Financials AEON Financial Service Co., Ltd.

Equities

8570

JP3131400008

Consumer Lending

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,312 ^JPY	+1.16%		+2.10%	+3.75%

Mar. 22	Orient Corporation completed the acquisition of AEON Product Finance Co., Ltd. from AEON Financial Service Co., Ltd. for ¥5 billion.	CI
Jan. 11	AEON Financial Service Co., Ltd. Reports Earnings Results for the Nine Months Ended November 30, 2023	CI

Valuation

Fiscal Period: February	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	539,765	472,332	338,373	294,378	256,411	283,322	283,322	-
Enterprise Value (EV) ¹	539,765	647,821	338,373	4,528,691	573,510	618,574	1,281,677	925,791
P/E ratio	14 x	12 x	9.91 x	16.6 x	8.49 x	9.1 x	13.3 x	12.9 x
Yield	2.72%	3.11%	4.34%	2.49%	4.21%	4.1%	4.04%	4.04%
Capitalization / Revenue	1.32 x	1.08 x	0.74 x	0.6 x	0.54 x	0.62 x	0.59 x	0.56 x
EV / Revenue	1.32 x	1.48 x	0.74 x	9.29 x	1.22 x	1.37 x	2.65 x	1.82 x
EV / EBITDA	-	-	-	64.5 x	6.41 x	6.93 x	27.9 x	14.7 x
EV / FCF	3,305,983 x	3,560,398 x	1,083,063 x	198,844,839 x	-	9,481,508 x	-	-
FCF Yield	0%	0%	0%	0%	-	0%	-	-
Price to Book	1.46 x	1.31 x	0.86 x	0.73 x	0.6 x	0.64 x	0.63 x	0.6 x
Nbr of stocks (in thousands)	215,733	215,775	215,799	215,820	215,834	215,864	215,864	-
Reference price ²	2,502	2,189	1,568	1,364	1,188	1,312	1,312	1,312
Announcement Date	5/9/18	5/10/19	4/10/20	4/9/21	4/7/22	4/11/23	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	407,970	439,001	457,280	487,309	470,657	451,767	483,962	507,829
EBITDA ¹	-	-	-	70,230	89,413	89,223	45,895	62,777
EBIT ¹	-	120,556	65,070	40,651	58,852	58,859	53,362	56,065
Operating Margin	-	27.46%	14.23%	8.34%	12.5%	13.03%	11.03%	11.04%
Earnings before Tax (EBT) ¹	66,571	69,178	64,530	39,305	59,745	59,801	51,037	50,903
Net income ¹	38,677	39,408	34,149	17,693	30,212	30,677	21,271	24,042
Net margin	9.48%	8.98%	7.47%	3.63%	6.42%	6.79%	4.4%	4.73%
EPS ²	179.3	182.6	158.2	81.99	140.0	142.1	98.53	101.7
Free Cash Flow	163,269	181,952	312,422	22,775	-	65,240	-	-
FCF margin	40.02%	41.45%	68.32%	4.67%	-	14.44%	-	-
FCF Conversion (EBITDA)	-	-	-	32.43%	-	73.12%	-	-
FCF Conversion (Net income)	422.13%	461.71%	914.88%	128.72%	-	212.67%	-	-
Dividend per Share ²	68.00	68.00	68.00	34.00	50.00	53.00	53.00	53.02
Announcement Date	5/9/18	5/10/19	4/10/20	4/9/21	4/7/22	4/11/23	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	120,715	130,883	125,752	122,205	115,761	110,773	121,918	106,965	114,614	109,570	120,618	111,361	119,339	124,432	124,961
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,629	17,086	15,799	20,710	12,530	10,989	14,623	15,283	16,574	9,720	17,282	13,611	15,697	14,530	15,301
Operating Margin	7.15%	13.05%	12.56%	16.95%	10.82%	9.92%	11.99%	14.29%	14.46%	8.87%	14.33%	12.22%	13.15%	11.68%	12.24%
Earnings before Tax (EBT) ¹	8,340	16,544	15,538	21,995	-	10,959	14,470	16,268	17,861	9,817	15,855	-	-	-	-
Net income ¹	2,560	8,573	7,640	11,667	6,488	4,193	7,864	7,917	10,287	4,184	8,289	-	7,285	7,194	-
Net margin	2.12%	6.55%	6.08%	9.55%	5.6%	3.79%	6.45%	7.4%	8.98%	3.82%	6.87%	-	6.1%	5.78%	-
EPS ²	11.87	39.72	35.41	54.06	30.06	19.42	36.44	36.68	47.66	19.38	38.41	26.03	33.60	39.48	36.70
Dividend per Share ²	-	-	23.00	-	19.00	-	31.00	-	20.00	-	33.00	-	25.00	-	-
Announcement Date	10/7/20	1/13/21	4/9/21	7/7/21	10/6/21	1/12/22	4/7/22	7/5/22	10/4/22	1/12/23	4/11/23	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: February	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	175,489	-	4,234,313	317,099	339,478	998,355	642,469
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	60.29 x	3.546 x	3.805 x	21.75 x	10.23 x
Free Cash Flow	163,269	181,952	312,422	22,775	-	65,240	-	-
ROE (net income / shareholders' equity)	10.8%	10.6%	8.8%	4.5%	7.3%	7.1%	4.97%	5.24%
ROA (Net income/ Total Assets)	1.45%	0.77%	0.62%	0.3%	0.97%	0.95%	0.4%	0.48%
Assets ¹	2,659,054	5,097,400	5,517,693	5,953,230	3,125,401	3,224,372	5,378,362	4,959,743
Book Value Per Share ²	1,715	1,669	1,823	1,860	1,965	2,014	2,090	2,194
Cash Flow per Share	268.0	279.0	278.0	219.0	282.0	283.0	-	-
Capex ¹	35,672	33,778	39,795	39,507	34,350	39,898	-	-
Capex / Sales	8.74%	7.69%	8.7%	8.11%	7.3%	8.83%	-	-
Announcement Date	5/9/18	5/10/19	4/10/20	4/9/21	4/7/22	4/11/23	-	-

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 AEON Financial Service Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,312 JPY

Average target price

1,345 JPY

Spread / Average Target

+2.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Consumer Lending

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MUTHOOT FINANCE LIMITED	+14.34%	8.13B

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