Financials ASICS Corporation

Equities

7936

JP3118000003

Footwear

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
8,700 ^JPY	-1.14%		+2.93%	+96.92%

May. 23	Nomura Adjusts Asics’ Price Target to 9,200 Yen From 7,200 Yen, Keeps at Buy	MT
May. 14	Asics' Attributable Profit Soars 64% in Fiscal Q1	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	331,767	362,404	466,756	533,755	809,538	1,573,189	-	-
Enterprise Value (EV) ¹	373,166	383,933	480,931	606,170	827,650	1,572,989	1,533,619	1,507,152
P/E ratio	47.9 x	-22.5 x	49.6 x	26.8 x	22.9 x	34.4 x	29.8 x	26.1 x
Yield	1.65%	1.21%	0.94%	1.37%	1.47%	0.9%	1.06%	1.21%
Capitalization / Revenue	0.88 x	1.1 x	1.16 x	1.1 x	1.42 x	2.53 x	2.36 x	2.21 x
EV / Revenue	0.99 x	1.17 x	1.19 x	1.25 x	1.45 x	2.53 x	2.3 x	2.12 x
EV / EBITDA	15.8 x	38.3 x	13.4 x	12.1 x	11.7 x	17.1 x	15.2 x	13.6 x
EV / FCF	143 x	39.6 x	12.3 x	-16.9 x	11.1 x	23.7 x	26.5 x	23.2 x
FCF Yield	0.7%	2.53%	8.1%	-5.92%	9.01%	4.22%	3.78%	4.31%
Price to Book	2.19 x	2.87 x	3.2 x	3.13 x	3.95 x	7.11 x	6.35 x	5.51 x
Nbr of stocks (in thousands)	182,691	183,032	183,042	183,169	183,236	180,826	-	-
Reference price ²	1,816	1,980	2,550	2,914	4,418	8,700	8,700	8,700
Announcement Date	2/14/20	2/12/21	2/10/22	2/10/23	2/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	378,050	328,784	404,082	484,601	570,463	622,578	666,654	711,647
EBITDA ¹	23,556	10,029	35,996	50,002	70,719	92,199	100,801	111,129
EBIT ¹	10,634	-3,953	21,945	34,002	54,215	69,604	81,526	92,138
Operating Margin	2.81%	-1.2%	5.43%	7.02%	9.5%	11.18%	12.23%	12.95%
Earnings before Tax (EBT) ¹	10,207	-16,060	14,120	28,703	50,572	65,944	77,878	89,612
Net income ¹	7,097	-16,126	9,402	19,887	35,272	46,246	53,343	60,863
Net margin	1.88%	-4.9%	2.33%	4.1%	6.18%	7.43%	8%	8.55%
EPS ²	37.91	-88.17	51.38	108.6	192.5	253.0	292.4	333.9
Free Cash Flow ¹	2,607	9,696	38,979	-35,908	74,569	66,430	57,928	65,022
FCF margin	0.69%	2.95%	9.65%	-7.41%	13.07%	10.67%	8.69%	9.14%
FCF Conversion (EBITDA)	11.07%	96.68%	108.29%	-	105.44%	72.05%	57.47%	58.51%
FCF Conversion (Net income)	36.73%	-	414.58%	-	211.41%	143.65%	108.6%	106.83%
Dividend per Share ²	30.00	24.00	24.00	40.00	65.00	77.88	92.61	105.0
Announcement Date	2/14/20	2/12/21	2/10/22	2/10/23	2/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q4	2022 Q1	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	2025 Q1	2025 Q2
Net sales ¹	190,846	146,897	209,478	81,875	105,329	119,751	225,080	137,988	121,533	259,521	152,297	137,782	290,079	158,026	122,358	174,102	152,524	311,600	171,550	134,525	189,000	162,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,045	-3,873	23,993	-13,840	10,057	9,109	19,166	16,885	-2,049	14,836	22,120	11,490	33,610	22,195	-1,590	33,812	14,819	35,400	24,775	1,767	37,500	18,500
