Financials Mitsui O.S.K. Lines Ltd

Equities

9104

JP3362700001

Marine Freight & Logistics

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-09 am EDT			5-day change	1st Jan Change
4,816 ^JPY	+1.20%		+3.35%	+6.62%

May. 06	Factbox-Shipping firms respond to Houthi attacks in Red Sea	RE
Apr. 30	Mitsui O.S.K. Lines, Ltd. Provides Consolidated and Non-Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	284,753	208,929	463,390	1,230,699	1,195,850	1,724,144	-	-
Enterprise Value (EV) ¹	1,264,086	1,196,970	1,387,537	2,118,292	2,252,553	1,669,851	2,898,102	3,125,791
P/E ratio	10.6 x	6.4 x	5.15 x	1.74 x	1.5 x	6.38 x	8.09 x	9.96 x
Yield	1.89%	3.72%	3.87%	11.7%	16.9%	4.77%	4.31%	3.29%
Capitalization / Revenue	0.23 x	0.18 x	0.47 x	0.97 x	0.74 x	1.03 x	1.07 x	1.1 x
EV / Revenue	1.02 x	1.04 x	1.4 x	1.67 x	1.4 x	1.03 x	1.8 x	2 x
EV / EBITDA	9.89 x	10.7 x	17.2 x	15 x	11.1 x	15.2 x	13.5 x	13.7 x
EV / FCF	-8.83 x	-183 x	31.4 x	10.6 x	8.41 x	29.6 x	-26.2 x	-20.8 x
FCF Yield	-11.3%	-0.55%	3.19%	9.45%	11.9%	3.38%	-3.82%	-4.81%
Price to Book	0.54 x	0.41 x	0.8 x	0.97 x	0.62 x	0.71 x	0.79 x	0.75 x
Nbr of stocks (in thousands)	358,782	358,778	358,754	359,854	361,284	362,291	-	-
Reference price ²	793.7	582.3	1,292	3,420	3,310	4,759	4,759	4,759
Announcement Date	4/26/19	4/30/20	4/30/21	4/28/22	4/28/23	4/30/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,234,077	1,155,404	991,426	1,269,310	1,611,984	1,627,912	1,612,106	1,563,624
EBITDA ¹	127,856	111,544	80,495	141,404	203,369	191,779	215,211	227,738
EBIT ¹	37,718	23,779	-5,303	55,005	108,709	103,132	109,712	105,512
Operating Margin	3.06%	2.06%	-0.53%	4.33%	6.74%	6.34%	6.81%	6.75%
Earnings before Tax (EBT) ¹	46,778	47,130	100,313	732,993	819,160	295,417	246,400	192,575
Net income ¹	26,875	32,623	90,052	708,819	796,060	261,651	170,140	166,783
Net margin	2.18%	2.82%	9.08%	55.84%	49.38%	16.07%	10.55%	10.67%
EPS ²	74.91	90.93	251.0	1,970	2,204	722.8	588.6	477.6
Free Cash Flow ¹	-143,093	-6,527	44,238	200,187	267,930	98,293	-110,700	-150,400
FCF margin	-11.6%	-0.56%	4.46%	15.77%	16.62%	6.28%	-6.87%	-9.62%
FCF Conversion (EBITDA)	-	-	54.96%	141.57%	131.75%	51.25%	-	-
FCF Conversion (Net income)	-	-	49.12%	28.24%	33.66%	41.01%	-	-
Dividend per Share ²	15.00	21.67	50.00	400.0	560.0	220.0	205.0	156.4
Announcement Date	4/26/19	4/30/20	4/30/21	4/28/22	4/28/23	4/30/24	-	-

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	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	574,350	581,054	484,686	506,740	308,213	597,087	331,413	340,810	374,783	446,554	821,337	436,631	354,016	385,183	404,919	790,102	428,562	409,248
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	12,045	11,734	-4,222	-1,081	12,350	20,392	22,020	12,593	23,597	32,490	56,087	40,157	12,465	24,472	24,828	49,300	30,826	23,006
Operating Margin	2.1%	2.02%	-0.87%	-0.21%	4.01%	3.42%	6.64%	3.7%	6.3%	7.28%	6.83%	9.2%	3.52%	6.35%	6.13%	6.24%	7.19%	5.62%
Earnings before Tax (EBT)	32,291	-	36,579	-	173,650	280,073	219,919	-	288,824	331,612	620,436	138,824	59,900	109,629	-	177,953	60,259	-
Net income	25,636	-	30,251	-	170,701	274,848	212,339	221,632	285,779	315,744	601,523	121,722	72,815	91,155	59,637	150,792	52,812	-
Net margin	4.46%	-	6.24%	-	55.38%	46.03%	64.07%	65.03%	76.25%	70.71%	73.24%	27.88%	20.57%	23.67%	14.73%	19.09%	12.32%	-
EPS	71.46	-	84.32	-	474.8	765.0	590.1	615.1	792.0	874.5	1,666	336.9	200.7	252.0	164.8	416.7	145.9	-
Dividend per Share ²	10.00	-	5.000	-	100.0	100.0	-	300.0	-	300.0	300.0	-	-	-	-	110.0	-	130.7
Announcement Date	10/31/19	4/30/20	10/30/20	4/30/21	10/29/21	10/29/21	1/31/22	4/28/22	7/29/22	10/31/22	10/31/22	1/31/23	4/28/23	7/31/23	10/31/23	10/31/23	1/31/24	4/30/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	979,333	988,041	924,147	887,593	1,056,703	1,186,353	1,173,958	1,401,647
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.66 x	8.858 x	11.48 x	6.277 x	5.196 x	6.186 x	5.455 x	6.155 x
Free Cash Flow ¹	-143,093	-6,527	44,238	200,187	267,930	98,293	-110,700	-150,400
ROE (net income / shareholders' equity)	5.2%	6.3%	16.5%	76.5%	49.8%	12.2%	10.1%	7.37%
ROA (Net income/ Total Assets)	1.77%	2.6%	6.37%	30.2%	26%	6.74%	6.5%	4.62%
Assets ¹	1,518,876	1,253,400	1,413,516	2,348,195	3,065,671	3,881,936	2,617,546	3,608,462
Book Value Per Share ²	1,463	1,431	1,610	3,532	5,322	6,496	6,049	6,357
Cash Flow per Share ²	326.0	336.0	490.0	2,210	2,466	1,006	983.0	914.0
Capex ¹	155,683	155,104	104,419	112,337	272,092	287,316	186,580	377,316
Capex / Sales	12.62%	13.42%	10.53%	8.85%	16.88%	18.34%	11.57%	24.13%
Announcement Date	4/26/19	4/30/20	4/30/21	4/28/22	4/28/23	4/30/24	-	-

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 Mitsui O.S.K. Lines Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4,759 JPY

Average target price

4,662 JPY

Spread / Average Target

-2.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
MITSUI O.S.K. LINES LTD	+6.62%	11.08B
HAPAG-LLOYD AG	+15.11%	28.07B
COSCO SHIPPING HOLDINGS CO., LTD.	+45.48%	25.93B
NIPPON YUSEN KABUSHIKI KAISHA	+1.33%	13.22B
ORIENT OVERSEAS (INTERNATIONAL) LIMITED	+17.71%	10.21B
KAWASAKI KISEN KAISHA, LTD.	+7.01%	9.97B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+50.00%	9.94B
HMM CO.,LTD	-16.91%	8.21B
ADNOC LOGISTICS & SERVICES PLC	+2.61%	8B
SITC INTERNATIONAL HOLDINGS COMPANY LIMITED	+41.99%	6.51B

Other Marine Freight & Logistics