Financials Mitsui O.S.K. Lines Ltd Börse Stuttgart

Equities

MILA

JP3362700001

Marine Freight & Logistics

Market Closed - Börse Stuttgart Other stock markets 02:06:26 2024-07-12 am EDT			5-day change	1st Jan Change
27.81 ^EUR	-1.42%		-4.76%	-2.83%

Jul. 05	Japanese shares retreat from record peaks ahead of US data	RE
Jun. 28	Mitsui O.S.K. Lines, Ltd. signed a letter of intent to acquire remaining 50% stake in LNG Rose Shipping Corporation from ITOCHU Corporation for $32 million.	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	208,929	463,390	1,230,699	1,195,850	1,669,851	1,754,933	-	-
Enterprise Value (EV) ¹	1,196,970	1,387,537	2,118,292	2,252,553	2,842,689	2,971,513	3,069,662	3,143,243
P/E ratio	6.4 x	5.15 x	1.74 x	1.5 x	6.38 x	6.08 x	10.1 x	9.37 x
Yield	3.72%	3.87%	11.7%	16.9%	4.77%	4.91%	3.25%	3.46%
Capitalization / Revenue	0.18 x	0.47 x	0.97 x	0.74 x	1.03 x	1.03 x	1.03 x	1.06 x
EV / Revenue	1.04 x	1.4 x	1.67 x	1.4 x	1.75 x	1.74 x	1.81 x	1.89 x
EV / EBITDA	10.7 x	17.2 x	15 x	11.1 x	13.8 x	12.3 x	12.4 x	12.1 x
EV / FCF	-183 x	31.4 x	10.6 x	8.41 x	-69.3 x	-31 x	-30.6 x	-41.6 x
FCF Yield	-0.55%	3.19%	9.45%	11.9%	-1.44%	-3.23%	-3.26%	-2.4%
Price to Book	0.41 x	0.8 x	0.97 x	0.62 x	0.71 x	0.69 x	0.68 x	0.64 x
Nbr of stocks (in thousands)	358,778	358,754	359,854	361,284	362,224	362,365	-	-
Reference price ²	582.3	1,292	3,420	3,310	4,610	4,843	4,843	4,843
Announcement Date	4/30/20	4/30/21	4/28/22	4/28/23	4/30/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,155,404	991,426	1,269,310	1,611,984	1,627,912	1,705,656	1,696,445	1,662,426
EBITDA ¹	111,544	80,495	141,404	203,369	205,605	242,142	246,698	259,527
EBIT ¹	23,779	-5,303	55,005	108,709	103,132	125,205	120,929	131,719
Operating Margin	2.06%	-0.53%	4.33%	6.74%	6.34%	7.34%	7.13%	7.92%
Earnings before Tax (EBT) ¹	47,130	100,313	732,993	819,160	295,417	321,031	208,767	208,414
Net income ¹	32,623	90,052	708,819	796,060	261,651	288,599	172,119	187,266
Net margin	2.82%	9.08%	55.84%	49.38%	16.07%	16.92%	10.15%	11.26%
EPS ²	90.93	251.0	1,970	2,204	722.8	796.3	477.2	516.9
Free Cash Flow ¹	-6,527	44,238	200,187	267,930	-41,037	-95,946	-100,169	-75,480
FCF margin	-0.56%	4.46%	15.77%	16.62%	-2.52%	-5.63%	-5.9%	-4.54%
FCF Conversion (EBITDA)	-	54.96%	141.57%	131.75%	-	-	-	-
FCF Conversion (Net income)	-	49.12%	28.24%	33.66%	-	-	-	-
Dividend per Share ²	21.67	50.00	400.0	560.0	220.0	237.7	157.4	167.7
Announcement Date	4/30/20	4/30/21	4/28/22	4/28/23	4/30/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	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	581,054	484,686	506,740	597,087	331,413	340,810	374,783	446,554	821,337	436,631	354,016	385,183	404,919	790,102	428,562	409,248	454,000	454,000	474,000	434,700
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	11,734	-4,222	-1,081	20,392	22,020	12,593	23,597	32,490	56,087	40,157	12,465	24,472	24,828	49,300	30,826	23,006	40,500	40,500	40,500	-14,100
Operating Margin	2.02%	-0.87%	-0.21%	3.42%	6.64%	3.7%	6.3%	7.28%	6.83%	9.2%	3.52%	6.35%	6.13%	6.24%	7.19%	5.62%	8.92%	8.92%	8.54%	-3.24%
Earnings before Tax (EBT)	-	36,579	-	280,073	219,919	-	288,824	331,612	620,436	138,824	59,900	109,629	-	177,953	60,259	-	-	-	-	-
Net income	-	30,251	-	274,848	212,339	221,632	285,779	315,744	601,523	121,722	72,815	91,155	59,637	150,792	52,812	-	-	-	-	-
Net margin	-	6.24%	-	46.03%	64.07%	65.03%	76.25%	70.71%	73.24%	27.88%	20.57%	23.67%	14.73%	19.09%	12.32%	-	-	-	-	-
EPS	-	84.32	-	765.0	590.1	615.1	792.0	874.5	1,666	336.9	200.7	252.0	164.8	416.7	145.9	-	-	-	-	-
Dividend per Share	-	5.000	-	100.0	-	300.0	-	300.0	300.0	-	-	-	-	110.0	-	-	-	-	-	-
Announcement Date	4/30/20	10/30/20	4/30/21	10/29/21	1/31/22	4/28/22	7/29/22	10/31/22	10/31/22	1/31/23	4/28/23	7/31/23	10/31/23	10/31/23	1/31/24	4/30/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	988,041	924,147	887,593	1,056,703	1,172,838	1,216,580	1,314,729	1,388,310
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	8.858 x	11.48 x	6.277 x	5.196 x	5.704 x	5.024 x	5.329 x	5.349 x
Free Cash Flow ¹	-6,527	44,238	200,187	267,930	-41,037	-95,946	-100,169	-75,480
ROE (net income / shareholders' equity)	6.3%	16.5%	76.5%	49.8%	12.2%	13%	6.88%	6.45%
ROA (Net income/ Total Assets)	2.6%	6.37%	30.2%	26%	6.74%	7.7%	4.64%	4.5%
Assets ¹	1,253,400	1,413,516	2,348,195	3,065,671	3,881,936	3,749,738	3,707,607	4,157,780
Book Value Per Share ²	1,431	1,610	3,532	5,322	6,496	7,024	7,141	7,563
Cash Flow per Share ²	336.0	490.0	2,210	2,466	1,006	1,105	969.0	993.0
Capex ¹	155,104	104,419	112,337	272,092	335,241	362,000	392,000	370,000
Capex / Sales	13.42%	10.53%	8.85%	16.88%	20.59%	21.22%	23.11%	22.26%
Announcement Date	4/30/20	4/30/21	4/28/22	4/28/23	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 Mitsui O.S.K. Lines Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4,843 JPY

Average target price

5,544 JPY

Spread / Average Target

+14.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
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HAPAG-LLOYD AG	+10.37%	28.56B
AP MOLLER MAERSK	-10.30%	24.87B
NIPPON YUSEN KABUSHIKI KAISHA	+6.68%	13.43B
KAWASAKI KISEN KAISHA, LTD.	+19.53%	10.31B
ORIENT OVERSEAS (INTERNATIONAL) LIMITED	+5.50%	9.73B
HMM CO.,LTD	-10.32%	9.06B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+36.22%	9B
ADNOC LOGISTICS & SERVICES PLC	+13.84%	8.78B

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