ICHIGO INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 421 JPY | -1.17% |
|
-1.17% | +24.56% |
| Apr. 26 | Ichigo Office REIT Investment Secures Fixed Rates for 2 Billion Loans In Swap Deal | MT |
| Apr. 23 | Ichigo Hotel REIT Investment Secures 2.2 Billion Yen Loan | MT |
Valuation
| Fiscal Period: February | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 181,991 | 158,001 | 165,646 | 124,933 | 131,483 | 184,822 | - | - |
| Enterprise Value (EV) 1 | 327,875 | 330,470 | 334,818 | 287,875 | 300,905 | 172,707 | 365,870 | 363,033 |
| P/E ratio | 12.1 x | 19.4 x | 33.3 x | 19.3 x | 14.2 x | 14.5 x | 13 x | 12.1 x |
| Yield | 1.86% | 2.13% | 2.01% | 2.62% | 2.76% | 2.31% | 2.38% | 2.61% |
| Capitalization / Revenue | 2.18 x | 1.81 x | 2.7 x | 2.19 x | 1.93 x | 2.09 x | 2 x | 1.9 x |
| EV / Revenue | 3.92 x | 3.78 x | 5.46 x | 5.06 x | 4.42 x | 2.09 x | 3.95 x | 3.74 x |
| EV / EBITDA | 11.7 x | 10.9 x | 23.1 x | 18.4 x | 16.9 x | 20.2 x | 17.2 x | 16.1 x |
| EV / FCF | 18.4 x | -2,327 x | -2,005 x | 200 x | -76.2 x | -10.1 x | 22.4 x | 16.4 x |
| FCF Yield | 5.43% | -0.04% | -0.05% | 0.5% | -1.31% | -9.94% | 4.47% | 6.12% |
| Price to Book | 1.86 x | 1.57 x | 1.66 x | 1.24 x | 1.28 x | 1.64 x | 1.76 x | 1.67 x |
| Nbr of stocks (in thousands) | 484,020 | 481,712 | 474,631 | 467,915 | 453,389 | 439,006 | - | - |
| Reference price 2 | 376.0 | 328.0 | 349.0 | 267.0 | 290.0 | 421.0 | 421.0 | 421.0 |
| Announcement Date | 4/17/19 | 4/16/20 | 4/19/21 | 4/19/22 | 4/19/23 | 4/15/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: February | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 83,540 | 87,360 | 61,368 | 56,934 | 68,093 | 82,747 | 92,577 | 97,130 |
| EBITDA 1 | 27,975 | 30,351 | 14,465 | 15,662 | 17,831 | 17,624 | 21,272 | 22,526 |
| EBIT 1 | 26,279 | 27,721 | 9,668 | 10,018 | 12,492 | 12,960 | 16,263 | 17,060 |
| Operating Margin | 31.46% | 31.73% | 15.75% | 17.6% | 18.35% | 15.66% | 17.57% | 17.56% |
| Earnings before Tax (EBT) 1 | 23,079 | 16,545 | 7,610 | 9,595 | 14,234 | 17,962 | 19,670 | 21,365 |
| Net income 1 | 15,373 | 8,201 | 5,027 | 6,473 | 9,409 | 12,108 | 14,047 | 15,010 |
| Net margin | 18.4% | 9.39% | 8.19% | 11.37% | 13.82% | 14.63% | 15.17% | 15.45% |
| EPS 2 | 31.14 | 16.89 | 10.48 | 13.81 | 20.45 | 26.89 | 32.28 | 34.88 |
| Free Cash Flow 1 | 17,804 | -142 | -167 | 1,437 | -3,947 | -17,171 | 16,341 | 22,200 |
| FCF margin | 21.31% | -0.16% | -0.27% | 2.52% | -5.8% | -20.75% | 17.65% | 22.86% |
| FCF Conversion (EBITDA) | 63.64% | - | - | 9.18% | - | 78.4% | 76.82% | 98.55% |
| FCF Conversion (Net income) | 115.81% | - | - | 22.2% | - | 116.4% | 116.33% | 147.9% |
| Dividend per Share 2 | 7.000 | 7.000 | 7.000 | 7.000 | 8.000 | 9.000 | 10.00 | 11.00 |
| Announcement Date | 4/17/19 | 4/16/20 | 4/19/21 | 4/19/22 | 4/19/23 | 4/15/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: February | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 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 | 2025 Q1 | 2025 Q2 | 2025 S1 | 2025 Q3 | 2025 Q4 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 46,185 | 41,175 | 32,026 | 29,342 | 10,629 | 23,303 | 6,083 | 27,548 | 33,631 | 16,638 | 8,837 | 25,475 | 27,322 | 15,296 | 42,618 | 10,152 | 16,344 | 26,496 | 11,923 | 44,328 | 56,251 | 12,200 | 37,600 | 49,800 | 27,300 | 17,930 | 45,230 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 15,118 | 12,603 | 5,452 | 4,216 | 1,084 | 4,243 | 793 | 4,982 | 5,775 | 2,723 | 2,359 | 5,082 | 4,029 | 3,381 | 7,410 | 2,445 | 3,038 | 5,483 | 2,444 | 5,033 | 7,477 | 3,000 | 5,250 | 8,250 | 5,050 | 3,490 | 8,540 |
