Financials Belc CO., LTD.

Equities

9974

JP3835700000

Food Retail & Distribution

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-21 am EDT			5-day change	1st Jan Change
7,450 ^JPY	-0.27%		+1.50%	+19.20%

Apr. 11	Belc’s Full-Year Profit Rises 11%	MT
Apr. 11	Belc CO., LTD. Provides Consolidated and Non Consolidated Earnings Guidance for the Fiscal Year Ending February 28, 2025	CI

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	107,256	108,090	113,098	114,558	111,939	155,714	-	-
Enterprise Value (EV) ¹	122,785	124,378	127,731	132,464	132,189	132,367	155,714	155,714
P/E ratio	16.3 x	14.8 x	12.8 x	12.5 x	11.6 x	12.4 x	13 x	12.4 x
Yield	1.36%	1.47%	1.59%	1.64%	1.75%	1.7%	1.53%	1.63%
Capitalization / Revenue	0.48 x	0.45 x	0.4 x	0.38 x	0.36 x	0.38 x	0.41 x	0.39 x
EV / Revenue	0.48 x	0.45 x	0.4 x	0.38 x	0.36 x	0.38 x	0.41 x	0.39 x
EV / EBITDA	7.18 x	6.73 x	6.33 x	5.92 x	5.45 x	6.17 x	6.33 x	5.98 x
EV / FCF	20.2 x	120 x	33.8 x	-80.8 x	-361 x	48.7 x	51.4 x	36.9 x
FCF Yield	4.94%	0.83%	2.96%	-1.24%	-0.28%	2.05%	1.95%	2.71%
Price to Book	1.69 x	1.57 x	1.48 x	1.37 x	1.23 x	1.32 x	1.42 x	1.3 x
Nbr of stocks (in thousands)	20,867	20,867	20,867	20,867	20,845	20,845	-	-
Reference price ²	5,140	5,180	5,420	5,490	5,370	7,470	7,470	7,470
Announcement Date	4/15/19	4/10/20	4/9/21	4/14/22	4/13/23	4/11/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	225,523	239,497	284,460	300,268	310,826	351,856	379,533	399,225
EBITDA ¹	14,948	16,071	17,865	19,363	20,542	21,463	24,590	26,035
EBIT ¹	9,818	10,463	11,932	13,072	14,018	14,495	17,300	18,400
Operating Margin	4.35%	4.37%	4.19%	4.35%	4.51%	4.12%	4.56%	4.61%
Earnings before Tax (EBT) ¹	9,505	10,804	12,144	13,597	14,241	14,733	17,278	18,378
Net income ¹	6,571	7,296	8,828	9,187	9,614	10,677	11,941	12,544
Net margin	2.91%	3.05%	3.1%	3.06%	3.09%	3.03%	3.15%	3.14%
EPS ²	314.9	349.6	423.1	440.3	461.0	512.2	572.8	601.8
Free Cash Flow ¹	5,297	900	3,347	-1,417	-310	3,196	3,030	4,222
FCF margin	2.35%	0.38%	1.18%	-0.47%	-0.1%	0.91%	0.8%	1.06%
FCF Conversion (EBITDA)	35.44%	5.6%	18.73%	-	-	13.95%	12.32%	16.22%
FCF Conversion (Net income)	80.61%	12.34%	37.91%	-	-	28.9%	25.37%	33.66%
Dividend per Share ²	70.00	76.00	86.00	90.00	94.00	108.0	114.0	121.5
Announcement Date	4/15/19	4/10/20	4/9/21	4/14/22	4/13/23	4/11/24	-	-

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 S1	2025 Q3	2025 Q4
Net sales ¹	116,146	140,014	75,763	149,132	73,803	77,333	74,050	76,775	150,825	76,924	83,077	82,912	87,114	170,026	88,204	93,626	92,500	95,150	187,501	94,850	100,400
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,950	7,756	4,051	7,392	2,713	2,967	2,986	4,107	7,093	2,657	4,268	4,204	5,044	9,248	3,364	1,883	4,400	5,300	9,500	3,900	4,250
Operating Margin	4.26%	5.54%	5.35%	4.96%	3.68%	3.84%	4.03%	5.35%	4.7%	3.45%	5.14%	5.07%	5.79%	5.44%	3.81%	2.01%	4.76%	5.57%	5.07%	4.11%	4.23%
Earnings before Tax (EBT) ¹	5,206	8,021	4,192	7,733	2,893	2,971	3,086	4,130	7,216	2,842	4,183	4,426	5,040	9,466	3,372	1,895	4,530	5,430	-	3,730	4,030
Net income ¹	3,525	5,776	2,847	5,248	1,940	1,999	2,078	2,797	4,875	1,909	2,830	3,007	3,852	6,859	2,431	1,387	3,130	3,730	-	2,630	2,830
Net margin	3.03%	4.13%	3.76%	3.52%	2.63%	2.58%	2.81%	3.64%	3.23%	2.48%	3.41%	3.63%	4.42%	4.03%	2.76%	1.48%	3.38%	3.92%	-	2.77%	2.82%
EPS	168.9	276.8	-	251.6	92.94	-	99.59	-	233.7	91.60	-	144.1	-	329.0	116.6	-	-	-	-	-	-
Dividend per Share	35.00	40.00	-	43.00	-	-	-	-	45.00	-	-	-	-	50.00	-	-	-	-	-	-	-
Announcement Date	10/4/19	10/8/20	10/7/21	10/7/21	1/7/22	4/14/22	7/8/22	10/7/22	10/7/22	1/6/23	4/13/23	7/10/23	10/11/23	10/11/23	1/10/24	4/11/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	15,529	16,288	14,633	17,906	20,250	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.039 x	1.014 x	0.8191 x	0.9248 x	0.9858 x	-	-	-
Free Cash Flow ¹	5,297	900	3,347	-1,417	-310	3,196	3,030	4,222
ROE (net income / shareholders' equity)	10.8%	11%	12.1%	11.5%	11%	11.2%	11.4%	11%
ROA (Net income/ Total Assets)	9.32%	9.15%	6.72%	9.58%	8.87%	8.47%	9.1%	9.2%
Assets ¹	70,476	79,713	131,379	95,864	108,439	126,106	131,220	136,342
Book Value Per Share ²	3,043	3,310	3,656	4,009	4,380	4,796	5,268	5,740
Cash Flow per Share ²	561.0	618.0	707.0	742.0	774.0	846.0	952.0	1,018
Capex ¹	6,549	10,790	14,159	16,335	17,254	16,349	29,550	17,050
Capex / Sales	2.9%	4.51%	4.98%	5.44%	5.55%	4.68%	7.79%	4.27%
Announcement Date	4/15/19	4/10/20	4/9/21	4/14/22	4/13/23	4/11/24	-	-

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 Belc CO., LTD.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7,470 JPY

Average target price

8,667 JPY

Spread / Average Target

+16.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
BELC CO., LTD.	+19.20%	998M
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-11.04%	38.79B
AVENUE SUPERMARTS LIMITED	+15.27%	36.49B
SEVEN & I HOLDINGS CO., LTD.	+9.38%	33.86B
SM INVESTMENTS CORPORATION	+0.34%	18.43B
COLES GROUP LIMITED	+0.62%	14.51B
JERÓNIMO MARTINS, SGPS, S.A.	-9.55%	14.2B
CASEY'S GENERAL STORES, INC.	+22.39%	12.38B
CARREFOUR	-2.26%	12.27B
ICA GRUPPEN	-.--%	11.82B

Supermarkets & Convenience Stores