3,900
ROE (net income / shareholders' equity)	5.9%	5.5%	6.1%	4.7%	5.4%	6.6%	5.5%	5.7%
ROA (Net income/ Total Assets)	6.38%	6.07%	6.83%	5.46%	5.81%	-	-	-
Assets ¹	63,994	64,922	66,042	67,026	76,433	-	-	-
Book Value Per Share ²	1,041	1,070	1,127	1,189	1,248	1,298	1,333	1,371
Cash Flow per Share	90.80	93.00	97.40	83.10	99.00	-	-	-
Capex ¹	1,265	1,084	812	1,712	2,119	4,000	3,000	3,000
Capex / Sales	1.6%	1.45%	1.05%	2.07%	2.54%	4.57%	3.35%	3.28%
Announcement Date	12/25/19	12/25/20	12/24/21	12/26/22	12/25/23	-	-	-

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 Zojirushi Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,525 JPY

Average target price

1,500 JPY

Spread / Average Target

-1.64%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Household Appliances

	1st Jan change	Capi.
ZOJIRUSHI CORPORATION	+2.28%	656M
GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI	+22.79%	28.64B
BEIJING ROBOROCK TECHNOLOGY CO., LTD.	+35.11%	6.93B
HISENSE HOME APPLIANCES GROUP CO., LTD.	+81.37%	6.43B
WHIRLPOOL CORPORATION	-22.31%	5.17B
ECOVACS ROBOTICS CO., LTD.	+0.22%	3.3B
ARÇELIK ANONIM SIRKETI	+30.89%	3.14B
RINNAI CORPORATION	+2.91%	3.06B
SHANGHAI FLYCO ELECTRICAL APPLIANCE CO., LTD.	-0.02%	3.04B
COWAY CO., LTD.	-1.92%	2.96B

Household Appliances