Financials ORIX Corporation

Equities

8591

JP3200450009

Consumer Lending

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,188 ^JPY	+0.22%		+2.48%	+20.03%

Apr. 15	MC Healthcare, Inc. acquired FreeIll Co., Ltd. from ORIX Corporation.	CI
Apr. 04	S&P Global Ratings Cuts Orix's Rating, Outlook Remains Stable	MT

Valuation

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,034,499	1,637,499	2,273,907	2,853,231	2,496,074	3,679,631	-	-
Enterprise Value (EV) ¹	5,369,238	5,271,019	6,046,767	6,765,089	6,982,733	8,492,974	8,645,167	8,831,848
P/E ratio	6.28 x	5.48 x	12 x	9.44 x	9.41 x	11.1 x	9.37 x	8.38 x
Yield	4.78%	5.84%	4.18%	3.5%	3.93%	2.96%	3.87%	4.33%
Capitalization / Revenue	0.84 x	0.72 x	0.99 x	1.13 x	0.94 x	1.32 x	1.22 x	1.16 x
EV / Revenue	2.21 x	2.31 x	2.64 x	2.68 x	2.62 x	3.04 x	2.87 x	2.78 x
EV / EBITDA	8.59 x	-	23.4 x	10.7 x	10.5 x	24.7 x	21 x	19.6 x
EV / FCF	-105,931,378 x	10,524,966 x	-	10,803,831 x	-	-	-	-
FCF Yield	-0%	0%	-	0%	-	-	-	-
Price to Book	0.7 x	0.54 x	0.75 x	0.9 x	0.76 x	0.99 x	0.93 x	0.87 x
Nbr of stocks (in thousands)	1,279,962	1,259,130	1,217,295	1,165,774	1,146,829	1,154,213	-	-
Reference price ²	1,590	1,300	1,868	2,448	2,176	3,188	3,188	3,188
Announcement Date	5/7/19	5/21/20	5/13/21	5/11/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,434,864	2,280,329	2,292,708	2,520,365	2,666,373	2,795,191	3,008,385	3,172,261
EBITDA ¹	625,027	-	258,814	632,434	667,422	344,247	412,014	449,668
EBIT ¹	329,438	269,681	258,814	302,083	313,988	396,190	490,096	552,235
Operating Margin	13.53%	11.83%	11.29%	11.99%	11.78%	14.17%	16.29%	17.41%
Earnings before Tax (EBT) ¹	395,730	412,561	287,561	504,876	367,168	471,301	556,136	622,303
Net income ¹	323,745	302,700	192,384	312,135	273,075	334,000	391,451	433,396
Net margin	13.3%	13.27%	8.39%	12.38%	10.24%	11.95%	13.01%	13.66%
EPS ²	252.9	237.4	155.5	259.4	231.4	287.3	340.3	380.7
Free Cash Flow	-50,686	500,811	-	626,175	-	-	-	-
FCF margin	-2.08%	21.96%	-	24.84%	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	99.01%	-	-	-	-
FCF Conversion (Net income)	-	165.45%	-	200.61%	-	-	-	-
Dividend per Share ²	76.00	76.00	78.00	85.60	85.60	94.25	123.5	138.0
Announcement Date	5/7/19	5/21/20	5/13/21	5/11/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	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	1,112,678	-	1,084,738	-	632,721	1,241,534	626,579	652,252	657,813	707,003	1,364,816	630,028	671,529	676,974	682,761	1,359,735	678,125	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	161,702	-	119,839	-	106,938	208,917	73,202	19,964	83,293	65,840	149,133	88,175	76,680	83,252	80,783	164,035	96,163	-	-	-	-	-
Operating Margin	14.53%	-	11.05%	-	16.9%	16.83%	11.68%	3.06%	12.66%	9.31%	10.93%	14%	11.42%	12.3%	11.83%	12.06%	14.18%	-	-	-	-	-
Earnings before Tax (EBT)	228,629	-	134,174	-	120,733	220,789	95,900	188,187	85,015	79,331	164,346	119,127	83,695	89,392	95,075	184,467	125,540	-	-	-	-	-
Net income ¹	159,150	-	93,842	-	81,466	146,682	64,659	100,794	61,862	59,914	121,776	89,612	61,687	62,966	65,134	128,100	91,105	99,300	83,500	98,400	96,000	104,000
Net margin	14.3%	-	8.65%	-	12.88%	11.81%	10.32%	15.45%	9.4%	8.47%	8.92%	14.22%	9.19%	9.3%	9.54%	9.42%	13.43%	-	-	-	-	-
EPS	124.3	-	75.22	-	67.47	121.1	54.05	84.20	51.90	50.62	102.5	76.11	52.72	53.87	56.05	109.9	78.76	-	-	-	-	-
Dividend per Share	35.00	41.00	35.00	43.00	39.00	39.00	-	46.60	-	42.80	42.80	-	46.60	-	42.80	42.80	-	-	-	-	-	-
Announcement Date	10/28/19	5/21/20	11/2/20	5/13/21	11/4/21	11/4/21	2/7/22	5/11/22	8/3/22	11/7/22	11/7/22	2/6/23	5/10/23	8/4/23	11/1/23	11/1/23	2/7/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,334,739	3,633,520	3,772,860	3,911,858	4,486,659	4,813,343	4,965,536	5,152,217
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.335 x	-	14.58 x	6.185 x	6.722 x	13.98 x	12.05 x	11.46 x
Free Cash Flow	-50,686	500,811	-	626,175	-	-	-	-
ROE (net income / shareholders' equity)	11.6%	10.3%	6.4%	9.9%	8.3%	9.39%	10.4%	10.9%
ROA (Net income/ Total Assets)	3.35%	3.27%	2.16%	3.63%	2.49%	2.41%	2.66%	2.85%
Assets ¹	9,653,886	9,260,307	8,908,193	8,603,975	10,983,762	13,886,753	14,731,719	15,207,929
Book Value Per Share ²	2,263	2,386	2,488	2,733	2,868	3,218	3,415	3,662
Cash Flow per Share	484.0	476.0	411.0	534.0	531.0	-	-	-
Capex	638,364	541,655	709,999	917,296	1,080,074	-	-	-
Capex / Sales	26.22%	23.75%	30.97%	36.4%	40.51%	-	-	-
Announcement Date	5/7/19	5/21/20	5/13/21	5/11/22	5/10/23	-	-	-

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 ORIX Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,188 JPY

Average target price

3,558 JPY

Spread / Average Target

+11.59%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Consumer Lending

	1st Jan change	Capi.
ORIX CORPORATION	+20.03%	23.38B
BAJAJ FINANCE LIMITED	-8.14%	49.88B
BAJAJ FINSERV LTD.	-5.25%	30.53B
JIO FINANCIAL SERVICES LIMITED	+63.88%	29.08B
SYNCHRONY FINANCIAL	+16.97%	17.94B
CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED	-6.99%	11.81B
SHRIRAM FINANCE LIMITED	+21.92%	11.27B
SOFI TECHNOLOGIES, INC.	-20.90%	8.31B
MUTHOOT FINANCE LIMITED	+14.34%	8.13B
SUNDARAM FINANCE LIMITED	+36.65%	6.39B

Other Consumer Lending