Financials Canon Marketing Japan Inc.

Equities

8060

JP3243600008

Office Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-12 am EDT			5-day change	1st Jan Change
4,608 ^JPY	-0.04%		+2.47%	+7.76%

Jul. 01	TURING Co., Ltd. announced that it has received ¥4.538 billion in funding from a group of investors	CI
Mar. 18	Vectorworks, Inc. entered into agreement to acquire A&A Co., Ltd. from Canon Marketing Japan Inc..	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	329,353	305,237	297,086	387,603	554,506	597,555	-	-
Enterprise Value (EV) ¹	275,035	245,234	229,191	303,089	465,121	597,555	597,555	597,555
P/E ratio	14.8 x	13.9 x	10.1 x	10.9 x	15.2 x	15.2 x	14.4 x	13.7 x
Yield	2.36%	2.55%	3.27%	3.01%	2.81%	2.6%	2.77%	2.82%
Capitalization / Revenue	0.53 x	0.56 x	0.54 x	0.66 x	0.91 x	0.92 x	0.9 x	0.88 x
EV / Revenue	0.53 x	0.56 x	0.54 x	0.66 x	0.91 x	0.92 x	0.9 x	0.88 x
EV / EBITDA	7.37 x	7.17 x	5.95 x	6.51 x	8.88 x	8.97 x	8.57 x	8.16 x
EV / FCF	-4.54 x	13.8 x	17.6 x	14 x	57.9 x	21 x	16.6 x	15.4 x
FCF Yield	-22%	7.25%	5.68%	7.13%	1.73%	4.75%	6.01%	6.51%
Price to Book	1.02 x	0.88 x	0.79 x	0.97 x	1.28 x	1.34 x	1.26 x	1.19 x
Nbr of stocks (in thousands)	129,667	129,668	129,675	129,677	129,679	129,678	-	-
Reference price ²	2,540	2,354	2,291	2,989	4,276	4,608	4,608	4,608
Announcement Date	1/28/20	1/27/21	1/26/22	1/27/23	1/29/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	621,134	545,060	552,085	588,132	609,473	646,850	663,550	678,050
EBITDA ¹	44,696	42,570	49,945	59,568	62,431	66,600	69,700	73,200
EBIT ¹	32,439	31,317	39,699	49,947	52,495	54,750	57,400	60,000
Operating Margin	5.22%	5.75%	7.19%	8.49%	8.61%	8.46%	8.65%	8.85%
Earnings before Tax (EBT) ¹	33,302	33,463	43,094	51,523	53,057	55,550	57,000	60,000
Net income ¹	22,250	21,997	29,420	35,552	36,493	39,200	41,600	43,750
Net margin	3.58%	4.04%	5.33%	6.04%	5.99%	6.06%	6.27%	6.45%
EPS ²	171.6	169.6	226.9	274.2	281.4	302.3	320.8	337.4
Free Cash Flow ¹	-72,532	22,139	16,862	27,618	9,571	28,410	35,900	38,900
FCF margin	-11.68%	4.06%	3.05%	4.7%	1.57%	4.39%	5.41%	5.74%
FCF Conversion (EBITDA)	-	52.01%	33.76%	46.36%	15.33%	42.66%	51.51%	53.14%
FCF Conversion (Net income)	-	100.65%	57.31%	77.68%	26.23%	72.47%	86.3%	88.91%
Dividend per Share ²	60.00	60.00	75.00	90.00	120.0	120.0	127.5	130.0
Announcement Date	1/28/20	1/27/21	1/26/22	1/27/23	1/29/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	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	2024 S2
Net sales ¹	318,278	262,593	282,467	275,149	153,890	276,936	147,419	142,454	289,873	138,206	160,053	298,259	154,825	147,953	302,778	141,772	164,923	306,695	157,226	153,055	307,836	156,600	173,874	343,864
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	19,021	13,140	18,177	20,586	13,038	19,113	14,796	13,036	27,832	10,021	12,094	22,115	15,285	11,806	27,091	10,591	14,813	25,404	13,808	12,100	26,108	12,200	16,692	29,392
Operating Margin	5.98%	5%	6.44%	7.48%	8.47%	6.9%	10.04%	9.15%	9.6%	7.25%	7.56%	7.41%	9.87%	7.98%	8.95%	7.47%	8.98%	8.28%	8.78%	7.91%	8.48%	7.79%	9.6%	8.55%
Earnings before Tax (EBT)	-	16,071	-	22,192	13,215	20,902	14,680	13,696	28,376	10,539	-	-	15,232	-	27,375	10,659	-	-	13,932	-	-	-	-	-
Net income ¹	12,814	9,963	12,034	15,056	9,146	14,364	10,035	9,337	19,372	7,298	8,882	16,180	10,450	8,211	18,661	7,193	10,639	17,832	9,523	9,000	18,523	-	-	21,977
Net margin	4.03%	3.79%	4.26%	5.47%	5.94%	5.19%	6.81%	6.55%	6.68%	5.28%	5.55%	5.42%	6.75%	5.55%	6.16%	5.07%	6.45%	5.81%	6.06%	5.88%	6.02%	-	-	6.39%
EPS ²	98.82	76.84	92.81	116.1	70.53	110.8	77.39	72.00	149.4	56.28	68.49	124.8	80.59	63.32	143.9	55.47	82.03	137.5	73.44	69.40	-	-	-	-
Dividend per Share	30.00	20.00	40.00	30.00	45.00	45.00	-	40.00	40.00	-	-	-	-	50.00	50.00	-	70.00	70.00	-	-	-	-	-	-
Announcement Date	1/28/20	7/27/20	1/27/21	7/27/21	1/26/22	1/26/22	4/25/22	7/25/22	7/25/22	10/25/22	1/27/23	1/27/23	4/25/23	7/26/23	7/26/23	10/25/23	1/29/24	1/29/24	4/23/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	54,318	60,003	67,895	84,514	89,385	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-72,532	22,139	16,862	27,618	9,571	28,410	35,900	38,900
ROE (net income / shareholders' equity)	7.1%	6.6%	8.2%	9.2%	8.7%	8.5%	8.4%	8.4%
ROA (Net income/ Total Assets)	6.77%	6.98%	7.96%	9.53%	9.73%	-	-	-
Assets ¹	328,629	315,354	369,762	373,068	374,943	-	-	-
Book Value Per Share ²	2,502	2,664	2,884	3,081	3,352	3,442	3,655	3,888
Cash Flow per Share	266.0	256.0	306.0	348.0	359.0	-	-	-
Capex ¹	21,450	16,351	12,634	9,065	18,611	15,800	15,000	15,000
Capex / Sales	3.45%	3%	2.29%	1.54%	3.05%	2.44%	2.26%	2.21%
Announcement Date	1/28/20	1/27/21	1/26/22	1/27/23	1/29/24	-	-	-

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 Canon Marketing Japan Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,608 JPY

Average target price

5,550 JPY

Spread / Average Target

+20.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Office Equipment Wholesale

	1st Jan change	Capi.
CANON MARKETING JAPAN INC.	+7.76%	3.78B
TAKKT AG	-15.70%	802M
AURORA CORPORATION	-6.58%	488M
PRODUCTIVE BUSINESS SOLUTIONS LIMITED	-18.54%	270M
FORVAL CORPORATION	+14.91%	276M
PT ASTRA GRAPHIA TBK	-11.17%	66.44M

Office Equipment Wholesale