Financials ANA Holdings Inc. London S.E.

Equities

ANA

JP3429800000

Airlines

End-of-day quote London S.E. Other stock markets			5-day change	1st Jan Change
- ^JPY	-.--%		+2.21%	-.--%

05-01	For Japan Inc, the weak yen may be too much of a good thing	RE
05-01	Jefferies Adjusts ANA Holdings’ Price Target to 3,600 Yen From 4,500 Yen, Keeps at Buy	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,358,278	882,800	1,209,650	1,206,887	1,352,678	1,406,446	-	-
Enterprise Value (EV) ¹	1,853,266	1,487,015	1,899,383	2,006,006	1,776,873	1,509,062	1,684,485	1,636,236
P/E ratio	12.3 x	31.9 x	-2.38 x	-8.4 x	15.1 x	9.58 x	11 x	10.5 x
Yield	1.85%	-	-	-	-	1.56%	1.95%	2.22%
Capitalization / Revenue	0.66 x	0.45 x	1.66 x	1.18 x	0.79 x	0.73 x	0.64 x	0.6 x
EV / Revenue	0.9 x	0.75 x	2.61 x	1.97 x	1.04 x	0.73 x	0.77 x	0.7 x
EV / EBITDA	5.64 x	6.29 x	-6.59 x	-128 x	6.62 x	4.28 x	4.92 x	4.55 x
EV / FCF	-23.2 x	-14.9 x	-4.45 x	13.1 x	7.23 x	8.38 x	21 x	21.1 x
FCF Yield	-4.3%	-6.73%	-22.5%	7.66%	13.8%	11.9%	4.76%	4.74%
Price to Book	1.24 x	0.83 x	1.2 x	1.51 x	1.57 x	1.44 x	1.23 x	1.17 x
Nbr of stocks (in thousands)	334,634	334,521	470,315	470,338	470,333	470,069	-	-
Reference price ²	4,059	2,639	2,572	2,566	2,876	2,992	2,992	2,992
Announcement Date	26/04/19	28/04/20	30/04/21	28/04/22	27/04/23	26/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,058,312	1,974,200	728,683	1,020,324	1,707,484	2,055,928	2,194,686	2,325,606
EBITDA ¹	328,591	236,500	-288,422	-15,622	268,300	352,342	342,531	359,525
EBIT ¹	165,019	60,800	-464,774	-173,127	120,030	207,911	193,144	205,002
Operating Margin	8.02%	3.08%	-63.78%	-16.97%	7.03%	10.11%	8.8%	8.82%
Earnings before Tax (EBT) ¹	154,023	51,501	-545,372	-175,374	114,342	204,838	182,385	195,485
Net income ¹	110,777	27,600	-404,624	-143,628	89,477	157,097	128,997	136,153
Net margin	5.38%	1.4%	-55.53%	-14.08%	5.24%	7.64%	5.88%	5.85%
EPS ²	331.0	82.66	-1,082	-305.4	190.2	335.1	272.5	286.2
Free Cash Flow ¹	-79,716	-100,049	-427,151	153,606	245,796	180,153	80,170	77,498
FCF margin	-3.87%	-5.07%	-58.62%	15.05%	14.4%	8.76%	3.65%	3.33%
FCF Conversion (EBITDA)	-	-	-	-	91.61%	51.13%	23.41%	21.56%
FCF Conversion (Net income)	-	-	-	-	274.7%	114.68%	62.15%	56.92%
Dividend per Share ²	75.00	-	-	-	-	50.00	58.36	66.48
Announcement Date	26/04/19	28/04/20	30/04/21	28/04/22	27/04/23	26/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	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	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	1,055,981	918,219	291,834	436,849	232,214	431,125	306,921	282,278	350,419	440,297	790,716	467,939	448,829	916,768	461,026	541,703	1,002,729	540,852	512,347	-	511,474	571,565	568,363	539,355
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	78,880	-18,080	-280,950	-183,824	-51,395	-116,007	190	-57,310	-1,321	32,768	31,447	67,535	21,048	88,583	43,784	85,953	129,737	80,377	-2,203	78,174	40,601	80,795	69,422	5,251
Operating Margin	7.47%	-1.97%	-96.27%	-42.08%	-22.13%	-26.91%	0.06%	-20.3%	-0.38%	7.44%	3.98%	14.43%	4.69%	9.66%	9.5%	15.87%	12.94%	14.86%	-0.43%	-	7.94%	14.14%	12.21%	0.97%
Earnings before Tax (EBT) ¹	84,166	-	-267,912	-	-57,540	-121,323	-3,315	-	4,357	-	30,215	62,109	-	-	43,274	83,605	126,879	79,797	-1,838	77,959	-	-	-	-
Net income ¹	56,787	-	-188,477	-	-47,644	-98,803	-4,001	-40,824	1,002	18,540	19,542	43,059	26,876	-	30,686	62,520	93,206	55,743	8,148	63,891	32,429	43,662	41,609	-7,573
Net margin	5.38%	-	-64.58%	-	-20.52%	-22.92%	-1.3%	-14.46%	0.29%	4.21%	2.47%	9.2%	5.99%	-	6.66%	11.54%	9.3%	10.31%	1.59%	-	6.34%	7.64%	7.32%	-1.4%
EPS ²	169.7	-	-563.4	-	-101.3	-210.1	-8.500	-86.80	2.130	39.42	41.55	91.55	57.14	-	65.51	133.7	199.2	118.8	17.10	-	54.07	116.8	97.81	-2.442
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	30.00	-	-	-	-	46.98
Announcement Date	29/10/19	28/04/20	27/10/20	30/04/21	29/10/21	29/10/21	01/02/22	28/04/22	01/08/22	31/10/22	31/10/22	02/02/23	27/04/23	27/04/23	28/07/23	31/10/23	31/10/23	31/01/24	26/04/24	26/04/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	494,988	604,215	689,733	799,119	424,195	314,619	278,039	229,790
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.506 x	2.555 x	-2.391 x	-51.15 x	1.581 x	0.8709 x	0.8117 x	0.6391 x
Free Cash Flow ¹	-79,716	-100,049	-427,151	153,606	245,796	180,153	80,170	77,499
ROE (net income / shareholders' equity)	10.6%	2.6%	-39.1%	-15.9%	-	16.5%	11.8%	11.5%
ROA (Net income/ Total Assets)	5.97%	2.26%	-15.7%	-5.76%	3.4%	5.99%	3.9%	3.97%
Assets ¹	1,855,788	1,219,927	2,585,422	2,495,470	2,634,916	2,623,728	3,306,255	3,428,250
Book Value Per Share ²	3,285	3,172	2,141	1,695	1,834	2,222	2,434	2,559
Cash Flow per Share ²	808.0	608.0	-610.0	29.50	505.0	639.0	585.0	602.0
Capex ¹	375,864	351,361	156,710	133,364	116,892	240,469	260,000	275,600
Capex / Sales	18.26%	17.8%	21.51%	13.07%	6.85%	11.7%	11.85%	11.85%
Announcement Date	26/04/19	28/04/20	30/04/21	28/04/22	27/04/23	26/04/24	-	-

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 ANA Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,992 JPY

Average target price

3,545 JPY

Spread / Average Target

+18.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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