ITOCHU CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 6,898 JPY | -0.16% |
|
+6.06% | +19.61% |
| Apr. 18 | Itochu Proposes Performance-Linked Stock Compensation Plan for Directors, Officers | MT |
| Apr. 18 | J-Will Partners Co., Ltd. and ITOCHU Corporation agreed to acquire BigMotor Co., Ltd. | CI |
Valuation
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 3,056,918 | 3,341,952 | 5,326,410 | 6,089,921 | 6,261,808 | 9,925,112 | - | - |
| Enterprise Value (EV) 1 | 5,420,542 | 6,732,940 | 8,991,384 | 8,372,921 | 8,652,977 | 12,416,118 | 12,270,738 | 12,154,410 |
| P/E ratio | 6.18 x | 6.68 x | 13.3 x | 7.5 x | 7.88 x | 12.1 x | 11.5 x | 11 x |
| Yield | 4.14% | 3.79% | 2.45% | 2.65% | 3.26% | 2.36% | 2.67% | 2.71% |
| Capitalization / Revenue | 0.26 x | 0.3 x | 0.51 x | 0.5 x | 0.45 x | 0.69 x | 0.69 x | 0.67 x |
| EV / Revenue | 0.47 x | 0.61 x | 0.87 x | 0.68 x | 0.62 x | 0.87 x | 0.85 x | 0.83 x |
| EV / EBITDA | 10.5 x | 8.19 x | 10.9 x | 8.49 x | 7.78 x | 11.1 x | 10.8 x | 10.5 x |
| EV / FCF | 8 x | 9.22 x | 13.1 x | 9.97 x | 17.9 x | 23.2 x | 19.2 x | 18.1 x |
| FCF Yield | 12.5% | 10.8% | 7.66% | 10% | 5.6% | 4.31% | 5.2% | 5.51% |
| Price to Book | 1.04 x | 1.12 x | 1.61 x | 1.45 x | 1.3 x | 1.88 x | 1.7 x | 1.54 x |
| Nbr of stocks (in thousands) | 1,526,551 | 1,490,280 | 1,484,921 | 1,469,576 | 1,455,896 | 1,438,839 | - | - |
| Reference price 2 | 2,002 | 2,242 | 3,587 | 4,144 | 4,301 | 6,898 | 6,898 | 6,898 |
| Announcement Date | 4/26/19 | 5/8/20 | 5/10/21 | 5/10/22 | 5/9/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 11,600,485 | 10,982,968 | 10,362,628 | 12,293,348 | 13,945,633 | 14,353,595 | 14,432,418 | 14,712,770 |
| EBITDA 1 | 516,436 | 822,062 | 827,711 | 986,706 | 1,111,875 | 1,120,009 | 1,138,228 | 1,153,775 |
| EBIT 1 | 361,492 | 399,438 | 403,414 | 582,522 | 701,913 | 706,779 | 732,317 | 753,621 |
| Operating Margin | 3.12% | 3.64% | 3.89% | 4.74% | 5.03% | 4.92% | 5.07% | 5.12% |
| Earnings before Tax (EBT) 1 | 695,383 | 701,430 | 512,475 | 1,150,029 | 1,106,861 | 1,110,305 | 1,147,500 | 1,189,414 |
| Net income 1 | 500,523 | 501,322 | 401,433 | 820,269 | 800,519 | 819,722 | 860,617 | 881,756 |
| Net margin | 4.31% | 4.56% | 3.87% | 6.67% | 5.74% | 5.71% | 5.96% | 5.99% |
| EPS 2 | 324.1 | 335.6 | 269.8 | 552.9 | 546.1 | 568.4 | 597.9 | 624.6 |
| Free Cash Flow 1 | 677,700 | 730,445 | 688,604 | 839,800 | 484,300 | 534,825 | 637,617 | 670,033 |
| FCF margin | 5.84% | 6.65% | 6.65% | 6.83% | 3.47% | 3.73% | 4.42% | 4.55% |
| FCF Conversion (EBITDA) | 131.23% | 88.86% | 83.19% | 85.11% | 43.56% | 47.75% | 56.02% | 58.07% |
| FCF Conversion (Net income) | 135.4% | 145.7% | 171.54% | 102.38% | 60.5% | 65.24% | 74.09% | 75.99% |
| Dividend per Share 2 | 83.00 | 85.00 | 88.00 | 110.0 | 140.0 | 162.8 | 184.0 | 186.7 |
| Announcement Date | 4/26/19 | 5/8/20 | 5/10/21 | 5/10/22 | 5/9/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: Marzo | 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 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,489,699 | 4,917,716 | 2,673,434 | 2,771,478 | 2,916,818 | 2,957,952 | 5,874,770 | 3,218,884 | 3,199,694 | 6,418,578 | 3,378,021 | 3,614,143 | 6,992,164 | 3,552,055 | 3,401,414 | - | 3,348,491 | 3,598,841 | 6,774,098 | - | 3,806,279 | 3,380,935 |
