Financials Adastria Co., Ltd.

Equities

2685

JP3856000009

Apparel & Accessories Retailers

Market Closed - Japan Exchange Other stock markets 07:00:00 24/06/2024 BST			5-day change	1st Jan Change
3,625 ^JPY	+0.83%		+4.17%	+4.32%

06-21	Adastria Repurchases 51 Shares in Relation to Disposition of Fractional Shares	MT
06-19	Adastria Co., Ltd. announces an Equity Buyback for 51 shares.	CI

Valuation

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	82,461	90,141	76,831	98,275	154,402	162,779	-	-
Enterprise Value (EV) ¹	59,300	65,962	59,855	90,075	139,980	140,888	137,540	133,786
P/E ratio	13 x	-134 x	15.6 x	13 x	11.5 x	12.6 x	11.6 x	10.8 x
Yield	2.86%	2%	3.24%	2.77%	2.49%	2.46%	2.67%	2.86%
Capitalization / Revenue	0.37 x	0.49 x	0.38 x	0.41 x	0.56 x	0.56 x	0.53 x	0.51 x
EV / Revenue	0.27 x	0.36 x	0.3 x	0.37 x	0.51 x	0.48 x	0.45 x	0.42 x
EV / EBITDA	2.91 x	8.49 x	4.5 x	4.38 x	4.94 x	4.82 x	4.48 x	4.22 x
EV / FCF	4.17 x	14.4 x	-14 x	25.8 x	14.7 x	13.6 x	11.3 x	9.91 x
FCF Yield	24%	6.92%	-7.14%	3.88%	6.82%	7.35%	8.85%	10.1%
Price to Book	1.45 x	1.78 x	1.42 x	1.65 x	2.2 x	2.09 x	1.85 x	1.65 x
Nbr of stocks (in thousands)	47,121	45,161	45,248	45,351	45,279	45,279	-	-
Reference price ²	1,750	1,996	1,698	2,167	3,410	3,595	3,595	3,595
Announcement Date	03/04/20	05/04/21	13/04/22	04/04/23	04/04/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	222,376	183,870	201,582	242,552	275,596	291,217	304,800	318,500
EBITDA ¹	20,357	7,766	13,301	20,574	28,311	29,225	30,725	31,700
EBIT ¹	12,885	766	6,564	11,515	18,015	19,407	21,136	22,500
Operating Margin	5.79%	0.42%	3.26%	4.75%	6.54%	6.66%	6.93%	7.06%
Earnings before Tax (EBT) ¹	9,923	646	7,911	11,433	17,116	18,998	20,698	22,100
Net income ¹	6,363	-693	4,917	7,540	13,513	12,976	14,083	15,104
Net margin	2.86%	-0.38%	2.44%	3.11%	4.9%	4.46%	4.62%	4.74%
EPS ²	135.1	-14.88	108.7	166.4	297.8	286.0	309.7	333.5
Free Cash Flow ¹	14,205	4,567	-4,276	3,497	9,547	10,353	12,177	13,500
FCF margin	6.39%	2.48%	-2.12%	1.44%	3.46%	3.55%	4%	4.24%
FCF Conversion (EBITDA)	69.78%	58.81%	-	17%	33.72%	35.42%	39.63%	42.59%
FCF Conversion (Net income)	223.24%	-	-	46.38%	70.65%	79.78%	86.47%	89.38%
Dividend per Share ²	50.00	40.00	55.00	60.00	85.00	88.54	96.11	102.7
Announcement Date	03/04/20	05/04/21	13/04/22	04/04/23	04/04/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S2	2021 S1	2022 S1	2022 Q3	2022 Q4	2022 S2	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	2026 Q1
Net sales ¹	113,395	79,664	92,611	54,120	54,851	108,971	58,006	54,572	112,578	64,448	65,526	68,478	64,418	132,896	70,356	72,344	71,790	68,085	75,272	76,429	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,721	-4,410	631	3,852	2,081	5,933	4,574	996	5,570	5,595	350	6,278	4,033	10,311	5,995	1,709	6,532	3,961	6,452	2,622	-
Operating Margin	5.05%	-5.54%	0.68%	7.12%	3.79%	5.44%	7.89%	1.83%	4.95%	8.68%	0.53%	9.17%	6.26%	7.76%	8.52%	2.36%	9.1%	5.82%	8.57%	3.43%	-
Earnings before Tax (EBT)	-	-2,826	1,454	4,296	-	-	4,922	-	6,146	5,608	-	6,314	-	10,585	5,995	-	-	-	-	-	-
Net income ¹	1,953	-2,461	448	3,086	1,383	-	3,313	580	3,893	3,723	-76	4,464	2,630	7,094	4,447	1,972	4,415	2,573	4,707	1,304	-
Net margin	1.72%	-3.09%	0.48%	5.7%	2.52%	-	5.71%	1.06%	3.46%	5.78%	-0.12%	6.52%	4.08%	5.34%	6.32%	2.73%	6.15%	3.78%	6.25%	1.71%	-
EPS ²	-	-52.21	9.930	68.23	30.56	-	73.24	12.72	85.96	82.13	-1.720	98.41	57.74	156.2	97.95	43.65	98.46	60.05	100.5	28.78	-
Dividend per Share ²	-	15.00	25.00	-	-	-	-	-	25.00	-	-	-	-	35.00	-	50.00	-	35.00	-	55.00	-
Announcement Date	03/04/20	30/09/20	30/09/21	27/12/21	13/04/22	13/04/22	08/07/22	07/10/22	07/10/22	29/12/22	04/04/23	30/06/23	29/09/23	29/09/23	29/12/23	04/04/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	23,161	24,179	16,976	8,200	14,422	21,891	25,239	28,993
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	14,205	4,567	-4,276	3,497	9,547	10,353	12,177	13,500
ROE (net income / shareholders' equity)	11.6%	-1.3%	9.4%	13.3%	20.9%	17.7%	17.5%	16.6%
ROA (Net income/ Total Assets)	13.6%	-0.72%	8.44%	11.5%	15.4%	11.4%	11.7%	11.6%
Assets ¹	46,871	96,250	58,228	65,628	87,926	113,494	120,023	130,579
Book Value Per Share ²	1,211	1,123	1,193	1,310	1,549	1,719	1,941	2,178
Cash Flow per Share ²	296.0	139.0	264.0	360.0	520.0	527.0	569.0	610.0
Capex ¹	4,070	9,298	9,974	17,474	12,676	12,675	12,550	12,333
Capex / Sales	1.83%	5.06%	4.95%	7.2%	4.6%	4.35%	4.12%	3.87%
Announcement Date	03/04/20	05/04/21	13/04/22	04/04/23	04/04/24	-	-	-

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 Adastria Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,595 JPY

Average target price

4,143 JPY

Spread / Average Target

+15.24%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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