Financials Sankyu Inc.

Equities

9065

JP3326000001

Air Freight & Logistics

Market Closed - Japan Exchange Other stock markets 07:00:00 02/05/2024 BST			5-day change	1st Jan Change
5,487 ^JPY	+0.83%		+1.25%	+5.91%

03-04	Tranche Update on Sankyu Inc.'s Equity Buyback Plan announced on May 10, 2023.	CI
02-29	Sankyu Inc.'s Equity Buyback announced on May 10, 2023, has closed with 3,008,800 shares, representing 5.24% for ¥14,999.59 million.	CI

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	326,729	244,131	294,037	233,402	286,920	303,847	-	-
Enterprise Value (EV) ¹	336,980	257,580	311,780	243,328	290,414	314,931	313,538	324,140
P/E ratio	11.9 x	9.53 x	12.5 x	10.4 x	11.5 x	12.7 x	11.3 x	11.1 x
Yield	2.04%	2.6%	2.26%	2.76%	3.06%	3.13%	3.54%	3.66%
Capitalization / Revenue	0.57 x	0.43 x	0.55 x	0.42 x	0.5 x	0.54 x	0.53 x	0.52 x
EV / Revenue	0.59 x	0.45 x	0.58 x	0.44 x	0.5 x	0.56 x	0.54 x	0.56 x
EV / EBITDA	6.27 x	4.45 x	6.16 x	4.57 x	5.04 x	5.73 x	5.3 x	5.45 x
EV / FCF	10.2 x	27 x	32 x	8.46 x	17.3 x	18 x	13.1 x	22 x
FCF Yield	9.85%	3.71%	3.13%	11.8%	5.77%	5.56%	7.66%	4.55%
Price to Book	1.67 x	1.15 x	1.25 x	0.95 x	1.07 x	1.14 x	1.09 x	1.05 x
Nbr of stocks (in thousands)	60,505	60,503	60,501	58,497	58,495	55,834	-	-
Reference price ²	5,400	4,035	4,860	3,990	4,905	5,442	5,442	5,442
Announcement Date	10/05/19	11/05/20	10/05/21	10/05/22	10/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	572,516	569,461	533,870	553,831	579,226	559,063	576,742	580,492
EBITDA ¹	53,703	57,915	50,593	53,189	57,677	54,967	59,200	59,467
EBIT ¹	39,247	40,374	33,928	34,465	38,169	35,535	39,470	39,870
Operating Margin	6.86%	7.09%	6.36%	6.22%	6.59%	6.36%	6.84%	6.87%
Earnings before Tax (EBT) ¹	40,628	38,417	36,219	34,284	38,458	36,498	40,570	41,065
Net income ¹	27,470	25,619	23,540	22,636	24,959	24,254	26,706	26,968
Net margin	4.8%	4.5%	4.41%	4.09%	4.31%	4.34%	4.63%	4.65%
EPS ²	454.0	423.4	389.1	382.5	426.7	429.6	480.0	489.2
Free Cash Flow ¹	33,191	9,545	9,747	28,754	16,744	17,512	24,005	14,753
FCF margin	5.8%	1.68%	1.83%	5.19%	2.89%	3.13%	4.16%	2.54%
FCF Conversion (EBITDA)	61.8%	16.48%	19.27%	54.06%	29.03%	31.86%	40.55%	24.81%
FCF Conversion (Net income)	120.83%	37.26%	41.41%	127.03%	67.09%	72.2%	89.89%	54.7%
Dividend per Share ²	110.0	105.0	110.0	110.0	150.0	170.4	192.4	199.0
Announcement Date	10/05/19	11/05/20	10/05/21	10/05/22	10/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Maart	2020 S1	2020 S2	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	284,865	284,596	269,550	264,320	136,758	273,656	137,808	142,367	141,717	147,576	289,293	147,261	142,672	137,515	139,660	277,175	144,742	137,928	144,600	144,600	147,600	144,900
