Financials Mitsubishi Logistics Corporation

Equities

9301

JP3902000003

Marine Port Services

Delayed Japan Exchange Other stock markets 08:39:18 2024-05-06 pm EDT			5-day change	1st Jan Change
5,190 ^JPY	-1.26%		-0.71%	+22.43%

Mar. 18	Tranche Update on Mitsubishi Logistics Corporation's Equity Buyback Plan announced on July 31, 2023.	CI
Mar. 18	Mitsubishi Logistics Corporation's Equity Buyback announced on July 31, 2023, has closed with 2,376,500 shares, representing 3.07% for ¥10,000 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	270,660	187,452	279,815	246,771	243,034	399,952	-	-
Enterprise Value (EV) ¹	314,025	242,681	325,285	296,708	279,313	427,637	451,444	465,452
P/E ratio	23.4 x	15.9 x	7.32 x	13.9 x	9.09 x	13.8 x	15 x	19.4 x
Yield	1.46%	2.75%	1.77%	2.63%	2.89%	2.41%	1.98%	2.12%
Capitalization / Revenue	1.19 x	0.82 x	1.31 x	0.96 x	0.81 x	1.49 x	1.47 x	1.43 x
EV / Revenue	1.38 x	1.06 x	1.52 x	1.15 x	0.93 x	1.68 x	1.66 x	1.66 x
EV / EBITDA	12.2 x	9.18 x	12.2 x	8.83 x	7.21 x	12.2 x	12.5 x	12.5 x
EV / FCF	59.1 x	-27.7 x	239 x	42.4 x	10.7 x	-35.6 x	20.6 x	68.9 x
FCF Yield	1.69%	-3.61%	0.42%	2.36%	9.35%	-2.81%	4.86%	1.45%
Price to Book	0.91 x	0.66 x	0.86 x	0.72 x	0.69 x	0.93 x	1.13 x	1.08 x
Nbr of stocks (in thousands)	87,592	85,908	82,663	81,175	78,146	76,094	-	-
Reference price ²	3,090	2,182	3,385	3,040	3,110	5,256	5,256	5,256
Announcement Date	4/26/19	4/30/20	4/30/21	4/28/22	4/28/23	4/30/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	227,185	229,057	213,729	257,230	300,594	254,507	271,850	279,967
EBITDA ¹	25,655	26,447	26,595	33,609	38,741	34,978	36,200	37,150
EBIT ¹	12,660	12,195	11,735	18,144	23,027	18,941	19,625	20,800
Operating Margin	5.57%	5.32%	5.49%	7.05%	7.66%	7.44%	7.22%	7.43%
Earnings before Tax (EBT) ¹	16,792	16,737	56,111	25,924	40,951	39,170	38,233	28,900
Net income ¹	11,564	11,851	39,160	17,892	27,226	27,787	26,200	20,233
Net margin	5.09%	5.17%	18.32%	6.96%	9.06%	10.92%	9.64%	7.23%
EPS ²	132.0	137.3	462.3	219.5	342.0	359.5	349.4	270.3
Free Cash Flow ¹	5,316	-8,763	1,359	6,995	26,109	-12,027	21,954	6,753
FCF margin	2.34%	-3.83%	0.64%	2.72%	8.69%	-4.73%	8.08%	2.41%
FCF Conversion (EBITDA)	20.72%	-	5.11%	20.81%	67.39%	-	60.65%	18.18%
FCF Conversion (Net income)	45.97%	-	3.47%	39.1%	95.9%	-	83.79%	33.38%
Dividend per Share ²	45.00	60.00	60.00	80.00	90.00	120.0	104.2	111.3
Announcement Date	4/26/19	4/30/20	4/30/21	4/28/22	4/28/23	4/30/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2022 Q2	2022 S1	2022 Q3	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	114,978	114,079	101,388	60,715	117,632	66,910	76,187	78,079	154,266	77,721	68,607	63,215	62,545	125,760	66,692	62,055
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,609	5,586	4,495	4,741	7,778	5,237	6,118	5,610	11,728	6,387	4,912	4,898	5,022	9,920	5,860	3,161
Operating Margin	5.75%	4.9%	4.43%	7.81%	6.61%	7.83%	8.03%	7.19%	7.6%	8.22%	7.16%	7.75%	8.03%	7.89%	8.79%	5.09%
Earnings before Tax (EBT)	9,840	-	43,613	-	9,850	7,058	11,785	-	18,306	12,111	-	7,633	-	13,304	21,753	-
Net income ¹	6,945	-	30,416	-	6,817	5,016	8,449	-	13,012	8,568	-	5,436	-	9,462	15,134	3,191
Net margin	6.04%	-	30%	-	5.8%	7.5%	11.09%	-	8.43%	11.02%	-	8.6%	-	7.52%	22.69%	5.14%
EPS	80.10	-	354.7	-	83.27	61.68	104.4	-	161.6	108.0	-	69.57	-	121.3	195.4	-
Dividend per Share	30.00	-	30.00	-	39.00	-	-	-	41.00	-	-	-	-	50.00	-	-
Announcement Date	10/31/19	4/30/20	10/30/20	10/29/21	10/29/21	1/31/22	7/29/22	10/31/22	10/31/22	1/31/23	4/28/23	7/31/23	10/31/23	10/31/23	1/31/24	4/30/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	43,365	55,229	45,470	49,937	36,279	49,068	51,492	65,500
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.69 x	2.088 x	1.71 x	1.486 x	0.9364 x	1.403 x	1.422 x	1.763 x
Free Cash Flow ¹	5,316	-8,763	1,359	6,995	26,109	-12,027	21,954	6,753
ROE (net income / shareholders' equity)	3.9%	4.1%	12.9%	5.4%	7.8%	7.3%	7.35%	5.89%
ROA (Net income/ Total Assets)	3.67%	3.54%	3.19%	4.22%	5.29%	3.89%	4.1%	3.09%
Assets ¹	315,487	334,923	1,227,652	424,269	514,633	714,600	639,024	654,800
Book Value Per Share ²	3,381	3,298	3,915	4,239	4,489	5,349	4,652	4,885
Cash Flow per Share ²	280.0	302.0	638.0	409.0	539.0	567.0	645.0	624.0
Capex ¹	18,036	26,387	38,817	42,383	16,487	53,795	34,333	35,000
Capex / Sales	7.94%	11.52%	18.16%	16.48%	5.48%	21.14%	12.63%	12.5%
Announcement Date	4/26/19	4/30/20	4/30/21	4/28/22	4/28/23	4/30/24	-	-

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 Mitsubishi Logistics Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5,256 JPY

Average target price

4,450 JPY

Spread / Average Target

-15.33%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Port Services

	1st Jan change	Capi.
MITSUBISHI LOGISTICS CORPORATION	+22.43%	2.62B
ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED	+25.93%	34.2B
SHANGHAI INTERNATIONAL PORT (GROUP) CO., LTD.	+15.31%	18.05B
DP WORLD PLC	0.00%	13.47B
ABU DHABI PORTS COMPANY	-13.79%	7.63B
QINGDAO PORT INTERNATIONAL CO., LTD.	+21.75%	6.75B
JSW INFRASTRUCTURE LIMITED	+20.64%	6.33B
CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED	-0.19%	5.62B
LIAONING PORT CO., LTD.	0.00%	4.17B
QUBE HOLDINGS LIMITED	+9.10%	4.1B

Other Marine Port Services