Financials Life Corporation

Equities

8194

JP3966600003

Food Retail & Distribution

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-08 am EDT			5-day change	1st Jan Change
3,935 ^JPY	-0.51%		-0.25%	+19.06%

Apr. 19	Life Corp.'s Attributable Profit Jumps 27.1% in Fiscal 2024	MT
Apr. 10	Life Corporation Provides Consolidated Earnings Guidance for the Fiscal Year Ending February 28, 2025	CI

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	116,190	110,188	147,400	142,477	129,604	184,675	-	-
Enterprise Value (EV) ¹	197,860	155,715	174,612	201,775	194,047	180,686	184,675	184,675
P/E ratio	15.7 x	14.1 x	8.27 x	9.37 x	9.72 x	10.7 x	10.9 x	10.5 x
Yield	1.21%	1.7%	1.59%	2.3%	2.53%	2.34%	2.41%	2.67%
Capitalization / Revenue	0.17 x	0.15 x	0.19 x	0.19 x	0.17 x	0.22 x	0.22 x	0.21 x
EV / Revenue	0.17 x	0.15 x	0.19 x	0.19 x	0.17 x	0.22 x	0.22 x	0.21 x
EV / EBITDA	4.64 x	4.12 x	3.63 x	3.84 x	3.79 x	4.5 x	4.47 x	4.35 x
EV / FCF	-8.06 x	2.79 x	8.59 x	-5.05 x	2,160 x	8.05 x	16.7 x	12.1 x
FCF Yield	-12.4%	35.8%	11.6%	-19.8%	0.05%	12.4%	6%	8.23%
Price to Book	1.54 x	1.35 x	1.51 x	1.29 x	1.06 x	1.32 x	1.27 x	1.17 x
Nbr of stocks (in thousands)	46,870	46,869	46,868	46,868	46,873	46,931	-	-
Reference price ²	2,479	2,351	3,145	3,040	2,765	3,935	3,935	3,935
Announcement Date	4/11/19	4/10/20	4/9/21	4/11/22	4/10/23	4/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	698,693	714,684	759,146	768,335	765,426	809,709	847,850	875,067
EBITDA ¹	25,043	26,713	40,613	37,111	34,235	40,152	41,300	42,500
EBIT ¹	12,285	13,879	27,388	22,932	19,148	24,118	24,433	25,967
Operating Margin	1.76%	1.94%	3.61%	2.98%	2.5%	2.98%	2.88%	2.97%
Earnings before Tax (EBT) ¹	10,917	10,984	24,867	22,312	18,641	23,178	23,856	25,329
Net income ¹	7,401	7,834	17,824	15,208	13,327	16,938	16,950	17,640
Net margin	1.06%	1.1%	2.35%	1.98%	1.74%	2.09%	2%	2.02%
EPS ²	157.9	167.2	380.3	324.5	284.4	360.9	361.2	375.9
Free Cash Flow ¹	-14,422	39,454	17,157	-28,229	60	22,442	11,076	15,205
FCF margin	-2.06%	5.52%	2.26%	-3.67%	0.01%	2.77%	1.31%	1.74%
FCF Conversion (EBITDA)	-	147.7%	42.25%	-	0.18%	55.89%	26.82%	35.78%
FCF Conversion (Net income)	-	503.63%	96.26%	-	0.45%	132.49%	65.34%	86.2%
Dividend per Share ²	30.00	40.00	50.00	70.00	70.00	90.00	95.00	105.0
Announcement Date	4/11/19	4/10/20	4/9/21	4/11/22	4/10/23	4/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	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 S1	2025 Q3	2025 Q4	2026 S1
Net sales ¹	353,363	386,738	196,176	387,093	187,668	193,574	185,780	191,783	377,563	191,118	196,745	195,864	204,284	400,148	202,304	207,257	207,616	216,541	424,157	213,237	217,606	447,655
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,563	16,914	6,836	15,251	4,454	3,227	5,520	3,394	8,914	4,645	5,589	6,347	6,063	12,410	6,822	4,886	6,931	6,556	13,488	7,162	4,650	14,329
Operating Margin	1.57%	4.37%	3.48%	3.94%	2.37%	1.67%	2.97%	1.77%	2.36%	2.43%	2.84%	3.24%	2.97%	3.1%	3.37%	2.36%	3.34%	3.03%	3.18%	3.36%	2.14%	3.2%
Earnings before Tax (EBT)	5,842	17,118	-	15,735	4,343	-	5,716	-	9,315	4,795	-	6,514	-	12,587	6,963	-	-	-	-	-	-	-
Net income	3,833	11,705	4,715	10,782	2,929	1,497	3,981	2,431	6,412	3,240	3,675	4,418	4,116	8,534	4,735	-	-	-	-	-	-	-
Net margin	1.08%	3.03%	2.4%	2.79%	1.56%	0.77%	2.14%	1.27%	1.7%	1.7%	1.87%	2.26%	2.01%	2.13%	2.34%	-	-	-	-	-	-	-
EPS	81.80	249.8	-	230.1	62.49	-	84.95	-	136.8	69.10	-	94.16	-	181.9	100.9	-	-	-	-	-	-	-
Dividend per Share	20.00	25.00	-	30.00	-	-	-	-	35.00	-	-	-	-	40.00	-	-	-	-	-	-	-	-
Announcement Date	10/9/19	10/9/20	10/7/21	10/7/21	1/11/22	4/11/22	7/8/22	10/11/22	10/11/22	1/11/23	4/10/23	7/7/23	10/10/23	10/10/23	1/11/24	4/10/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	81,670	45,527	27,212	59,298	64,443	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.261 x	1.704 x	0.67 x	1.598 x	1.882 x	-	-	-
Free Cash Flow ¹	-14,422	39,454	17,157	-28,229	60	22,442	11,076	15,205
ROE (net income / shareholders' equity)	10.2%	10%	19.9%	14.6%	11.5%	13.1%	11.8%	11.3%
ROA (Net income/ Total Assets)	5.41%	5.72%	6.72%	8.8%	7.26%	8.79%	7%	7.15%
Assets ¹	136,808	136,916	265,180	172,823	183,455	192,802	242,143	246,709
Book Value Per Share ²	1,607	1,736	2,082	2,353	2,600	2,916	3,096	3,351
Cash Flow per Share ²	430.0	441.0	662.0	627.0	606.0	703.0	688.0	721.0
Capex ¹	25,209	15,444	24,590	16,953	21,181	19,258	23,500	21,600
Capex / Sales	3.61%	2.16%	3.24%	2.21%	2.77%	2.38%	2.77%	2.47%
Announcement Date	4/11/19	4/10/20	4/9/21	4/11/22	4/10/23	4/10/24	-	-

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 Life Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,935 JPY

Average target price

4,167 JPY

Spread / Average Target

+5.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
LIFE CORPORATION	+19.06%	1.2B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-8.13%	39.2B
AVENUE SUPERMARTS LIMITED	+17.74%	36.34B
SEVEN & I HOLDINGS CO., LTD.	+6.22%	33.71B
SM INVESTMENTS CORPORATION	+5.62%	20.24B
COLES GROUP LIMITED	+1.24%	14.35B
JERÓNIMO MARTINS, SGPS, S.A.	-14.54%	13.28B
CASEY'S GENERAL STORES, INC.	+19.35%	12.21B
ICA GRUPPEN	-.--%	11.82B
CARREFOUR	-3.05%	11.8B

Supermarkets & Convenience Stores