Financials Sojitz Corporation

Equities

2768

JP3663900003

Diversified Industrial Goods Wholesale

Market Closed - Japan Exchange Other stock markets 07:00:00 02/05/2024 BST			5-day change	1st Jan Change
4,325 ^JPY	+1.08%		+9.91%	+35.79%

05-01	Sojitz’s Attributable Profit Down 9% in Fiscal 2024	MT
05-01	Transcript : Sojitz Corporation, 2024 Earnings Call, May 01, 2024

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	487,204	309,701	374,118	465,637	637,775	939,522	-	-
Enterprise Value (EV) ¹	1,071,915	930,308	1,068,167	1,311,191	1,347,844	879,549	1,819,332	1,629,245
P/E ratio	6.92 x	5.19 x	13.9 x	5.72 x	5.73 x	8.84 x	8.98 x	8.16 x
Yield	4.36%	6.69%	3.21%	5.26%	4.71%	3.14%	3.47%	3.89%
Capitalization / Revenue	0.26 x	0.18 x	0.23 x	0.22 x	0.26 x	0.36 x	0.38 x	0.37 x
EV / Revenue	0.58 x	0.53 x	0.67 x	0.62 x	0.54 x	0.36 x	0.73 x	0.64 x
EV / EBITDA	12.1 x	11.6 x	18.1 x	10.5 x	8.71 x	6.95 x	9 x	8.93 x
EV / FCF	17.7 x	192 x	26.6 x	-17.8 x	6.71 x	24.5 x	103 x	34.7 x
FCF Yield	5.65%	0.52%	3.77%	-5.62%	14.9%	4.09%	0.97%	2.88%
Price to Book	0.79 x	0.53 x	0.6 x	0.64 x	0.76 x	0.94 x	0.96 x	0.88 x
Nbr of stocks (in thousands)	249,848	243,859	239,819	230,856	230,827	217,231	-	-
Reference price ²	1,950	1,270	1,560	2,017	2,763	4,325	4,325	4,325
Announcement Date	08/05/19	30/04/20	30/04/21	02/05/22	02/05/23	01/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,856,190	1,754,825	1,602,485	2,100,752	2,479,840	2,414,649	2,483,935	2,541,811
EBITDA ¹	88,820	80,357	58,890	125,284	154,703	126,525	202,082	182,389
EBIT ¹	67,523	47,251	27,040	91,005	114,796	84,491	123,931	124,934
Operating Margin	3.64%	2.69%	1.69%	4.33%	4.63%	3.5%	4.99%	4.92%
Earnings before Tax (EBT) ¹	94,882	75,528	37,420	117,295	155,036	125,498	138,050	152,017
Net income ¹	70,419	60,821	27,001	82,332	111,247	100,765	104,580	113,714
Net margin	3.79%	3.47%	1.68%	3.92%	4.49%	4.17%	4.21%	4.47%
EPS ²	281.7	244.6	112.6	352.6	481.9	451.0	481.8	530.2
Free Cash Flow ¹	60,551	4,841	40,225	-73,735	200,796	35,953	17,650	46,900
FCF margin	3.26%	0.28%	2.51%	-3.51%	8.1%	1.49%	0.71%	1.85%
FCF Conversion (EBITDA)	68.17%	6.02%	68.31%	-	129.79%	28.42%	8.73%	25.71%
FCF Conversion (Net income)	85.99%	7.96%	148.98%	-	180.5%	35.68%	16.88%	41.24%
Dividend per Share ²	85.00	85.00	50.00	106.0	130.0	135.7	150.0	168.3
Announcement Date	08/05/19	30/04/20	30/04/21	02/05/22	02/05/23	01/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales	893,832	744,622	-	1,000,694	547,885	-	-	618,511	-	1,273,322	652,001	-	556,010	-	1,187,268	600,847	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	24,117	5,502	-	33,909	26,687	-	-	45,429	-	76,678	24,771	-	17,206	-	42,173	24,372	-
Operating Margin	2.7%	0.74%	-	3.39%	4.87%	-	-	7.34%	-	6.02%	3.8%	-	3.09%	-	3.55%	4.06%	-
Earnings before Tax (EBT) ¹	35,259	11,997	-	52,455	32,520	32,320	-	60,538	-	106,547	38,906	9,583	29,868	-	64,509	35,185	25,804
Net income ¹	29,517	9,147	22,525	39,449	22,600	20,283	42,883	45,200	33,726	78,876	29,855	2,516	22,100	25,794	47,934	27,270	25,550
Net margin	3.3%	1.23%	-	3.94%	4.12%	-	-	7.31%	-	6.19%	4.58%	-	3.97%	-	4.04%	4.54%	-
EPS	118.2	38.10	-	167.1	97.57	-	-	195.6	-	341.7	129.3	-	96.86	-	212.1	123.1	-
Dividend per Share	42.50	25.00	-	45.00	-	-	-	-	-	65.00	-	-	-	-	65.00	-	-
Announcement Date	01/11/19	30/10/20	02/11/21	02/11/21	02/02/22	02/05/22	02/05/22	02/08/22	01/11/22	01/11/22	02/02/23	02/05/23	01/08/23	31/10/23	31/10/23	02/02/24	01/05/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	584,711	620,607	694,049	845,554	710,069	643,163	879,810	689,723
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.583 x	7.723 x	11.79 x	6.749 x	4.59 x	4.725 x	4.354 x	3.782 x
Free Cash Flow ¹	60,551	4,841	40,225	-73,735	200,796	35,953	17,650	46,900
ROE (net income / shareholders' equity)	11.7%	10.2%	4.5%	12.2%	14.2%	11.4%	11.1%	11.2%
ROA (Net income/ Total Assets)	4.08%	3.34%	1.65%	4.73%	5.83%	4.52%	4.34%	4.13%
Assets ¹	1,724,595	1,822,882	1,634,493	1,741,396	1,909,603	2,227,190	2,409,494	2,751,374
Book Value Per Share ²	2,475	2,375	2,582	3,154	3,629	4,239	4,509	4,891
Cash Flow per Share ²	367.0	378.0	245.0	499.0	655.0	639.0	641.0	682.0
Capex ¹	35,925	51,792	44,747	43,163	46,407	76,234	100,000	100,000
Capex / Sales	1.94%	2.95%	2.79%	2.05%	1.87%	3.16%	4.03%	3.93%
Announcement Date	08/05/19	30/04/20	30/04/21	02/05/22	02/05/23	01/05/24	-	-

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 Sojitz Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,325 JPY

Average target price

4,256 JPY

Spread / Average Target

-1.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Diversified Industrial Goods Wholesale

	1st Jan change	Capi.
SOJITZ CORPORATION	+35.79%	6.14B
MITSUBISHI CORPORATION	+57.27%	94.5B
MITSUI & CO., LTD.	+44.98%	75.22B
ITOCHU CORPORATION	+27.12%	68.99B
ADANI ENTERPRISES LIMITED	+5.06%	40.92B
SUMITOMO CORPORATION	+39.79%	34.36B
MARUBENI CORPORATION	+30.15%	31.76B
TOYOTA TSUSHO CORPORATION	+20.67%	23.07B
SAMSUNG C&T CORPORATION	+12.74%	17.59B
BUNZL PLC	-2.63%	13.09B

Diversified Industrial Goods Wholesale