Financials World Co., Ltd.

Equities

3612

JP3990210001

Apparel & Accessories Retailers

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,116 ^JPY	-0.19%		+3.22%	+25.95%

Apr. 04	World Co.'s Attributable Profit Rises in Fiscal Year Ended February; Shares Down 3%	MT
Apr. 03	World Co., Ltd. Announces Year End Dividend for the Fiscal Year Ending February 29, 2024, Payable on May 29, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	73,995	50,221	49,764	41,904	50,311	72,012	-	-
Enterprise Value (EV) ¹	129,128	158,933	147,602	143,840	145,670	73,101	72,012	72,012
P/E ratio	6.27 x	6.25 x	-2.89 x	-159 x	9.7 x	11.5 x	7.9 x	6.1 x
Yield	2.25%	3.52%	-	2.18%	3.24%	2.61%	3.78%	4.96%
Capitalization / Revenue	0.3 x	0.21 x	0.28 x	0.24 x	0.23 x	0.36 x	0.31 x	0.29 x
EV / Revenue	0.3 x	0.21 x	0.28 x	0.24 x	0.23 x	0.36 x	0.31 x	0.29 x
EV / EBITDA	3,564,649 x	1,571,974 x	-	-	-	-	-	-
EV / FCF	-15.7 x	2.65 x	16.6 x	2.64 x	2.52 x	3.46 x	3.38 x	2.55 x
FCF Yield	-6.38%	37.7%	6.01%	37.9%	39.7%	28.9%	29.6%	39.2%
Price to Book	0.96 x	0.62 x	0.63 x	0.53 x	0.61 x	0.89 x	0.86 x	0.83 x
Nbr of stocks (in thousands)	33,286	33,325	33,670	33,794	33,971	34,032	-	-
Reference price ²	2,223	1,507	1,478	1,240	1,481	2,116	2,116	2,116
Announcement Date	5/8/19	5/7/20	5/6/21	5/9/22	5/8/23	4/3/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	249,861	236,265	180,322	171,344	214,246	202,342	233,000	247,000
EBITDA	20,758	31,948	-	-	-	-	-	-
EBIT ¹	14,827	12,314	-21,637	2,196	11,686	12,004	16,500	20,000
Operating Margin	5.93%	5.21%	-12%	1.28%	5.45%	5.93%	7.08%	8.1%
Earnings before Tax (EBT) ¹	13,596	11,401	-22,556	1,410	10,313	11,186	15,700	19,500
Net income ¹	9,200	8,038	-17,149	239	5,686	6,764	9,500	11,900
Net margin	3.68%	3.4%	-9.51%	0.14%	2.65%	3.34%	4.08%	4.82%
EPS ²	354.7	241.3	-511.1	-7.790	152.7	187.4	267.7	346.7
Free Cash Flow ¹	-4,723	18,948	2,989	15,880	19,984	20,800	21,300	28,200
FCF margin	-1.89%	8.02%	1.66%	9.27%	9.33%	10.15%	9.14%	11.42%
FCF Conversion (EBITDA)	-	59.31%	-	-	-	-	-	-
FCF Conversion (Net income)	-	235.73%	-	6,644.35%	351.46%	284.93%	224.21%	236.97%
Dividend per Share ²	50.00	53.00	-	27.00	48.00	56.00	80.00	105.0
Announcement Date	5/8/19	5/7/20	5/6/21	5/9/22	5/8/23	4/3/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	117,677	118,588	79,075	36,798	77,330	48,900	45,114	50,532	46,214	96,746	60,685	56,815	53,417	49,648	62,356	36,922	56,500	53,500	61,000	62,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,012	4,302	-14,454	-4,089	-2,148	7,142	-2,798	4,990	-912	4,078	8,060	-452	5,716	122	8,876	-2,654	6,600	1,200	6,500	2,200
Operating Margin	6.81%	3.63%	-18.28%	-11.11%	-2.78%	14.61%	-6.2%	9.87%	-1.97%	4.22%	13.28%	-0.8%	10.7%	0.25%	14.23%	-7.19%	11.68%	2.24%	10.66%	3.55%
Earnings before Tax (EBT) ¹	7,566	3,835	-14,928	-4,288	-2,555	6,954	-2,989	4,653	-1,276	3,377	7,736	-800	5,507	-85	8,637	-2,873	6,400	1,000	6,300	2,000
Net income ¹	5,992	2,046	-11,099	-2,645	-1,210	4,504	-3,055	2,824	-740	2,084	4,418	-816	3,356	-107	4,852	-1,337	3,900	600	3,500	1,500
Net margin	5.09%	1.73%	-14.04%	-7.19%	-1.56%	9.21%	-6.77%	5.59%	-1.6%	2.15%	7.28%	-1.44%	6.28%	-0.22%	7.78%	-3.62%	6.9%	1.12%	5.74%	2.42%
EPS	179.9	-	-331.8	-	-43.34	129.7	-	79.74	-	54.05	126.5	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	13.00	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/6/19	5/7/20	11/4/20	11/4/21	11/4/21	2/3/22	5/9/22	8/3/22	11/7/22	11/7/22	2/3/23	5/8/23	8/3/23	11/6/23	2/9/24	4/3/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	55,133	108,712	97,838	101,936	95,359	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.656 x	3.403 x	-	-	-	-	-	-
Free Cash Flow ¹	-4,723	18,948	2,989	15,880	19,984	20,800	21,300	28,200
ROE (net income / shareholders' equity)	17.7%	10.1%	-21.4%	0.3%	7.1%	8.2%	10.3%	11.8%
ROA (Net income/ Total Assets)	7.8%	4.8%	-8.89%	0.57%	4.13%	5%	6.5%	8.1%
Assets ¹	117,949	167,612	192,853	41,854	137,802	146,000	146,154	146,914
Book Value Per Share ²	2,314	2,445	2,329	2,323	2,426	2,410	2,462	2,559
Cash Flow per Share	583.0	808.0	42.20	474.0	679.0	-	-	-
Capex ¹	9,958	9,788	1,166	1,441	5,405	6,000	8,000	8,000
Capex / Sales	3.99%	4.14%	0.65%	0.84%	2.52%	2.93%	3.43%	3.24%
Announcement Date	5/8/19	5/7/20	5/6/21	5/9/22	5/8/23	4/3/24	-	-

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 World Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,116 JPY

Average target price

3,000 JPY

Spread / Average Target

+41.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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