Financials Lacto Japan Co., Ltd.

Equities

3139

JP3967250006

Food Retail & Distribution

Delayed Japan Exchange Other stock markets 03:29:04 15/05/2024 BST			5-day change	1st Jan Change
2,667 ^JPY	-0.19%		+1.25%	+38.98%

04-23	Lacto Japan's Attributable Profit Up 61% in Fiscal Q1	MT
04-23	Lacto Japan Co., Ltd. Revises Earnings Guidance for the Full Year Ending November 30, 2024	CI

Valuation

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	34,511	29,026	23,036	20,949	19,413	26,577	-	-
Enterprise Value (EV) ¹	47,549	38,072	36,814	45,439	42,542	46,877	46,377	43,777
P/E ratio	17.6 x	14 x	11.8 x	9.16 x	9.45 x	10.2 x	9.14 x	8.31 x
Yield	0.63%	1.02%	1.37%	1.89%	2.46%	2.32%	2.58%	2.84%
Capitalization / Revenue	0.3 x	0.26 x	0.21 x	0.14 x	0.12 x	0.17 x	0.16 x	0.15 x
EV / Revenue	0.41 x	0.34 x	0.33 x	0.31 x	0.27 x	0.29 x	0.27 x	0.25 x
EV / EBITDA	-	-	11.9 x	13.8 x	12 x	11.7 x	10.1 x	8.95 x
EV / FCF	14.4 x	8.69 x	-8.5 x	-4.3 x	20.2 x	37.5 x	31 x	23.5 x
FCF Yield	6.94%	11.5%	-11.8%	-23.3%	4.96%	2.67%	3.23%	4.26%
Price to Book	2.17 x	1.66 x	1.18 x	0.94 x	0.79 x	1 x	0.93 x	0.86 x
Nbr of stocks (in thousands)	9,818	9,863	9,861	9,877	9,950	9,947	-	-
Reference price ²	3,515	2,943	2,336	2,121	1,951	2,672	2,672	2,672
Announcement Date	14/01/20	14/01/21	14/01/22	13/01/23	12/01/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	116,794	110,837	110,883	147,423	158,328	161,000	169,700	176,500
EBITDA ¹	-	-	3,084	3,296	3,548	4,010	4,610	4,890
EBIT ¹	3,144	2,958	2,787	2,971	3,184	4,000	4,255	4,595
Operating Margin	2.69%	2.67%	2.51%	2.02%	2.01%	2.48%	2.51%	2.6%
Earnings before Tax (EBT) ¹	2,747	2,780	2,681	3,134	2,847	4,000	4,400	480
Net income ¹	1,963	2,062	1,959	2,286	2,048	2,610	2,910	3,200
Net margin	1.68%	1.86%	1.77%	1.55%	1.29%	1.62%	1.71%	1.81%
EPS ²	200.1	209.5	198.7	231.6	206.5	261.7	292.3	321.4
Free Cash Flow ¹	3,298	4,379	-4,329	-10,569	2,110	1,250	1,498	1,866
FCF margin	2.82%	3.95%	-3.9%	-7.17%	1.33%	0.78%	0.88%	1.06%
FCF Conversion (EBITDA)	-	-	-	-	59.48%	31.17%	32.49%	38.16%
FCF Conversion (Net income)	168.01%	212.37%	-	-	103.05%	47.89%	51.48%	58.31%
Dividend per Share ²	22.00	30.00	32.00	40.00	48.00	62.00	69.00	76.00
Announcement Date	14/01/20	14/01/21	14/01/22	13/01/23	12/01/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: November	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	57,912	52,648	31,253	31,755	38,033	69,788	37,697	39,938	38,745	41,705	80,450	36,880	40,998	39,720	43,835	37,396	40,992	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,581	1,530	-	740	1,127	1,867	898	206	1,013	692	1,705	698	781	1,251	899	900	950	-	-
Operating Margin	2.73%	2.91%	-	2.33%	2.96%	2.68%	2.38%	0.52%	2.61%	1.66%	2.12%	1.89%	1.9%	3.15%	2.05%	2.41%	2.32%	-	-
Earnings before Tax (EBT) ¹	1,433	1,412	468	718	947	1,665	1,060	409	743	601	1,344	715	788	1,116	944	940	1,000	-	-
Net income ¹	1,040	1,010	-	523	-	1,207	763	-	509	-	922	512	614	819	489.3	605.9	726	-	-
Net margin	1.8%	1.92%	-	1.65%	-	1.73%	2.02%	-	1.31%	-	1.15%	1.39%	1.5%	2.06%	1.12%	1.62%	1.77%	-	-
EPS ²	105.8	102.5	-	53.10	-	122.4	77.24	-	51.45	-	93.17	51.56	61.73	82.20	49.41	61.07	73.17	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	24.00	-	24.00	-	-	-	62.00	-	-
Announcement Date	13/07/20	13/07/21	14/01/22	13/04/22	13/07/22	13/07/22	13/10/22	13/01/23	13/04/23	13/07/23	13/07/23	12/10/23	12/01/24	12/04/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	13,038	9,046	13,778	24,490	23,129	20,300	19,800	17,200
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	4.467 x	7.43 x	6.518 x	5.062 x	4.295 x	3.517 x
Free Cash Flow ¹	3,298	4,379	-4,329	-10,569	2,110	1,250	1,498	1,866
ROE (net income / shareholders' equity)	13%	12.3%	10.6%	10.9%	8.7%	9.29%	9.78%	10%
ROA (Net income/ Total Assets)	5.65%	6.08%	5.57%	4.96%	3.91%	-	-	-
Assets ¹	34,716	33,935	35,171	46,083	52,331	-	-	-
Book Value Per Share ²	1,618	1,775	1,978	2,266	2,476	2,660	2,863	3,095
Cash Flow per Share	223.0	239.0	229.0	264.0	243.0	-	-	-
Capex ¹	67.7	154	162	160	1,112	500	750	200
Capex / Sales	0.06%	0.14%	0.15%	0.11%	0.7%	0.31%	0.44%	0.11%
Announcement Date	14/01/20	14/01/21	14/01/22	13/01/23	12/01/24	-	-	-

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 Lacto Japan Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,672 JPY

Average target price

2,950 JPY

Spread / Average Target

+10.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Food Wholesale

	1st Jan change	Capi.
LACTO JAPAN CO., LTD.	+38.98%	169M
BID CORPORATION LIMITED	+3.36%	8.09B
SICHUAN BAICHA BAIDAO INDUSTRIAL CO., LTD.	0.00%	1.99B
ALMUNAJEM FOODS COMPANY	+56.04%	1.87B
THE CHEFS' WAREHOUSE, INC.	+31.57%	1.53B
VITAL FARMS, INC.	+135.88%	1.5B
KATO SANGYO CO., LTD.	-7.40%	933M
MARR S.P.A.	+4.88%	862M
SLIGRO FOOD GROUP N.V.	-9.21%	686M
ITOCHU-SHOKUHIN CO., LTD.	-6.07%	603M

Food Wholesale