Operating Margin	1.07%	-2.64%	11.45%	-16.9%	9.55%	7.61%	8.52%	12.24%	-1.69%	5.72%	14.52%	8.34%	11.59%	14.05%	-1.3%	19.42%	9.72%	11.36%	14.44%	1.31%	19.84%	11.42%
Earnings before Tax (EBT) ¹	-	-9,308	19,072	-	10,943	7,558	18,501	15,079	-4,877	-	21,605	11,794	33,399	21,829	-4,656	33,062	14,600	-	26,200	-500	-	-
Net income ¹	-	-6,266	12,350	-9,671	8,725	4,837	13,562	9,683	-3,358	6,325	16,310	8,486	24,796	15,484	-5,008	26,737	9,382	-	17,400	-2,000	30,200	11,200
Net margin	-	-4.27%	5.9%	-11.81%	8.28%	4.04%	6.03%	7.02%	-2.76%	2.44%	10.71%	6.16%	8.55%	9.8%	-4.09%	15.36%	6.15%	-	10.14%	-1.49%	15.98%	6.91%
EPS ²	-	-34.29	67.50	-52.85	47.67	26.41	74.08	52.87	-18.35	-	89.05	46.31	135.4	84.51	-27.35	146.6	45.68	-	82.92	4.420	-	-
Dividend per Share	-	-	12.00	-	-	-	16.00	-	-	-	-	-	25.00	-	-	-	-	-	-	-	-	-
Announcement Date	2/14/20	8/13/20	8/13/21	2/10/22	5/11/22	8/12/22	8/12/22	11/11/22	2/10/23	2/10/23	5/10/23	8/8/23	8/8/23	11/10/23	2/9/24	5/10/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	41,399	21,529	14,175	72,415	18,112	-	-	-
Net Cash position ¹	-	-	-	-	-	200	39,570	66,037
Leverage (Debt/EBITDA)	1.757 x	2.147 x	0.3938 x	1.448 x	0.2561 x	-	-	-
Free Cash Flow ¹	2,607	9,696	38,979	-35,908	74,569	66,431	57,928	65,022
ROE (net income / shareholders' equity)	4.5%	-11.6%	6.9%	12.6%	18.8%	22.5%	22.5%	23.1%
ROA (Net income/ Total Assets)	3.26%	-2.13%	6.53%	8.02%	11.4%	12.2%	13.6%	14.7%
Assets ¹	218,009	756,212	143,993	247,949	309,485	379,690	392,807	414,596
Book Value Per Share ²	830.0	690.0	798.0	931.0	1,118	1,224	1,371	1,579
Cash Flow per Share ²	107.0	-13.20	128.0	196.0	283.0	35.80	344.0	413.0
Capex ¹	10,795	8,404	9,415	10,570	15,882	13,833	14,233	14,500
Capex / Sales	2.86%	2.56%	2.33%	2.18%	2.78%	2.22%	2.14%	2.04%
Announcement Date	2/14/20	2/12/21	2/10/22	2/10/23	2/9/24	-	-	-

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 ASICS Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8,700 JPY

Average target price

8,867 JPY

Spread / Average Target

+1.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Sports & Outdoor Footwear

	1st Jan change	Capi.
ASICS CORPORATION	+96.92%	10.01B
NIKE, INC.	-12.45%	143B
ADIDAS AG	+25.71%	44.83B
ON HOLDING AG	+57.73%	13.56B
FENG TAY ENTERPRISES CO., LTD.	-11.71%	4.69B
KINGNET NETWORK CO., LTD.	-2.60%	3.18B
XTEP INTERNATIONAL HOLDINGS LIMITED	+22.90%	1.75B
361 DEGREES INTERNATIONAL LIMITED	+28.53%	1.18B
VULCABRAS S.A.	-26.71%	771M
FULGENT SUN INTERNATIONAL (HOLDING) CO., LTD.	-3.75%	752M

Sports & Outdoor Footwear