Financials Kobe Bussan Co., Ltd.

Equities

3038

JP3291200008

Food Retail & Distribution

Market Closed - Japan Exchange Other stock markets 07:00:00 26/04/2024 BST			5-day change	1st Jan Change
3,429 ^JPY	+1.12%		+3.60%	-17.69%

2023	Tech to the rescue
2023	Retired Sumo pros put on a show for Tokyo tourists	RE

Valuation

Fiscal Period: Oktober	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	343,625	635,146	848,786	707,295	823,667	756,808	-	-
Enterprise Value (EV) ¹	331,294	614,624	825,676	674,789	769,394	690,994	678,418	666,952
P/E ratio	28.4 x	42.2 x	43.3 x	33.9 x	40 x	31.2 x	28.3 x	25.7 x
Yield	0.62%	0.51%	0.51%	0.68%	0.59%	0.7%	0.75%	0.79%
Capitalization / Revenue	1.15 x	1.86 x	2.34 x	1.74 x	1.78 x	1.5 x	1.39 x	1.3 x
EV / Revenue	1.11 x	1.8 x	2.28 x	1.66 x	1.67 x	1.37 x	1.24 x	1.14 x
EV / EBITDA	14.6 x	22.4 x	26.2 x	20.6 x	21.4 x	16.7 x	15.1 x	13.5 x
EV / FCF	32.3 x	81.6 x	214 x	74.2 x	41.3 x	32 x	34.1 x	31.7 x
FCF Yield	3.1%	1.23%	0.47%	1.35%	2.42%	3.13%	2.93%	3.15%
Price to Book	7.78 x	11 x	11.2 x	7.46 x	7.39 x	5.79 x	5.18 x	4.55 x
Nbr of stocks (in thousands)	214,431	215,669	216,803	218,638	220,055	220,708	-	-
Reference price ²	1,602	2,945	3,915	3,235	3,743	3,429	3,429	3,429
Announcement Date	13/12/19	14/12/20	14/12/21	15/12/22	15/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Oktober	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	299,616	340,870	362,064	406,813	461,546	505,564	544,936	583,836
EBITDA ¹	22,700	27,483	31,462	32,716	35,912	41,285	44,783	49,510
EBIT ¹	19,239	23,851	27,311	27,820	30,717	35,052	38,536	42,366
Operating Margin	6.42%	7%	7.54%	6.84%	6.66%	6.93%	7.07%	7.26%
Earnings before Tax (EBT) ¹	18,095	22,231	28,738	31,025	29,956	35,629	39,461	43,683
Net income ¹	12,056	15,047	19,592	20,832	20,560	24,194	26,707	29,431
Net margin	4.02%	4.41%	5.41%	5.12%	4.45%	4.79%	4.9%	5.04%
EPS ²	56.34	69.86	90.48	95.35	93.59	109.8	121.1	133.5
Free Cash Flow ¹	10,264	7,532	3,854	9,099	18,634	21,599	19,875	21,034
FCF margin	3.43%	2.21%	1.06%	2.24%	4.04%	4.27%	3.65%	3.6%
FCF Conversion (EBITDA)	45.22%	27.41%	12.25%	27.81%	51.89%	52.32%	44.38%	42.48%
FCF Conversion (Net income)	85.14%	50.06%	19.67%	43.68%	90.63%	89.27%	74.42%	71.47%
Dividend per Share ²	10.00	15.00	20.00	22.00	22.00	23.93	25.73	26.92
Announcement Date	13/12/19	14/12/20	14/12/21	15/12/22	15/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Oktober	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 S1
Net sales ¹	176,069	164,801	176,437	94,690	185,627	96,809	-	198,161	-	106,797	208,652	107,942	114,026	221,968	116,799	122,779	239,578	120,904	125,541	248,262	127,262	132,728	130,406	138,255	280,923
