Financials Ryohin Keikaku Co., Ltd.

Equities

7453

JP3976300008

Department Stores

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
2,582 ^JPY	+3.28%		+8.33%	+9.45%

Apr. 12	Ryohin Keikaku's Attributable Profit Soars 114% in Fiscal H1	MT
Apr. 12	Ryohin Keikaku Co., Ltd. Announces Dividend for the Second Quarter Ended February 29, 2024, Payable on May 1, 2024	CI

Valuation

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	480,989	436,622	620,220	342,644	496,361	683,380	-	-
Enterprise Value (EV) ¹	427,325	421,119	594,308	328,931	476,979	611,016	602,242	585,646
P/E ratio	14.2 x	-25.8 x	18.3 x	13.9 x	22.5 x	20.2 x	19.1 x	17.3 x
Yield	2.11%	0.3%	1.7%	3.08%	2.13%	1.56%	1.67%	1.78%
Capitalization / Revenue	1.17 x	2.44 x	1.37 x	0.69 x	0.85 x	1.06 x	0.97 x	0.89 x
EV / Revenue	1.04 x	2.35 x	1.31 x	0.66 x	0.82 x	0.94 x	0.85 x	0.77 x
EV / EBITDA	7.65 x	35.7 x	9.5 x	5.87 x	-	7.96 x	7.38 x	6.5 x
EV / FCF	23.5 x	-170 x	11.2 x	49.3 x	13.9 x	23.5 x	22.2 x	15.8 x
FCF Yield	4.26%	-0.59%	8.91%	2.03%	7.22%	4.25%	4.51%	6.34%
Price to Book	2.52 x	2.42 x	2.92 x	1.42 x	1.88 x	2.41 x	2.21 x	2.03 x
Nbr of stocks (in thousands)	262,692	263,025	263,028	263,572	264,232	264,620	-	-
Reference price ²	1,831	1,660	2,358	1,300	1,878	2,582	2,582	2,582
Announcement Date	4/10/19	10/8/20	10/14/21	10/13/22	10/13/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	409,697	178,933	453,689	496,171	581,412	646,759	706,451	764,892
EBITDA ¹	55,865	11,793	62,569	56,059	-	76,761	81,567	90,073
EBIT ¹	44,743	872	42,447	32,773	33,137	48,969	53,650	59,618
Operating Margin	10.92%	0.49%	9.36%	6.61%	5.7%	7.57%	7.59%	7.79%
Earnings before Tax (EBT) ¹	53,883	-18,113	48,589	33,204	33,767	49,729	52,238	57,888
Net income ¹	33,845	-16,917	33,903	24,558	22,052	33,674	35,730	39,495
Net margin	8.26%	-9.45%	7.47%	4.95%	3.79%	5.21%	5.06%	5.16%
EPS ²	128.9	-64.32	128.9	93.24	83.51	128.1	134.9	149.4
Free Cash Flow ¹	18,188	-2,481	52,960	6,667	34,421	25,986	27,148	37,138
FCF margin	4.44%	-1.39%	11.67%	1.34%	5.92%	4.02%	3.84%	4.86%
FCF Conversion (EBITDA)	32.56%	-	84.64%	11.89%	-	33.85%	33.28%	41.23%
FCF Conversion (Net income)	53.74%	-	156.21%	27.15%	156.09%	77.17%	75.98%	94.03%
Dividend per Share ²	38.70	5.000	40.00	40.00	40.00	40.30	43.09	45.91
Announcement Date	4/10/19	10/8/20	10/14/21	10/13/22	10/13/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August	2020 S1	2021 S1	2021 S2	2022 Q1	2022 Q2	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
Net sales ¹	216,451	228,353	225,336	122,946	121,550	244,496	126,260	125,415	136,948	146,382	283,330	152,467	145,615	162,913	156,926	319,839	170,170	158,120	181,500	178,500	189,000
EBITDA	-	-	-	16,178	-	-	11,010	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	20,596	23,393	19,054	11,147	7,707	18,854	5,978	7,941	5,021	5,156	10,177	12,495	10,465	13,882	10,217	24,099	14,290	10,691	15,500	12,500	16,800
Operating Margin	9.52%	10.24%	8.46%	9.07%	6.34%	7.71%	4.73%	6.33%	3.67%	3.52%	3.59%	8.2%	7.19%	8.52%	6.51%	7.53%	8.4%	6.76%	8.54%	7%	8.89%
Earnings before Tax (EBT)	19,594	28,521	-	11,669	-	18,801	7,948	-	5,433	-	10,963	16,072	6,732	14,565	-	24,186	-	-	-	-	-
Net income ¹	13,270	20,373	-	7,843	6,934	14,777	5,221	4,560	3,895	3,463	7,358	11,324	3,370	9,801	5,971	15,772	13,015	5,591	10,100	7,800	10,900
Net margin	6.13%	8.92%	-	6.38%	5.7%	6.04%	4.14%	3.64%	2.84%	2.37%	2.6%	7.43%	2.31%	6.02%	3.8%	4.93%	7.65%	3.54%	5.56%	4.37%	5.77%
EPS ²	50.50	77.46	-	29.82	26.33	56.15	19.80	17.29	14.77	13.11	27.88	42.89	12.74	37.07	22.56	59.63	46.93	21.90	-	-	-
Dividend per Share ²	18.20	20.00	-	20.00	20.00	20.00	-	20.00	-	20.00	20.00	-	-	-	20.00	20.00	-	20.00	-	22.00	-
Announcement Date	10/10/19	4/14/21	10/14/21	1/7/22	4/14/22	4/14/22	7/8/22	10/13/22	1/6/23	4/13/23	4/13/23	7/7/23	10/13/23	1/12/24	4/12/24	4/12/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	53,664	15,503	25,912	13,713	19,382	72,364	81,139	97,734
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	18,188	-2,481	52,960	6,667	34,421	25,986	27,148	37,138
ROE (net income / shareholders' equity)	18.8%	-8.8%	17.3%	10.8%	8.7%	12.5%	12.3%	12.5%
ROA (Net income/ Total Assets)	18.4%	0.2%	12.3%	9.4%	8.5%	8.18%	8.6%	8.98%
Assets ¹	183,903	-8,458,500	275,634	261,255	259,435	411,692	415,323	439,840
Book Value Per Share ²	726.0	685.0	807.0	916.0	997.0	1,073	1,168	1,275
Cash Flow per Share ²	168.0	6.680	202.0	178.0	178.0	241.0	276.0	327.0
Capex ¹	19,912	4,991	25,617	17,679	44,142	36,174	33,150	33,071
Capex / Sales	4.86%	2.79%	5.65%	3.56%	7.59%	5.59%	4.69%	4.32%
Announcement Date	4/10/19	10/8/20	10/14/21	10/13/22	10/13/23	-	-	-

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 Ryohin Keikaku Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,582 JPY

Average target price

2,916 JPY

Spread / Average Target

+12.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Department Stores

	1st Jan change	Capi.
RYOHIN KEIKAKU CO., LTD.	+9.45%	4.35B
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FIVE BELOW, INC.	-35.20%	7.62B
ZHEJIANG CHINA COMMODITIES CITY GROUP CO., LTD.	+7.65%	5.97B
CENTRAL RETAIL CORPORATION	-25.61%	5B
WOOLWORTHS HOLDINGS LIMITED	-24.58%	2.62B
BERLI JUCKER	-11.20%	2.42B
MAGAZINE LUIZA S.A.	-42.64%	1.73B
IZUMI CO., LTD.	-6.83%	1.53B

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