| Operating Margin | 32.73% | 30.61% | 17.02% | 14.37% | 10.2% | 18.21% | 13.04% | 18.08% | 17.17% | 16.37% | 26.69% | 19.95% | 14.75% | 22.1% | 17.39% | 24.08% | 18.59% | 20.69% | 20.5% | 11.35% | 13.29% | 24.59% | 13.96% | 16.57% | 18.5% | 19.46% | 18.88% |
| Earnings before Tax (EBT) | 13,378 | 3,167 | 4,136 | 3,474 | 284 | 2,668 | 387 | 6,540 | 6,927 | 2,367 | - | 5,261 | 7,155 | - | - | 2,175 | - | 12,479 | 1,729 | - | - | - | - | - | - | - | - |
| Net income 1 | 8,612 | -411 | 2,778 | 2,249 | 185 | 1,731 | 238 | 4,504 | 4,742 | 1,534 | 1,895 | 3,429 | 5,041 | 939 | 5,980 | 1,455 | 7,048 | 8,503 | 1,087 | 2,518 | 3,605 | 2,098 | 4,952 | 7,050 | 5,000 | 2,090 | 7,090 |
| Net margin | 18.65% | -1% | 8.67% | 7.66% | 1.74% | 7.43% | 3.91% | 16.35% | 14.1% | 9.22% | 21.44% | 13.46% | 18.45% | 6.14% | 14.03% | 14.33% | 43.12% | 32.09% | 9.12% | 5.68% | 6.41% | 17.2% | 13.17% | 14.16% | 18.32% | 11.66% | 15.68% |
| EPS | 17.64 | - | 5.770 | - | - | 3.690 | 0.5100 | - | - | 3.290 | 4.090 | 7.380 | 10.94 | - | - | 3.210 | 15.55 | 18.76 | 2.450 | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 10/10/19 | 4/16/20 | 10/14/20 | 4/19/21 | 10/14/21 | 10/14/21 | 1/13/22 | 4/19/22 | 4/19/22 | 7/14/22 | 10/13/22 | 10/13/22 | 1/12/23 | 4/19/23 | 4/19/23 | 7/13/23 | 10/12/23 | 10/12/23 | 1/11/24 | 4/15/24 | 4/15/24 | - | - | - | - | - | - |
1JPY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: February | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 145,884 | 172,469 | 169,172 | 162,942 | 169,422 | 171,394 | 181,048 | 178,211 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 5.215 x | 5.682 x | 11.7 x | 10.4 x | 9.502 x | 9.725 x | 8.511 x | 7.911 x |
| Free Cash Flow 1 | 17,804 | -142 | -167 | 1,437 | -3,947 | -17,171 | 16,341 | 22,200 |
| ROE (net income / shareholders' equity) | 16.3% | 8.2% | 5% | 6.5% | 9.2% | 11.7% | 13.1% | 14.4% |
| ROA (Net income/ Total Assets) | 7.49% | 7.47% | 1.48% | 2.18% | 3.21% | 2.95% | 4.6% | 4.9% |
| Assets 1 | 205,223 | 109,816 | 340,398 | 296,732 | 293,383 | 411,117 | 305,362 | 306,327 |
| Book Value Per Share 2 | 202.0 | 208.0 | 210.0 | 215.0 | 227.0 | 238.0 | 240.0 | 252.0 |
| Cash Flow per Share | 34.60 | 22.30 | 20.50 | 25.90 | 32.10 | 37.70 | - | - |
| Capex 1 | 3,958 | 12,034 | 18,102 | 5,155 | 10,523 | 8,594 | 37,500 | 42,500 |
| Capex / Sales | 4.74% | 13.78% | 29.5% | 9.05% | 15.45% | 10.39% | 40.51% | 43.76% |
| Announcement Date | 4/17/19 | 4/16/20 | 4/19/21 | 4/19/22 | 4/19/23 | 4/15/24 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
421
JPY
Average target price
466.7
JPY
Spread / Average Target
+10.85%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +24.56% | 1.17B | |
| +36.16% | 27.94B | |
| -13.74% | 26.97B | |
| +25.00% | 26.95B | |
| -0.71% | 25.32B | |
| +44.49% | 22.58B | |
| +2.78% | 19.59B | |
| +1.45% | 19.52B | |
| +28.54% | 16.23B | |
| -14.80% | 14.98B |
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