Financials Japan Post Insurance Co., Ltd.

Equities

7181

JP3233250004

Life & Health Insurance

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
3,021 ^JPY	+3.98%		+5.78%	+20.65%

May. 16	Japan Post Insurance Attributable Profit Drops 10.8% in Fiscal 2024	MT
May. 15	Japan Post Insurance Co., Ltd. Provides Consolidated Earnings Guidance for the Full Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,437,034	754,195	1,278,972	853,422	791,052	1,156,334	-	-
Enterprise Value (EV) ¹	1,437,034	754,195	1,278,972	853,422	791,052	1,112,124	1,156,334	1,156,334
P/E ratio	11.9 x	5.01 x	7.7 x	5.69 x	8.29 x	12.8 x	14.6 x	12.7 x
Yield	3.01%	5.67%	3.34%	4.21%	4.45%	3.24%	3.24%	3.43%
Capitalization / Revenue	0.18 x	0.1 x	0.19 x	0.13 x	0.12 x	0.16 x	0.19 x	0.19 x
EV / Revenue	0.18 x	0.1 x	0.19 x	0.13 x	0.12 x	0.16 x	0.19 x	0.19 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-522,844 x	-286,461 x	-450,435 x	-	-	-	-	-
FCF Yield	-0%	-0%	-0%	-	-	-	-	-
Price to Book	0.67 x	0.39 x	0.45 x	0.35 x	0.33 x	0.33 x	0.43 x	0.42 x
Nbr of stocks (in thousands)	600,014	562,412	562,433	399,542	382,706	382,765	-	-
Reference price ²	2,395	1,341	2,274	2,136	2,067	3,021	3,021	3,021
Announcement Date	5/15/19	5/15/20	5/14/21	5/13/22	5/15/23	5/15/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,916,655	7,211,405	6,786,226	6,454,200	6,379,500	6,744,134	6,056,765	6,171,976
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	264,870	286,601	345,736	356,100	117,500	161,500	169,852	172,823
Operating Margin	3.35%	3.97%	5.09%	5.52%	1.84%	2.39%	2.8%	2.8%
Earnings before Tax (EBT) ¹	170,605	216,607	233,537	220,500	137,829	121,244	112,441	126,119
Net income ¹	120,480	150,687	166,103	158,000	97,600	87,056	79,270	90,403
Net margin	1.52%	2.09%	2.45%	2.45%	1.53%	1.29%	1.31%	1.46%
EPS ²	200.9	267.4	295.3	375.1	249.5	227.4	207.2	238.4
Free Cash Flow	-2,748,497	-2,632,800	-2,839,412	-	-	-	-	-
FCF margin	-34.72%	-36.51%	-41.84%	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	72.00	76.00	76.00	90.00	92.00	94.00	97.88	103.8
Announcement Date	5/15/19	5/15/20	5/14/21	5/13/22	5/15/23	5/15/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales	3,661,332	3,385,358	1,560,989	3,226,121	1,594,920	1,633,159	-	1,608,948	1,593,495	3,202,443	1,595,588	1,581,469	-	1,593,781	1,520,180	3,113,961	1,446,786	2,183,387	1,657,216	1,550,163	1,490,190	1,802,792
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	91,723	-	86,214	86,003	-	13,450	21,091	-	44,244	38,715	-	43,245	56,066	-	26,112	36,077	43,302	40,505	38,938	47,106
Operating Margin	-	-	5.88%	-	5.41%	5.27%	-	0.84%	1.32%	-	2.77%	2.45%	-	2.71%	3.69%	-	1.8%	1.65%	2.61%	2.61%	2.61%	2.61%
Earnings before Tax (EBT)	112,766	142,856	-	112,062	54,557	-	-	28,342	-	88,639	19,249	29,941	-	30,244	-	71,913	20,846	-	-	-	-	-
Net income ¹	76,312	93,673	39,285	80,500	39,025	38,475	-	11,630	36,663	48,293	27,909	21,398	49,321	21,038	29,399	50,437	14,717	21,902	-	-	-	-
Net margin	2.08%	2.77%	2.52%	2.5%	2.45%	2.36%	-	0.72%	2.3%	1.51%	1.75%	1.35%	-	1.32%	1.93%	1.62%	1.02%	1%	-	-	-	-
EPS ²	135.2	166.6	97.09	181.8	97.13	96.17	-	29.12	92.51	121.6	71.85	56.00	127.9	54.97	76.81	131.8	38.45	57.22	61.61	57.63	55.40	67.03
Dividend per Share	38.00	-	-	45.00	-	-	45.00	-	46.00	46.00	-	46.00	-	-	47.00	47.00	-	-	-	-	-	-
Announcement Date	11/14/19	11/13/20	11/12/21	11/12/21	2/14/22	5/13/22	5/13/22	8/10/22	11/11/22	11/11/22	2/14/23	5/15/23	5/15/23	8/10/23	11/13/23	11/13/23	2/14/24	5/15/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-2,748,497	-2,632,800	-2,839,412	-	-	-	-	-
ROE (net income / shareholders' equity)	5.8%	7.4%	7%	6%	4.1%	3%	2.68%	3.29%
ROA (Net income/ Total Assets)	0.35%	0.39%	0.49%	0.52%	0.18%	0.26%	0.22%	0.15%
Assets ¹	34,282,787	38,268,742	34,071,711	30,468,991	53,901,806	33,365,016	36,869,841	59,475,797
Book Value Per Share ²	3,560	3,429	5,052	6,060	6,207	8,872	7,018	7,146
Cash Flow per Share	298.0	369.0	401.0	505.0	350.0	335.0	-	-
Capex	56,787	42,586	33,110	31,958	36,794	-	-	-
Capex / Sales	0.72%	0.59%	0.49%	0.5%	0.58%	-	-	-
Announcement Date	5/15/19	5/15/20	5/14/21	5/13/22	5/15/23	5/15/24	-	-

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 Japan Post Insurance Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,021 JPY

Average target price

2,964 JPY

Spread / Average Target

-1.90%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Life Insurance

	1st Jan change	Capi.
JAPAN POST INSURANCE CO., LTD.	+20.65%	7.36B
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.	+6.87%	101B
CHINA LIFE INSURANCE COMPANY LIMITED	+9.49%	101B
AIA GROUP LIMITED	-11.17%	86.29B
LIFE INSURANCE CORPORATION OF INDIA	+21.65%	76.75B
CHINA PACIFIC INSURANCE (GROUP) CO., LTD.	+21.03%	34.44B
JAPAN POST HOLDINGS CO., LTD.	+20.29%	30.89B
FUBON FINANCIAL HOLDING CO., LTD.	+13.27%	29.37B
SBI LIFE INSURANCE COMPANY LIMITED	-3.22%	16.64B
HDFC LIFE INSURANCE COMPANY LIMITED	-14.98%	14.17B

Life Insurance