Financials J.Front Retailing Co., Ltd.

Equities

3086

JP3386380004

Department Stores

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
1,524 ^JPY	+1.70%		+3.15%	+18.78%

May. 14	WealthPark, Inc. announced that it has received ¥2.21 billion in funding from a group of investors	CI
Apr. 16	J.Front Retailing Launches 10 Billion Yen Buyback Program	MT

Valuation

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	300,251	266,301	251,915	331,274	389,601	400,365	-	-
Enterprise Value (EV) ¹	523,894	497,306	476,351	705,348	682,657	632,973	593,840	541,815
P/E ratio	14.1 x	-10.2 x	58.3 x	23.3 x	13 x	15.6 x	13.9 x	12.4 x
Yield	3.14%	2.65%	3.01%	2.45%	2.42%	2.62%	2.77%	3.3%
Capitalization / Revenue	0.62 x	0.83 x	0.76 x	0.92 x	0.96 x	0.96 x	0.93 x	0.91 x
EV / Revenue	1.09 x	1.56 x	1.44 x	1.96 x	1.68 x	1.51 x	1.38 x	1.23 x
EV / EBITDA	5.74 x	19.1 x	8.07 x	10.3 x	7.62 x	7.39 x	6.53 x	5.76 x
EV / FCF	22 x	14 x	10.7 x	13.5 x	8.68 x	16.2 x	16.1 x	14.4 x
FCF Yield	4.54%	7.16%	9.36%	7.39%	11.5%	6.16%	6.22%	6.95%
Price to Book	0.78 x	0.76 x	0.72 x	0.92 x	1.02 x	1.01 x	0.98 x	0.94 x
Nbr of stocks (in thousands)	261,771	261,850	261,866	262,084	262,269	262,707	-	-
Reference price ²	1,147	1,017	962.0	1,264	1,486	1,524	1,524	1,524
Announcement Date	4/10/20	4/13/21	4/12/22	4/11/23	4/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	480,621	319,079	331,484	359,679	407,006	417,980	429,440	441,525
EBITDA ¹	91,239	26,096	59,009	68,166	89,540	85,667	90,975	94,033
EBIT ¹	40,286	-24,265	9,380	19,059	43,048	39,220	43,100	47,400
Operating Margin	8.38%	-7.6%	2.83%	5.3%	10.58%	9.38%	10.04%	10.74%
Earnings before Tax (EBT) ¹	37,161	-28,672	6,190	16,873	41,343	37,180	41,340	45,800
Net income ¹	21,251	-26,193	4,321	14,237	29,913	25,540	28,680	31,950
Net margin	4.42%	-8.21%	1.3%	3.96%	7.35%	6.11%	6.68%	7.24%
EPS ²	81.19	-100.0	16.50	54.32	114.1	97.99	109.8	123.2
Free Cash Flow ¹	23,799	35,601	44,577	52,109	78,605	38,965	36,943	37,652
FCF margin	4.95%	11.16%	13.45%	14.49%	19.31%	9.32%	8.6%	8.53%
FCF Conversion (EBITDA)	26.08%	136.42%	75.54%	76.44%	87.79%	45.48%	40.61%	40.04%
FCF Conversion (Net income)	111.99%	-	1,031.64%	366.01%	262.78%	152.57%	128.81%	117.85%
Dividend per Share ²	36.00	27.00	29.00	31.00	36.00	40.00	42.20	50.25
Announcement Date	4/10/20	4/13/21	4/12/22	4/11/23	4/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S2	2021 S1	2021 S2	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	2025 Q3	2025 Q4
Net sales ¹	254,957	147,471	171,608	157,333	80,146	94,005	174,151	81,905	87,224	169,129	87,811	102,738	93,456	98,178	191,634	94,928	120,444	100,150	102,400	100,200	115,150
