SUNTORY BEVERAGE & FOOD LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5,039 JPY | -1.02% |
|
+0.42% | +8.37% |
| Apr. 04 | Celsius Holdings Set to Expand Distribution to France in Q4 | MT |
| Mar. 15 | Takeshi Niinami, Chairman of Suntory: Labour shortage in Japan | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,404,405 | 1,127,850 | 1,285,440 | 1,390,500 | 1,436,850 | 1,557,051 | - | - |
| Enterprise Value (EV) 1 | 1,468,209 | 1,163,346 | 1,274,132 | 1,312,618 | 1,339,526 | 1,468,773 | 1,428,142 | 1,362,086 |
| P/E ratio | 20.4 x | 21.6 x | 18.7 x | 16.9 x | 17.4 x | 17.3 x | 15.7 x | 14.9 x |
| Yield | 1.72% | 2.14% | 1.88% | 1.78% | 1.72% | 2.28% | 2.45% | 2.67% |
| Capitalization / Revenue | 1.08 x | 0.96 x | 1.01 x | 0.96 x | 0.9 x | 0.93 x | 0.9 x | 0.87 x |
| EV / Revenue | 1.13 x | 0.99 x | 1 x | 0.91 x | 0.84 x | 0.88 x | 0.82 x | 0.76 x |
| EV / EBITDA | 7.94 x | 6.97 x | 6.78 x | 6.24 x | 6.24 x | 6.3 x | 5.68 x | 5.21 x |
| EV / FCF | 13.2 x | 16 x | 12.5 x | 12.1 x | 16.6 x | 21.4 x | 15 x | 10.4 x |
| FCF Yield | 7.57% | 6.26% | 8.01% | 8.24% | 6.01% | 4.67% | 6.68% | 9.6% |
| Price to Book | 1.86 x | 1.44 x | 1.49 x | 1.44 x | 1.32 x | 1.38 x | 1.31 x | 1.24 x |
| Nbr of stocks (in thousands) | 309,000 | 309,000 | 309,000 | 309,000 | 309,000 | 309,000 | - | - |
| Reference price 2 | 4,545 | 3,650 | 4,160 | 4,500 | 4,650 | 5,039 | 5,039 | 5,039 |
| Announcement Date | 2/13/20 | 2/9/21 | 2/14/22 | 2/13/23 | 2/15/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,299,385 | 1,178,137 | 1,268,900 | 1,450,397 | 1,591,722 | 1,673,967 | 1,736,999 | 1,784,610 |
| EBITDA 1 | 184,983 | 166,829 | 187,944 | 210,479 | 214,805 | 233,313 | 251,575 | 261,513 |
| EBIT 1 | 113,948 | 96,177 | 118,600 | 139,688 | 141,726 | 155,340 | 170,606 | 179,815 |
| Operating Margin | 8.77% | 8.16% | 9.35% | 9.63% | 8.9% | 9.28% | 9.82% | 10.08% |
| Earnings before Tax (EBT) 1 | 112,186 | 94,168 | 117,052 | 139,291 | 141,781 | 153,636 | 169,838 | 180,766 |
| Net income 1 | 68,888 | 52,212 | 68,700 | 82,317 | 82,743 | 90,095 | 98,974 | 104,603 |
| Net margin | 5.3% | 4.43% | 5.41% | 5.68% | 5.2% | 5.38% | 5.7% | 5.86% |
| EPS 2 | 222.9 | 169.0 | 222.2 | 266.4 | 267.8 | 291.6 | 320.3 | 338.5 |
| Free Cash Flow 1 | 111,214 | 72,802 | 102,058 | 108,114 | 80,494 | 68,641 | 95,460 | 130,817 |
| FCF margin | 8.56% | 6.18% | 8.04% | 7.45% | 5.06% | 4.1% | 5.5% | 7.33% |
| FCF Conversion (EBITDA) | 60.12% | 43.64% | 54.3% | 51.37% | 37.47% | 29.42% | 37.95% | 50.02% |
| FCF Conversion (Net income) | 161.44% | 139.44% | 148.56% | 131.34% | 97.28% | 76.19% | 96.45% | 125.06% |
| Dividend per Share 2 | 78.00 | 78.00 | 78.00 | 80.00 | 80.00 | 114.9 | 123.7 | 134.4 |
| Announcement Date | 2/13/20 | 2/9/21 | 2/14/22 | 2/13/23 | 2/15/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2021 S2 | 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 | 2024 S2 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | 552,529 | - | 603,835 | 338,000 | 327,100 | - | 296,010 | 382,999 | 679,009 | 402,385 | 369,003 | 771,388 | 337,200 | 411,935 | 749,135 | 444,300 | 398,321 | 842,587 | 362,203 | 441,921 | 787,900 | 460,835 | 413,324 | 874,700 | - |
