Stock 8022 MIZUNO CORPORATION
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Financials Mizuno Corporation

Equities

8022

JP3905200006

Recreational Products

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
7,550 JPY +2.72% Intraday chart for Mizuno Corporation +4.57% +92.11%
Feb. 28 Japan's Nikkei slips from record high as rally pauses for breath RE
Jan. 10 At CES, legacy automakers scramble to keep up in AI arms race RE

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 65,072 47,619 55,538 53,892 79,299 193,068 - -
Enterprise Value (EV) 1 70,071 47,624 50,334 40,090 79,290 189,652 186,205 186,205
P/E ratio 10.8 x 10.3 x 14.8 x 6.99 x 8.01 x 15.9 x 15.6 x 14.2 x
Yield 1.95% 2.67% 2.3% 2.84% 2.25% 1.39% 1.52% 1.63%
Capitalization / Revenue 0.37 x 0.28 x 0.37 x 0.31 x 0.37 x 0.85 x 0.81 x 0.78 x
EV / Revenue 0.39 x 0.28 x 0.33 x 0.23 x 0.37 x 0.83 x 0.79 x 0.75 x
EV / EBITDA 6.64 x 5.79 x 7.49 x 3.15 x 5.07 x 9.96 x 9.21 x 8.55 x
EV / FCF 37.3 x 9.23 x 7.93 x 4.06 x -6.38 x 10.8 x 15.7 x 14 x
FCF Yield 2.68% 10.8% 12.6% 24.6% -15.7% 9.26% 6.35% 7.15%
Price to Book 0.68 x 0.48 x 0.54 x 0.48 x 0.64 x 1.48 x 1.41 x 1.35 x
Nbr of stocks (in thousands) 25,369 25,451 25,546 25,529 25,539 25,572 - -
Reference price 2 2,565 1,871 2,174 2,111 3,105 7,550 7,550 7,550
Announcement Date 5/10/19 5/8/20 5/12/21 5/12/22 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 1 178,108 169,742 150,419 172,744 212,044 228,470 236,918 247,899
EBITDA 1 10,549 8,221 6,721 12,736 15,651 19,036 20,210 21,777
EBIT 1 7,623 6,263 3,806 9,874 12,945 16,200 17,342 18,875
Operating Margin 4.28% 3.69% 2.53% 5.72% 6.1% 7.09% 7.32% 7.61%
Earnings before Tax (EBT) 1 6,656 5,883 5,820 10,886 13,584 17,726 18,073 19,637
Net income 1 6,005 4,625 3,748 7,717 9,910 12,151 12,407 13,550
Net margin 3.37% 2.72% 2.49% 4.47% 4.67% 5.32% 5.24% 5.47%
EPS 2 237.0 182.0 146.9 302.0 387.7 475.3 485.3 530.0
Free Cash Flow 1 1,879 5,158 6,348 9,863 -12,433 17,571 11,825 13,314
FCF margin 1.05% 3.04% 4.22% 5.71% -5.86% 7.69% 4.99% 5.37%
FCF Conversion (EBITDA) 17.81% 62.74% 94.45% 77.44% - 92.31% 58.51% 61.14%
FCF Conversion (Net income) 31.29% 111.52% 169.37% 127.81% - 144.61% 95.31% 98.26%
Dividend per Share 2 50.00 50.00 50.00 60.00 70.00 105.0 115.0 123.3
Announcement Date 5/10/19 5/8/20 5/12/21 5/12/22 5/12/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2021 S1 2022 S1 2022 Q3 2023 Q1 2023 S1 2023 Q3 2024 Q1 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 85,459 66,243 85,051 39,800 46,194 99,204 48,198 57,176 114,506 53,540 64,587 115,495 58,000 60,500 56,600 64,900
EBITDA - - - - - - - - - - - - - - - -
EBIT 1 4,204 -903 5,571 2,496 3,796 8,140 2,014 5,344 9,294 4,444 3,488 7,206 5,200 4,000 4,840 3,460
Operating Margin 4.92% -1.36% 6.55% 6.27% 8.22% 8.21% 4.18% 9.35% 8.12% 8.3% 5.4% 6.24% 8.97% 6.61% 8.55% 5.33%
Earnings before Tax (EBT) 4,173 364 6,022 2,533 4,539 8,553 2,041 6,814 11,187 4,837 - - 5,400 4,000 4,840 3,760
Net income 1 2,902 125 4,284 1,814 3,505 6,429 1,393 4,670 7,782 3,540 1,178 4,718 3,900 2,900 3,300 2,400
Net margin 3.4% 0.19% 5.04% 4.56% 7.59% 6.48% 2.89% 8.17% 6.8% 6.61% 1.82% 4.09% 6.72% 4.79% 5.83% 3.7%
EPS 114.3 4.930 167.7 70.97 137.2 251.6 54.51 182.7 304.4 138.5 - - - - - -
Dividend per Share 25.00 25.00 25.00 - - 30.00 - - 35.00 - - - - - - -
Announcement Date 11/8/19 11/6/20 11/10/21 2/8/22 8/9/22 11/9/22 2/8/23 8/8/23 11/9/23 2/8/24 - - - - - -
1JPY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 4,999 5 - - - - - -
Net Cash position 1 - - 5,204 13,802 9 3,416 6,863 6,863
Leverage (Debt/EBITDA) 0.4739 x 0.000608 x - - - - - -
Free Cash Flow 1 1,879 5,158 6,348 9,863 -12,433 17,571 11,825 13,314
ROE (net income / shareholders' equity) 6.4% 4.7% 3.7% 7.2% 8.4% 9.7% 9.09% 9.83%
ROA (Net income/ Total Assets) 4.94% 3.92% 3.87% 4.77% 7.72% 6.81% 7.01% 7.44%
Assets 1 121,582 118,051 96,845 161,748 128,429 178,419 176,994 182,150
Book Value Per Share 2 3,785 3,883 4,063 4,382 4,840 5,090 5,359 5,590
Cash Flow per Share 2 337.0 282.0 245.0 399.0 492.0 795.0 467.0 557.0
Capex 1 4,008 3,056 2,433 2,659 5,402 3,900 3,733 3,567
Capex / Sales 2.25% 1.8% 1.62% 1.54% 2.55% 1.71% 1.58% 1.44%
Announcement Date 5/10/19 5/8/20 5/12/21 5/12/22 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 Mizuno Corporation

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
2
Last Close Price
7,550 JPY
Average target price
6,640 JPY
Spread / Average Target
-12.05%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Sporting & Outdoor Goods
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