Financials JAPAN POST BANK Co., Ltd. OTC Markets

Equities

JPSTF

JP3946750001

Banks

Market Closed - OTC Markets Other stock markets 19:56:05 23/05/2024 BST			5-day change	1st Jan Change
9.55 ^USD	-5.91%		-.--%	-2.15%

06-27	Frontier Capital Inc. announced that it expects to receive ¥5 billion in funding from a group of investors	CI
06-20	Japan Post Bank to expand JGB investment in light of BOJ taper plan	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,532,289	3,737,546	3,988,674	3,691,869	3,994,661	5,494,744	-	-
Enterprise Value (EV) ¹	4,532,289	3,737,546	3,988,674	3,691,869	3,994,661	5,879,864	5,494,744	5,494,744
P/E ratio	17 x	13.7 x	14.2 x	10.4 x	12.5 x	16.5 x	15 x	13.5 x
Yield	4.14%	5.02%	4.7%	5.08%	4.62%	3.14%	3.55%	3.71%
Capitalization / Revenue	2.46 x	2.08 x	2.05 x	1.87 x	1.94 x	2.22 x	5.6 x	4.8 x
EV / Revenue	2.46 x	2.08 x	2.05 x	1.87 x	1.94 x	2.22 x	5.6 x	4.8 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-3,873,493 x	1,283,656 x	424,777 x	-	-	-	-	-
FCF Yield	-0%	0%	0%	-	-	-	-	-
Price to Book	0.4 x	0.42 x	0.35 x	0.36 x	0.41 x	0.61 x	0.56 x	0.55 x
Nbr of stocks (in thousands)	3,748,792	3,748,793	3,748,754	3,748,090	3,688,514	3,616,153	-	-
Reference price ²	1,209	997.0	1,064	985.0	1,083	1,520	1,520	1,520
Announcement Date	15/05/19	15/05/20	14/05/21	13/05/22	15/05/23	15/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,845,413	1,799,544	1,946,728	1,977,640	2,064,251	2,651,706	980,563	1,145,724
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	370,421	294,000	393,660	308,787	-	-195,500	125,075	273,200
Operating Margin	20.07%	16.34%	20.22%	15.61%	-	-7.37%	12.76%	23.85%
Earnings before Tax (EBT) ¹	369,870	378,631	392,654	496,574	454,373	494,060	520,950	588,759
Net income ¹	266,189	273,435	280,130	355,070	325,070	356,133	367,720	404,838
Net margin	14.42%	15.19%	14.39%	17.95%	15.75%	13.43%	37.5%	35.33%
EPS ²	71.00	72.94	74.72	94.71	86.84	98.43	101.4	112.2
Free Cash Flow	-1,170,078	2,911,641	9,390,034	-	-	-	-	-
FCF margin	-63.4%	161.8%	482.35%	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	1,064.84%	3,352.03%	-	-	-	-	-
Dividend per Share ²	50.00	50.00	50.00	50.00	50.00	51.00	54.00	56.30
Announcement Date	15/05/19	15/05/20	14/05/21	13/05/22	15/05/23	15/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2021 S2	2022 Q2	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
Net sales ¹	909,996	830,534	-	648,461	1,154,063	401,597	421,980	-	448,883	479,935	928,818	621,944	513,489	643,483	656,038	1,299,521	183,200	81,970	260,112	261,297	262,487	263,680
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	121,900	268,000	35,900	4,776	-	919,000	18,300	-	67,116	-	47,946	-	-	-49,700	-56,000	21,878	28,187	25,888	31,198
Operating Margin	-	-	-	18.8%	23.22%	8.94%	1.13%	-	204.73%	3.81%	-	10.79%	-	7.45%	-	-	-27.13%	-68.32%	8.41%	10.79%	9.86%	11.83%
Earnings before Tax (EBT) ¹	201,039	171,799	-	162,866	330,832	69,545	96,197	-	120,344	-	219,954	124,257	110,162	118,258	134,955	253,213	112,678	128,169	-	-	-	-
Net income ¹	144,879	124,224	155,906	114,501	235,320	52,313	67,437	119,750	88,808	69,837	158,645	88,833	77,592	86,817	95,370	182,187	81,143	92,803	-	-	-	-
Net margin	15.92%	14.96%	-	17.66%	20.39%	13.03%	15.98%	-	19.78%	14.55%	17.08%	14.28%	15.11%	13.49%	14.54%	14.02%	44.29%	113.22%	-	-	-	-
EPS ²	38.64	33.13	-	30.55	62.77	13.95	17.99	-	23.69	18.63	42.32	23.70	20.82	23.95	26.37	50.32	22.44	25.67	24.32	25.56	25.11	26.15
Dividend per Share ²	25.00	-	50.00	-	-	-	50.00	50.00	-	-	-	-	50.00	-	-	-	-	51.00	-	-	-	-
Announcement Date	14/11/19	13/11/20	14/05/21	12/11/21	12/11/21	14/02/22	13/05/22	13/05/22	10/08/22	11/11/22	11/11/22	14/02/23	15/05/23	10/08/23	13/11/23	13/11/23	14/02/24	15/05/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-1,170,078	2,911,641	9,390,034	-	-	-	-	-
ROE (net income / shareholders' equity)	2.3%	2.6%	2.7%	3.2%	3.2%	3.6%	3.85%	4.11%
ROA (Net income/ Total Assets)	0.18%	0.18%	0.18%	0.21%	0.2%	0.21%	0.17%	0.17%
Assets ¹	149,334,642	151,412,038	154,477,777	165,217,998	165,018,529	166,378,416	214,039,812	244,762,734
Book Value Per Share ²	3,030	2,399	3,033	2,740	2,621	2,673	2,696	2,775
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	15/05/19	15/05/20	14/05/21	13/05/22	15/05/23	15/05/24	-	-

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 JAPAN POST BANK Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,520 JPY

Average target price

1,652 JPY

Spread / Average Target

+8.71%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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CHINA CITIC BANK CO., LTD.	+36.14%	45.11B
CRÉDIT AGRICOLE S.A.	-0.87%	41.29B
QATAR NATIONAL BANK (Q.P.S.C.)	-11.37%	37.17B
INVEST BANK	-96.60%	32.24B
FIFTH THIRD BANCORP	+5.80%	24.83B

Commercial Banks