Financials Oriental Land Co., Ltd. London S.E.

Equities

JP3198900007

Leisure & Recreation

Real-time Estimate Tradegate Other stock markets 05:03:36 2024-07-16 am EDT			5-day change	1st Jan Change
26.3 ^EUR	0.00%		0.00%	0.00%

Jul. 10	Oriental Land Teams Up with Disney to Launch Japan Cruises	MT
Jul. 09	Walt Disney Partners With Oriental Land to Launch Cruise Ship in Japan in Fiscal 2028	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	4,524,124	5,443,794	7,700,005	7,416,245	7,944,473	7,541,710	-	-
Enterprise Value (EV) ¹	4,330,029	5,399,205	7,707,785	7,358,981	7,756,412	7,312,323	7,220,943	7,070,283
P/E ratio	73 x	-100 x	955 x	91.9 x	66.1 x	56 x	49.4 x	45.3 x
Yield	0.32%	0.16%	0.12%	0.18%	0.27%	0.31%	0.35%	0.38%
Capitalization / Revenue	9.74 x	31.9 x	27.9 x	15.4 x	12.8 x	10.6 x	9.9 x	9.36 x
EV / Revenue	9.32 x	31.7 x	28 x	15.2 x	12.5 x	10.3 x	9.48 x	8.77 x
EV / EBITDA	31.8 x	-59,991 x	149 x	46.7 x	36.6 x	28.4 x	24.9 x	22.4 x
EV / FCF	-65.3 x	-40.9 x	-169 x	316 x	61.8 x	78.2 x	57 x	48.5 x
FCF Yield	-1.53%	-2.45%	-0.59%	0.32%	1.62%	1.28%	1.75%	2.06%
Price to Book	5.52 x	7.16 x	10.2 x	8.94 x	8.37 x	7.26 x	6.6 x	5.89 x
Nbr of stocks (in thousands)	1,636,803	1,637,231	1,637,602	1,637,863	1,638,373	1,638,434	-	-
Reference price ²	2,764	3,325	4,702	4,528	4,849	4,603	4,603	4,603
Announcement Date	4/28/20	4/28/21	4/27/22	4/27/23	4/26/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	464,450	170,581	275,728	483,123	618,493	710,976	761,676	806,138
EBITDA ¹	136,309	-90	51,836	157,526	212,139	257,891	289,896	315,559
EBIT ¹	96,862	-45,989	7,733	111,199	165,437	189,872	214,685	235,171
Operating Margin	20.86%	-26.96%	2.8%	23.02%	26.75%	26.71%	28.19%	29.17%
Earnings before Tax (EBT) ¹	89,133	-67,804	11,699	112,028	166,005	191,962	219,082	242,134
Net income ¹	62,217	-54,190	8,067	80,734	120,225	134,552	152,284	165,926
Net margin	13.4%	-31.77%	2.93%	16.71%	19.44%	18.92%	19.99%	20.58%
EPS ²	37.85	-33.10	4.926	49.29	73.39	82.16	93.09	101.6
Free Cash Flow ¹	-66,290	-132,156	-45,667	23,303	125,594	93,489	126,665	145,867
FCF margin	-14.27%	-77.47%	-16.56%	4.82%	20.31%	13.15%	16.63%	18.09%
FCF Conversion (EBITDA)	-	-	-	14.79%	59.2%	36.25%	43.69%	46.23%
FCF Conversion (Net income)	-	-	-	28.86%	104.47%	69.48%	83.18%	87.91%
Dividend per Share ²	8.800	5.200	5.600	8.000	13.00	14.37	15.97	17.69
Announcement Date	4/28/20	4/28/21	4/27/22	4/27/23	4/26/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	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 S1	2025 Q3	2025 Q4
Net sales ¹	216,022	59,149	97,568	92,700	85,415	178,160	98,166	105,877	204,043	146,982	132,098	279,080	140,604	143,696	284,300	181,900	152,293	153,189	173,160	324,450	203,296	179,260
EBITDA	-	-	-	-	20,496	-	-	32,264	60,655	59,248	37,623	-	-	49,906	-	76,267	35,741	-	-	-	-	-
EBIT ¹	35,923	-24,178	-19,380	17,700	9,350	27,113	17,062	20,931	37,993	47,658	25,548	73,206	38,680	38,320	77,000	64,600	23,837	35,535	43,143	74,700	70,904	36,535
Operating Margin	16.63%	-40.88%	-19.86%	19.09%	10.95%	15.22%	17.38%	19.77%	18.62%	32.42%	19.34%	26.23%	27.51%	26.67%	27.08%	35.51%	15.65%	23.2%	24.92%	23.02%	34.88%	20.38%
Earnings before Tax (EBT)	27,055	-38,078	-18,598	18,500	11,714	-	17,501	21,083	38,584	47,800	25,644	73,444	39,058	38,642	77,745	64,700	23,560	-	-	-	-	-
Net income ¹	19,133	-30,095	-14,191	13,000	9,219	22,258	12,105	14,354	26,459	33,603	20,672	54,275	27,439	27,061	54,549	45,300	20,376	20,720	24,650	45,370	41,470	36,960
Net margin	8.86%	-50.88%	-14.54%	14.02%	10.79%	12.49%	12.33%	13.56%	12.97%	22.86%	15.65%	19.45%	19.52%	18.83%	19.19%	24.9%	13.38%	13.53%	14.24%	13.98%	20.4%	20.62%
EPS ²	-	-18.38	-8.668	7.964	5.630	-	7.392	8.764	16.16	20.52	12.62	-	16.75	16.55	33.30	27.64	12.45	15.92	21.28	-	31.92	13.98
Dividend per Share	-	2.600	2.600	-	3.000	-	-	3.600	3.600	-	4.400	-	-	5.000	5.000	-	8.000	-	-	-	-	-
Announcement Date	4/28/20	10/29/20	10/28/21	1/28/22	4/27/22	4/27/22	7/28/22	10/27/22	10/27/22	1/30/23	4/27/23	4/27/23	7/28/23	10/30/23	10/30/23	1/30/24	4/26/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	7,780	-	-	-	-	-
Net Cash position ¹	194,095	44,589	-	57,264	188,061	229,387	320,767	471,427
Leverage (Debt/EBITDA)	-	-	0.1501 x	-	-	-	-	-
Free Cash Flow ¹	-66,290	-132,156	-45,667	23,303	125,594	93,489	126,665	145,867
ROE (net income / shareholders' equity)	7.7%	-6.9%	1.08%	10.2%	13.5%	13.5%	13.9%	14.1%
ROA (Net income/ Total Assets)	9.51%	-4.8%	0.76%	9.75%	13%	10.2%	10.3%	10.7%
Assets ¹	654,168	1,129,457	1,063,673	828,112	927,600	1,314,411	1,482,879	1,553,491
Book Value Per Share ²	501.0	464.0	462.0	507.0	580.0	634.0	697.0	782.0
Cash Flow per Share ²	61.80	-5.060	31.90	77.60	102.0	121.0	137.0	169.0
Capex ¹	139,626	108,322	100,269	99,472	72,080	88,977	77,557	78,298
Capex / Sales	30.06%	63.5%	36.37%	20.59%	11.65%	12.51%	10.18%	9.71%
Announcement Date	4/28/20	4/28/21	4/27/22	4/27/23	4/26/24	-	-	-

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 Oriental Land Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,603 JPY

Average target price

5,296 JPY

Spread / Average Target

+15.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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