Financials ASICS Corporation

Equities

7936

JP3118000003

Footwear

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
6,709 ^JPY	+1.64%		+1.13%	+51.86%

Apr. 16	Check out these 5 fast-growing companies
Apr. 16	ASICS Announces the NIMBUS MIRAI Running Shoe	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	331,767	362,404	466,756	533,755	809,538	1,213,164	-	-
Enterprise Value (EV) ¹	373,166	383,933	480,931	606,170	827,650	1,200,241	1,180,315	1,159,016
P/E ratio	47.9 x	-22.5 x	49.6 x	26.8 x	22.9 x	31.1 x	26.5 x	23.2 x
Yield	1.65%	1.21%	0.94%	1.37%	1.47%	1.07%	1.3%	1.47%
Capitalization / Revenue	0.88 x	1.1 x	1.16 x	1.1 x	1.42 x	1.99 x	1.86 x	1.75 x
EV / Revenue	0.99 x	1.17 x	1.19 x	1.25 x	1.45 x	1.97 x	1.81 x	1.67 x
EV / EBITDA	15.8 x	38.3 x	13.4 x	12.1 x	11.7 x	14.8 x	12.9 x	11.5 x
EV / FCF	143 x	39.6 x	12.3 x	-16.9 x	11.1 x	27.2 x	23.2 x	21.5 x
FCF Yield	0.7%	2.53%	8.1%	-5.92%	9.01%	3.67%	4.31%	4.64%
Price to Book	2.19 x	2.87 x	3.2 x	3.13 x	3.95 x	5.83 x	5.14 x	4.54 x
Nbr of stocks (in thousands)	182,691	183,032	183,042	183,169	183,236	180,826	-	-
Reference price ²	1,816	1,980	2,550	2,914	4,418	6,709	6,709	6,709
Announcement Date	2/14/20	2/12/21	2/10/22	2/10/23	2/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	378,050	328,784	404,082	484,601	570,463	608,717	650,514	693,777
EBITDA ¹	23,556	10,029	35,996	50,002	70,719	80,967	91,224	100,743
EBIT ¹	10,634	-3,953	21,945	34,002	54,215	62,161	71,433	81,003
Operating Margin	2.81%	-1.2%	5.43%	7.02%	9.5%	10.21%	10.98%	11.68%
Earnings before Tax (EBT) ¹	10,207	-16,060	14,120	28,703	50,572	56,535	66,499	77,061
Net income ¹	7,097	-16,126	9,402	19,887	35,272	39,451	46,075	52,709
Net margin	1.88%	-4.9%	2.33%	4.1%	6.18%	6.48%	7.08%	7.6%
EPS ²	37.91	-88.17	51.38	108.6	192.5	216.0	252.9	289.5
Free Cash Flow ¹	2,607	9,696	38,979	-35,908	74,569	44,097	50,815	53,832
FCF margin	0.69%	2.95%	9.65%	-7.41%	13.07%	7.24%	7.81%	7.76%
FCF Conversion (EBITDA)	11.07%	96.68%	108.29%	-	105.44%	54.46%	55.7%	53.44%
FCF Conversion (Net income)	36.73%	-	414.58%	-	211.41%	111.78%	110.29%	102.13%
Dividend per Share ²	30.00	24.00	24.00	40.00	65.00	71.67	87.24	98.71
Announcement Date	2/14/20	2/12/21	2/10/22	2/10/23	2/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	190,846	146,897	209,478	112,729	81,875	105,329	119,751	225,080	137,988	121,533	259,521	152,297	137,782	290,079	158,026	122,358	165,075	148,475	311,600	168,925	131,275	173,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,045	-3,873	23,993	11,792	-13,840	10,057	9,109	19,166	16,885	-2,049	14,836	22,120	11,490	33,610	22,195	-1,590	24,450	12,850	35,400	24,125	1,900	26,700
