Financials Globeride, Inc.

Equities

7990

JP3503800009

Recreational Products

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-01 am EDT			5-day change	1st Jan Change
2,006 ^JPY	-0.25%		+3.24%	-0.05%

Feb. 22	Globeride, Inc. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI
2023	Globeride's Fiscal H1 Attributable Profit Drops 31% on Slowing Sports, Fishing Goods Demand	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	30,163	21,488	49,092	66,551	56,809	46,097	-	-
Enterprise Value (EV) ¹	51,124	45,775	61,077	79,091	71,947	46,097	46,097	46,097
P/E ratio	10.2 x	19.1 x	10.2 x	6.96 x	6.18 x	8.55 x	7.65 x	6.57 x
Yield	2.28%	3.47%	1.64%	1.73%	2.43%	3.49%	3.82%	4.4%
Capitalization / Revenue	0.34 x	0.24 x	0.49 x	0.55 x	0.42 x	0.37 x	0.37 x	0.36 x
EV / Revenue	0.34 x	0.24 x	0.49 x	0.55 x	0.42 x	0.37 x	0.37 x	0.36 x
EV / EBITDA	4.62 x	3.38 x	4.84 x	4.34 x	3.64 x	4.08 x	4.2 x	3.88 x
EV / FCF	-132 x	-12.2 x	3.94 x	-	196 x	19.6 x	8.96 x	9.3 x
FCF Yield	-0.76%	-8.23%	25.4%	-	0.51%	5.09%	11.2%	10.7%
Price to Book	1.3 x	0.94 x	1.79 x	1.78 x	1.2 x	0.84 x	0.8 x	0.74 x
Nbr of stocks (in thousands)	22,973	22,970	22,967	22,964	22,972	22,979	-	-
Reference price ²	1,313	935.5	2,138	2,898	2,473	2,006	2,006	2,006
Announcement Date	5/14/19	5/13/20	5/13/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	87,811	88,258	100,304	120,684	134,583	124,467	123,213	129,230
EBITDA ¹	6,524	6,362	10,147	15,346	15,620	11,300	10,985	11,890
EBIT ¹	3,818	3,613	7,405	12,349	12,125	7,267	8,267	9,597
Operating Margin	4.35%	4.09%	7.38%	10.23%	9.01%	5.84%	6.71%	7.43%
Earnings before Tax (EBT) ¹	4,424	2,362	6,446	13,000	12,650	8,140	7,900	8,930
Net income ¹	2,959	1,123	4,797	9,567	9,188	5,389	6,029	7,016
Net margin	3.37%	1.27%	4.78%	7.93%	6.83%	4.33%	4.89%	5.43%
EPS ²	128.8	48.90	208.9	416.6	400.0	234.5	262.4	305.3
Free Cash Flow ¹	-228	-1,768	12,466	-	290	2,347	5,144	4,955
FCF margin	-0.26%	-2%	12.43%	-	0.22%	1.89%	4.17%	3.83%
FCF Conversion (EBITDA)	-	-	122.85%	-	1.86%	20.77%	46.83%	41.67%
FCF Conversion (Net income)	-	-	259.87%	-	3.16%	43.55%	85.32%	70.62%
Dividend per Share ²	30.00	32.50	35.00	50.00	60.00	70.00	76.67	88.33
Announcement Date	5/14/19	5/13/20	5/13/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	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	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	46,677	41,581	48,558	31,698	64,713	28,964	27,007	55,971	36,978	37,342	74,320	31,538	28,725	60,263	34,116	33,760	67,876	28,612	28,362	57,626	31,400	31,800	63,200	28,800	30,000	58,800
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,929	684	4,070	3,347	8,402	3,118	829	3,947	5,391	4,032	9,423	3,295	-593	2,702	4,041	2,481	6,522	1,864	-647.5	1,179	3,300	1,600	4,900	1,580	20	1,600
Operating Margin	6.28%	1.64%	8.38%	10.56%	12.98%	10.77%	3.07%	7.05%	14.58%	10.8%	12.68%	10.45%	-2.06%	4.48%	11.84%	7.35%	9.61%	6.51%	-2.28%	2.05%	10.51%	5.03%	7.75%	5.49%	0.07%	2.72%
Earnings before Tax (EBT)	2,684	-	3,602	3,527	8,680	3,188	1,132	4,320	5,802	4,472	10,274	2,962	-586	2,376	4,581	2,611	7,192	1,608	-	-	3,300	1,600	4,900	1,580	20	1,600
Net income ¹	1,964	-841	2,499	2,621	6,574	2,282	711	2,993	4,352	3,071	7,423	2,210	-445	1,765	3,514	1,585	5,099	1,124	-423	701	2,300	1,200	3,500	1,200	-	1,200
Net margin	4.21%	-2.02%	5.15%	8.27%	10.16%	7.88%	2.63%	5.35%	11.77%	8.22%	9.99%	7.01%	-1.55%	2.93%	10.3%	4.69%	7.51%	3.93%	-1.49%	1.22%	7.32%	3.77%	5.54%	4.17%	-	2.04%
EPS	85.54	-	108.8	-	286.3	99.38	-	-	189.6	-	323.2	96.16	-	-	153.0	-	222.0	48.94	-	-	-	-	-	-	-	-
Dividend per Share	15.00	-	15.00	-	20.00	-	-	-	-	-	30.00	-	-	-	-	-	35.00	-	-	-	-	-	-	-	-	-
Announcement Date	11/8/19	5/13/20	11/6/20	11/5/21	11/5/21	2/10/22	5/13/22	5/13/22	8/10/22	11/8/22	11/8/22	2/10/23	5/12/23	5/12/23	8/9/23	11/8/23	11/8/23	2/13/24	-	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	20,961	24,287	11,985	12,540	15,138	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.213 x	3.818 x	1.181 x	0.8172 x	0.9691 x	-	-	-
Free Cash Flow ¹	-228	-1,768	12,466	-	290	2,347	5,144	4,955
ROE (net income / shareholders' equity)	12.8%	4.9%	19.1%	29.6%	21.7%	11.4%	8.3%	8.6%
ROA (Net income/ Total Assets)	4.39%	4.05%	9.18%	15.4%	12.7%	6.9%	5.8%	6.2%
Assets ¹	67,383	27,723	52,267	61,983	72,478	78,106	103,954	113,161
Book Value Per Share ²	1,007	996.0	1,195	1,625	2,059	2,384	2,504	2,705
Cash Flow per Share	242.0	166.0	328.0	547.0	552.0	-	-	-
Capex ¹	3,933	3,442	2,939	6,409	5,844	5,000	3,950	3,700
Capex / Sales	4.48%	3.9%	2.93%	5.31%	4.34%	4.02%	3.21%	2.86%
Announcement Date	5/14/19	5/13/20	5/13/21	5/13/22	5/12/23	-	-	-

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 Globeride, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,006 JPY

Average target price

2,300 JPY

Spread / Average Target

+14.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Sporting & Outdoor Goods

	1st Jan change	Capi.
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TOPGOLF CALLAWAY BRANDS CORP.	+10.53%	2.95B
TECHNOGYM S.P.A.	-2.21%	1.89B
MIZUNO CORPORATION	+95.42%	1.25B
PELOTON INTERACTIVE, INC.	-46.88%	1.14B
MIPS AB	+3.21%	907M
FENIX OUTDOOR INTERNATIONAL AG	-10.34%	842M

Sporting & Outdoor Goods