Financials MonotaRO Co., Ltd.

Equities

3064

JP3922950005

Department Stores

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-10 am EDT			5-day change	1st Jan Change
1,642 ^JPY	-1.29%		-1.00%	+6.63%

May. 23	Jefferies Adjusts MonotaRO's Price Target to 1,770 Yen From 1,750 Yen, Keeps at Hold	MT
Apr. 26	MonotaRO's Q1 Attributable Net Income Jumps 10% on Higher Net Sales; Stock Falls 6%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	726,138	1,304,148	1,029,931	922,752	764,988	815,575	-	-
Enterprise Value (EV) ¹	719,331	1,295,555	1,027,172	924,160	751,507	789,142	779,764	760,927
P/E ratio	66.1 x	94.7 x	58.7 x	49.5 x	35.1 x	32 x	27.7 x	24.3 x
Yield	0.51%	0.34%	0.55%	0.73%	1.04%	1.15%	1.3%	1.47%
Capitalization / Revenue	5.52 x	8.29 x	5.43 x	4.08 x	3.01 x	2.84 x	2.52 x	2.26 x
EV / Revenue	5.47 x	8.23 x	5.41 x	4.09 x	2.96 x	2.75 x	2.41 x	2.1 x
EV / EBITDA	41.7 x	61.2 x	39.1 x	31 x	20.8 x	18.9 x	16.5 x	14.2 x
EV / FCF	89.8 x	207 x	-505 x	259 x	34.2 x	42 x	39.2 x	33.6 x
FCF Yield	1.11%	0.48%	-0.2%	0.39%	2.92%	2.38%	2.55%	2.98%
Price to Book	19.6 x	27.9 x	17.4 x	12.8 x	8.85 x	7.88 x	6.62 x	5.58 x
Nbr of stocks (in thousands)	496,844	496,818	496,831	496,905	496,907	496,847	-	-
Reference price ²	1,462	2,625	2,073	1,857	1,540	1,642	1,642	1,642
Announcement Date	2/3/20	2/2/21	2/3/22	2/2/23	2/2/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	131,463	157,337	189,731	225,970	254,286	286,827	323,312	361,541
EBITDA ¹	17,234	21,169	26,274	29,778	36,185	41,644	47,324	53,766
EBIT ¹	15,839	19,607	24,129	26,213	31,309	36,128	41,774	47,716
Operating Margin	12.05%	12.46%	12.72%	11.6%	12.31%	12.6%	12.92%	13.2%
Earnings before Tax (EBT) ¹	15,568	19,473	24,260	25,554	30,770	36,339	42,477	49,204
Net income ¹	10,984	13,771	17,552	18,658	21,813	25,452	29,418	33,597
Net margin	8.36%	8.75%	9.25%	8.26%	8.58%	8.87%	9.1%	9.29%
EPS ²	22.12	27.72	35.33	37.55	43.90	51.26	59.28	67.68
Free Cash Flow ¹	8,009	6,254	-2,032	3,572	21,973	18,779	19,902	22,672
FCF margin	6.09%	3.97%	-1.07%	1.58%	8.64%	6.55%	6.16%	6.27%
FCF Conversion (EBITDA)	46.47%	29.54%	-	12%	60.72%	45.09%	42.06%	42.17%
FCF Conversion (Net income)	72.92%	45.41%	-	19.14%	100.73%	73.78%	67.65%	67.48%
Dividend per Share ²	7.500	9.000	11.50	13.50	16.00	18.91	21.32	24.05
Announcement Date	2/3/20	2/2/21	2/3/22	2/2/23	2/2/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	75,281	91,868	51,281	54,610	-	109,863	56,130	59,977	62,014	62,386	124,400	62,823	67,063	69,139	70,203	140,000	71,203	76,190	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,318	11,898	6,588	6,664	-	13,136	6,187	6,890	8,030	7,347	15,377	7,542	8,390	8,901	8,416	17,400	9,006	9,868	-	-
Operating Margin	12.38%	12.95%	12.85%	12.2%	-	11.96%	11.02%	11.49%	12.95%	11.78%	12.36%	12.01%	12.51%	12.87%	11.99%	12.43%	12.65%	12.95%	-	-
Earnings before Tax (EBT) ¹	9,343	11,957	6,619	6,745	6,572	13,317	5,405	6,832	8,084	7,443	15,527	7,520	7,723	8,928	8,336	-	9,150	9,850	-	-
Net income ¹	6,540	8,344	5,261	4,709	4,608	9,317	3,802	5,539	5,687	5,191	10,878	5,293	5,642	6,256	5,910	-	6,315	6,914	-	-
Net margin	8.69%	9.08%	10.26%	8.62%	-	8.48%	6.77%	9.24%	9.17%	8.32%	8.74%	8.43%	8.41%	9.05%	8.42%	-	8.87%	9.07%	-	-
EPS ²	13.16	16.80	10.59	9.480	9.270	18.75	7.650	11.15	11.45	10.44	21.89	10.65	11.36	12.59	11.86	-	12.22	13.67	-	-
Dividend per Share ²	4.250	5.750	-	-	-	6.500	-	-	-	-	8.000	-	8.000	-	9.000	-	-	10.00	-	10.50
Announcement Date	7/31/20	7/30/21	2/3/22	4/28/22	7/29/22	7/29/22	10/28/22	2/2/23	4/27/23	7/27/23	7/27/23	10/26/23	2/2/24	4/25/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	1,408	-	-	-	-
Net Cash position ¹	6,807	8,593	2,759	-	13,481	26,434	35,811	54,648
Leverage (Debt/EBITDA)	-	-	-	0.0473 x	-	-	-	-
Free Cash Flow ¹	8,009	6,254	-2,032	3,572	21,973	18,779	19,902	22,672
ROE (net income / shareholders' equity)	33%	32.9%	33.1%	28.4%	27.5%	27.2%	26.9%	26%
ROA (Net income/ Total Assets)	28.8%	27.9%	27.5%	25.4%	26.3%	22.6%	19.3%	19.9%
Assets ¹	38,163	49,339	63,937	73,339	83,028	112,869	152,424	168,827
Book Value Per Share ²	74.60	94.10	119.0	145.0	174.0	208.0	248.0	294.0
Cash Flow per Share	24.90	30.90	39.70	44.70	53.70	-	-	-
Capex ¹	1,055	7,639	9,647	11,911	7,959	6,050	9,880	9,686
Capex / Sales	0.8%	4.86%	5.08%	5.27%	3.13%	2.11%	3.06%	2.68%
Announcement Date	2/3/20	2/2/21	2/3/22	2/2/23	2/2/24	-	-	-

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 MonotaRO Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,642 JPY

Average target price

1,669 JPY

Spread / Average Target

+1.67%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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