Financials AZ-COM MARUWA Holdings Inc.

Equities

9090

JP3879170003

Ground Freight & Logistics

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-12 am EDT			5-day change	1st Jan Change
1,233 ^JPY	+3.18%		+11.18%	-19.36%

Jun. 26	AZ-COM MARUWA Holdings Adjusted Conversion Price of Euro-yen Convertible Bonds	MT
Jun. 03	Certain Shares of AZ-COM MARUWA Holdings Inc. are subject to a Lock-Up Agreement Ending on 3-JUN-2024.	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	156,832	242,454	141,204	250,408	182,101	166,319	-	-
Enterprise Value (EV) ¹	153,329	243,461	143,389	259,697	177,718	183,414	178,460	171,437
P/E ratio	32.5 x	44.2 x	23.1 x	32.2 x	19 x	15.8 x	13.8 x	12.3 x
Yield	0.9%	0.98%	1.69%	1.18%	2.22%	2.6%	2.89%	3.24%
Capitalization / Revenue	1.59 x	2.16 x	1.06 x	1.41 x	0.92 x	0.73 x	0.67 x	0.61 x
EV / Revenue	1.56 x	2.17 x	1.08 x	1.46 x	0.9 x	0.8 x	0.72 x	0.63 x
EV / EBITDA	17.7 x	25.4 x	14 x	19.1 x	10.8 x	9.6 x	8.15 x	6.75 x
EV / FCF	43 x	71.7 x	28.2 x	-99.5 x	36 x	-10.5 x	21.7 x	14 x
FCF Yield	2.32%	1.39%	3.54%	-1.01%	2.78%	-9.48%	4.61%	7.16%
Price to Book	5.93 x	9.43 x	4.88 x	6.97 x	3.3 x	2.69 x	2.39 x	2.13 x
Nbr of stocks (in thousands)	128,288	125,689	125,738	125,833	134,890	134,890	-	-
Reference price ²	1,222	1,929	1,123	1,990	1,350	1,233	1,233	1,233
Announcement Date	5/11/20	5/10/21	5/10/22	5/10/23	5/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	98,348	112,113	133,000	177,829	198,554	228,333	249,500	273,500
EBITDA ¹	8,661	9,579	10,246	13,573	16,395	19,100	21,900	25,400
EBIT ¹	7,194	8,019	8,649	11,362	13,845	16,367	18,000	20,500
Operating Margin	7.31%	7.15%	6.5%	6.39%	6.97%	7.17%	7.21%	7.5%
Earnings before Tax (EBT) ¹	7,419	8,262	9,139	12,214	14,549	16,550	18,550	21,050
Net income ¹	4,818	5,536	6,125	7,780	9,119	10,560	11,920	13,580
Net margin	4.9%	4.94%	4.61%	4.37%	4.59%	4.62%	4.78%	4.97%
EPS ²	37.58	43.60	48.72	61.86	70.88	78.25	89.03	100.6
Free Cash Flow ¹	3,564	3,394	5,082	-2,610	4,934	-17,390	8,220	12,283
FCF margin	3.62%	3.03%	3.82%	-1.47%	2.48%	-7.62%	3.29%	4.49%
FCF Conversion (EBITDA)	41.16%	35.43%	49.6%	-	30.09%	-	37.53%	48.36%
FCF Conversion (Net income)	73.98%	61.3%	82.97%	-	54.11%	-	68.96%	90.45%
Dividend per Share ²	10.95	18.96	19.00	23.50	30.00	32.00	35.67	40.00
Announcement Date	5/11/20	5/10/21	5/10/22	5/10/23	5/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	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	2025 Q4
Net sales ¹	53,768	59,749	37,358	35,893	40,950	43,380	84,330	48,961	44,538	47,528	49,032	96,560	53,568	48,426	51,700	54,450	60,500	55,850
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,376	4,333	2,445	1,871	2,371	2,658	5,029	3,535	2,798	3,745	3,572	7,317	4,256	2,272	3,460	3,960	4,950	3,575
Operating Margin	8.14%	7.25%	6.54%	5.21%	5.79%	6.13%	5.96%	7.22%	6.28%	7.88%	7.29%	7.58%	7.95%	4.69%	6.69%	7.27%	8.18%	6.4%
Earnings before Tax (EBT) ¹	4,477	4,544	2,576	2,019	2,557	2,710	5,267	3,997	2,950	3,751	3,793	7,544	4,573	2,432	3,720	4,120	4,820	3,740
Net income ¹	3,084	3,260	1,835	1,030	1,666	1,783	3,449	2,623	1,708	2,117	2,428	4,545	2,891	1,683	2,145	2,610	3,330	2,435
Net margin	5.74%	5.46%	4.91%	2.87%	4.07%	4.11%	4.09%	5.36%	3.83%	4.45%	4.95%	4.71%	5.4%	3.48%	4.15%	4.79%	5.5%	4.36%
EPS	24.18	25.94	14.59	8.190	13.25	14.18	27.43	20.85	13.58	16.82	19.29	36.11	22.63	-	-	-	-	-
Dividend per Share	9.475	9.500	-	-	-	-	11.75	-	-	-	-	15.00	-	-	-	-	-	-
Announcement Date	11/2/20	11/1/21	1/31/22	5/10/22	8/1/22	10/31/22	10/31/22	1/31/23	5/10/23	8/2/23	11/6/23	11/6/23	2/5/24	5/13/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	1,008	2,185	9,289	-	17,095	12,141	5,118
Net Cash position ¹	3,503	-	-	-	4,383	-	-	-
Leverage (Debt/EBITDA)	-	0.1052 x	0.2133 x	0.6844 x	-	0.895 x	0.5544 x	0.2015 x
Free Cash Flow ¹	3,564	3,394	5,082	-2,610	4,934	-17,390	8,220	12,283
ROE (net income / shareholders' equity)	19.5%	21.3%	22.4%	24%	20%	17.7%	18.5%	19.1%
ROA (Net income/ Total Assets)	15.7%	13.6%	11.5%	12.1%	11.8%	12%	12.6%	13.7%
Assets ¹	30,623	40,744	53,315	64,438	77,561	88,000	94,603	99,124
Book Value Per Share ²	206.0	205.0	230.0	285.0	409.0	458.0	516.0	579.0
Cash Flow per Share ²	49.00	55.90	61.40	79.40	90.70	93.50	108.0	128.0
Capex ¹	2,634	3,359	1,005	8,830	5,043	31,000	5,000	5,000
Capex / Sales	2.68%	3%	0.76%	4.97%	2.54%	13.58%	2%	1.83%
Announcement Date	5/11/20	5/10/21	5/10/22	5/10/23	5/13/24	-	-	-

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 AZ-COM MARUWA Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,233 JPY

Average target price

1,410 JPY

Spread / Average Target

+14.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Ground Freight & Logistics

	1st Jan change	Capi.
AZ-COM MARUWA HOLDINGS INC.	-19.36%	1.05B
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KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.	-13.48%	8.06B
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