Financials Bic Camera Inc.

Equities

3048

JP3800390001

Computer & Electronics Retailers

Delayed Japan Exchange Other stock markets 02:00:00 2024-05-02 am EDT			5-day change	1st Jan Change
1,507 ^JPY	-0.40%		-3.46%	+12.13%

Apr. 12	Bic Camera's Attributable Profit Soars 32% in Fiscal H1	MT
Apr. 12	Bic Camera Inc. Announces Cash Dividend for the Second Quarter-End of Fiscal Year Ending August 31, 2024, Payable on May 17, 2024; Provides Year-End Cash Dividend Guidance for the Fiscal Year Ending August 31, 2024	CI

Valuation

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	185,257	206,547	188,430	195,126	185,206	258,999	-	-
Enterprise Value (EV) ¹	248,019	240,036	230,144	237,541	233,635	325,402	327,043	327,840
P/E ratio	13.3 x	37.9 x	21.5 x	34.3 x	63.1 x	32.9 x	26.2 x	23.7 x
Yield	1.9%	1.11%	1.4%	1.32%	1.39%	1.19%	1.28%	1.43%
Capitalization / Revenue	0.21 x	0.24 x	0.23 x	0.25 x	0.23 x	0.29 x	0.28 x	0.28 x
EV / Revenue	0.28 x	0.28 x	0.28 x	0.3 x	0.29 x	0.37 x	0.36 x	0.35 x
EV / EBITDA	7.98 x	11.2 x	7.92 x	8.22 x	9.21 x	11.5 x	10.9 x	10.3 x
EV / FCF	141 x	6.61 x	-50.1 x	32.8 x	11 x	-3,254 x	23.4 x	21 x
FCF Yield	0.71%	15.1%	-2%	3.05%	9.07%	-0.03%	4.28%	4.76%
Price to Book	1.38 x	1.51 x	1.31 x	1.51 x	1.35 x	1.86 x	1.78 x	1.7 x
Nbr of stocks (in thousands)	175,933	175,935	175,939	171,163	171,170	171,183	-	-
Reference price ²	1,053	1,174	1,071	1,140	1,082	1,513	1,513	1,513
Announcement Date	10/10/19	10/9/20	10/13/21	10/12/22	10/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	894,021	847,905	834,060	792,368	815,560	891,450	909,159	926,123
EBITDA ¹	31,099	21,371	29,060	28,909	25,367	28,300	30,100	31,900
EBIT ¹	22,943	12,066	18,217	17,863	14,215	16,850	18,560	20,265
Operating Margin	2.57%	1.42%	2.18%	2.25%	1.74%	1.89%	2.04%	2.19%
Earnings before Tax (EBT) ¹	22,673	12,629	19,540	14,649	10,072	17,800	18,640	19,597
Net income ¹	14,047	5,450	8,761	5,765	2,936	7,866	9,914	10,956
Net margin	1.57%	0.64%	1.05%	0.73%	0.36%	0.88%	1.09%	1.18%
EPS ²	79.09	30.98	49.80	33.22	17.16	46.01	57.83	63.97
Free Cash Flow ¹	1,755	36,313	-4,593	7,241	21,196	-100	14,000	15,600
FCF margin	0.2%	4.28%	-0.55%	0.91%	2.6%	-0.01%	1.54%	1.68%
FCF Conversion (EBITDA)	5.64%	169.92%	-	25.05%	83.56%	-	46.51%	48.9%
FCF Conversion (Net income)	12.49%	666.29%	-	125.6%	721.93%	-	141.21%	142.39%
Dividend per Share ²	20.00	13.00	15.00	15.00	15.00	18.00	19.33	21.67
Announcement Date	10/10/19	10/9/20	10/13/21	10/12/22	10/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August	2020 S1	2020 S2	2021 S1	2022 Q1	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
Net sales ¹	436,588	411,317	421,211	178,974	213,386	392,360	204,149	195,859	400,008	192,160	215,493	407,653	204,832	203,075	407,907	210,491	237,033	447,524	225,600	224,100
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7,665	4,401	10,252	2,189	7,250	9,439	5,837	2,587	8,424	1,499	5,883	7,382	3,520	3,313	6,833	2,546	7,208	9,754	4,600	4,300
Operating Margin	1.76%	1.07%	2.43%	1.22%	3.4%	2.41%	2.86%	1.32%	2.11%	0.78%	2.73%	1.81%	1.72%	1.63%	1.68%	1.21%	3.04%	2.18%	2.04%	1.92%
Earnings before Tax (EBT)	8,947	-	11,931	2,934	7,581	10,515	5,943	-1,809	4,134	1,933	6,023	7,956	2,076	-	-	2,424	-	10,348	-	-
Net income	4,854	596	5,682	1,209	3,561	4,770	3,390	-2,395	995	645	3,560	4,205	412	-1,681	-1,269	1,312	-	5,554	-	-
Net margin	1.11%	0.14%	1.35%	0.68%	1.67%	1.22%	1.66%	-1.22%	0.25%	0.34%	1.65%	1.03%	0.2%	-0.83%	-0.31%	0.62%	-	1.24%	-	-
EPS	27.59	3.390	32.30	6.870	20.29	27.16	19.63	-13.60	6.060	3.770	20.80	24.57	2.400	-9.810	-7.410	7.670	-	32.45	-	-
Dividend per Share	10.00	3.000	5.000	-	-	5.000	-	10.00	10.00	-	5.000	5.000	-	10.00	10.00	-	-	9.000	-	-
Announcement Date	4/9/20	10/9/20	4/12/21	1/13/22	4/12/22	4/12/22	7/12/22	10/12/22	10/12/22	1/11/23	4/11/23	4/11/23	7/11/23	10/11/23	10/11/23	1/12/24	4/12/24	4/12/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	62,762	33,489	41,714	42,415	48,429	66,403	68,044	68,841
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.018 x	1.567 x	1.435 x	1.467 x	1.909 x	2.346 x	2.261 x	2.158 x
Free Cash Flow ¹	1,755	36,313	-4,593	7,241	21,196	-100	14,000	15,600
ROE (net income / shareholders' equity)	10.6%	4%	6.2%	4.2%	2.2%	5.72%	6.95%	7.31%
ROA (Net income/ Total Assets)	6.8%	3.4%	4.67%	1.27%	3.66%	4.2%	4.7%	5%
Assets ¹	206,574	160,294	187,651	455,371	80,312	187,278	210,940	219,123
Book Value Per Share ²	761.0	779.0	817.0	757.0	801.0	812.0	850.0	892.0
Cash Flow per Share	123.0	81.70	108.0	92.00	78.20	-	-	-
Capex ¹	8,707	11,315	9,371	11,326	10,822	12,800	7,900	7,950
Capex / Sales	0.97%	1.33%	1.12%	1.43%	1.33%	1.44%	0.87%	0.86%
Announcement Date	10/10/19	10/9/20	10/13/21	10/12/22	10/11/23	-	-	-

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 Bic Camera Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,513 JPY

Average target price

1,237 JPY

Spread / Average Target

-18.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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