Stock 9201 JAPAN AIRLINES CO., LTD.
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Financials Japan Airlines Co., Ltd.

Equities

9201

JP3705200008

Airlines

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
2,841 JPY +0.05% Intraday chart for Japan Airlines Co., Ltd. +2.38% +2.38%
Apr. 24 Korean Air in Discussions to Purchase at Least 10 Boeing 777X Jetliners MT
Apr. 24 Japan Airlines Reportedly Plans to Continue Using Both Boeing, Airbus Aircraft MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,360,075 670,514 1,079,408 1,000,747 1,128,353 1,241,537 - -
Enterprise Value (EV) 1 980,354 533,141 1,172,086 1,391,625 1,414,609 1,449,890 1,425,245 1,380,190
P/E ratio 9.02 x 12.8 x -3.23 x -5.64 x 32.8 x 13.5 x 11.7 x 10.2 x
Yield 2.82% 2.76% - - 0.97% 2.58% 2.91% 3.42%
Capitalization / Revenue 0.91 x 0.48 x 2.24 x 1.47 x 0.82 x 0.74 x 0.69 x 0.66 x
EV / Revenue 0.66 x 0.38 x 2.44 x 2.04 x 1.03 x 0.87 x 0.8 x 0.74 x
EV / EBITDA 3.26 x 2.23 x -5.43 x -23 x 6.35 x 5.03 x 4.32 x 4.29 x
EV / FCF 9.16 x -3.3 x -3.79 x -5.02 x 7.85 x 18.6 x 13.6 x 10.9 x
FCF Yield 10.9% -30.3% -26.4% -19.9% 12.7% 5.36% 7.37% 9.17%
Price to Book 1.17 x 0.61 x 1.14 x 1.25 x 1.38 x 1.39 x 1.29 x 1.19 x
Nbr of stocks (in thousands) 348,827 336,942 437,007 437,007 437,007 437,007 - -
Reference price 2 3,899 1,990 2,470 2,290 2,582 2,841 2,841 2,841
Announcement Date 4/26/19 4/30/20 5/7/21 5/6/22 5/2/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,487,261 1,411,230 481,225 682,713 1,375,589 1,666,748 1,791,780 1,873,222
EBITDA 1 300,264 238,667 -215,800 -60,623 222,760 288,091 329,818 321,475
EBIT 1 176,160 100,632 -398,300 -234,767 64,563 134,139 168,433 187,067
Operating Margin 11.84% 7.13% -82.77% -34.39% 4.69% 8.05% 9.4% 9.99%
Earnings before Tax (EBT) 1 156,240 96,513 -404,078 -246,617 52,429 135,817 164,117 184,317
Net income 1 150,807 53,407 -286,693 -177,551 34,423 92,156 105,888 120,579
Net margin 10.14% 3.78% -59.58% -26.01% 2.5% 5.53% 5.91% 6.44%
EPS 2 432.1 155.7 -765.0 -406.3 78.77 210.9 242.6 277.2
Free Cash Flow 1 107,004 -161,543 -309,205 -277,314 180,142 77,747 105,002 126,621
FCF margin 7.19% -11.45% -64.25% -40.62% 13.1% 4.66% 5.86% 6.76%
FCF Conversion (EBITDA) 35.64% - - - 80.87% 26.99% 31.84% 39.39%
FCF Conversion (Net income) 70.95% - - - 523.32% 84.36% 99.16% 105.01%
Dividend per Share 2 110.0 55.00 - - 25.00 73.29 82.55 97.06
Announcement Date 4/26/19 4/30/20 5/7/21 5/6/22 5/2/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2020 S2 2021 S1 2021 S2 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 759,844 651,386 194,700 286,525 157,615 290,647 207,833 184,233 268,896 349,626 618,522 387,067 369,999 757,067 381,440 439,498 820,938 428,427 414,017 416,700 461,700 445,900 437,800
EBITDA - - - - - - - - - - - - - - - - - - - - - - -
EBIT 1 81,316 19,316 -223,900 -174,400 -64,858 -141,703 -31,842 -61,222 -30,186 26,228 -3,958 37,900 30,621 - 187,424 59,852 91,235 37,564 9,510 44,200 58,700 32,800 39,100
Operating Margin 10.7% 2.97% -115% -60.87% -41.15% -48.75% -15.32% -33.23% -11.23% 7.5% -0.64% 9.79% 8.28% - 49.14% 13.62% 11.11% 8.77% 2.3% 10.61% 12.71% 7.36% 8.93%
Earnings before Tax (EBT) 78,803 - -228,252 - -70,561 -154,446 -34,246 -57,925 -28,808 25,974 -2,834 27,499 27,764 - 31,897 57,198 89,095 34,875 - - - - -
Net income 1 51,203 - -161,226 - -47,057 -104,976 -23,346 -49,229 -19,560 17,448 -2,112 - 18,110 - 23,063 38,608 61,671 24,201 33,559 - - - -
Net margin 6.74% - -82.81% - -29.86% -36.12% -11.23% -26.72% -7.27% 4.99% -0.34% - 4.89% - 6.05% 8.78% 7.51% 5.65% 8.11% - - - -
EPS 2 147.9 - -478.4 - -107.7 -240.2 -53.42 -112.6 -44.76 39.93 -4.830 42.16 41.44 - 52.77 88.35 141.1 55.38 76.79 - - - -
Dividend per Share 2 55.00 - - - - - - - - - - - - - - - 30.00 - 35.00 - 32.42 - 32.42
Announcement Date 10/31/19 4/30/20 10/30/20 5/7/21 11/2/21 11/2/21 2/2/22 5/6/22 8/1/22 11/1/22 11/1/22 2/2/23 5/2/23 5/2/23 8/1/23 10/31/23 10/31/23 2/2/24 - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - 92,678 390,878 286,256 208,353 183,708 138,652
Net Cash position 1 379,721 137,373 - - - - - -
Leverage (Debt/EBITDA) - - -0.4295 x -6.448 x 1.285 x 0.7232 x 0.557 x 0.4313 x
Free Cash Flow 1 107,004 -161,543 -309,205 -277,314 180,142 77,747 105,002 126,621
ROE (net income / shareholders' equity) 13.6% 4.7% -29.2% -20.3% 4.3% 10.7% 11.6% 12.3%
ROA (Net income/ Total Assets) 8.51% 5.27% -20.4% -11% 2.14% 3.26% 4.3% 4.93%
Assets 1 1,771,341 1,012,649 1,407,164 1,612,297 1,606,045 2,831,216 2,463,080 2,444,494
Book Value Per Share 2 3,340 3,249 2,168 1,830 1,868 2,041 2,200 2,389
Cash Flow per Share 2 788.0 558.0 -256.0 2.820 441.0 540.0 604.0 673.0
Capex 1 222,126 239,611 89,686 161,306 117,488 205,000 223,600 210,000
Capex / Sales 14.94% 16.98% 18.64% 23.63% 8.54% 12.3% 12.48% 11.21%
Announcement Date 4/26/19 4/30/20 5/7/21 5/6/22 5/2/23 - - -
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 Japan Airlines Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
2,841 JPY
Average target price
3,307 JPY
Spread / Average Target
+16.39%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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