Financials LY Corporation OTC Markets

Equities

YAHOY

US98877X1019

Internet Services

Delayed OTC Markets Other stock markets 16:15:31 26/06/2024 BST			5-day change	1st Jan Change
4.795 ^USD	-2.49%		-2.94%	-31.79%

06-14	LY to End LINE Pay Service in Japan Next Year	MT
06-14	LY Corp. to Terminate LINE Pay Services in Japan in 2025	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	1,657,333	4,181,834	4,019,314	2,794,726	2,907,330	2,926,226	-	-
Enterprise Value (EV) ¹	1,863,669	4,505,671	4,558,294	3,056,674	3,369,652	3,270,916	3,047,638	3,668,879
P/E ratio	20.6 x	39.3 x	52.6 x	15.6 x	25.7 x	22.7 x	19.4 x	17.5 x
Yield	2.55%	1.01%	1.08%	1.49%	1.43%	1.51%	1.7%	1.67%
Capitalization / Revenue	1.57 x	3.47 x	2.56 x	1.67 x	1.6 x	1.48 x	1.36 x	1.28 x
EV / Revenue	1.77 x	3.74 x	2.91 x	1.83 x	1.86 x	1.66 x	1.41 x	1.61 x
EV / EBITDA	7.91 x	17.1 x	14 x	6.6 x	8.12 x	7.65 x	6.5 x	7.26 x
EV / FCF	-7.17 x	23 x	-121 x	7.4 x	-26.4 x	19.1 x	12.6 x	13.7 x
FCF Yield	-13.9%	4.34%	-0.82%	13.5%	-3.79%	5.23%	7.93%	7.32%
Price to Book	2.15 x	1.56 x	1.5 x	0.96 x	0.96 x	0.94 x	0.91 x	0.86 x
Nbr of stocks (in thousands)	4,762,452	7,595,050	7,493,129	7,496,584	7,500,852	7,501,221	-	-
Reference price ²	348.0	550.6	536.4	372.8	387.6	390.1	390.1	390.1
Announcement Date	30/04/20	28/04/21	28/04/22	28/04/23	08/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,052,943	1,205,846	1,567,421	1,672,377	1,814,663	1,974,218	2,155,607	2,284,670
EBITDA ¹	235,695	264,205	325,247	463,309	414,917	427,671	468,884	505,142
EBIT ¹	152,276	162,125	189,503	314,533	208,191	229,437	268,069	291,104
Operating Margin	14.46%	13.44%	12.09%	18.81%	11.47%	11.62%	12.44%	12.74%
Earnings before Tax (EBT) ¹	135,676	142,615	158,542	235,219	181,621	215,681	255,785	273,437
Net income ¹	81,675	70,145	77,316	178,868	113,199	127,602	151,993	166,747
Net margin	7.76%	5.82%	4.93%	10.7%	6.24%	6.46%	7.05%	7.3%
EPS ²	16.88	14.02	10.20	23.87	15.10	17.15	20.11	22.34
Free Cash Flow ¹	-259,756	195,572	-37,585	412,837	-127,583	171,194	241,767	268,533
FCF margin	-24.67%	16.22%	-2.4%	24.69%	-7.03%	8.67%	11.22%	11.75%
FCF Conversion (EBITDA)	-	74.02%	-	89.11%	-	40.03%	51.56%	53.16%
FCF Conversion (Net income)	-	278.81%	-	230.81%	-	134.16%	159.06%	161.04%
Dividend per Share ²	8.860	5.560	5.810	5.560	5.560	5.875	6.637	6.510
Announcement Date	30/04/20	28/04/21	28/04/22	28/04/23	08/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	557,223	750,962	409,174	407,285	390,565	394,344	784,909	453,687	433,781	-	430,523	441,276	871,799	475,041	467,823	456,979	467,675	508,082	487,921
EBITDA ¹	-	-	94,427	48,241	86,520	80,676	-	93,566	72,558	-	99,993	102,077	-	109,846	101,762	107,577	105,417	118,025	96,983
EBIT ¹	98,237	115,469	61,046	12,988	49,721	49,757	99,478	190,782	24,273	-	59,397	56,731	116,128	58,152	33,911	56,050	55,316	62,102	43,631
Operating Margin	17.63%	15.38%	14.92%	3.19%	12.73%	12.62%	12.67%	42.05%	5.6%	-	13.8%	12.86%	13.32%	12.24%	7.25%	12.27%	11.83%	12.22%	8.94%
Earnings before Tax (EBT) ¹	86,748	106,060	30,152	22,330	45,221	42,462	87,683	141,606	5,930	-	73,198	50,222	123,420	46,759	11,442	59,736	53,794	58,111	40,323
Net income ¹	45,837	54,226	12,595	10,495	25,232	15,075	40,307	139,844	-1,283	-	37,316	56,420	93,736	28,712	-9,249	32,242	36,117	30,976	18,933
Net margin	8.23%	7.22%	3.08%	2.58%	6.46%	3.82%	5.14%	30.82%	-0.3%	-	8.67%	12.79%	10.75%	6.04%	-1.98%	7.06%	7.72%	6.1%	3.88%
EPS ²	9.620	7.140	1.660	1.400	3.370	2.010	5.380	18.66	-0.1700	-	4.980	7.520	12.50	3.830	-1.230	4.980	7.525	3.954	-1.359
Dividend per Share ²	-	-	-	-	-	-	-	-	5.560	5.560	-	-	-	-	5.560	-	-	-	6.780
Announcement Date	30/10/20	02/11/21	02/02/22	28/04/22	03/08/22	02/11/22	02/11/22	02/02/23	28/04/23	28/04/23	03/08/23	07/11/23	07/11/23	06/02/24	08/05/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	206,336	323,837	538,980	261,948	462,322	344,690	121,412	742,653
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.8754 x	1.226 x	1.657 x	0.5654 x	1.114 x	0.806 x	0.2589 x	1.47 x
Free Cash Flow ¹	-259,756	195,572	-37,585	412,837	-127,583	171,195	241,767	268,533
ROE (net income / shareholders' equity)	10.3%	4.1%	2.9%	6.4%	3.8%	4.1%	4.83%	5.09%
ROA (Net income/ Total Assets)	4.26%	2.68%	2.3%	3%	2.06%	1.54%	1.73%	2%
Assets ¹	1,915,370	2,614,317	3,366,644	5,969,051	5,494,964	8,264,410	8,789,930	8,337,340
Book Value Per Share ²	162.0	353.0	358.0	389.0	405.0	414.0	429.0	454.0
Cash Flow per Share ²	34.10	34.40	28.10	43.70	36.80	-34.10	55.10	59.10
Capex ¹	85,126	70,741	272,633	148,986	117,296	147,898	159,507	172,034
Capex / Sales	8.08%	5.87%	17.39%	8.91%	6.46%	7.49%	7.4%	7.53%
Announcement Date	30/04/20	28/04/21	28/04/22	28/04/23	08/05/24	-	-	-

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 LY Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

390.1 JPY

Average target price

487.7 JPY

Spread / Average Target

+25.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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