Financials JINS HOLDINGS Inc.

Equities

3046

JP3386110005

Other Specialty Retailers

Delayed Japan Exchange Other stock markets 10:16:22 2024-05-21 pm EDT			5-day change	1st Jan Change
3,700 ^JPY	+0.95%		+4.82%	-21.28%

Apr. 25	Jins Gets ESG Rating Upgrade to 'AAA'	MT
Apr. 25	Jins Lifts Interim Dividend as Fiscal H1 Attributable Profit More Than Doubles on Higher Net Sales	MT

Valuation

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	140,742	170,851	167,583	99,546	80,290	85,541	-	-
Enterprise Value (EV) ¹	137,063	170,700	167,727	100,931	80,602	76,370	86,221	85,780
P/E ratio	36.4 x	102 x	50.9 x	133 x	45.6 x	24.8 x	21.3 x	18.2 x
Yield	0.85%	0.34%	0.63%	0.4%	1.1%	1.29%	1.49%	1.69%
Capitalization / Revenue	2.27 x	2.84 x	2.62 x	1.49 x	1.1 x	1.06 x	1.01 x	0.95 x
EV / Revenue	2.21 x	2.83 x	2.62 x	1.51 x	1.1 x	0.95 x	1.02 x	0.95 x
EV / EBITDA	13.7 x	20.2 x	21.7 x	16.1 x	10.4 x	7.73 x	7.97 x	7.11 x
EV / FCF	33.9 x	44.1 x	89.1 x	188 x	45.8 x	41.6 x	29.6 x	23.2 x
FCF Yield	2.95%	2.27%	1.12%	0.53%	2.18%	2.41%	3.37%	4.32%
Price to Book	6.29 x	9.62 x	8.29 x	4.88 x	3.69 x	3.52 x	3.14 x	2.79 x
Nbr of stocks (in thousands)	23,977	23,340	23,340	23,340	23,340	23,340	-	-
Reference price ²	5,870	7,320	7,180	4,265	3,440	3,665	3,665	3,665
Announcement Date	10/11/19	10/9/20	10/8/21	10/14/22	10/13/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	61,893	60,258	63,898	66,901	73,264	80,350	84,880	89,980
EBITDA ¹	9,988	8,450	7,744	6,265	7,765	9,880	10,820	12,060
EBIT ¹	7,459	5,617	5,049	3,315	4,847	6,215	6,985	7,953
Operating Margin	12.05%	9.32%	7.9%	4.96%	6.62%	7.73%	8.23%	8.84%
Earnings before Tax (EBT) ¹	6,238	3,681	4,372	2,105	2,884	5,836	6,663	7,562
Net income ¹	3,869	1,687	3,292	750	1,762	3,536	4,126	4,810
Net margin	6.25%	2.8%	5.15%	1.12%	2.41%	4.4%	4.86%	5.35%
EPS ²	161.4	71.49	141.1	32.17	75.50	147.5	172.1	201.5
Free Cash Flow ¹	4,041	3,871	1,883	538	1,761	1,838	2,908	3,704
FCF margin	6.53%	6.42%	2.95%	0.8%	2.4%	2.29%	3.43%	4.12%
FCF Conversion (EBITDA)	40.46%	45.81%	24.32%	8.59%	22.68%	18.6%	26.88%	30.71%
FCF Conversion (Net income)	104.45%	229.46%	57.2%	71.73%	99.94%	51.97%	70.5%	77.01%
Dividend per Share ²	50.00	25.00	45.00	17.00	38.00	47.25	54.50	62.00
Announcement Date	10/11/19	10/9/20	10/8/21	10/14/22	10/13/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August	2020 S1	2021 S1	2022 Q1	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
Net sales ¹	31,513	31,643	15,275	17,429	32,704	17,212	16,985	17,051	17,505	34,556	19,006	19,702	18,166	19,852	38,018	21,084	21,248	19,200	20,800	22,700
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,285	2,662	577	1,325	1,902	856	557	780	729	1,509	2,170	1,168	1,089	1,474	2,563	2,348	1,542	1,200	1,700	2,700
Operating Margin	10.42%	8.41%	3.78%	7.6%	5.82%	4.97%	3.28%	4.57%	4.16%	4.37%	11.42%	5.93%	5.99%	7.42%	6.74%	11.14%	7.26%	6.25%	8.17%	11.89%
Earnings before Tax (EBT)	3,247	2,355	650	-	1,829	268	-	613	-	1,365	1,999	-	1,017	-	2,522	-	-	-	-	-
Net income ¹	2,063	1,913	433	737	1,170	-144	-276	376	396	772	1,379	-389	579	977	1,556	1,544	393	650	1,100	1,600
Net margin	6.55%	6.05%	2.83%	4.23%	3.58%	-0.84%	-1.62%	2.21%	2.26%	2.23%	7.26%	-1.97%	3.19%	4.92%	4.09%	7.32%	1.85%	3.39%	5.29%	7.05%
EPS ²	86.44	81.99	18.56	-	50.14	-6.170	-	16.13	-	33.11	59.07	-	24.83	41.86	66.69	67.72	23.18	-	-	-
Dividend per Share ²	-	25.00	-	-	17.00	-	-	-	-	13.00	-	-	-	20.00	20.00	-	36.00	-	15.00	-
Announcement Date	4/10/20	4/9/21	1/14/22	4/8/22	4/8/22	7/13/22	10/14/22	1/12/23	4/14/23	4/14/23	7/14/23	10/13/23	1/12/24	4/12/24	4/12/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	144	1,385	312	-	680	238
Net Cash position ¹	3,679	151	-	-	-	9,172	-	-
Leverage (Debt/EBITDA)	-	-	0.0186 x	0.2211 x	0.0402 x	-	0.0628 x	0.0198 x
Free Cash Flow ¹	4,041	3,871	1,883	538	1,761	1,838	2,909	3,704
ROE (net income / shareholders' equity)	18.4%	8.4%	17.3%	3.7%	8.4%	15.3%	16.1%	16.6%
ROA (Net income/ Total Assets)	20.6%	12.9%	9.44%	7.03%	7.51%	10.9%	11.6%	12.3%
Assets ¹	18,787	13,031	34,887	10,662	23,464	32,436	35,721	39,106
Book Value Per Share ²	933.0	761.0	866.0	874.0	933.0	1,042	1,168	1,312
Cash Flow per Share ²	267.0	188.0	253.0	155.0	201.0	290.0	318.0	345.0
Capex ¹	2,291	3,773	3,175	3,853	4,293	5,267	5,000	5,000
Capex / Sales	3.7%	6.26%	4.97%	5.76%	5.86%	6.55%	5.89%	5.56%
Announcement Date	10/11/19	10/9/20	10/8/21	10/14/22	10/13/23	-	-	-

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 JINS HOLDINGS Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,665 JPY

Average target price

5,025 JPY

Spread / Average Target

+37.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Optical Goods Stores

	1st Jan change	Capi.
JINS HOLDINGS INC.	-21.28%	544M
FIELMANN GROUP AG	-5.53%	4.26B
NATIONAL VISION HOLDINGS, INC.	-24.51%	1.22B
SYNSAM AB	+17.90%	756M
DOCTORGLASSES CHAIN CO.,LTD.	-23.30%	374M
FORMOSA OPTICAL TECHNOLOGY CO.,LTD.	+29.63%	204M
KITS EYECARE LTD.	-0.64%	149M
PARIS MIKI HOLDINGS INC.	-31.52%	117M
MISTER SPEX SE	-9.67%	109M
SILMÄASEMA OYJ	+0.33%	92.65M

Optical Goods Stores