Financials HOTLAND Co.,Ltd.

Equities

3196

JP3851950000

Restaurants & Bars

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-22 am EDT			5-day change	1st Jan Change
2,443 ^JPY	+0.99%		+17.40%	+28.92%

2023	HOTLAND Co.,Ltd.'s Equity Buyback announced on December 7, 2023, has closed with 407,900 shares, representing 1.88% for ¥785.62 million.	CI
2023	Tranche Update on HOTLAND Co.,Ltd.'s Equity Buyback Plan announced on December 7, 2023.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	27,746	26,039	27,791	30,902	41,037	51,907	-	-
Enterprise Value (EV) ¹	30,194	30,156	30,015	32,432	44,330	51,907	51,907	51,907
P/E ratio	36.7 x	-22.9 x	13.4 x	22.7 x	40.1 x	32.3 x	27.8 x	20.6 x
Yield	0.39%	-	0.54%	0.49%	0.53%	0.41%	0.41%	0.41%
Capitalization / Revenue	0.86 x	0.91 x	0.94 x	0.96 x	1.06 x	1.13 x	1.04 x	0.95 x
EV / Revenue	0.86 x	0.91 x	0.94 x	0.96 x	1.06 x	1.13 x	1.04 x	0.95 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	59.5 x	-55.5 x	-	-	61.8 x	226 x	34.7 x	34.7 x
FCF Yield	1.68%	-1.8%	-	-	1.62%	0.44%	2.88%	2.88%
Price to Book	3.72 x	4.26 x	3.2 x	3.03 x	3.92 x	-	-	-
Nbr of stocks (in thousands)	21,509	21,520	21,560	21,640	21,655	21,247	-	-
Reference price ²	1,290	1,210	1,289	1,428	1,895	2,419	2,419	2,419
Announcement Date	2/14/20	2/15/21	2/15/22	2/15/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	32,434	28,732	29,678	32,163	38,710	46,100	50,100	54,800
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	1,669	1,132	970	1,744	2,235	3,100	3,700	4,200
Operating Margin	5.15%	3.94%	3.27%	5.42%	5.77%	6.72%	7.39%	7.66%
Earnings before Tax (EBT)	1,095	-656	3,184	1,906	1,651	-	-	-
Net income ¹	678	-1,138	2,079	1,358	1,021	1,950	2,050	2,700
Net margin	2.09%	-3.96%	7.01%	4.22%	2.64%	4.23%	4.09%	4.93%
EPS ²	35.12	-52.93	96.55	62.94	47.21	74.80	87.10	117.7
Free Cash Flow ¹	466	-469.4	-	-	664	230	1,494	1,494
FCF margin	1.44%	-1.63%	-	-	1.72%	0.5%	2.98%	2.73%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	68.73%	-	-	-	65.03%	11.79%	72.88%	55.33%
Dividend per Share ²	5.000	-	7.000	7.000	10.00	10.00	10.00	10.00
Announcement Date	2/14/20	2/15/21	2/15/22	2/15/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	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
Net sales ¹	12,819	13,821	8,762	7,871	7,558	15,429	8,246	8,488	9,397	9,043	18,440	10,029	10,241	11,459	10,441	21,900	11,400	12,800
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	116	273	642	492	307	799	542	403	663	346	1,009	695	531	1,105	685	1,790	760	550
Operating Margin	0.9%	1.98%	7.33%	6.25%	4.06%	5.18%	6.57%	4.75%	7.06%	3.83%	5.47%	6.93%	5.19%	9.64%	6.56%	8.17%	6.67%	4.3%
Earnings before Tax (EBT)	-432	1,802	-	1,018	-	1,558	696	-	715	-	1,185	631	-	1,472	-	-	-	-
Net income ¹	-604	1,196	290	692	309	1,001	461	-104	471	241	712	347	-38	930	230	1,160	500	290
Net margin	-4.71%	8.65%	3.31%	8.79%	4.09%	6.49%	5.59%	-1.23%	5.01%	2.67%	3.86%	3.46%	-0.37%	8.12%	2.2%	5.3%	4.39%	2.27%
EPS	-28.12	55.56	-	32.13	-	46.45	21.35	-	21.76	-	32.91	16.03	-	43.81	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	7/30/20	7/30/21	2/15/22	5/13/22	8/12/22	8/12/22	11/14/22	2/15/23	5/15/23	8/9/23	8/9/23	11/9/23	2/14/24	5/15/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	2,448	4,117	2,224	1,530	3,293	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	466	-469	-	-	664	230	1,494	1,494
ROE (net income / shareholders' equity)	12.5%	-16.8%	28.1%	14.4%	10%	-	-	-
ROA (Net income/ Total Assets)	9.36%	6.71%	18.3%	12%	11.5%	-	-	-
Assets ¹	7,244	-16,964	11,390	11,293	8,869	-	-	-
Book Value Per Share	346.0	284.0	402.0	471.0	484.0	-	-	-
Cash Flow per Share	87.20	3.810	152.0	125.0	112.0	-	-	-
Capex ¹	1,899	1,169	1,521	1,841	2,274	1,759	2,230	2,600
Capex / Sales	5.85%	4.07%	5.13%	5.72%	5.87%	3.82%	4.45%	4.74%
Announcement Date	2/14/20	2/15/21	2/15/22	2/15/23	2/14/24	-	-	-

¹JPY in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for HOTLAND Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,419 JPY

Average target price

2,800 JPY

Spread / Average Target

+15.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Commercial Food Services

	1st Jan change	Capi.
HOTLAND CO.,LTD.	+28.92%	329M
TEXAS ROADHOUSE, INC.	+37.53%	11.21B
ARAMARK	+17.12%	8.66B
BRINKER INTERNATIONAL, INC.	+48.34%	2.84B
FOOD & LIFE COMPANIES LTD.	+0.64%	2.21B
SSP GROUP PLC	-21.38%	1.92B
THE CHEESECAKE FACTORY INCORPORATED	+7.11%	1.92B
DO & CO AKTIENGESELLSCHAFT	+10.86%	1.78B
CREATE RESTAURANTS HOLDINGS INC.	-1.37%	1.47B
BJ'S RESTAURANTS, INC.	-2.64%	813M

Commercial Food Services