Financials Marui Group Co., Ltd.

Equities

8252

JP3870400003

Consumer Lending

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
2,336 ^JPY	+1.59%		+1.50%	-1.23%

May. 17	Marui Group's Fiscal 2024 Attributable Profit Jumps 15% on Higher Retail Profit	MT
May. 14	Transcript : Marui Group Co., Ltd., 2024 Earnings Call, May 14, 2024

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	487,115	389,158	445,762	450,354	381,693	438,713	-	-
Enterprise Value (EV) ¹	927,016	828,154	889,152	903,320	912,320	459,380	1,003,985	1,016,718
P/E ratio	19.3 x	15.4 x	191 x	26.2 x	18.5 x	18.7 x	16.4 x	14.8 x
Yield	2.19%	2.75%	2.45%	2.31%	2.92%	4.13%	4.54%	4.71%
Capitalization / Revenue	1.94 x	1.57 x	2.02 x	2.15 x	1.75 x	1.95 x	1.77 x	1.67 x
EV / Revenue	3.69 x	3.34 x	4.03 x	4.32 x	4.19 x	1.95 x	4.06 x	3.88 x
EV / EBITDA	18.1 x	16.2 x	34.5 x	18.8 x	18.1 x	18.3 x	18.2 x	16.3 x
EV / FCF	48.9 x	28.1 x	76.4 x	-403 x	-161 x	20.4 x	-258 x	1,289 x
FCF Yield	2.05%	3.56%	1.31%	-0.25%	-0.62%	4.89%	-0.39%	0.08%
Price to Book	1.71 x	1.34 x	1.54 x	1.72 x	1.56 x	1.81 x	1.72 x	1.65 x
Nbr of stocks (in thousands)	217,949	214,412	214,412	200,157	188,677	187,845	-	-
Reference price ²	2,235	1,815	2,079	2,250	2,023	2,336	2,336	2,336
Announcement Date	5/14/19	5/28/20	5/12/21	5/12/22	5/9/23	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	251,415	247,582	220,832	209,323	217,854	235,227	247,314	262,329
EBITDA ¹	51,095	51,135	25,792	48,005	50,270	53,300	55,200	62,220
EBIT ¹	41,184	41,944	15,310	36,784	38,771	41,025	45,250	50,229
Operating Margin	16.38%	16.94%	6.93%	17.57%	17.8%	17.44%	18.3%	19.15%
Earnings before Tax (EBT) ¹	37,433	37,408	5,101	26,326	32,482	37,495	39,800	43,983
Net income ¹	25,341	25,396	2,327	17,791	21,473	24,667	26,636	29,621
Net margin	10.08%	10.26%	1.05%	8.5%	9.86%	10.49%	10.77%	11.29%
EPS ²	116.0	117.6	10.86	85.81	109.4	130.7	142.3	157.4
Free Cash Flow ¹	18,964	29,441	11,640	-2,241	-5,665	22,483	-3,892	789
FCF margin	7.54%	11.89%	5.27%	-1.07%	-2.6%	9.56%	-1.57%	0.3%
FCF Conversion (EBITDA)	37.12%	57.58%	45.13%	-	-	-	-	1.27%
FCF Conversion (Net income)	74.84%	115.93%	500.21%	-	-	91.15%	-	2.66%
Dividend per Share ²	49.00	50.00	51.00	52.00	59.00	101.0	106.0	110.0
Announcement Date	5/14/19	5/28/20	5/12/21	5/12/22	5/9/23	5/14/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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
Net sales ¹	125,489	109,319	55,925	104,503	51,992	52,828	51,068	57,881	108,949	53,199	55,706	53,534	58,614	112,148	58,351	64,728	57,005	62,495	119,998	62,092	67,208
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	22,570	20,732	14,157	21,132	8,553	7,099	7,465	14,950	22,415	8,124	8,232	7,881	10,807	18,688	10,236	12,101	8,992	12,749	24,222	9,948	13,445
Operating Margin	17.99%	18.96%	25.31%	20.22%	16.45%	13.44%	14.62%	25.83%	20.57%	15.27%	14.78%	14.72%	18.44%	16.66%	17.54%	18.7%	15.77%	20.4%	20.19%	16.02%	20%
Earnings before Tax (EBT)	21,067	13,013	-	18,257	6,074	-	6,099	-	20,041	7,460	-	6,538	-	17,530	9,016	-	-	-	-	-	-
Net income ¹	13,981	8,921	8,900	12,230	4,005	1,556	3,843	9,573	13,416	5,063	2,994	4,337	7,138	11,475	6,148	7,044	5,500	7,400	-	6,700	7,500
Net margin	11.14%	8.16%	15.91%	11.7%	7.7%	2.95%	7.53%	16.54%	12.31%	9.52%	5.37%	8.1%	12.18%	10.23%	10.54%	10.88%	9.65%	11.84%	-	10.79%	11.16%
EPS ²	64.45	41.61	42.24	57.83	19.72	8.260	19.20	47.93	67.13	26.06	16.18	22.91	37.70	60.61	32.62	37.47	26.68	36.29	-	34.69	38.42
Dividend per Share	28.00	25.00	-	26.00	-	-	-	-	29.00	-	-	-	-	50.00	-	-	-	-	-	-	-
Announcement Date	11/7/19	11/12/20	11/11/21	11/11/21	2/3/22	5/12/22	8/5/22	11/11/22	11/11/22	2/7/23	5/9/23	8/8/23	11/14/23	11/14/23	2/8/24	5/14/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	439,901	438,996	443,390	452,966	530,627	535,852	565,273	578,005
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	8.609 x	8.585 x	17.19 x	9.436 x	10.56 x	10.05 x	10.24 x	9.29 x
Free Cash Flow ¹	18,964	29,441	11,640	-2,241	-5,665	22,483	-3,892	789
ROE (net income / shareholders' equity)	9.1%	8.8%	0.8%	6.5%	8.5%	9.9%	10.5%	11.4%
ROA (Net income/ Total Assets)	4.53%	4.55%	1.63%	1.95%	3.86%	3.95%	3.2%	3.51%
Assets ¹	559,656	558,053	142,344	910,631	555,655	625,152	832,366	843,495
Book Value Per Share ²	1,310	1,352	1,353	1,307	1,300	1,348	1,358	1,413
Cash Flow per Share	161.0	160.0	59.70	140.0	168.0	197.0	-	-
Capex ¹	15,166	10,468	10,553	8,507	9,611	15,520	22,000	17,625
Capex / Sales	6.03%	4.23%	4.78%	4.06%	4.41%	6.6%	8.9%	6.72%
Announcement Date	5/14/19	5/28/20	5/12/21	5/12/22	5/9/23	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 Marui Group Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,336 JPY

Average target price

2,650 JPY

Spread / Average Target

+13.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Consumer Lending

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SYNCHRONY FINANCIAL	+14.69%	17.59B
CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED	-1.61%	12.48B
SHRIRAM FINANCE LIMITED	+14.65%	10.59B
MUTHOOT FINANCE LIMITED	+14.03%	8.1B
SOFI TECHNOLOGIES, INC.	-30.65%	7.29B

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