Financials Aeon Co., Ltd.

Equities

8267

JP3388200002

Food Retail & Distribution

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,288 ^JPY	-0.12%		+1.76%	+4.35%

Apr. 22	Inageya to Book Extraordinary Income of 1.62 Billion Yen in Fiscal 2025 After Share Transfer Agreement with Aeon and Welcia	MT
Apr. 19	United Super Markets Holdings to Share Exchange with Inageya Effective November	MT

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,974,579	1,695,704	2,707,475	2,198,481	2,170,522	2,814,201	-	-
Enterprise Value (EV) ¹	3,291,003	3,054,251	4,436,559	3,728,632	3,817,720	3,058,943	5,188,809	4,968,452
P/E ratio	83.5 x	63.2 x	-38.1 x	338 x	101 x	68.4 x	58.3 x	49.9 x
Yield	1.45%	1.79%	1.12%	1.39%	1.42%	1.01%	1.13%	1.12%
Capitalization / Revenue	0.23 x	0.2 x	0.31 x	0.25 x	0.24 x	0.32 x	0.29 x	0.28 x
EV / Revenue	0.39 x	0.35 x	0.52 x	0.43 x	0.42 x	0.32 x	0.53 x	0.49 x
EV / EBITDA	7.16 x	6.01 x	9.92 x	7.53 x	6.98 x	5.13 x	8.33 x	7.76 x
EV / FCF	157 x	17.6 x	81.2 x	-26.7 x	38.7 x	18.5 x	80.7 x	28.5 x
FCF Yield	0.64%	5.7%	1.23%	-3.74%	2.58%	5.4%	1.24%	3.51%
Price to Book	1.81 x	1.59 x	2.79 x	2.3 x	2.19 x	2.9 x	2.77 x	2.64 x
Nbr of stocks (in thousands)	841,679	841,749	845,294	846,383	854,536	855,901	-	-
Reference price ²	2,346	2,014	3,203	2,598	2,540	3,288	3,288	3,288
Announcement Date	4/10/19	4/10/20	4/9/21	4/8/22	4/12/23	4/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,518,215	8,604,207	8,603,910	8,715,957	9,116,823	9,553,557	9,874,260	10,185,451
EBITDA ¹	459,392	508,277	447,186	495,337	547,055	595,755	623,276	640,659
EBIT ¹	212,256	215,530	150,586	174,312	209,783	250,822	269,540	291,189
Operating Margin	2.49%	2.5%	1.75%	2%	2.3%	2.63%	2.73%	2.86%
Earnings before Tax (EBT) ¹	168,083	174,664	53,219	122,823	168,347	181,470	214,296	238,187
Net income ¹	23,637	26,838	-71,024	6,504	21,381	44,692	48,183	56,401
Net margin	0.28%	0.31%	-0.83%	0.07%	0.23%	0.47%	0.49%	0.55%
EPS ²	28.11	31.88	-84.06	7.690	25.11	52.25	56.37	65.95
Free Cash Flow ¹	20,903	173,954	54,647	-139,402	98,587	261,750	64,300	174,200
FCF margin	0.25%	2.02%	0.64%	-1.6%	1.08%	2.76%	0.65%	1.71%
FCF Conversion (EBITDA)	4.55%	34.22%	12.22%	-	18.02%	45.04%	10.32%	27.19%
FCF Conversion (Net income)	88.43%	648.16%	-	-	461.1%	687.12%	133.45%	308.86%
Dividend per Share ²	34.00	36.00	36.00	36.00	36.00	36.00	37.00	36.88
Announcement Date	4/10/19	4/10/20	4/9/21	4/8/22	4/12/23	4/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	2021 S1	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	2025 Q4
Net sales ¹	4,290,215	4,270,532	2,191,704	4,344,919	2,105,648	2,265,390	2,203,227	2,283,957	4,487,184	2,234,602	2,395,037	2,324,798	2,386,537	4,711,335	2,314,520	2,527,702	2,465,000	2,536,500	2,427,000	2,631,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	86,326	33,902	38,582	77,765	11,480	85,067	43,897	51,980	95,877	16,802	97,104	51,469	66,154	117,623	25,200	107,999	56,000	70,000	30,000	116,500
Operating Margin	2.01%	0.79%	1.76%	1.79%	0.55%	3.76%	1.99%	2.28%	2.14%	0.75%	4.05%	2.21%	2.77%	2.5%	1.09%	4.27%	2.27%	2.76%	1.24%	4.43%
Earnings before Tax (EBT)	65,631	-14,667	-	70,819	8,263	-	68,832	-	106,631	1,565	-	45,231	-	95,433	21,921	-	-	-	-	-
Net income ¹	3,791	-57,556	-413	4,588	-13,544	15,460	19,372	-1,334	18,038	-21,720	25,063	17,728	5,590	23,318	-4,959	26,333	19,100	9,200	-2,000	25,700
Net margin	0.09%	-1.35%	-0.02%	0.11%	-0.64%	0.68%	0.88%	-0.06%	0.4%	-0.97%	1.05%	0.76%	0.23%	0.49%	-0.21%	1.04%	0.77%	0.36%	-0.08%	0.98%
EPS ²	4.500	-68.14	-0.4800	5.430	-16.02	18.28	22.88	-1.630	21.25	-25.58	29.44	20.74	6.530	27.27	-5.800	30.80	7.010	4.680	-10.52	51.44
Dividend per Share	18.00	18.00	-	18.00	-	-	-	-	18.00	-	-	-	-	18.00	-	-	-	-	-	-
Announcement Date	10/9/19	10/7/20	10/6/21	10/6/21	1/12/22	4/8/22	7/6/22	10/5/22	10/5/22	1/13/23	4/12/23	7/12/23	10/11/23	10/11/23	1/12/24	4/10/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,316,424	1,358,547	1,729,084	1,530,151	1,647,198	2,034,122	2,374,608	2,154,251
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.866 x	2.673 x	3.867 x	3.089 x	3.011 x	3.5 x	3.81 x	3.363 x
Free Cash Flow ¹	20,903	173,954	54,647	-139,402	98,587	261,750	64,300	174,200
ROE (net income / shareholders' equity)	2.1%	2.5%	-7%	0.7%	2.2%	4.4%	4.8%	5.84%
ROA (Net income/ Total Assets)	2.21%	1.95%	-0.63%	1.45%	1.7%	1.88%	1.6%	1.93%
Assets ¹	1,071,463	1,376,428	11,272,041	449,923	1,258,439	2,378,993	3,011,411	2,917,318
Book Value Per Share ²	1,299	1,265	1,148	1,131	1,161	1,232	1,188	1,247
Cash Flow per Share ²	322.0	380.0	267.0	371.0	402.0	436.0	499.0	510.0
Capex ¹	448,971	450,706	356,190	360,111	410,345	476,117	490,000	443,000
Capex / Sales	5.27%	5.24%	4.14%	4.13%	4.5%	4.98%	4.96%	4.35%
Announcement Date	4/10/19	4/10/20	4/9/21	4/8/22	4/12/23	4/10/24	-	-

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 Aeon Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

3,288 JPY

Average target price

2,781 JPY

Spread / Average Target

-15.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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