Financials Isetan Mitsukoshi Holdings Ltd.

Equities

3099

JP3894900004

Department Stores

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,239 ^JPY	+1.66%		-3.30%	+45.96%

Apr. 16	Japan's Nikkei touches one-month low on U.S. peers weakness	RE
Apr. 02	Isetan (Singapore) Receives Buyout Offer from Isetan Mitsukoshi	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	436,330	235,931	296,440	368,924	565,951	849,043	-	-
Enterprise Value (EV) ¹	525,326	335,459	403,600	462,107	624,268	886,311	850,555	813,253
P/E ratio	32.4 x	-21.8 x	-7.21 x	29.9 x	17.5 x	19.9 x	19.1 x	18.3 x
Yield	1.07%	1.9%	1.16%	1.03%	0.94%	1.43%	1.56%	1.67%
Capitalization / Revenue	0.36 x	0.21 x	0.36 x	0.88 x	1.16 x	1.6 x	1.55 x	1.52 x
EV / Revenue	0.44 x	0.3 x	0.49 x	1.1 x	1.28 x	1.67 x	1.55 x	1.45 x
EV / EBITDA	9.07 x	7.4 x	62.1 x	15 x	11.3 x	11.4 x	10.1 x	9.26 x
EV / FCF	-18.6 x	-15.4 x	-14.3 x	22.5 x	15.9 x	26.6 x	20.5 x	19.9 x
FCF Yield	-5.38%	-6.49%	-7.01%	4.45%	6.29%	3.75%	4.88%	5.02%
Price to Book	0.76 x	0.44 x	0.59 x	0.72 x	1.04 x	1.48 x	1.41 x	1.34 x
Nbr of stocks (in thousands)	389,928	374,493	381,028	381,513	381,883	379,206	-	-
Reference price ²	1,119	630.0	778.0	967.0	1,482	2,239	2,239	2,239
Announcement Date	5/8/19	5/11/20	5/12/21	5/13/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,196,803	1,119,191	816,009	418,338	487,407	529,735	547,490	559,272
EBITDA ¹	57,899	45,321	6,499	30,794	55,227	77,444	84,203	87,857
EBIT ¹	29,229	15,679	-20,976	5,940	29,606	51,124	57,400	60,515
Operating Margin	2.44%	1.4%	-2.57%	1.42%	6.07%	9.65%	10.48%	10.82%
Earnings before Tax (EBT) ¹	15,244	-2,303	-30,997	11,117	27,827	53,676	59,487	62,815
Net income ¹	13,480	-11,187	-41,078	12,338	32,377	42,571	44,001	45,813
Net margin	1.13%	-1%	-5.03%	2.95%	6.64%	8.04%	8.04%	8.19%
EPS ²	34.58	-28.90	-108.0	32.36	84.82	112.4	116.9	122.2
Free Cash Flow ¹	-28,240	-21,774	-28,287	20,543	39,275	33,267	41,502	40,849
FCF margin	-2.36%	-1.95%	-3.47%	4.91%	8.06%	6.28%	7.58%	7.3%
FCF Conversion (EBITDA)	-	-	-	66.71%	71.12%	42.96%	49.29%	46.5%
FCF Conversion (Net income)	-	-	-	166.5%	121.31%	78.14%	94.32%	89.17%
Dividend per Share ²	12.00	12.00	9.000	10.00	14.00	32.00	34.88	37.42
Announcement Date	5/8/19	5/11/20	5/12/21	5/13/22	5/9/23	-	-	-

