Financials Adastria Co., Ltd.

Equities

2685

JP3856000009

Apparel & Accessories Retailers

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 am EDT			5-day change	1st Jan Change
3,515 ^JPY	+0.57%		+0.43%	+1.15%

May. 07	Adastria's Sales Inches Up in April	MT
Apr. 17	Adastria Co., Ltd. agreed to acquire TODAY?S SPECIAL Co., Ltd. and GEORGE?S from Welcome Co.,Ltd.	CI

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	91,491	82,461	90,141	76,831	98,275	159,156	-	-
Enterprise Value (EV) ¹	75,317	59,300	65,962	59,855	90,075	154,402	135,716	130,284
P/E ratio	23.5 x	13 x	-134 x	15.6 x	13 x	11.5 x	12.4 x	11.3 x
Yield	2.57%	2.86%	2%	3.24%	2.77%	2.49%	2.56%	2.78%
Capitalization / Revenue	0.41 x	0.37 x	0.49 x	0.38 x	0.41 x	0.56 x	0.55 x	0.52 x
EV / Revenue	0.34 x	0.27 x	0.36 x	0.3 x	0.37 x	0.56 x	0.47 x	0.43 x
EV / EBITDA	4.92 x	2.91 x	8.49 x	4.5 x	4.38 x	5.45 x	4.65 x	4.25 x
EV / FCF	61.8 x	4.17 x	14.4 x	-14 x	25.8 x	16.2 x	17 x	9.84 x
FCF Yield	1.62%	24%	6.92%	-7.14%	3.88%	6.18%	5.89%	10.2%
Price to Book	1.73 x	1.45 x	1.78 x	1.42 x	1.65 x	2.2 x	2 x	1.83 x
Nbr of stocks (in thousands)	47,063	47,121	45,161	45,248	45,351	45,279	-	-
Reference price ²	1,944	1,750	1,996	1,698	2,167	3,515	3,515	3,515
Announcement Date	4/4/19	4/3/20	4/5/21	4/13/22	4/4/23	4/4/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	222,664	222,376	183,870	201,582	242,552	275,596	290,800	303,600
EBITDA ¹	15,317	20,357	7,766	13,301	20,574	28,311	29,200	30,675
EBIT ¹	7,190	12,885	766	6,564	11,515	18,015	19,310	21,058
Operating Margin	3.23%	5.79%	0.42%	3.26%	4.75%	6.54%	6.64%	6.94%
Earnings before Tax (EBT) ¹	6,562	9,923	646	7,911	11,433	17,116	18,625	20,975
Net income ¹	3,890	6,363	-693	4,917	7,540	13,513	12,900	14,176
Net margin	1.75%	2.86%	-0.38%	2.44%	3.11%	4.9%	4.44%	4.67%
EPS ²	82.67	135.1	-14.88	108.7	166.4	297.8	284.0	311.8
Free Cash Flow ¹	1,218	14,205	4,567	-4,276	3,497	9,547	8,000	13,238
FCF margin	0.55%	6.39%	2.48%	-2.12%	1.44%	3.46%	2.75%	4.36%
FCF Conversion (EBITDA)	7.95%	69.78%	58.81%	-	17%	33.72%	27.4%	43.16%
FCF Conversion (Net income)	31.31%	223.24%	-	-	46.38%	70.65%	62.02%	93.39%
Dividend per Share ²	50.00	50.00	40.00	55.00	60.00	85.00	90.00	97.86
Announcement Date	4/4/19	4/3/20	4/5/21	4/13/22	4/4/23	4/4/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	2020 S2	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	108,981	113,395	79,664	46,224	92,611	54,120	54,851	108,971	58,006	54,572	112,578	64,448	65,526	68,478	64,418	132,896	70,356	72,344	71,625	68,213	75,396	75,833
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7,164	5,721	-4,410	7	631	3,852	2,081	5,933	4,574	996	5,570	5,595	350	6,278	4,033	10,311	5,995	1,709	6,601	4,016	6,403	2,280
Operating Margin	6.57%	5.05%	-5.54%	0.02%	0.68%	7.12%	3.79%	5.44%	7.89%	1.83%	4.95%	8.68%	0.53%	9.17%	6.26%	7.76%	8.52%	2.36%	9.22%	5.89%	8.49%	3.01%
Earnings before Tax (EBT)	6,933	-	-2,826	-	1,454	4,296	-	-	4,922	-	6,146	5,608	-	6,314	-	10,585	5,995	-	-	-	-	-
Net income ¹	4,410	1,953	-2,461	179	448	3,086	1,383	-	3,313	580	3,893	3,723	-76	4,464	2,630	7,094	4,447	1,972	4,554	2,590	4,724	1,081
Net margin	4.05%	1.72%	-3.09%	0.39%	0.48%	5.7%	2.52%	-	5.71%	1.06%	3.46%	5.78%	-0.12%	6.52%	4.08%	5.34%	6.32%	2.73%	6.36%	3.8%	6.27%	1.43%
EPS ²	93.66	-	-52.21	3.950	9.930	68.23	30.56	-	73.24	12.72	85.96	82.13	-1.720	98.41	57.74	156.2	97.95	43.65	101.5	60.42	100.9	23.85
Dividend per Share ²	25.00	-	15.00	-	25.00	-	-	-	-	-	25.00	-	-	-	-	35.00	-	50.00	-	35.00	-	55.00
Announcement Date	9/30/19	4/3/20	9/30/20	9/30/21	9/30/21	12/27/21	4/13/22	4/13/22	7/8/22	10/7/22	10/7/22	12/29/22	4/4/23	6/30/23	9/29/23	9/29/23	12/29/23	4/4/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	16,174	23,161	24,179	16,976	8,200	19,256	23,440	28,873
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,218	14,205	4,567	-4,276	3,497	9,547	8,000	13,238
ROE (net income / shareholders' equity)	7.5%	11.6%	-1.3%	9.4%	13.3%	20.9%	17.3%	17.1%
ROA (Net income/ Total Assets)	8.05%	13.6%	-0.72%	8.44%	11.5%	15.4%	14.6%	12.2%
Assets ¹	48,303	46,871	96,250	58,228	65,628	87,926	88,356	116,538
Book Value Per Share ²	1,125	1,211	1,123	1,193	1,310	1,549	1,753	1,923
Cash Flow per Share ²	232.0	296.0	139.0	264.0	360.0	520.0	492.0	531.0
Capex ¹	12,201	4,070	9,298	9,974	17,474	12,676	12,850	11,550
Capex / Sales	5.48%	1.83%	5.06%	4.95%	7.2%	4.6%	4.42%	3.8%
Announcement Date	4/4/19	4/3/20	4/5/21	4/13/22	4/4/23	4/4/24	-	-

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 Adastria Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,515 JPY

Average target price

4,117 JPY

Spread / Average Target

+17.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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