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	19,189	21,185	17,464	16,464	9,461	17,865	8,423	8,177	8,876	10,256	19,132	10,625	8,412	8,786	8,120	16,906	10,118	8,509	10,000	9,700	11,000	9,800
Operating Margin	6.74%	7.44%	6.48%	6.23%	6.92%	6.53%	6.11%	5.74%	6.26%	6.95%	6.61%	7.22%	5.9%	6.39%	5.81%	6.1%	6.99%	6.17%	6.92%	6.71%	7.45%	6.76%
Earnings before Tax (EBT)	19,211	-	17,219	-	9,641	18,851	7,332	8,101	10,021	11,632	21,653	9,533	7,272	9,700	-	17,927	10,075	-	-	-	-	-
Net income	12,729	-	11,022	-	6,488	12,021	4,998	5,617	6,062	7,819	13,881	6,236	4,842	5,784	-	11,460	7,068	-	-	-	-	-
Net margin	4.47%	-	4.09%	-	4.74%	4.39%	3.63%	3.95%	4.28%	5.3%	4.8%	4.23%	3.39%	4.21%	-	4.13%	4.88%	-	-	-	-	-
EPS	210.4	-	182.2	-	-	201.1	85.46	-	103.6	-	237.3	106.6	-	99.35	-	198.4	125.0	-	-	-	-	-
Dividend per Share	55.00	-	50.00	-	-	55.00	-	-	-	-	70.00	-	-	-	-	84.00	-	-	-	-	-	-
Announcement Date	31/10/19	11/05/20	30/10/20	10/05/21	29/10/21	29/10/21	28/01/22	10/05/22	29/07/22	31/10/22	31/10/22	30/01/23	10/05/23	31/07/23	31/10/23	31/10/23	31/01/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,251	13,449	17,743	9,926	3,494	11,084	9,691	20,293
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.1909 x	0.2322 x	0.3507 x	0.1866 x	0.0606 x	0.2016 x	0.1637 x	0.3412 x
Free Cash Flow ¹	33,191	9,545	9,747	28,754	16,744	17,512	24,005	14,753
ROE (net income / shareholders' equity)	14.6%	12.6%	10.5%	9.4%	9.7%	9%	9.83%	9.7%
ROA (Net income/ Total Assets)	9.66%	9.51%	7.86%	7.71%	8.4%	5.8%	6.43%	6.45%
Assets ¹	284,466	269,340	299,617	293,650	297,299	418,261	415,033	417,871
Book Value Per Share ²	3,243	3,494	3,883	4,205	4,604	4,793	4,978	5,188
Cash Flow per Share ²	693.0	713.0	665.0	690.0	751.0	891.0	1,274	897.0
Capex ¹	16,396	19,637	23,642	20,489	23,341	28,750	30,250	29,250
Capex / Sales	2.86%	3.45%	4.43%	3.7%	4.03%	5.14%	5.24%	5.04%
Announcement Date	10/05/19	11/05/20	10/05/21	10/05/22	10/05/23	-	-	-

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 Sankyu Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5,442 JPY

Average target price

6,100 JPY

Spread / Average Target

+12.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Logistics Operators

	1st Jan change	Capi.
SANKYU INC.	+5.91%	1.93B
KUEHNE UND NAGEL INTERNATIONAL AG	-15.73%	31.36B
DSV A/S	-16.29%	29.58B
PANALPINA WELTTRANSPORT (HOLDING) AG	-1.52%	6.34B
HYUNDAI GLOVIS CO., LTD.	-4.96%	4.93B
NIPPON EXPRESS HOLDINGS INC.	+0.04%	4.5B
COMPAGNIE DU CAMBODGE	+4.62%	4.07B
COMPAÑÍA DE DISTRIBUCIÓN INTEGRAL LOGISTA HOLDINGS, S.A.	+4.41%	3.6B
JIAYOU INTERNATIONAL LOGISTICS CO.,LTD	+60.78%	2.45B
KAMIGUMI CO., LTD.	+0.86%	2.32B

Integrated Logistics Operators