Financials Canon Marketing Japan Inc.

Equities

8060

JP3243600008

Office Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-02 am EDT			5-day change	1st Jan Change
4,334 ^JPY	+0.81%		-0.66%	+1.36%

Mar. 18	Vectorworks, Inc. entered into agreement to acquire A&A Co., Ltd. from Canon Marketing Japan Inc..	CI
Mar. 15	Canon Marketing Japan Inc. concluded a stock transfer agreement to acquire Primagest,Inc. from PGT Holdings Joint Stock Company.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	329,353	305,237	297,086	387,603	554,506	562,024	-	-
Enterprise Value (EV) ¹	275,035	245,234	229,191	303,089	465,121	562,024	562,024	562,024
P/E ratio	14.8 x	13.9 x	10.1 x	10.9 x	15.2 x	14.2 x	13.4 x	12.8 x
Yield	2.36%	2.55%	3.27%	3.01%	2.81%	2.77%	2.88%	3%
Capitalization / Revenue	0.53 x	0.56 x	0.54 x	0.66 x	0.91 x	0.87 x	0.86 x	0.84 x
EV / Revenue	0.53 x	0.56 x	0.54 x	0.66 x	0.91 x	0.87 x	0.86 x	0.84 x
EV / EBITDA	7.37 x	7.17 x	5.95 x	6.51 x	8.88 x	8.44 x	8.01 x	7.68 x
EV / FCF	-4.54 x	13.8 x	17.6 x	14 x	57.9 x	19.8 x	14.9 x	14.4 x
FCF Yield	-22%	7.25%	5.68%	7.13%	1.73%	5.05%	6.72%	6.92%
Price to Book	1.02 x	0.88 x	0.79 x	0.97 x	1.28 x	1.23 x	1.14 x	1.11 x
Nbr of stocks (in thousands)	129,667	129,668	129,675	129,677	129,679	129,678	-	-
Reference price ²	2,540	2,354	2,291	2,989	4,276	4,334	4,334	4,334
Announcement Date	1/28/20	1/27/21	1/26/22	1/27/23	1/29/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	621,134	545,060	552,085	588,132	609,473	646,850	657,050	671,550
EBITDA ¹	44,696	42,570	49,945	59,568	62,431	66,600	70,200	73,200
EBIT ¹	32,439	31,317	39,699	49,947	52,495	54,750	57,400	60,000
Operating Margin	5.22%	5.75%	7.19%	8.49%	8.61%	8.46%	8.74%	8.93%
Earnings before Tax (EBT) ¹	33,302	33,463	43,094	51,523	53,057	55,550	58,200	60,800
Net income ¹	22,250	21,997	29,420	35,552	36,493	39,458	41,967	44,133
Net margin	3.58%	4.04%	5.33%	6.04%	5.99%	6.1%	6.39%	6.57%
EPS ²	171.6	169.6	226.9	274.2	281.4	304.3	323.6	337.4
Free Cash Flow ¹	-72,532	22,139	16,862	27,618	9,571	28,410	37,750	38,900
FCF margin	-11.68%	4.06%	3.05%	4.7%	1.57%	4.39%	5.75%	5.79%
FCF Conversion (EBITDA)	-	52.01%	33.76%	46.36%	15.33%	42.66%	53.77%	53.14%
FCF Conversion (Net income)	-	100.65%	57.31%	77.68%	26.23%	72%	89.95%	88.14%
Dividend per Share ²	60.00	60.00	75.00	90.00	120.0	120.0	125.0	130.0
Announcement Date	1/28/20	1/27/21	1/26/22	1/27/23	1/29/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	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	2024 S2
Net sales ¹	318,278	262,593	282,467	275,149	123,046	153,890	276,936	147,419	142,454	289,873	138,206	160,053	298,259	154,825	147,953	302,778	141,772	164,923	306,695	157,226	153,050	-	156,600	173,874	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	19,021	13,140	18,177	20,586	6,075	13,038	19,113	14,796	13,036	27,832	10,021	12,094	22,115	15,285	11,806	27,091	10,591	14,813	25,404	13,808	12,000	12,800	12,200	16,692	-
Operating Margin	5.98%	5%	6.44%	7.48%	4.94%	8.47%	6.9%	10.04%	9.15%	9.6%	7.25%	7.56%	7.41%	9.87%	7.98%	8.95%	7.47%	8.98%	8.28%	8.78%	7.84%	-	7.79%	9.6%	-
Earnings before Tax (EBT)	-	16,071	-	22,192	7,687	13,215	20,902	14,680	13,696	28,376	10,539	-	-	15,232	-	27,375	10,659	-	-	13,932	-	-	-	-	-
Net income ¹	12,814	9,963	12,034	15,056	5,218	9,146	14,364	10,035	9,337	19,372	7,298	8,882	16,180	10,450	8,211	18,661	7,193	10,639	17,832	9,523	8,915	19,849	8,283	11,840	20,123
Net margin	4.03%	3.79%	4.26%	5.47%	4.24%	5.94%	5.19%	6.81%	6.55%	6.68%	5.28%	5.55%	5.42%	6.75%	5.55%	6.16%	5.07%	6.45%	5.81%	6.06%	5.82%	-	5.29%	6.81%	-
EPS ²	98.82	76.84	92.81	116.1	40.24	70.53	110.8	77.39	72.00	149.4	56.28	68.49	124.8	80.59	63.32	143.9	55.47	82.03	137.5	73.44	68.75	153.1	63.90	91.30	155.2
Dividend per Share	30.00	20.00	40.00	30.00	-	45.00	45.00	-	40.00	40.00	-	-	-	-	50.00	50.00	-	70.00	70.00	-	-	-	-	-	-
Announcement Date	1/28/20	7/27/20	1/27/21	7/27/21	10/25/21	1/26/22	1/26/22	4/25/22	7/25/22	7/25/22	10/25/22	1/27/23	1/27/23	4/25/23	7/26/23	7/26/23	10/25/23	1/29/24	1/29/24	4/23/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	54,318	60,003	67,895	84,514	89,385	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-72,532	22,139	16,862	27,618	9,571	28,410	37,750	38,900
ROE (net income / shareholders' equity)	7.1%	6.6%	8.2%	9.2%	8.7%	8.5%	8.6%	8.4%
ROA (Net income/ Total Assets)	6.77%	6.98%	7.96%	9.53%	9.73%	-	-	-
Assets ¹	328,629	315,354	369,762	373,068	374,943	-	-	-
Book Value Per Share ²	2,502	2,664	2,884	3,081	3,352	3,514	3,795	3,888
Cash Flow per Share	266.0	256.0	306.0	348.0	359.0	-	-	-
Capex ¹	21,450	16,351	12,634	9,065	18,611	15,800	12,250	15,000
Capex / Sales	3.45%	3%	2.29%	1.54%	3.05%	2.44%	1.86%	2.23%
Announcement Date	1/28/20	1/27/21	1/26/22	1/27/23	1/29/24	-	-	-

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 Canon Marketing Japan Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,334 JPY

Average target price

5,200 JPY

Spread / Average Target

+19.98%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Office Equipment Wholesale

	1st Jan change	Capi.
CANON MARKETING JAPAN INC.	+1.36%	3.68B
TAKKT AG	-2.22%	919M
AURORA CORPORATION	-3.29%	509M
PRODUCTIVE BUSINESS SOLUTIONS LIMITED	-14.04%	288M
FORVAL CORPORATION	-8.97%	222M
PT ASTRA GRAPHIA TBK	-13.97%	64.68M

Office Equipment Wholesale