Financials Fast Retailing Co., Ltd.

Equities

9983

JP3802300008

Apparel & Accessories Retailers

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-10 am EDT			5-day change	1st Jan Change
41,490 ^JPY	+1.00%		+3.18%	+18.58%

09:08am	Japan's Nikkei ends higher led by financials, export shares	RE
Jun. 04	Japan's Nikkei eases on profit taking; automakers drag	RE

Valuation

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,351,953	6,460,481	7,406,445	8,373,801	10,266,710	12,725,434	-	-
Enterprise Value (EV) ¹	5,765,382	5,687,840	6,633,209	7,867,587	9,129,493	11,887,317	11,639,666	11,404,463
P/E ratio	39.1 x	71.5 x	43.6 x	30.6 x	34.7 x	38.1 x	35.5 x	32.2 x
Yield	0.77%	0.76%	0.66%	0.76%	0.87%	0.84%	0.87%	0.92%
Capitalization / Revenue	2.77 x	3.22 x	3.47 x	3.64 x	3.71 x	4.18 x	3.85 x	3.53 x
EV / Revenue	2.52 x	2.83 x	3.11 x	3.42 x	3.3 x	3.9 x	3.52 x	3.17 x
EV / EBITDA	18.8 x	17.4 x	15.5 x	16.5 x	16.1 x	18.1 x	16.4 x	14.8 x
EV / FCF	26 x	30.1 x	19.2 x	36 x	-82.1 x	29.3 x	27.3 x	24.5 x
FCF Yield	3.85%	3.32%	5.22%	2.78%	-1.22%	3.42%	3.66%	4.08%
Price to Book	6.77 x	6.75 x	6.63 x	5.36 x	5.64 x	6.17 x	5.52 x	4.93 x
Nbr of stocks (in thousands)	306,167	306,281	306,389	306,545	306,652	306,711	-	-
Reference price ²	20,747	21,093	24,173	27,317	33,480	41,080	41,080	41,080
Announcement Date	10/10/19	10/15/20	10/14/21	10/13/22	10/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,290,548	2,008,846	2,132,992	2,301,122	2,766,557	3,044,443	3,308,175	3,600,871
EBITDA ¹	306,112	327,195	426,921	477,600	567,962	658,366	709,680	768,400
EBIT ¹	257,636	149,347	249,011	297,325	381,090	455,802	504,705	556,559
Operating Margin	11.25%	7.43%	11.67%	12.92%	13.77%	14.97%	15.26%	15.46%
Earnings before Tax (EBT) ¹	252,447	152,868	265,872	413,584	437,918	505,494	539,105	594,819
Net income ¹	162,578	90,357	169,847	273,335	296,229	329,636	353,716	390,707
Net margin	7.1%	4.5%	7.96%	11.88%	10.71%	10.83%	10.69%	10.85%
EPS ²	531.1	295.0	554.4	891.8	966.1	1,078	1,156	1,277
Free Cash Flow ¹	221,749	188,887	346,371	218,591	-111,186	406,174	426,497	465,785
FCF margin	9.68%	9.4%	16.24%	9.5%	-4.02%	13.34%	12.89%	12.94%
FCF Conversion (EBITDA)	72.44%	57.73%	81.13%	45.77%	-	61.69%	60.1%	60.62%
FCF Conversion (Net income)	136.4%	209.05%	203.93%	79.97%	-	123.22%	120.58%	119.22%
Dividend per Share ²	160.0	160.0	160.0	206.7	290.0	344.2	357.1	378.5
Announcement Date	10/10/19	10/15/20	10/14/21	10/13/22	10/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August	2020 S1	2021 S1	2021 S2	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 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	1,208,512	1,202,864	930,128	627,391	591,585	1,218,977	546,129	536,016	716,393	750,957	1,467,350	676,154	623,053	810,833	788,166	1,598,999	742,068	686,125	898,000	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	136,736	167,982	81,029	119,406	69,871	189,278	81,806	26,241	117,077	103,186	220,263	110,311	50,516	146,686	110,399	257,085	125,675	68,715	164,500	-	-
Operating Margin	11.31%	13.97%	8.71%	19.03%	11.81%	15.53%	14.98%	4.9%	16.34%	13.74%	15.01%	16.31%	8.11%	18.09%	14.01%	16.08%	16.94%	10.01%	18.32%	-	-
Earnings before Tax (EBT) ¹	150,859	171,482	-	134,208	78,357	212,566	136,689	64,329	126,812	103,687	230,499	128,704	78,715	162,471	136,924	299,395	136,123	65,482	177,000	-	-
Net income ¹	100,459	105,868	-	93,592	53,252	146,844	90,992	35,499	85,074	68,318	153,392	85,127	57,710	107,800	88,112	195,912	87,314	43,618	116,800	-	-
Net margin	8.31%	8.8%	-	14.92%	9%	12.05%	16.66%	6.62%	11.88%	9.1%	10.45%	12.59%	9.26%	13.29%	11.18%	12.25%	11.77%	6.36%	13.01%	-	-
EPS ²	328.1	345.6	-	305.4	173.7	479.1	296.8	115.8	277.5	222.8	500.3	277.6	188.2	351.5	287.3	638.8	278.2	125.9	-	-	-
Dividend per Share ²	80.00	80.00	-	-	93.33	93.33	-	113.3	-	125.0	125.0	-	-	-	175.0	175.0	-	190.0	-	165.0	-
Announcement Date	4/9/20	4/8/21	10/14/21	1/13/22	4/14/22	4/14/22	7/14/22	10/13/22	1/12/23	4/13/23	4/13/23	7/13/23	10/12/23	1/11/24	4/11/24	4/11/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	586,571	772,641	773,236	506,214	1,137,217	838,117	1,085,768	1,320,971
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	221,749	188,887	346,371	218,591	-111,186	406,174	426,497	465,785
ROE (net income / shareholders' equity)	18%	9.5%	16.4%	20.4%	17.5%	17.4%	17%	16.7%
ROA (Net income/ Total Assets)	12.7%	4.09%	10.8%	14.5%	13.5%	9.59%	9.72%	9.92%
Assets ¹	1,276,432	2,211,272	1,572,149	1,885,069	2,194,216	3,438,003	3,639,807	3,938,082
Book Value Per Share ²	3,066	3,123	3,643	5,094	5,939	6,657	7,448	8,334
Cash Flow per Share ²	689.0	876.0	1,135	1,480	1,576	973.0	1,742	2,097
Capex ¹	65,744	67,508	76,124	79,606	95,306	84,448	89,322	90,358
Capex / Sales	2.87%	3.36%	3.57%	3.46%	3.44%	2.77%	2.7%	2.51%
Announcement Date	10/10/19	10/15/20	10/14/21	10/13/22	10/12/23	-	-	-

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 Fast Retailing Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

41,080 JPY

Average target price

44,569 JPY

Spread / Average Target

+8.49%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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