Financials ZOZO, Inc.

Equities

3092

JP3399310006

Department Stores

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
3,678 ^JPY	+2.45%		+0.96%	+15.84%

Jun. 01	Japanese billionaire Maezawa 'dearMoon' mission cancels moon flyby	RE
May. 27	Jefferies Adjusts ZOZO’s Price Target to 3,630 Yen From 3,365 Yen, Keeps at Hold	MT

Valuation

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	636,846	442,983	998,541	984,878	904,068	1,092,186	-	-
Enterprise Value (EV) ¹	615,286	431,381	956,893	939,558	850,342	1,130,195	1,038,233	1,011,456
P/E ratio	40 x	23.6 x	32.3 x	28.6 x	22.9 x	25.7 x	23.9 x	22.1 x
Yield	1.15%	2.07%	1.25%	1.77%	2.16%	2.73%	2.89%	3.06%
Capitalization / Revenue	5.38 x	3.53 x	6.77 x	5.93 x	4.93 x	5.74 x	5.1 x	4.77 x
EV / Revenue	5.2 x	3.44 x	6.49 x	5.65 x	4.64 x	5.74 x	4.84 x	4.41 x
EV / EBITDA	22.2 x	14.2 x	20.5 x	18.1 x	14.4 x	17.7 x	14.9 x	13.6 x
EV / FCF	70.9 x	22.9 x	23 x	24.3 x	31 x	26.2 x	23.3 x	21.4 x
FCF Yield	1.41%	4.36%	4.34%	4.12%	3.22%	3.82%	4.3%	4.68%
Price to Book	28.2 x	12.8 x	18 x	17.9 x	11.8 x	13.3 x	11.2 x	9.96 x
Nbr of stocks (in thousands)	305,295	305,295	305,364	299,811	299,857	296,951	-	-
Reference price ²	2,086	1,451	3,270	3,285	3,015	3,678	3,678	3,678
Announcement Date	4/25/19	4/28/20	4/27/21	4/27/22	4/27/23	4/30/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	118,405	125,517	147,402	166,199	183,423	197,016	214,327	229,099
EBITDA ¹	27,665	30,377	46,570	52,037	58,931	63,922	69,464	74,144
EBIT ¹	25,654	27,888	44,144	49,656	56,421	60,079	64,554	69,930
Operating Margin	21.67%	22.22%	29.95%	29.88%	30.76%	30.49%	30.12%	30.52%
Earnings before Tax (EBT) ¹	22,501	26,113	43,665	49,286	56,641	60,426	64,416	69,939
Net income ¹	15,985	18,804	30,932	34,492	39,526	44,341	45,704	49,274
Net margin	13.5%	14.98%	20.98%	20.75%	21.55%	22.51%	21.32%	21.51%
EPS ²	52.20	61.60	101.3	115.0	131.8	148.2	153.6	166.3
Free Cash Flow ¹	8,682	18,802	41,566	38,673	27,401	39,315	44,598	47,309
FCF margin	7.33%	14.98%	28.2%	23.27%	14.94%	19.72%	20.81%	20.65%
FCF Conversion (EBITDA)	31.38%	61.9%	89.25%	74.32%	46.5%	61.48%	64.2%	63.81%
FCF Conversion (Net income)	54.31%	99.99%	134.38%	112.12%	69.32%	92.89%	97.58%	96.01%
Dividend per Share ²	24.00	30.00	41.00	58.00	65.00	104.0	106.3	112.6
Announcement Date	4/25/19	4/28/20	4/27/21	4/27/22	4/27/23	4/30/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	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 S1	2025 Q3	2025 Q4
Net sales ¹	57,242	68,275	66,492	37,346	76,212	47,566	42,421	42,590	41,177	83,767	52,700	46,956	45,871	44,346	90,217	57,351	49,448	49,300	48,046	97,200	61,772	54,059
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	13,254	14,634	19,905	11,200	23,791	14,988	10,877	14,312	12,898	27,210	17,425	11,786	15,862	13,069	28,931	16,767	14,381	15,939	13,749	-	19,216	15,789
Operating Margin	23.15%	21.43%	29.94%	29.99%	31.22%	31.51%	25.64%	33.6%	31.32%	32.48%	33.06%	25.1%	34.58%	29.47%	32.07%	29.24%	29.08%	32.33%	28.62%	-	31.11%	29.21%
Earnings before Tax (EBT) ¹	11,351	-	19,955	11,222	23,754	14,751	10,781	14,293	13,113	27,406	17,407	11,828	15,943	13,160	29,103	17,514	13,809	15,750	13,868	-	19,683	15,949
Net income ¹	7,919	-	13,943	7,810	16,541	10,112	7,839	9,960	9,107	19,067	12,146	8,313	11,204	9,110	20,314	12,156	11,871	19,784	12,539	-	17,165	13,342
Net margin	13.83%	-	20.97%	20.91%	21.7%	21.26%	18.48%	23.39%	22.12%	22.76%	23.05%	17.7%	24.43%	20.54%	22.52%	21.2%	24.01%	40.13%	26.1%	-	27.79%	24.68%
EPS ²	25.94	-	45.67	26.23	55.14	33.73	26.15	33.23	30.37	63.60	40.50	27.73	37.36	30.37	67.73	40.58	39.88	43.92	39.62	-	56.60	36.71
Dividend per Share ²	12.00	-	15.00	-	22.00	-	-	-	-	24.00	-	-	-	-	49.00	-	55.00	-	53.00	-	-	56.00
Announcement Date	10/31/19	4/28/20	10/29/20	10/28/21	10/28/21	1/28/22	4/27/22	7/29/22	10/28/22	10/28/22	1/31/23	4/27/23	7/31/23	10/31/23	10/31/23	1/31/24	4/30/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	21,560	11,602	41,648	45,320	53,726	62,186	53,953	80,729
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8,682	18,802	41,566	38,673	27,401	39,315	44,599	47,309
ROE (net income / shareholders' equity)	50.5%	65.9%	68.8%	62.5%	60.1%	55%	49.9%	49.3%
ROA (Net income/ Total Assets)	34.4%	31.9%	40.4%	39.3%	40.1%	37.6%	31.8%	28.9%
Assets ¹	46,518	58,889	76,602	87,847	98,619	117,821	143,553	170,220
Book Value Per Share ²	73.90	113.0	182.0	183.0	255.0	285.0	328.0	369.0
Cash Flow per Share ²	57.20	68.30	108.0	122.0	139.0	160.0	181.0	193.0
Capex ¹	3,634	5,170	3,224	1,222	9,271	8,267	6,833	4,157
Capex / Sales	3.07%	4.12%	2.19%	0.74%	5.05%	4.15%	3.19%	1.81%
Announcement Date	4/25/19	4/28/20	4/27/21	4/27/22	4/27/23	4/30/24	-	-

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 ZOZO, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,678 JPY

Average target price

3,563 JPY

Spread / Average Target

-3.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Internet & Mail Order Department Stores