JAPAN AIRLINES CO., LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,709 JPY | +0.43% |
|
-0.09% | -2.38% |
| May. 09 | Japan Airlines' New CEO Targets Gender Diversity and Post-COVID Growth | MT |
| May. 03 | Japan Airlines' Full Year Attributable Profit Surges 178% Amid Travel Demand Recovery | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,360,075 | 670,514 | 1,079,408 | 1,000,747 | 1,128,353 | 1,183,852 | - | - |
| Enterprise Value (EV) 1 | 980,354 | 533,141 | 1,172,086 | 1,391,625 | 1,414,609 | 1,274,968 | 1,360,774 | 1,326,088 |
| P/E ratio | 9.02 x | 12.8 x | -3.23 x | -5.64 x | 32.8 x | 13.3 x | 11.2 x | 9.62 x |
| Yield | 2.82% | 2.76% | - | - | 0.97% | 2.72% | 3.11% | 3.65% |
| Capitalization / Revenue | 0.91 x | 0.48 x | 2.24 x | 1.47 x | 0.82 x | 0.77 x | 0.65 x | 0.62 x |
| EV / Revenue | 0.66 x | 0.38 x | 2.44 x | 2.04 x | 1.03 x | 0.77 x | 0.75 x | 0.69 x |
| EV / EBITDA | 3.26 x | 2.23 x | -5.43 x | -23 x | 6.35 x | 4.38 x | 4.29 x | 4.16 x |
| EV / FCF | 9.16 x | -3.3 x | -3.79 x | -5.02 x | 7.85 x | 17.9 x | 21.4 x | 10.6 x |
| FCF Yield | 10.9% | -30.3% | -26.4% | -19.9% | 12.7% | 5.58% | 4.67% | 9.41% |
| Price to Book | 1.17 x | 0.61 x | 1.14 x | 1.25 x | 1.38 x | 1.4 x | 1.22 x | 1.13 x |
| Nbr of stocks (in thousands) | 348,827 | 336,942 | 437,007 | 437,007 | 437,007 | 437,007 | - | - |
| Reference price 2 | 3,899 | 1,990 | 2,470 | 2,290 | 2,582 | 2,698 | 2,698 | 2,698 |
| Announcement Date | 4/26/19 | 4/30/20 | 5/7/21 | 5/6/22 | 5/2/23 | 5/2/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,487,261 | 1,411,230 | 481,225 | 682,713 | 1,375,589 | 1,651,890 | 1,821,547 | 1,918,293 |
| EBITDA 1 | 300,264 | 238,667 | -215,800 | -60,623 | 222,760 | 290,892 | 317,525 | 318,421 |
| EBIT 1 | 176,160 | 100,632 | -398,300 | -234,767 | 64,563 | 140,932 | 167,837 | 188,015 |
| Operating Margin | 11.84% | 7.13% | -82.77% | -34.39% | 4.69% | 8.53% | 9.21% | 9.8% |
| Earnings before Tax (EBT) 1 | 156,240 | 96,513 | -404,078 | -246,617 | 52,429 | 139,306 | 164,460 | 183,380 |
| Net income 1 | 150,807 | 53,407 | -286,693 | -177,551 | 34,423 | 95,534 | 105,374 | 122,040 |
| Net margin | 10.14% | 3.78% | -59.58% | -26.01% | 2.5% | 5.78% | 5.78% | 6.36% |
| EPS 2 | 432.1 | 155.7 | -765.0 | -406.3 | 78.77 | 218.6 | 241.4 | 280.5 |
| Free Cash Flow 1 | 107,004 | -161,543 | -309,205 | -277,314 | 180,142 | 77,747 | 63,600 | 124,821 |
| FCF margin | 7.19% | -11.45% | -64.25% | -40.62% | 13.1% | 4.66% | 3.49% | 6.51% |
| FCF Conversion (EBITDA) | 35.64% | - | - | - | 80.87% | 26.99% | 20.03% | 39.2% |
| FCF Conversion (Net income) | 70.95% | - | - | - | 523.32% | 84.36% | 60.36% | 102.28% |
| Dividend per Share 2 | 110.0 | 55.00 | - | - | 25.00 | 73.29 | 83.88 | 98.37 |
| Announcement Date | 4/26/19 | 4/30/20 | 5/7/21 | 5/6/22 | 5/2/23 | 5/2/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 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 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 759,844 | 651,386 | 194,700 | 286,525 | 157,615 | 290,647 | 207,833 | 184,233 | 268,896 | 349,626 | 618,522 | 387,067 | 369,999 | 757,067 | 381,440 | 439,498 | 820,938 | 428,427 | 402,525 | 439,266 | 488,399 | 470,538 | 448,961 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 81,316 | 19,316 | -223,900 | -174,400 | -64,858 | -141,703 | -31,842 | -61,222 | -30,186 | 26,228 | -3,958 | 37,900 | 30,621 | - | 187,424 | 59,852 | 91,235 | 37,564 | 14,980 | 37,772 | 63,752 | 41,988 | 20,598 |
