Financials JAFCO Group Co., Ltd.

Equities

8595

JP3389900006

Investment Management & Fund Operators

Delayed Japan Exchange Other stock markets 08:32:49 2024-05-21 pm EDT			5-day change	1st Jan Change
1,804 ^JPY	-0.80%		-2.11%	+9.39%

May. 21	Certain Shares of VRAIN Solution, Inc. are subject to a Lock-Up Agreement Ending on 21-MAY-2024.	CI
May. 10	JAFCO Group Co., Ltd. Resolves to Distribute Dividend for the Year Ended March 31, 2024, Effective May 24, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	122,641	87,100	199,665	136,935	102,949	99,079	-	-
Enterprise Value (EV) ¹	59,128	15,309	92,263	84,515	33,617	102,457	99,079	99,079
P/E ratio	12.1 x	7.36 x	5.27 x	9.74 x	3.23 x	13.7 x	12.8 x	11.4 x
Yield	2.82%	4.19%	2.1%	2.72%	7.92%	3.67%	4.01%	4.45%
Capitalization / Revenue	4.74 x	2.92 x	9.28 x	4.95 x	7.32 x	4.19 x	3.65 x	3.38 x
EV / Revenue	4.74 x	2.92 x	9.28 x	4.95 x	7.32 x	4.19 x	3.65 x	3.38 x
EV / EBITDA	9.93 x	5.75 x	21.8 x	8.02 x	-24.5 x	10.3 x	7.99 x	6.83 x
EV / FCF	-108 x	7.2 x	4.06 x	-11.2 x	1.65 x	198 x	9.62 x	8.77 x
FCF Yield	-0.93%	13.9%	24.6%	-8.92%	60.6%	0.5%	10.4%	11.4%
Price to Book	0.75 x	0.46 x	0.9 x	0.68 x	0.79 x	0.74 x	0.7 x	0.68 x
Nbr of stocks (in thousands)	92,793	92,792	91,033	73,032	54,384	54,484	-	-
Reference price ²	1,322	938.7	2,193	1,875	1,893	1,818	1,818	1,818
Announcement Date	4/24/19	4/22/20	4/21/21	4/22/22	4/26/23	4/24/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	25,878	29,855	21,512	27,677	14,073	24,443	27,150	29,300
EBITDA ¹	12,355	15,159	9,156	17,081	-4,206	9,600	12,400	14,500
EBIT ¹	12,239	14,970	8,964	16,876	-4,414	8,175	10,450	11,800
Operating Margin	47.29%	50.14%	41.67%	60.97%	-31.37%	33.45%	38.49%	40.27%
Earnings before Tax (EBT) ¹	13,600	17,045	56,471	18,547	61,368	8,822	11,050	12,400
Net income ¹	10,162	11,839	38,504	15,080	40,571	7,494	7,750	8,700
Net margin	39.27%	39.65%	178.99%	54.49%	288.29%	30.66%	28.55%	29.69%
EPS ²	109.5	127.6	416.4	192.5	586.9	137.6	142.2	159.7
Free Cash Flow ¹	-1,137	12,089	49,162	-12,210	62,395	500	10,300	11,300
FCF margin	-4.39%	40.49%	228.53%	-44.12%	443.37%	2.38%	37.94%	38.57%
FCF Conversion (EBITDA)	-	79.75%	536.94%	-	-	5.21%	83.06%	77.93%
FCF Conversion (Net income)	-	102.11%	127.68%	-	153.79%	6.33%	132.9%	129.89%
Dividend per Share ²	37.33	39.33	46.00	51.00	150.0	69.00	73.00	81.00
Announcement Date	4/24/19	4/22/20	4/21/21	4/22/22	4/26/23	4/24/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 S1	2022 Q3	2023 Q1	2023 S1	2023 Q3	2024 Q1	2024 S1	2024 Q3
Net sales ¹	5,984	9,546	18,439	5,243	2,743	5,421	4,307	4,735	8,633	5,946
EBITDA	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,081	2,990	13,312	1,953	343	-684	247	601	1,936	2,539
Operating Margin	34.78%	31.32%	72.19%	37.25%	12.5%	-12.62%	5.73%	12.69%	22.43%	42.7%
Earnings before Tax (EBT) ¹	3,416	4,730	14,289	2,461	1,160	1,239	63,993	850	2,371	2,525
Net income ¹	3,046	2,659	10,797	2,694	886	987	43,654	857	2,313	2,048
Net margin	50.9%	27.85%	58.56%	51.38%	32.3%	18.21%	1,013.56%	18.1%	26.79%	34.44%
EPS ²	32.83	28.66	133.4	35.56	12.47	13.88	613.6	15.76	42.51	37.60
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/23/19	10/21/20	10/22/21	1/26/22	7/22/22	10/27/22	1/25/23	7/26/23	10/25/23	1/26/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	63,513	71,791	107,402	52,420	69,332	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-1,137	12,089	49,162	-12,210	62,395	500	10,300	11,300
ROE (net income / shareholders' equity)	6.3%	6.7%	19.1%	7.3%	24.7%	5.6%	5.55%	6.1%
ROA (Net income/ Total Assets)	7.14%	8.39%	4.83%	7.41%	20.7%	5.42%	6.5%	7%
Assets ¹	142,375	141,093	796,658	203,451	196,435	138,203	119,231	124,286
Book Value Per Share ²	1,759	2,030	2,439	2,769	2,404	2,526	2,590	2,658
Cash Flow per Share	111.0	130.0	419.0	195.0	590.0	141.0	-	-
Capex	119	88	-	-	-	-	-	-
Capex / Sales	0.46%	0.29%	-	-	-	-	-	-
Announcement Date	4/24/19	4/22/20	4/21/21	4/22/22	4/26/23	4/24/24	-	-

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 JAFCO Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,818 JPY

Average target price

1,835 JPY

Spread / Average Target

+0.91%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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