Operating Margin	1.07%	-2.64%	11.45%	10.46%	-16.9%	9.55%	7.61%	8.52%	12.24%	-1.69%	5.72%	14.52%	8.34%	11.59%	14.05%	-1.3%	14.81%	8.65%	11.36%	14.28%	1.45%	15.39%
Earnings before Tax (EBT) ¹	-	-9,308	19,072	10,082	-	10,943	7,558	18,501	15,079	-4,877	-	21,605	11,794	33,399	21,829	-4,656	23,950	12,850	-	24,350	-950	-
Net income ¹	-	-6,266	12,350	6,723	-9,671	8,725	4,837	13,562	9,683	-3,358	6,325	16,310	8,486	24,796	15,484	-5,008	16,900	8,650	-	15,900	-2,350	19,500
Net margin	-	-4.27%	5.9%	5.96%	-11.81%	8.28%	4.04%	6.03%	7.02%	-2.76%	2.44%	10.71%	6.16%	8.55%	9.8%	-4.09%	10.24%	5.83%	-	9.41%	-1.79%	11.24%
EPS ²	-	-34.29	67.50	36.73	-52.85	47.67	26.41	74.08	52.87	-18.35	-	89.05	46.31	135.4	84.51	-27.35	85.68	38.69	-	82.92	19.35	-
Dividend per Share	-	-	12.00	-	-	-	-	16.00	-	-	-	-	-	25.00	-	-	-	-	-	-	-	-
Announcement Date	2/14/20	8/13/20	8/13/21	11/5/21	2/10/22	5/11/22	8/12/22	8/12/22	11/11/22	2/10/23	2/10/23	5/10/23	8/8/23	8/8/23	11/10/23	2/9/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	41,399	21,529	14,175	72,415	18,112	-	-	-
Net Cash position ¹	-	-	-	-	-	12,923	32,849	54,148
Leverage (Debt/EBITDA)	1.757 x	2.147 x	0.3938 x	1.448 x	0.2561 x	-	-	-
Free Cash Flow ¹	2,607	9,696	38,979	-35,908	74,569	44,097	50,815	53,832
ROE (net income / shareholders' equity)	4.5%	-11.6%	6.9%	12.6%	18.8%	19.1%	20.4%	21.1%
ROA (Net income/ Total Assets)	3.26%	-2.13%	6.53%	8.02%	11.4%	11.5%	13.6%	14.7%
Assets ¹	218,009	756,212	143,993	247,949	309,485	343,802	339,411	358,566
Book Value Per Share ²	830.0	690.0	798.0	931.0	1,118	1,150	1,306	1,478
Cash Flow per Share ²	107.0	-13.20	128.0	196.0	283.0	-5.800	307.0	346.0
Capex ¹	10,795	8,404	9,415	10,570	15,882	13,667	14,067	14,333
Capex / Sales	2.86%	2.56%	2.33%	2.18%	2.78%	2.25%	2.16%	2.07%
Announcement Date	2/14/20	2/12/21	2/10/22	2/10/23	2/9/24	-	-	-

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 ASICS Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6,709 JPY

Average target price

7,289 JPY

Spread / Average Target

+8.64%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Sports & Outdoor Footwear

	1st Jan change	Capi.
ASICS CORPORATION	+51.86%	7.71B
NIKE, INC.	-13.31%	142B
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FENG TAY ENTERPRISES CO., LTD.	-8.00%	4.87B
KINGNET NETWORK CO., LTD.	+0.54%	3.3B
XTEP INTERNATIONAL HOLDINGS LIMITED	+14.74%	1.64B
361 DEGREES INTERNATIONAL LIMITED	+36.89%	1.25B
VULCABRAS S.A.	-19.02%	872M
FULGENT SUN INTERNATIONAL (HOLDING) CO., LTD.	-11.61%	688M
HWASEUNG ENTERPRISE CO., LTD.	+6.60%	398M

Sports & Outdoor Footwear