Financials MatsukiyoCocokara & Co.

Equities

3088

JP3869010003

Drug Retailers

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 am EDT			5-day change	1st Jan Change
2,297 ^JPY	+1.52%		+3.26%	-8.01%

May. 10	MatsukiyoCocokara & Co. announces an Equity Buyback for 420,000 shares, representing 0.1% for ¥964.74 million.	CI
May. 10	MatsukiyoCocokara & Co. authorizes a Buyback Plan.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	378,636	403,395	506,714	612,670	977,203	958,150	-	-
Enterprise Value (EV) ¹	341,076	399,207	491,897	561,071	903,391	1,017,592	831,871	796,931
P/E ratio	15.4 x	15.4 x	23.5 x	15.3 x	24.3 x	19.5 x	17.5 x	16.1 x
Yield	1.76%	1.78%	1.42%	1.61%	1.21%	1.5%	1.83%	1.76%
Capitalization / Revenue	0.66 x	0.68 x	0.91 x	0.84 x	1.03 x	1 x	0.9 x	0.86 x
EV / Revenue	0.59 x	0.68 x	0.88 x	0.77 x	0.95 x	1 x	0.78 x	0.72 x
EV / EBITDA	7.71 x	8.68 x	12.3 x	10.7 x	10.9 x	8.97 x	7.7 x	7.33 x
EV / FCF	28.8 x	25.2 x	22.1 x	23.1 x	20.4 x	20 x	15.4 x	13.8 x
FCF Yield	3.47%	3.96%	4.52%	4.34%	4.91%	5%	6.5%	7.26%
Price to Book	1.81 x	1.76 x	2.05 x	1.32 x	2.03 x	1.98 x	1.72 x	1.6 x
Nbr of stocks (in thousands)	308,252	307,935	308,345	423,993	418,204	417,131	-	-
Reference price ²	1,228	1,310	1,643	1,445	2,337	2,297	2,297	2,297
Announcement Date	5/10/19	5/13/20	5/13/21	5/13/22	5/12/23	5/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	575,991	590,593	556,907	729,969	951,247	1,022,531	1,063,833	1,110,187
EBITDA ¹	44,261	45,966	40,111	52,459	83,116	96,214	108,036	108,747
EBIT ¹	36,028	37,563	31,533	41,407	62,276	75,705	81,801	88,662
Operating Margin	6.25%	6.36%	5.66%	5.67%	6.55%	7.4%	7.69%	7.99%
Earnings before Tax (EBT) ¹	37,369	39,078	32,617	49,629	64,908	81,246	-	92,133
Net income ¹	25,035	26,176	21,568	34,588	40,545	52,347	53,533	59,509
Net margin	4.35%	4.43%	3.87%	4.74%	4.26%	5.12%	5.03%	5.36%
EPS ²	79.81	85.01	70.04	94.38	96.02	125.3	131.6	142.2
Free Cash Flow ¹	11,846	15,820	22,245	24,327	44,392	43,177	54,102	57,872
FCF margin	2.06%	2.68%	3.99%	3.33%	4.67%	4.21%	5.09%	5.21%
FCF Conversion (EBITDA)	26.76%	34.42%	55.46%	46.37%	53.41%	44.88%	50.08%	53.22%
FCF Conversion (Net income)	47.32%	60.44%	103.14%	70.33%	109.49%	82.49%	101.06%	97.25%
Dividend per Share ²	21.67	23.33	23.33	23.33	28.33	36.67	42.00	40.53
Announcement Date	5/10/19	5/13/20	5/13/21	5/13/22	5/12/23	5/10/24	-	-

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 Q3	2025 Q4
Net sales ¹	300,415	273,846	139,517	277,003	230,854	222,112	227,209	237,866	465,075	249,201	236,971	248,222	259,544	507,766	262,567	252,198	258,570	270,430	273,530	264,570
EBITDA	-	-	10,640	-	17,063	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	18,424	14,496	8,429	15,785	12,010	13,612	12,360	15,962	28,322	20,036	13,918	17,450	20,104	37,554	21,194	16,957	-	-	-	-
Operating Margin	6.13%	5.29%	6.04%	5.7%	5.2%	6.13%	5.44%	6.71%	6.09%	8.04%	5.87%	7.03%	7.75%	7.4%	8.07%	6.72%	-	-	-	-
Earnings before Tax (EBT)	19,305	14,665	-	15,905	23,526	-	13,360	-	30,153	21,298	-	18,451	-	40,323	24,892	-	-	-	-	-
Net income ¹	12,952	9,729	5,088	10,305	18,458	5,825	7,930	10,574	18,504	13,755	8,286	11,997	13,841	25,838	16,456	10,053	12,800	13,200	15,300	12,500
Net margin	4.31%	3.55%	3.65%	3.72%	8%	2.62%	3.49%	4.45%	3.98%	5.52%	3.5%	4.83%	5.33%	5.09%	6.27%	3.99%	4.95%	4.88%	5.59%	4.72%
EPS ²	42.07	31.60	16.65	33.66	49.24	-	18.70	-	43.69	32.57	-	28.69	33.10	61.79	39.41	24.11	-	-	-	-
Dividend per Share ²	11.67	11.67	-	11.67	-	-	-	-	13.33	-	-	-	16.67	16.67	-	20.00	-	-	-	-
Announcement Date	11/13/19	11/13/20	11/15/21	11/15/21	2/14/22	5/13/22	8/12/22	11/14/22	11/14/22	2/14/23	5/12/23	8/10/23	11/14/23	11/14/23	2/14/24	5/10/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	37,560	4,188	14,817	51,599	73,812	95,438	126,280	161,219
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	11,846	15,820	22,245	24,327	44,392	43,177	54,102	57,872
ROE (net income / shareholders' equity)	12.1%	11.9%	9.07%	9.7%	8.6%	10.5%	10.4%	10.3%
ROA (Net income/ Total Assets)	12.3%	11.9%	9.46%	8.75%	9.92%	11.4%	7.3%	9.75%
Assets ¹	203,439	219,350	227,989	395,217	408,624	459,384	733,333	610,338
Book Value Per Share ²	680.0	745.0	800.0	1,095	1,154	1,234	1,334	1,435
Cash Flow per Share ²	103.0	109.0	84.00	125.0	130.0	163.0	178.0	193.0
Capex ¹	10,051	8,944	3,630	11,916	19,853	21,899	17,763	22,318
Capex / Sales	1.74%	1.51%	0.65%	1.63%	2.09%	2.13%	1.67%	2.01%
Announcement Date	5/10/19	5/13/20	5/13/21	5/13/22	5/12/23	5/10/24	-	-

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 MatsukiyoCocokara & Co.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,297 JPY

Average target price

3,006 JPY

Spread / Average Target

+30.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Drug Retailers

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MATSUKIYOCOCOKARA & CO.	-8.01%	6.15B
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YIFENG PHARMACY CHAIN CO., LTD.	+14.96%	6.44B
ALIBABA HEALTH INFORMATION TECHNOLOGY LIMITED	-25.24%	6.52B
NAHDI MEDICAL COMPANY	-2.34%	4.64B
CORPORATIVO FRAGUA, S.A.B. DE C.V.	+60.00%	4.62B
CLICKS GROUP LIMITED	-8.10%	3.93B
DASHENLIN PHARMACEUTICAL GROUP CO., LTD.	-11.16%	3.49B
WELCIA HOLDINGS CO., LTD.	-6.77%	3.05B

Other Drug Retailers