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	15,111	-20,637	-3,628	-1,388	5,796	4,973	13,106	7,560	5,677	13,237	6,862	-1,041	10,169	9,515	19,684	10,993	12,371	11,450	10,950	8,200	8,050
Operating Margin	5.93%	-13.99%	-2.11%	-0.88%	7.23%	5.29%	7.53%	9.23%	6.51%	7.83%	7.81%	-1.01%	10.88%	9.69%	10.27%	11.58%	10.27%	11.43%	10.69%	8.18%	6.99%
Earnings before Tax (EBT)	13,201	-22,760	-5,912	-2,871	4,950	4,111	-	6,856	5,367	12,223	6,203	-1,553	9,926	8,878	18,804	11,044	11,495	-	-	-	-
Net income	6,884	-16,311	-9,882	-1,995	5,665	652	-	5,974	4,181	10,155	4,606	-525	6,397	6,503	12,900	8,704	8,309	-	-	-	-
Net margin	2.7%	-11.06%	-5.76%	-1.27%	7.07%	0.69%	-	7.29%	4.79%	6%	5.25%	-0.51%	6.84%	6.62%	6.73%	9.17%	6.9%	-	-	-	-
EPS ²	-	-62.30	-	-7.620	21.63	2.490	-	22.80	15.95	38.75	17.58	-2.010	24.39	24.80	49.19	33.19	31.68	30.05	28.88	16.78	17.95
Dividend per Share	-	9.000	-	14.00	-	-	-	-	-	15.00	-	-	-	-	16.00	-	-	-	-	-	-
Announcement Date	4/10/20	10/13/20	4/13/21	10/12/21	12/28/21	4/12/22	4/12/22	6/30/22	10/11/22	10/11/22	12/27/22	4/11/23	6/28/23	10/10/23	10/10/23	12/26/23	4/15/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	223,643	231,005	224,436	374,074	293,056	232,608	193,475	141,450
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.451 x	8.852 x	3.803 x	5.488 x	3.273 x	2.715 x	2.127 x	1.504 x
Free Cash Flow ¹	23,799	35,601	44,577	52,109	78,605	38,965	36,943	37,652
ROE (net income / shareholders' equity)	5.4%	-7.1%	1.2%	4%	8.1%	6.78%	7.38%	7.97%
ROA (Net income/ Total Assets)	3.2%	-2.09%	0.5%	1.46%	3.7%	2.7%	3.03%	3.33%
Assets ¹	664,094	1,251,996	857,443	976,187	808,794	945,926	945,496	958,501
Book Value Per Share ²	1,479	1,345	1,337	1,370	1,454	1,506	1,550	1,617
Cash Flow per Share ²	276.0	92.30	206.0	242.0	291.0	284.0	306.0	333.0
Capex ¹	46,929	29,360	20,632	22,570	12,087	33,997	33,500	32,000
Capex / Sales	9.76%	9.2%	6.22%	6.28%	2.97%	8.13%	7.8%	7.25%
Announcement Date	4/10/20	4/13/21	4/12/22	4/11/23	4/15/24	-	-	-

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 J.Front 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

1,524 JPY

Average target price

1,754 JPY

Spread / Average Target

+15.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Retail - Department Stores

	1st Jan change	Capi.
J.FRONT RETAILING CO., LTD.	+18.78%	2.55B
TRENT LIMITED	+48.93%	19.39B
ISETAN MITSUKOSHI HOLDINGS LTD.	+112.58%	7.79B
FALABELLA S.A.	+26.41%	7.6B
DILLARD'S, INC.	+10.83%	7.25B
MINISO GROUP HOLDING LIMITED	+10.25%	6.98B
CANADIAN TIRE CORPORATION, LIMITED	-3.33%	5.77B
MACY'S, INC.	-3.18%	5.38B
CCOOP GROUP CO., LTD	+39.04%	5.37B
HARVEY NORMAN HOLDINGS LIMITED	+6.19%	3.69B

Retail - Department Stores