Stock 9202 ANA HOLDINGS INC.
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Financials ANA Holdings Inc.

Equities

9202

JP3429800000

Airlines

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
3,060 JPY +0.92% Intraday chart for ANA Holdings Inc. +3.45% 0.00%
Apr. 26 ANA Holdings Inc. Proposes Dividend for the Fiscal Year Ended March 31, 2024, Effective Date Is June 28, 2024 CI
Apr. 03 ANA Becomes the Official Japanese Airline Partner of the LA Dodgers in a Landmark Deal MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,358,278 882,800 1,209,650 1,206,887 1,352,678 1,438,411 - -
Enterprise Value (EV) 1 1,853,266 1,487,015 1,899,383 2,006,006 1,776,873 1,509,062 1,779,876 1,687,202
P/E ratio 12.3 x 31.9 x -2.38 x -8.4 x 15.1 x 9.58 x 11.3 x 10 x
Yield 1.85% - - - - 1.56% 1.87% 2.28%
Capitalization / Revenue 0.66 x 0.45 x 1.66 x 1.18 x 0.79 x 0.73 x 0.65 x 0.62 x
EV / Revenue 0.9 x 0.75 x 2.61 x 1.97 x 1.04 x 0.73 x 0.81 x 0.73 x
EV / EBITDA 5.64 x 6.29 x -6.59 x -128 x 6.62 x 4.28 x 5.29 x 4.43 x
EV / FCF -23.2 x -14.9 x -4.45 x 13.1 x 7.23 x 18.2 x 14.9 x 11 x
FCF Yield -4.3% -6.73% -22.5% 7.66% 13.8% 5.49% 6.69% 9.08%
Price to Book 1.24 x 0.83 x 1.2 x 1.51 x 1.57 x 1.44 x 1.25 x 1.18 x
Nbr of stocks (in thousands) 334,634 334,521 470,315 470,338 470,333 470,069 - -
Reference price 2 4,059 2,639 2,572 2,566 2,876 3,060 3,060 3,060
Announcement Date 4/26/19 4/28/20 4/30/21 4/28/22 4/27/23 4/26/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,058,312 1,974,200 728,683 1,020,324 1,707,484 2,055,928 2,197,110 2,306,697
EBITDA 1 328,591 236,500 -288,422 -15,622 268,300 352,342 336,535 380,701
EBIT 1 165,019 60,800 -464,774 -173,127 120,030 207,911 192,685 217,319
Operating Margin 8.02% 3.08% -63.78% -16.97% 7.03% 10.11% 8.77% 9.42%
Earnings before Tax (EBT) 1 154,023 51,501 -545,372 -175,374 114,342 204,838 183,827 202,754
Net income 1 110,777 27,600 -404,624 -143,628 89,477 157,097 128,296 144,870
Net margin 5.38% 1.4% -55.53% -14.08% 5.24% 7.64% 5.84% 6.28%
EPS 2 331.0 82.66 -1,082 -305.4 190.2 335.1 270.9 305.8
Free Cash Flow 1 -79,716 -100,049 -427,151 153,606 245,796 96,213 119,104 153,243
FCF margin -3.87% -5.07% -58.62% 15.05% 14.4% 4.69% 5.42% 6.64%
FCF Conversion (EBITDA) - - - - 91.61% 26.63% 35.39% 40.25%
FCF Conversion (Net income) - - - - 274.7% 68.62% 92.84% 105.78%
Dividend per Share 2 75.00 - - - - 50.00 57.12 69.63
Announcement Date 4/26/19 4/28/20 4/30/21 4/28/22 4/27/23 4/26/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März 2020 S1 2020 S2 2021 S1 2021 S2 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 1,055,981 918,219 291,834 436,849 232,214 431,125 306,921 282,278 350,419 440,297 790,716 467,939 448,829 916,768 461,026 541,703 1,002,729 540,852 512,347 1,053,199 504,257 572,141 561,338 542,237
EBITDA - - - - - - - - - - - - - - - - - - - - - - - -
EBIT 1 78,880 -18,080 -280,950 -183,824 -51,395 -116,007 190 -57,310 -1,321 32,768 31,447 67,535 21,048 88,583 43,784 85,953 129,737 80,377 -2,203 78,174 48,103 73,290 64,693 15,600
Operating Margin 7.47% -1.97% -96.27% -42.08% -22.13% -26.91% 0.06% -20.3% -0.38% 7.44% 3.98% 14.43% 4.69% 9.66% 9.5% 15.87% 12.94% 14.86% -0.43% 7.42% 9.54% 12.81% 11.52% 2.88%
Earnings before Tax (EBT) 1 84,166 - -267,912 - -57,540 -121,323 -3,315 - 4,357 - 30,215 62,109 - - 43,274 83,605 126,879 79,797 -1,838 77,959 - - - -
Net income 1 56,787 - -188,477 - -47,644 -98,803 -4,001 -40,824 1,002 18,540 19,542 43,059 26,876 - 30,686 62,520 93,206 55,743 8,148 63,891 32,429 43,662 41,609 -7,573
Net margin 5.38% - -64.58% - -20.52% -22.92% -1.3% -14.46% 0.29% 4.21% 2.47% 9.2% 5.99% - 6.66% 11.54% 9.3% 10.31% 1.59% 6.07% 6.43% 7.63% 7.41% -1.4%
EPS 2 169.7 - -563.4 - -101.3 -210.1 -8.500 -86.80 2.130 39.42 41.55 91.55 57.14 - 65.51 133.7 199.2 118.8 17.10 - 69.17 93.13 88.75 -16.15
Dividend per Share 2 - - - - - - - - - - - - - - - - - - 30.00 - - - - 46.98
Announcement Date 10/29/19 4/28/20 10/27/20 4/30/21 10/29/21 10/29/21 2/1/22 4/28/22 8/1/22 10/31/22 10/31/22 2/2/23 4/27/23 4/27/23 7/28/23 10/31/23 10/31/23 1/31/24 4/26/24 4/26/24 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 494,988 604,215 689,733 799,119 424,195 314,619 341,466 248,791
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.506 x 2.555 x -2.391 x -51.15 x 1.581 x 0.8709 x 1.015 x 0.6535 x
Free Cash Flow 1 -79,716 -100,049 -427,151 153,606 245,796 96,213 119,104 153,243
ROE (net income / shareholders' equity) 10.6% 2.6% -39.1% -15.9% - 16.5% 12% 11.8%
ROA (Net income/ Total Assets) 5.97% 2.26% -15.7% -5.76% 3.4% 5.99% 4.08% 4.44%
Assets 1 1,855,788 1,219,927 2,585,422 2,495,470 2,634,916 2,623,728 3,140,908 3,264,174
Book Value Per Share 2 3,285 3,172 2,141 1,695 1,834 2,222 2,452 2,599
Cash Flow per Share 2 808.0 608.0 -610.0 29.50 505.0 639.0 622.0 667.0
Capex 1 375,864 351,361 156,710 133,364 116,892 225,000 275,060 286,729
Capex / Sales 18.26% 17.8% 21.51% 13.07% 6.85% 10.96% 12.52% 12.43%
Announcement Date 4/26/19 4/28/20 4/30/21 4/28/22 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 ANA Holdings Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
3,060 JPY
Average target price
3,659 JPY
Spread / Average Target
+19.58%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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