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	12,393	11,458	14,387	6,083	12,924	7,446	-	14,733	-	5,973	13,087	6,338	7,795	14,133	9,145	7,439	16,584	8,531	8,324	17,228	9,469	8,571	8,354	8,986	17,979
Operating Margin	7.04%	6.95%	8.15%	6.42%	6.96%	7.69%	-	7.43%	-	5.59%	6.27%	5.87%	6.84%	6.37%	7.83%	6.06%	6.92%	7.06%	6.63%	6.94%	7.44%	6.46%	6.41%	6.5%	6.4%
Earnings before Tax (EBT) ¹	10,958	-	15,060	6,687	-	7,589	8,736	16,325	7,245	7,455	-	2,117	11,078	13,195	9,476	7,285	-	8,066	9,400	-	10,200	8,500	-	-	-
Net income ¹	7,546	-	10,133	4,709	-	5,121	5,916	11,037	4,895	4,900	-	1,348	7,762	9,110	6,480	4,970	-	5,524	6,259	-	6,745	5,696	5,500	6,600	-
Net margin	4.29%	-	5.74%	4.97%	-	5.29%	-	5.57%	-	4.59%	-	1.25%	6.81%	4.1%	5.55%	4.05%	-	4.57%	4.99%	-	5.3%	4.29%	4.22%	4.77%	-
EPS ²	35.08	-	46.89	21.65	-	23.48	27.09	50.57	22.40	22.38	-	6.150	35.39	41.54	29.50	22.55	-	25.03	25.58	-	29.67	25.17	-	-	-
Dividend per Share ²	-	-	-	20.00	-	-	-	-	-	22.00	-	-	-	-	-	22.00	-	-	-	-	-	23.00	-	-	-
Announcement Date	11/06/20	14/12/20	11/06/21	14/12/21	14/12/21	14/03/22	13/06/22	13/06/22	12/09/22	15/12/22	15/12/22	14/03/23	13/06/23	13/06/23	12/09/23	15/12/23	15/12/23	14/03/24	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: Oktober	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	12,331	20,522	23,110	32,506	54,273	65,813	78,390	89,856
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	10,264	7,532	3,854	9,099	18,634	21,599	19,875	21,034
ROE (net income / shareholders' equity)	31%	29.5%	29.2%	24.3%	19.9%	20.3%	18.9%	17.9%
ROA (Net income/ Total Assets)	13.2%	15.9%	19.1%	19.1%	15.3%	15.9%	14.4%	14.9%
Assets ¹	91,326	94,920	102,689	109,271	134,517	151,957	185,456	197,724
Book Value Per Share ²	206.0	267.0	350.0	434.0	506.0	592.0	662.0	754.0
Cash Flow per Share ²	72.50	86.70	110.0	118.0	117.0	178.0	151.0	172.0
Capex ¹	8,953	12,889	18,385	11,106	11,709	11,000	14,400	22,400
Capex / Sales	2.99%	3.78%	5.08%	2.73%	2.54%	2.18%	2.64%	3.84%
Announcement Date	13/12/19	14/12/20	14/12/21	15/12/22	15/12/23	-	-	-

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 Kobe Bussan Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,429 JPY

Average target price

4,085 JPY

Spread / Average Target

+19.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
KOBE BUSSAN CO., LTD.	-17.69%	4.81B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-7.21%	38.45B
AVENUE SUPERMARTS LIMITED	+11.52%	35.53B
SEVEN & I HOLDINGS CO., LTD.	+9.36%	33.86B
SM INVESTMENTS CORPORATION	+9.52%	20.2B
COLES GROUP LIMITED	+1.92%	14.29B
JERÓNIMO MARTINS, SGPS, S.A.	-17.40%	12.77B
CASEY'S GENERAL STORES, INC.	+16.48%	11.85B
ICA GRUPPEN	-.--%	11.82B
CARREFOUR	-3.89%	11.75B

Supermarkets & Convenience Stores