| EBITDA | - | - | - | - | 57,800 | 35,176 | - | 39,109 | 76,352 | - | 53,357 | 51,581 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | 35,712 | - | 60,401 | 39,900 | 18,200 | - | 21,624 | 58,746 | 80,370 | 34,588 | 24,730 | 59,318 | 26,400 | 42,431 | 68,831 | 47,900 | 24,955 | 72,895 | 27,727 | 47,829 | 75,200 | 50,433 | 28,711 | 78,500 | - |
| Operating Margin | - | 6.46% | - | 10% | 11.8% | 5.56% | - | 7.31% | 15.34% | 11.84% | 8.6% | 6.7% | 7.69% | 7.83% | 10.3% | 9.19% | 10.78% | 6.27% | 8.65% | 7.66% | 10.82% | 9.54% | 10.94% | 6.95% | 8.97% | - |
| Earnings before Tax (EBT) 1 | - | 35,113 | - | 59,343 | 40,057 | 17,652 | - | 21,490 | 58,716 | 80,206 | 34,624 | 24,461 | - | 26,514 | 42,847 | 69,361 | 48,126 | - | - | 25,500 | 52,200 | - | 49,000 | 26,800 | - | - |
| Net income 1 | - | 20,922 | - | 32,159 | 27,200 | 9,300 | - | 12,351 | 36,383 | 48,734 | 19,286 | 14,297 | - | 14,600 | 23,776 | 38,376 | 28,800 | 15,574 | - | 14,783 | 27,609 | - | 31,066 | 16,742 | - | - |
| Net margin | - | 3.79% | - | 5.33% | 8.05% | 2.84% | - | 4.17% | 9.5% | 7.18% | 4.79% | 3.87% | - | 4.33% | 5.77% | 5.12% | 6.48% | 3.91% | - | 4.08% | 6.25% | - | 6.74% | 4.05% | - | - |
| EPS 2 | - | 67.71 | - | 104.1 | 88.19 | 29.99 | - | 39.97 | 118.0 | 157.7 | 62.41 | 46.27 | - | 47.21 | 76.98 | 124.2 | 93.19 | 50.40 | - | 49.48 | 87.51 | - | 97.88 | 56.18 | - | - |
| Dividend per Share 2 | 39.00 | 39.00 | 39.00 | 39.00 | - | 39.00 | 39.00 | - | - | 39.00 | - | - | - | - | - | 40.00 | - | 40.00 | - | - | 59.50 | - | - | 59.50 | - | - |
| Announcement Date | 2/13/20 | 8/5/20 | 2/9/21 | 8/12/21 | 11/11/21 | 2/14/22 | 2/14/22 | 5/12/22 | 8/9/22 | 8/9/22 | 11/11/22 | 2/13/23 | 2/13/23 | 5/11/23 | 8/9/23 | 8/9/23 | 11/10/23 | 2/15/24 | 2/15/24 | - | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 63,804 | 35,496 | - | - | - | - | - | - |
| Net Cash position 1 | - | - | 11,308 | 77,882 | 97,324 | 88,278 | 128,909 | 194,966 |
| Leverage (Debt/EBITDA) | 0.3449 x | 0.2128 x | - | - | - | - | - | - |
| Free Cash Flow 1 | 111,214 | 72,802 | 102,058 | 108,114 | 80,494 | 68,641 | 95,460 | 130,817 |
| ROE (net income / shareholders' equity) | 9.4% | 6.8% | 8.4% | 9% | 8.1% | 8.18% | 8.48% | 8.55% |
| ROA (Net income/ Total Assets) | 7.2% | 6% | 7.2% | 8.05% | 7.67% | 6.13% | 5.65% | 6.77% |
| Assets 1 | 956,778 | 870,926 | 954,088 | 1,022,462 | 1,078,419 | 1,468,937 | 1,751,752 | 1,545,855 |
| Book Value Per Share 2 | 2,448 | 2,530 | 2,785 | 3,124 | 3,519 | 3,657 | 3,860 | 4,071 |
| Cash Flow per Share 2 | 453.0 | 398.0 | 447.0 | 496.0 | 504.0 | 530.0 | 557.0 | 587.0 |
| Capex 1 | 58,815 | 62,485 | 56,122 | 60,228 | 79,236 | 138,800 | 95,000 | 68,600 |
| Capex / Sales | 4.53% | 5.3% | 4.42% | 4.15% | 4.98% | 8.29% | 5.47% | 3.84% |
| Announcement Date | 2/13/20 | 2/9/21 | 2/14/22 | 2/13/23 | 2/15/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
5,039
JPY
Average target price
5,830
JPY
Spread / Average Target
+15.70%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +8.37% | 9.89B | |
| +4.77% | 266B | |
| +1.20% | 45.71B | |
| +18.01% | 22.74B | |
| -9.31% | 16.6B | |
| +34.19% | 17.05B | |
| +11.50% | 11.7B | |
| -1.51% | 10.8B | |
| -11.41% | 7.71B | |
| +32.64% | 5.46B |
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