Financials ZOZO, Inc.

Equities

3092

JP3399310006

Department Stores

Market Closed - Japan Exchange Other stock markets 07:00:00 26/04/2024 BST			5-day change	1st Jan Change
3,400 ^JPY	+1.28%		+2.60%	+7.09%

04-02	ZOZO, Inc.(TSE:3092) added to Nikkei 225 Index	CI
03-07	Zozo Repurchases Shares	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	636,846	442,983	998,541	984,878	904,068	1,009,633	-	-
Enterprise Value (EV) ¹	615,286	431,381	956,893	939,558	850,342	947,447	934,389	919,239
P/E ratio	40 x	23.6 x	32.3 x	28.6 x	22.9 x	23.9 x	22.4 x	20.6 x
Yield	1.15%	2.07%	1.25%	1.77%	2.16%	2.88%	3.01%	3.24%
Capitalization / Revenue	5.38 x	3.53 x	6.77 x	5.93 x	4.93 x	5.06 x	4.71 x	4.41 x
EV / Revenue	5.2 x	3.44 x	6.49 x	5.65 x	4.64 x	4.75 x	4.35 x	4.01 x
EV / EBITDA	22.2 x	14.2 x	20.5 x	18.1 x	14.4 x	14.8 x	13.7 x	12.5 x
EV / FCF	70.9 x	22.9 x	23 x	24.3 x	31 x	24.1 x	21.4 x	19.1 x
FCF Yield	1.41%	4.36%	4.34%	4.12%	3.22%	4.15%	4.66%	5.23%
Price to Book	28.2 x	12.8 x	18 x	17.9 x	11.8 x	11.5 x	9.58 x	8.81 x
Nbr of stocks (in thousands)	305,295	305,295	305,364	299,811	299,857	296,951	-	-
Reference price ²	2,086	1,451	3,270	3,285	3,015	3,400	3,400	3,400
Announcement Date	25/04/19	28/04/20	27/04/21	27/04/22	27/04/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	118,405	125,517	147,402	166,199	183,423	199,348	214,584	229,063
EBITDA ¹	27,665	30,377	46,570	52,037	58,931	63,949	68,415	73,444
EBIT ¹	25,654	27,888	44,144	49,656	56,421	60,221	64,491	69,749
Operating Margin	21.67%	22.22%	29.95%	29.88%	30.76%	30.21%	30.05%	30.45%
Earnings before Tax (EBT) ¹	22,501	26,113	43,665	49,286	56,641	60,455	64,568	69,831
Net income ¹	15,985	18,804	30,932	34,492	39,526	42,323	45,150	48,783
Net margin	13.5%	14.98%	20.98%	20.75%	21.55%	21.23%	21.04%	21.3%
EPS ²	52.20	61.60	101.3	115.0	131.8	142.0	152.1	164.7
Free Cash Flow ¹	8,682	18,802	41,566	38,673	27,401	39,315	43,585	48,106
FCF margin	7.33%	14.98%	28.2%	23.27%	14.94%	19.72%	20.31%	21%
FCF Conversion (EBITDA)	31.38%	61.9%	89.25%	74.32%	46.5%	61.48%	63.71%	65.5%
FCF Conversion (Net income)	54.31%	99.99%	134.38%	112.12%	69.32%	92.89%	96.53%	98.61%
Dividend per Share ²	24.00	30.00	41.00	58.00	65.00	97.85	102.2	110.1
Announcement Date	25/04/19	28/04/20	27/04/21	27/04/22	27/04/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	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	57,242	68,275	66,492	37,346	76,212	47,566	42,421	42,590	41,177	83,767	52,700	46,956	45,871	44,346	90,217	57,351	51,113	50,600	48,900	62,100	56,300
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	13,254	14,634	19,905	11,200	23,791	14,988	10,877	14,312	12,898	27,210	17,425	11,786	15,862	13,069	28,931	16,767	13,888	16,000	14,000	19,400	16,100
Operating Margin	23.15%	21.43%	29.94%	29.99%	31.22%	31.51%	25.64%	33.6%	31.32%	32.48%	33.06%	25.1%	34.58%	29.47%	32.07%	29.24%	27.17%	31.62%	28.63%	31.24%	28.6%
Earnings before Tax (EBT) ¹	11,351	-	19,955	11,222	23,754	14,751	10,781	14,293	13,113	27,406	17,407	11,828	15,943	13,160	29,103	17,514	13,919	16,000	14,000	19,400	16,100
Net income ¹	7,919	-	13,943	7,810	16,541	10,112	7,839	9,960	9,107	19,067	12,146	8,313	11,204	9,110	20,314	12,156	9,680	11,200	9,800	13,600	11,200
Net margin	13.83%	-	20.97%	20.91%	21.7%	21.26%	18.48%	23.39%	22.12%	22.76%	23.05%	17.7%	24.43%	20.54%	22.52%	21.2%	18.94%	22.13%	20.04%	21.9%	19.89%
EPS ²	25.94	-	45.67	26.23	55.14	33.73	26.15	33.23	30.37	63.60	40.50	27.73	37.36	30.37	67.73	40.58	33.71	-	-	-	-
Dividend per Share ²	12.00	-	15.00	-	22.00	-	-	-	-	24.00	-	-	-	-	49.00	-	51.00	-	51.00	-	57.00
Announcement Date	31/10/19	28/04/20	29/10/20	28/10/21	28/10/21	28/01/22	27/04/22	29/07/22	28/10/22	28/10/22	31/01/23	27/04/23	31/07/23	31/10/23	31/10/23	31/01/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	21,560	11,602	41,648	45,320	53,726	62,186	75,245	90,394
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8,682	18,802	41,566	38,673	27,401	39,315	43,585	48,106
ROE (net income / shareholders' equity)	50.5%	65.9%	68.8%	62.5%	60.1%	51.9%	50.5%	48.6%
ROA (Net income/ Total Assets)	34.4%	31.9%	40.4%	39.3%	40.1%	30.7%	28.1%	25.8%
Assets ¹	46,518	58,889	76,602	87,847	98,619	138,083	160,711	189,007
Book Value Per Share ²	73.90	113.0	182.0	183.0	255.0	296.0	355.0	386.0
Cash Flow per Share ²	57.20	68.30	108.0	122.0	139.0	167.0	174.0	187.0
Capex ¹	3,634	5,170	3,224	1,222	9,271	8,267	4,200	3,986
Capex / Sales	3.07%	4.12%	2.19%	0.74%	5.05%	4.15%	1.96%	1.74%
Announcement Date	25/04/19	28/04/20	27/04/21	27/04/22	27/04/23	-	-	-

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 ZOZO, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,400 JPY

Average target price

3,507 JPY

Spread / Average Target

+3.15%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Internet & Mail Order Department Stores

	1st Jan change	Capi.
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ALLEGRO.EU S.A.	-0.17%	8.67B
ETSY, INC.	-16.80%	7.91B
WAYFAIR INC.	-15.71%	6.26B
FSN E-COMMERCE VENTURES LIMITED	+1.81%	6.07B
MONOTARO CO., LTD.	+15.78%	5.63B
OCADO GROUP PLC	-53.44%	3.6B

Internet & Mail Order Department Stores