Financials Gunze Limited

Equities

3002

JP3275200008

Apparel & Accessories

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-03 am EDT			5-day change	1st Jan Change
5,600 ^JPY	+4.48%		+8.32%	+12.00%

May. 30	Gunze Limited in Cooperation with Pietro Co. Ltd. and Fuji Seal Inc., Provides GEOPLAS, A Resource Recycling (Label-To-Label) Shrink Film for Some Pietro Dressing Products	CI
Mar. 22	Tranche Update on Gunze Limited's Equity Buyback Plan announced on November 2, 2023.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	80,749	64,295	73,714	61,156	76,454	89,406	-	-
Enterprise Value (EV) ¹	99,244	80,222	81,388	57,366	80,996	92,078	96,806	99,606
P/E ratio	19.8 x	14.8 x	34.4 x	22.2 x	17.2 x	18.3 x	14.2 x	12.7 x
Yield	2.46%	3.17%	2.77%	3.74%	3.28%	2.77%	3.11%	3.33%
Capitalization / Revenue	0.57 x	0.46 x	0.6 x	0.49 x	0.56 x	0.69 x	0.63 x	0.61 x
EV / Revenue	0.71 x	0.57 x	0.66 x	0.46 x	0.6 x	0.69 x	0.68 x	0.68 x
EV / EBITDA	7.44 x	6.06 x	7.43 x	5.18 x	6.92 x	7.09 x	6.23 x	5.85 x
EV / FCF	23.9 x	9.66 x	8.34 x	3.59 x	-19.6 x	90.1 x	20.9 x	16.6 x
FCF Yield	4.18%	10.4%	12%	27.8%	-5.09%	1.11%	4.78%	6.03%
Price to Book	0.74 x	0.6 x	0.65 x	0.57 x	0.66 x	0.78 x	0.75 x	0.73 x
Nbr of stocks (in thousands)	18,044	17,712	17,741	16,330	17,047	16,680	-	-
Reference price ²	4,475	3,630	4,155	3,745	4,485	5,360	5,360	5,360
Announcement Date	5/14/19	5/14/20	5/14/21	5/13/22	5/12/23	5/14/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	140,706	140,311	123,649	124,314	136,030	132,885	141,900	145,967
EBITDA ¹	13,340	13,248	10,961	11,071	11,705	12,985	15,550	17,030
EBIT ¹	6,690	6,746	4,673	4,880	5,812	6,777	8,950	10,063
Operating Margin	4.75%	4.81%	3.78%	3.93%	4.27%	5.1%	6.31%	6.89%
Earnings before Tax (EBT) ¹	6,295	5,899	3,356	5,566	6,389	4,504	8,675	9,845
Net income ¹	4,087	4,387	2,147	2,939	4,501	5,109	6,365	7,108
Net margin	2.9%	3.13%	1.74%	2.36%	3.31%	3.84%	4.49%	4.87%
EPS ²	225.6	245.0	120.9	168.9	261.4	301.1	377.1	421.6
Free Cash Flow ¹	4,145	8,308	9,764	15,961	-4,126	1,034	4,625	6,008
FCF margin	2.95%	5.92%	7.9%	12.84%	-3.03%	0.75%	3.26%	4.12%
FCF Conversion (EBITDA)	31.07%	62.71%	89.08%	144.17%	-	7.63%	29.74%	35.28%
FCF Conversion (Net income)	101.42%	189.38%	454.77%	543.08%	-	21.09%	72.66%	84.52%
Dividend per Share ²	110.0	115.0	115.0	140.0	147.0	153.0	166.7	178.3
Announcement Date	5/14/19	5/14/20	5/14/21	5/13/22	5/12/23	5/14/24	-	-

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 S1
Net sales ¹	71,027	69,284	58,067	31,100	59,391	33,359	31,564	31,868	35,482	67,350	36,493	32,187	31,706	33,447	65,153	36,297	31,435	33,052	67,751
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,290	3,456	1,271	1,785	3,340	2,108	-568	1,252	1,554	2,806	1,981	1,025	1,515	1,715	3,230	2,938	609	1,860	4,175
Operating Margin	4.63%	4.99%	2.19%	5.74%	5.62%	6.32%	-1.8%	3.93%	4.38%	4.17%	5.43%	3.18%	4.78%	5.13%	4.96%	8.09%	1.94%	5.63%	6.16%
Earnings before Tax (EBT)	3,350	-	462	6,926	7,397	2,177	-4,008	1,512	-	3,145	2,187	1,057	2,252	-	3,865	501	-	-	-
Net income	2,159	2,228	222	4,979	5,002	1,596	-3,659	1,171	1,035	2,206	1,665	630	1,586	1,071	2,657	1,328	-	-	-
Net margin	3.04%	3.22%	0.38%	16.01%	8.42%	4.78%	-11.59%	3.67%	2.92%	3.28%	4.56%	1.96%	5%	3.2%	4.08%	3.66%	-	-	-
EPS	119.7	-	12.56	284.3	285.6	92.73	-	67.80	59.88	127.7	96.55	37.15	93.05	62.80	155.8	78.11	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/5/19	5/14/20	11/5/20	11/5/21	11/5/21	2/4/22	5/13/22	8/4/22	11/2/22	11/2/22	2/3/23	5/12/23	8/4/23	11/2/23	11/2/23	2/6/24	5/14/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	18,495	15,927	7,674	-	4,542	3,800	7,400	10,200
Net Cash position ¹	-	-	-	3,790	-	-	-	-
Leverage (Debt/EBITDA)	1.386 x	1.202 x	0.7001 x	-	0.388 x	0.2803 x	0.4759 x	0.5989 x
Free Cash Flow ¹	4,145	8,308	9,764	15,961	-4,126	1,034	4,625	6,008
ROE (net income / shareholders' equity)	3.7%	4%	1.9%	2.6%	3.9%	4.4%	4.86%	5.31%
ROA (Net income/ Total Assets)	4.2%	4.08%	3.12%	3.4%	3.72%	4.13%	3.4%	3.7%
Assets ¹	97,405	107,396	68,756	86,511	121,156	123,652	187,206	192,117
Book Value Per Share ²	6,059	6,061	6,420	6,535	6,790	7,113	7,121	7,357
Cash Flow per Share	586.0	602.0	468.0	517.0	596.0	663.0	-	-
Capex ¹	7,346	5,380	7,845	5,947	9,597	9,147	10,000	8,000
Capex / Sales	5.22%	3.83%	6.34%	4.78%	7.06%	6.88%	7.05%	5.48%
Announcement Date	5/14/19	5/14/20	5/14/21	5/13/22	5/12/23	5/14/24	-	-

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 Gunze Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5,360 JPY

Average target price

5,950 JPY

Spread / Average Target

+11.01%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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