Financials MEGMILK SNOW BRAND Co.,Ltd.

Equities

2270

JP3947800003

Food Processing

Market Closed - Japan Exchange Other stock markets 07:00:00 09/05/2024 BST			5-day change	1st Jan Change
2,580 ^JPY	+0.43%		+1.02%	+22.04%

03-13	Megmilk Snow Brand Raises Fiscal 2024 Profit, Dividend Forecast	MT
03-13	MEGMILK SNOW BRAND Co.,Ltd. Revises Dividend Guidance for the Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	182,660	166,259	151,883	133,722	119,080	173,525	-	-
Enterprise Value (EV) ¹	239,997	220,114	209,416	185,959	168,611	190,925	211,581	209,955
P/E ratio	17 x	13.7 x	10.2 x	11.1 x	13 x	8.56 x	13 x	12.4 x
Yield	1.48%	1.63%	1.78%	3.03%	3.4%	3.11%	2.92%	2.92%
Capitalization / Revenue	0.3 x	0.27 x	0.25 x	0.24 x	0.2 x	0.28 x	0.28 x	0.27 x
EV / Revenue	0.4 x	0.36 x	0.34 x	0.33 x	0.29 x	0.31 x	0.34 x	0.33 x
EV / EBITDA	7.25 x	6.44 x	5.85 x	5.3 x	5.55 x	5.2 x	5.65 x	5.42 x
EV / FCF	37.1 x	-170 x	-411 x	20.2 x	23.5 x	26.6 x	39.6 x	31.6 x
FCF Yield	2.69%	-0.59%	-0.24%	4.96%	4.26%	3.76%	2.53%	3.17%
Price to Book	1.1 x	0.95 x	0.78 x	0.65 x	0.56 x	0.75 x	0.73 x	0.71 x
Nbr of stocks (in thousands)	67,803	67,695	67,534	67,536	67,544	67,546	-	-
Reference price ²	2,694	2,456	2,249	1,980	1,763	2,569	2,569	2,569
Announcement Date	13/05/19	13/05/20	13/05/21	13/05/22	15/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	603,378	613,405	615,186	558,403	584,308	611,074	628,016	642,689
EBITDA ¹	33,100	34,155	35,786	35,116	30,354	36,702	37,442	38,759
EBIT ¹	17,230	17,998	19,780	18,059	13,054	18,979	19,739	20,635
Operating Margin	2.86%	2.93%	3.22%	3.23%	2.23%	3.11%	3.14%	3.21%
Earnings before Tax (EBT) ¹	15,273	16,885	21,156	17,226	12,993	25,846	19,060	20,121
Net income ¹	10,754	12,165	14,913	12,068	9,129	20,261	13,310	13,998
Net margin	1.78%	1.98%	2.42%	2.16%	1.56%	3.32%	2.12%	2.18%
EPS ²	158.6	179.7	220.6	178.7	135.2	300.0	197.1	207.2
Free Cash Flow ¹	6,461	-1,293	-509	9,215	7,183	7,176	5,344	6,646
FCF margin	1.07%	-0.21%	-0.08%	1.65%	1.23%	1.17%	0.85%	1.03%
FCF Conversion (EBITDA)	19.52%	-	-	26.24%	23.66%	19.55%	14.27%	17.15%
FCF Conversion (Net income)	60.08%	-	-	76.36%	78.68%	35.42%	40.15%	47.47%
Dividend per Share ²	40.00	40.00	40.00	60.00	60.00	80.00	75.00	75.00
Announcement Date	13/05/19	13/05/20	13/05/21	13/05/22	15/05/23	-	-	-

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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	311,625	314,035	301,151	144,084	286,904	140,747	130,752	141,344	147,720	289,064	151,238	144,006	150,185	155,484	305,669	154,809	150,056
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	10,637	11,088	8,692	5,687	12,210	4,229	1,620	3,980	3,368	7,348	3,747	1,959	5,259	5,983	11,242	5,058	2,558
Operating Margin	3.41%	3.53%	2.89%	3.95%	4.26%	3%	1.24%	2.82%	2.28%	2.54%	2.48%	1.36%	3.5%	3.85%	3.68%	3.27%	1.7%
Earnings before Tax (EBT) ¹	10,897	10,496	-	5,462	12,342	4,089	795	2,078	1,932	4,010	4,879	4,104	5,593	5,951	11,544	5,192	874
Net income ¹	7,703	7,193	7,720	3,775	8,575	2,926	567	1,343	958	2,301	3,607	3,221	3,588	4,110	7,698	3,700	9,602
Net margin	2.47%	2.29%	2.56%	2.62%	2.99%	2.08%	0.43%	0.95%	0.65%	0.8%	2.38%	2.24%	2.39%	2.64%	2.52%	2.39%	6.4%
EPS ²	113.8	106.3	-	-	127.0	43.32	8.390	19.90	14.18	34.08	53.40	47.70	53.13	-	114.0	54.78	142.1
Dividend per Share	-	-	40.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	08/11/19	09/11/20	13/05/21	09/11/21	09/11/21	09/02/22	13/05/22	10/08/22	10/11/22	10/11/22	10/02/23	15/05/23	09/08/23	10/11/23	10/11/23	09/02/24	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	57,337	53,855	57,533	52,237	49,531	17,400	38,056	36,430
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.732 x	1.577 x	1.608 x	1.488 x	1.632 x	0.4741 x	1.016 x	0.9399 x
Free Cash Flow ¹	6,461	-1,293	-509	9,215	7,183	7,177	5,344	6,646
ROE (net income / shareholders' equity)	6.7%	7.1%	8.1%	6%	4.4%	9.2%	5.63%	5.73%
ROA (Net income/ Total Assets)	5.34%	5.39%	5.63%	4.99%	3.57%	5.2%	4.15%	4.3%
Assets ¹	201,447	225,584	264,735	241,680	255,972	389,641	320,717	325,547
Book Value Per Share ²	2,456	2,587	2,891	3,062	3,152	3,430	3,499	3,630
Cash Flow per Share ²	393.0	418.0	456.0	430.0	390.0	552.0	452.0	463.0
Capex ¹	15,477	25,615	27,573	20,057	20,441	21,333	24,000	24,000
Capex / Sales	2.57%	4.18%	4.48%	3.59%	3.5%	3.49%	3.82%	3.73%
Announcement Date	13/05/19	13/05/20	13/05/21	13/05/22	15/05/23	-	-	-

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 MEGMILK SNOW BRAND Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,569 JPY

Average target price

2,638 JPY

Spread / Average Target

+2.67%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Dairy Products

	1st Jan change	Capi.
MEGMILK SNOW BRAND CO.,LTD.	+22.04%	1.12B
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.	+5.53%	24.78B
CHINA MENGNIU DAIRY COMPANY LIMITED	-19.71%	8.33B
WANT WANT CHINA HOLDINGS LIMITED	-5.51%	6.83B
NESTLÉ (MALAYSIA)	+9.18%	6.35B
VIETNAM DAIRY PRODUCTS	+0.44%	5.58B
EMMI AG	+1.21%	5.43B
GLANBIA PLC	+22.87%	5.16B
CHINA FEIHE LIMITED	-0.23%	4.93B
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	+25.35%	4.66B

Dairy Products