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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	577,288	541,903	335,701	99,366	187,932	126,718	103,688	101,615	121,259	222,874	144,320	120,213	118,680	129,838	248,518	153,253	127,897	124,300	135,850	157,950	132,450
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	13,886	1,793	-17,812	-1,731	-7,758	10,765	2,933	3,965	4,975	8,940	15,612	5,054	8,654	11,536	20,190	20,749	10,257	10,650	13,950	22,550	10,250
Operating Margin	2.41%	0.33%	-5.31%	-1.74%	-4.13%	8.5%	2.83%	3.9%	4.1%	4.01%	10.82%	4.2%	7.29%	8.88%	8.12%	13.54%	8.02%	8.57%	10.27%	14.28%	7.74%
Earnings before Tax (EBT)	11,046	-	-31,383	-	-7,542	9,931	-	8,314	-	13,038	15,973	-	10,101	-	22,525	22,261	-	-	-	-	-
Net income ¹	7,595	-18,782	-36,786	537	-8,136	9,059	11,415	5,652	2,114	7,766	11,796	12,815	6,805	8,060	14,865	16,243	18,892	7,900	9,900	16,800	9,400
Net margin	1.32%	-3.47%	-10.96%	0.54%	-4.33%	7.15%	11.01%	5.56%	1.74%	3.48%	8.17%	10.66%	5.73%	6.21%	5.98%	10.6%	14.77%	6.36%	7.29%	10.64%	7.1%
EPS ²	19.47	-	-96.74	1.410	-21.35	23.77	29.94	14.82	5.530	20.35	30.91	33.56	17.82	21.10	38.92	42.51	24.63	-	-	-	-
Dividend per Share	6.000	-	3.000	-	5.000	-	-	-	-	6.000	-	-	-	-	12.00	-	-	-	-	-	-
Announcement Date	11/7/19	5/11/20	11/11/20	11/10/21	11/10/21	2/1/22	5/13/22	8/1/22	11/11/22	11/11/22	2/3/23	5/9/23	8/3/23	11/10/23	11/10/23	2/2/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	88,996	99,528	107,160	93,183	58,317	37,268	1,512	-
Net Cash position ¹	-	-	-	-	-	-	-	35,790
Leverage (Debt/EBITDA)	1.537 x	2.196 x	16.49 x	3.026 x	1.056 x	0.4812 x	0.018 x	-
Free Cash Flow ¹	-28,240	-21,774	-28,287	20,543	39,275	33,267	41,502	40,849
ROE (net income / shareholders' equity)	2.3%	-2%	-7.9%	2.5%	6.1%	7.7%	7.57%	7.49%
ROA (Net income/ Total Assets)	2.53%	1.6%	-1.42%	0.8%	2.52%	3.83%	4.01%	4.11%
Assets ¹	533,308	-699,144	2,897,183	1,533,738	1,286,732	1,110,532	1,096,999	1,113,540
Book Value Per Share ²	1,476	1,427	1,317	1,341	1,430	1,511	1,591	1,675
Cash Flow per Share ²	106.0	47.70	-35.80	97.50	150.0	200.0	197.0	191.0
Capex ¹	56,526	38,055	29,484	27,767	20,307	33,746	31,000	31,000
Capex / Sales	4.72%	3.4%	3.61%	6.64%	4.17%	6.37%	5.66%	5.54%
Announcement Date	5/8/19	5/11/20	5/12/21	5/13/22	5/9/23	-	-	-

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 Isetan Mitsukoshi Holdings Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,239 JPY

Average target price

2,275 JPY

Spread / Average Target

+1.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Retail - Department Stores

	1st Jan change	Capi.
ISETAN MITSUKOSHI HOLDINGS LTD.	+45.96%	5.39B
TRENT LIMITED	+40.86%	18.35B
DILLARD'S, INC.	+11.23%	7.29B
MINISO GROUP HOLDING LIMITED	+15.83%	7.32B
FALABELLA S.A.	+13.19%	6.59B
CANADIAN TIRE CORPORATION, LIMITED	-2.96%	5.84B
MACY'S, INC.	-8.40%	5.07B
CCOOP GROUP CO., LTD	+31.51%	5.08B
HARVEY NORMAN HOLDINGS LIMITED	+6.90%	3.65B
PEPKOR HOLDINGS LIMITED	-10.80%	3.41B

Retail - Department Stores