| Operating Margin | 10.7% | 2.97% | -115% | -60.87% | -41.15% | -48.75% | -15.32% | -33.23% | -11.23% | 7.5% | -0.64% | 9.79% | 8.28% | - | 49.14% | 13.62% | 11.11% | 8.77% | 3.72% | 8.6% | 13.05% | 8.92% | 4.59% |
| Earnings before Tax (EBT) | 78,803 | - | -228,252 | - | -70,561 | -154,446 | -34,246 | -57,925 | -28,808 | 25,974 | -2,834 | 27,499 | 27,764 | - | 31,897 | 57,198 | 89,095 | 34,875 | 15,336 | - | - | - | - |
| Net income 1 | 51,203 | - | -161,226 | - | -47,057 | -104,976 | -23,346 | -49,229 | -19,560 | 17,448 | -2,112 | - | 18,110 | - | 23,063 | 38,608 | 61,671 | 24,201 | 9,662 | 23,342 | 39,766 | 24,840 | 1,289 |
| Net margin | 6.74% | - | -82.81% | - | -29.86% | -36.12% | -11.23% | -26.72% | -7.27% | 4.99% | -0.34% | - | 4.89% | - | 6.05% | 8.78% | 7.51% | 5.65% | 2.4% | 5.31% | 8.14% | 5.28% | 0.29% |
| EPS 2 | 147.9 | - | -478.4 | - | -107.7 | -240.2 | -53.42 | -112.6 | -44.76 | 39.93 | -4.830 | 42.16 | 41.44 | - | 52.77 | 88.35 | 141.1 | 55.38 | 22.11 | 55.48 | 97.15 | 62.67 | -3.255 |
| Dividend per Share 2 | 55.00 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 30.00 | - | 35.00 | - | 40.00 | - | 40.00 |
| Announcement Date | 10/31/19 | 4/30/20 | 10/30/20 | 5/7/21 | 11/2/21 | 11/2/21 | 2/2/22 | 5/6/22 | 8/1/22 | 11/1/22 | 11/1/22 | 2/2/23 | 5/2/23 | 5/2/23 | 8/1/23 | 10/31/23 | 10/31/23 | 2/2/24 | 5/2/24 | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | 92,678 | 390,878 | 286,256 | 208,353 | 176,922 | 142,236 |
| Net Cash position 1 | 379,721 | 137,373 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | - | - | -0.4295 x | -6.448 x | 1.285 x | 0.7232 x | 0.5572 x | 0.4467 x |
| Free Cash Flow 1 | 107,004 | -161,543 | -309,205 | -277,314 | 180,142 | 77,747 | 63,600 | 124,821 |
| ROE (net income / shareholders' equity) | 13.6% | 4.7% | -29.2% | -20.3% | 4.3% | 11.1% | 11% | 12.4% |
| ROA (Net income/ Total Assets) | 8.51% | 5.27% | -20.4% | -11% | 2.14% | 5.39% | 4.3% | 4.93% |
| Assets 1 | 1,771,341 | 1,012,649 | 1,407,164 | 1,612,297 | 1,606,045 | 1,772,697 | 2,451,124 | 2,474,121 |
| Book Value Per Share 2 | 3,340 | 3,249 | 2,168 | 1,830 | 1,868 | 2,082 | 2,218 | 2,395 |
| Cash Flow per Share 2 | 788.0 | 558.0 | -256.0 | 2.820 | 441.0 | 562.0 | 604.0 | 673.0 |
| Capex 1 | 222,126 | 239,611 | 89,686 | 161,306 | 117,488 | 205,000 | 223,333 | 210,000 |
| Capex / Sales | 14.94% | 16.98% | 18.64% | 23.63% | 8.54% | 12.3% | 12.26% | 10.95% |
| Announcement Date | 4/26/19 | 4/30/20 | 5/7/21 | 5/6/22 | 5/2/23 | 5/2/24 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
2,698
JPY
Average target price
3,326
JPY
Spread / Average Target
+23.30%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -2.38% | 7.59B | |
| +31.49% | 33.89B | |
| -3.85% | 23.01B | |
| +47.16% | 19.84B | |
| +34.48% | 18.01B | |
| +3.35% | 17.83B | |
| -15.99% | 14.16B | |
| +40.86% | 13.16B | |
| -4.53% | 12.29B | |
| +15.55% | 11.03B |
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