| EBITDA 1 | - | - | - | 205,145 | 258,016 | 307,751 | - | 261,098 | 218,296 | - | 282,725 | 306,760 | - | 288,865 | 233,525 | - | 268,451 | 231,604 | - | - | 267,157 | 270,680 |
| EBIT 1 | 222,639 | 190,936 | 114,090 | 98,388 | 153,310 | 150,818 | 304,128 | 160,601 | 117,793 | 278,394 | 183,035 | 205,498 | 388,533 | 185,862 | 127,518 | - | 167,237 | 129,751 | 350,922 | - | 162,820 | 165,957 |
| Operating Margin | 4.06% | 3.88% | 4.27% | 3.55% | 5.26% | 5.1% | 5.18% | 4.99% | 3.68% | 4.34% | 5.42% | 5.69% | 5.56% | 5.23% | 3.75% | - | 4.99% | 3.61% | 5.18% | - | 4.28% | 4.91% |
| Earnings before Tax (EBT) | 398,810 | 290,561 | 159,591 | - | 382,009 | - | 699,887 | 257,445 | 192,697 | 450,142 | 304,699 | - | 641,580 | 282,968 | 182,313 | - | 300,224 | - | 571,824 | - | - | - |
| Net income 1 | 289,068 | 252,508 | 111,810 | 37,115 | 267,500 | 233,136 | 500,612 | 178,252 | 141,405 | 319,657 | 230,631 | 252,400 | 483,031 | 199,198 | 118,290 | - | 213,237 | 199,877 | 412,899 | 204,100 | 204,969 | 227,030 |
| Net margin | 5.27% | 5.13% | 4.18% | 1.34% | 9.17% | 7.88% | 8.52% | 5.54% | 4.42% | 4.98% | 6.83% | 6.98% | 6.91% | 5.61% | 3.48% | - | 6.37% | 5.55% | 6.1% | - | 5.39% | 6.71% |
| EPS 2 | 193.0 | 169.6 | 75.23 | 25.03 | 180.1 | 157.0 | 337.0 | 120.0 | 95.80 | 215.8 | 157.0 | 171.8 | 328.7 | 135.9 | 81.44 | - | 146.5 | 104.9 | 283.9 | - | 137.8 | 158.4 |
| Dividend per Share 2 | 42.50 | 44.00 | - | 44.00 | - | 47.00 | 47.00 | - | 63.00 | 63.00 | - | 65.00 | 65.00 | - | 75.00 | 75.00 | - | 80.00 | 80.00 | - | 80.00 | - |
| Announcement Date | 11/1/19 | 11/4/20 | 2/4/21 | 5/10/21 | 8/4/21 | 11/5/21 | 11/5/21 | 2/3/22 | 5/10/22 | 5/10/22 | 8/5/22 | 11/4/22 | 11/4/22 | 2/3/23 | 5/9/23 | 5/9/23 | 8/4/23 | - | 11/5/23 | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,363,624 | 3,390,988 | 3,664,974 | 2,283,000 | 2,391,169 | 2,491,005 | 2,345,626 | 2,229,297 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 4.577 x | 4.125 x | 4.428 x | 2.314 x | 2.151 x | 2.224 x | 2.061 x | 1.932 x |
| Free Cash Flow 1 | 677,700 | 730,445 | 688,604 | 839,800 | 484,300 | 534,825 | 637,617 | 670,033 |
| ROE (net income / shareholders' equity) | 17.9% | 17% | 12.7% | 21.8% | 17.8% | 16.2% | 15.8% | 14.6% |
| ROA (Net income/ Total Assets) | 7.41% | 6.67% | 4.64% | 9.86% | 8.76% | 6.05% | 6.09% | 6.09% |
| Assets 1 | 6,752,491 | 7,511,038 | 8,654,931 | 8,320,914 | 9,136,363 | 13,554,730 | 14,126,069 | 14,487,789 |
| Book Value Per Share 2 | 1,930 | 2,010 | 2,233 | 2,858 | 3,312 | 3,668 | 4,050 | 4,466 |
| Cash Flow per Share 2 | 424.0 | 618.0 | 555.0 | 825.0 | 826.0 | 820.0 | 833.0 | 847.0 |
| Capex 1 | 95,672 | 147,688 | 152,583 | 124,883 | 165,700 | 536,393 | 493,498 | 470,695 |
| Capex / Sales | 0.82% | 1.34% | 1.47% | 1.02% | 1.19% | 3.74% | 3.42% | 3.2% |
| Announcement Date | 4/26/19 | 5/8/20 | 5/10/21 | 5/10/22 | 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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
6,898
JPY
Average target price
7,283
JPY
Spread / Average Target
+5.59%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +19.61% | 63.05B | |
| +56.60% | 91.85B | |
| +41.92% | 71.52B | |
| +8.10% | 42.1B | |
| +27.08% | 30.34B | |
| +16.39% | 21.62B | |
| +16.68% | 17.92B | |
| -3.76% | 12.84B | |
| +2.43% | 5.92B | |
| -27.24% | 5.61B |
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