Financials Pickles Corporation

Equities

2925

JP3801810007

Food Processing

End-of-day quote Japan Exchange Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
1,167 ^JPY	0.00%		-0.17%	-3.95%

Apr. 16	Pickles Holdings Co.,Ltd. Provides Consolidated Earnings Guidance for the Six Months Ending August 31, 2024 and Full Year Ending February 29, 2025	CI
Apr. 16	Pickles Holdings Co.,Ltd. Provides Dividend Guidance for the Year Ending February 28, 2025	CI

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,181	13,563	21,691	19,416	14,838	14,514	-	-
Enterprise Value (EV) ¹	13,344	14,549	21,159	16,330	11,551	14,763	14,288	13,998
P/E ratio	13.2 x	10.5 x	11.8 x	9.12 x	13.2 x	12.6 x	11.6 x	11.7 x
Yield	1.47%	1.42%	1.04%	1.32%	1.88%	2.02%	2.13%	2.26%
Capitalization / Revenue	0.3 x	0.33 x	0.47 x	0.43 x	0.36 x	0.34 x	0.33 x	0.33 x
EV / Revenue	0.33 x	0.35 x	0.46 x	0.36 x	0.28 x	0.34 x	0.33 x	0.31 x
EV / EBITDA	6.06 x	5.18 x	5.81 x	4.18 x	4.59 x	4.49 x	4.92 x	4.41 x
EV / FCF	-12.1 x	27.2 x	12.9 x	5.62 x	14.8 x	48.7 x	-3.1 x	11.3 x
FCF Yield	-8.27%	3.67%	7.74%	17.8%	6.78%	2.05%	-32.3%	8.84%
Price to Book	1.03 x	1.05 x	1.48 x	1.17 x	0.86 x	0.83 x	0.78 x	0.74 x
Nbr of stocks (in thousands)	12,795	12,795	12,854	12,858	12,650	12,437	-	-
Reference price ²	952.0	1,060	1,688	1,510	1,173	1,167	1,167	1,167
Announcement Date	4/9/19	4/14/20	4/13/21	4/13/22	4/14/23	4/12/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	40,670	41,417	46,020	45,006	41,052	43,028	43,500	44,520
EBITDA ¹	2,202	2,811	3,642	3,905	2,518	2,634	2,903	3,176
EBIT ¹	1,409	1,871	2,711	2,942	1,538	1,668	1,780	1,787
Operating Margin	3.46%	4.52%	5.89%	6.54%	3.75%	3.88%	4.09%	4.01%
Earnings before Tax (EBT) ¹	1,540	1,882	2,814	3,147	1,652	1,777	1,890	1,881
Net income ¹	920	1,290	1,832	2,128	1,138	1,175	1,255	1,245
Net margin	2.26%	3.11%	3.98%	4.73%	2.77%	2.73%	2.89%	2.8%
EPS ²	71.94	100.8	143.0	165.6	88.80	94.29	100.9	100.0
Free Cash Flow ¹	-1,104	534	1,638	2,906	783	243	-4,613	1,238
FCF margin	-2.71%	1.29%	3.56%	6.46%	1.91%	0.57%	-10.6%	2.78%
FCF Conversion (EBITDA)	-	19%	44.98%	74.42%	31.1%	9.22%	-	38.98%
FCF Conversion (Net income)	-	41.4%	89.41%	136.56%	68.8%	20.98%	-	99.41%
Dividend per Share ²	14.00	15.00	17.50	20.00	22.00	24.00	24.83	26.33
Announcement Date	4/9/19	4/14/20	4/13/21	4/13/22	4/14/23	4/12/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	21,537	24,398	12,356	24,423	10,497	10,086	20,583	10,517	10,791	21,308	9,898	9,845	19,744	11,485	11,626	23,111	10,144	9,773	19,917	11,435	11,605	23,040	10,290	10,170	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,391	1,788	906	2,232	455	255	710	672	499	1,171	236	131	367	751	529	1,280	178	210	388	780	560	1,340	225	220	480
Operating Margin	6.46%	7.33%	7.33%	9.14%	4.33%	2.53%	3.45%	6.39%	4.62%	5.5%	2.38%	1.33%	1.86%	6.54%	4.55%	5.54%	1.75%	2.15%	1.95%	6.82%	4.83%	5.82%	2.19%	2.16%	-
Earnings before Tax (EBT) ¹	1,454	1,856	1,018	2,385	482	280	-	710	531	1,241	-	158	-	789	583	1,372	187	218	-	810	590	1,400	210	260	-
Net income ¹	1,007	1,293	702	1,630	285	213	-	476	355	831	-	160	-	526	389	915	118	142	-	535	389	924	139	167	-
Net margin	4.68%	5.3%	5.68%	6.67%	2.72%	2.11%	-	4.53%	3.29%	3.9%	-	1.63%	-	4.58%	3.35%	3.96%	1.16%	1.45%	-	4.68%	3.35%	4.01%	1.35%	1.64%	-
EPS	78.78	101.1	-	126.8	22.15	-	-	37.07	-	64.64	-	-	-	41.94	-	73.27	9.560	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	9/24/19	9/29/20	9/28/21	9/28/21	12/27/21	4/13/22	4/13/22	6/28/22	9/27/22	9/27/22	12/27/22	4/14/23	4/14/23	6/30/23	9/29/23	9/29/23	12/28/23	4/12/24	4/12/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,163	986	-	-	-	-	-	-
Net Cash position ¹	-	-	532	3,086	3,287	2,686	226	517
Leverage (Debt/EBITDA)	0.5281 x	0.3508 x	-	-	-	-	-	-
Free Cash Flow ¹	-1,104	534	1,638	2,906	783	243	-4,613	1,238
ROE (net income / shareholders' equity)	8%	10.4%	13.3%	13.7%	6.8%	6.7%	6.85%	6.47%
ROA (Net income/ Total Assets)	7.22%	8.5%	7.3%	11.8%	4.34%	6.56%	5.6%	5.55%
Assets ¹	12,747	15,170	25,110	18,048	26,199	17,921	22,411	22,432
Book Value Per Share ²	925.0	1,009	1,138	1,289	1,362	1,438	1,490	1,572
Cash Flow per Share ²	126.0	166.0	216.0	240.0	165.0	170.0	191.0	195.0
Capex ¹	2,626	1,743	1,343	615	883	1,700	6,400	2,213
Capex / Sales	6.46%	4.21%	2.92%	1.37%	2.15%	3.96%	14.71%	4.97%
Announcement Date	4/9/19	4/14/20	4/13/21	4/13/22	4/14/23	4/12/24	-	-

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 Pickles Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,167 JPY

Average target price

1,317 JPY

Spread / Average Target

+12.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Fruit & Vegetable Processing

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CALAVO GROWERS, INC.	-6.66%	495M
TIANYUN INTERNATIONAL HOLDINGS LIMITED	-3.03%	405M
TUKAS GIDA SANAYI VE TICARET	+16.69%	364M
CHALKIS HEALTH INDUSTRY CO., LTD	-13.80%	326M

Fruit & Vegetable Processing