Financials ASKUL Corporation

Equities

2678

JP3119920001

Internet Services

Market Closed - Japan Exchange Other stock markets 07:00:00 26/04/2024 BST			5-day change	1st Jan Change
2,367 ^JPY	+0.94%		+2.73%	+10.09%

04-01	Morgan Stanley Downgrades Askul to Equalweight From Overweight, Adjusts Price Target to 2,100 Yen From 2,200 Yen	MT
03-28	Askul Corporation Announces Non-Consolidated Net Sales for Monthly Operating Results for the Month Ended March 20, 2024	CI

Valuation

Fiscal Period: May	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	150,979	168,927	168,452	141,027	184,875	230,842	-	-
Enterprise Value (EV) ¹	125,609	135,368	130,598	107,438	159,446	188,170	186,640	183,087
P/E ratio	347 x	29.9 x	23.5 x	16 x	18.9 x	16 x	18.3 x	16.1 x
Yield	1.22%	1.15%	1.37%	2.14%	1.79%	1.51%	1.77%	2%
Capitalization / Revenue	0.39 x	0.42 x	0.4 x	0.33 x	0.41 x	0.49 x	0.46 x	0.44 x
EV / Revenue	0.32 x	0.34 x	0.31 x	0.25 x	0.36 x	0.4 x	0.37 x	0.35 x
EV / EBITDA	13.9 x	9.12 x	6.36 x	5.18 x	7.42 x	7.25 x	6.51 x	5.71 x
EV / FCF	748 x	13 x	18.9 x	14.9 x	-57 x	27.9 x	13.7 x	11.2 x
FCF Yield	0.13%	7.67%	5.3%	6.71%	-1.75%	3.58%	7.31%	8.89%
Price to Book	3.12 x	3.22 x	3.11 x	2.49 x	2.88 x	3.16 x	2.73 x	2.43 x
Nbr of stocks (in thousands)	102,048	102,071	94,477	97,260	97,456	97,525	-	-
Reference price ²	1,480	1,655	1,783	1,450	1,897	2,367	2,367	2,367
Announcement Date	03/07/19	10/07/20	02/07/21	01/07/22	04/07/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: May	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	387,470	400,376	422,151	428,517	446,713	472,497	504,095	525,994
EBITDA ¹	9,053	14,838	20,523	20,755	21,481	25,955	28,690	32,078
EBIT ¹	4,520	8,821	13,923	14,309	14,620	16,792	19,236	21,002
Operating Margin	1.17%	2.2%	3.3%	3.34%	3.27%	3.55%	3.82%	3.99%
Earnings before Tax (EBT) ¹	1,173	8,460	11,277	13,871	14,467	16,341	18,393	20,145
Net income ¹	434	5,652	7,758	9,206	9,787	14,111	12,531	14,008
Net margin	0.11%	1.41%	1.84%	2.15%	2.19%	2.99%	2.49%	2.66%
EPS ²	4.260	55.39	75.83	90.83	100.4	148.3	129.7	146.9
Free Cash Flow ¹	168	10,381	6,919	7,204	-2,798	6,744	13,639	16,280
FCF margin	0.04%	2.59%	1.64%	1.68%	-0.63%	1.43%	2.71%	3.1%
FCF Conversion (EBITDA)	1.86%	69.96%	33.71%	34.71%	-	25.98%	47.54%	50.75%
FCF Conversion (Net income)	38.71%	183.67%	89.19%	78.25%	-	47.79%	108.84%	116.22%
Dividend per Share ²	18.00	19.00	24.50	31.00	34.00	35.78	41.94	47.36
Announcement Date	03/07/19	10/07/20	02/07/21	01/07/22	04/07/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: May	2020 S1	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 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	199,625	206,452	106,596	209,038	108,956	110,523	110,087	110,164	220,251	113,973	112,489	113,074	118,214	231,288	118,775	120,160	-	-	-	-
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-78,110	-	-	-	-
EBIT ¹	3,468	5,926	3,424	6,696	3,941	3,672	2,956	3,789	6,745	3,616	4,259	2,827	4,415	7,242	5,251	4,637	-	-	-	-
Operating Margin	1.74%	2.87%	3.21%	3.2%	3.62%	3.32%	2.69%	3.44%	3.06%	3.17%	3.79%	2.5%	3.73%	3.13%	4.42%	3.86%	-	-	-	-
Earnings before Tax (EBT)	3,342	4,823	3,667	6,860	3,812	3,199	2,952	3,899	6,851	3,553	4,063	2,709	4,370	7,079	16,872	-	-	-	-	-
Net income ¹	2,192	3,453	2,393	4,546	2,585	2,075	1,891	2,590	4,481	2,612	2,694	1,729	2,908	4,637	11,509	-18,641	-	-	-	-
Net margin	1.1%	1.67%	2.24%	2.17%	2.37%	1.88%	1.72%	2.35%	2.03%	2.29%	2.39%	1.53%	2.46%	2%	9.69%	-15.51%	-	-	-	-
EPS ²	21.48	33.80	23.36	44.37	25.35	21.11	19.41	26.58	45.99	26.80	27.64	17.74	29.84	47.58	118.0	-418.4	-	-	-	-
Dividend per Share ²	9.500	9.500	-	15.00	-	-	-	-	16.00	-	-	-	18.00	18.00	-	18.00	-	20.00	-	18.00
Announcement Date	17/12/19	15/12/20	16/12/21	16/12/21	15/03/22	01/07/22	15/09/22	15/12/22	15/12/22	15/03/23	04/07/23	15/09/23	15/12/23	15/12/23	15/03/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: May	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	25,370	33,559	37,854	33,589	25,429	42,673	44,202	47,756
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	168	10,381	6,919	7,204	-2,798	6,744	13,639	16,280
ROE (net income / shareholders' equity)	0.9%	11.2%	14%	15.9%	16.2%	21.2%	16.5%	16.5%
ROA (Net income/ Total Assets)	2.58%	5.04%	7.61%	7.55%	6.97%	7.2%	6.78%	7.01%
Assets ¹	16,839	112,056	102,008	121,972	140,471	195,992	184,837	199,744
Book Value Per Share ²	474.0	514.0	574.0	582.0	658.0	749.0	866.0	973.0
Cash Flow per Share ²	62.30	111.0	137.0	154.0	172.0	283.0	248.0	276.0
Capex ¹	6,047	6,228	11,075	10,084	15,261	11,127	9,378	6,500
Capex / Sales	1.56%	1.56%	2.62%	2.35%	3.42%	2.35%	1.86%	1.24%
Announcement Date	03/07/19	10/07/20	02/07/21	01/07/22	04/07/23	-	-	-

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 ASKUL Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,367 JPY

Average target price

2,440 JPY

Spread / Average Target

+3.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector E-commerce & Auction Services

	1st Jan change	Capi.
ASKUL CORPORATION	+10.09%	1.47B
ALIBABA GROUP HOLDING LIMITED	-2.54%	184B
PDD HOLDINGS INC.	-13.16%	180B
SHOPIFY INC.	-8.05%	91.88B
MEITUAN INC.	+36.02%	91.6B
MERCADOLIBRE, INC.	-9.56%	71.28B
COPART, INC.	+13.62%	53.58B
RAKUTEN GROUP, INC.	+17.48%	10.05B
VIPSHOP HOLDINGS LIMITED	-11.04%	8.53B
GLOBAL-E ONLINE LTD.	-14.88%	5.59B

E-commerce & Auction Services