Financials Sumitomo Mitsui Trust Holdings, Inc.

Equities

8309

JP3892100003

Banks

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-15 am EDT			5-day change	1st Jan Change
3,584 ^JPY	+8.77%		+10.82%	+32.45%

May. 07	Joshin Denki Disposes 1.15 Billion Yen Worth of Shares as Restricted Stock Compensation	MT
Apr. 26	Ichigo Office REIT Investment Secures Fixed Rates for 2 Billion Loans In Swap Deal	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,505,304	1,170,051	1,445,366	1,498,669	1,667,286	2,389,430	-	-
Enterprise Value (EV) ¹	1,505,304	1,170,051	1,445,366	1,498,669	1,667,286	2,398,857	2,389,430	2,389,430
P/E ratio	8.66 x	7.19 x	10.2 x	8.86 x	8.78 x	30.3 x	10.7 x	9.77 x
Yield	3.52%	4.8%	3.89%	4.25%	4.62%	4.99%	3.91%	4.13%
Capitalization / Revenue	2.22 x	1.69 x	2.12 x	2 x	0.92 x	0.97 x	3.34 x	2.83 x
EV / Revenue	2.22 x	1.69 x	2.12 x	2 x	0.92 x	0.97 x	3.34 x	2.83 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.57 x	0.46 x	0.54 x	0.55 x	0.59 x	0.77 x	0.77 x	0.73 x
Nbr of stocks (in thousands)	757,195	749,072	749,088	749,147	734,326	725,168	-	-
Reference price ²	1,988	1,562	1,930	2,000	2,270	3,295	3,295	3,295
Announcement Date	5/15/19	5/14/20	5/13/21	5/12/22	5/12/23	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	678,554	690,832	680,826	748,372	1,819,060	2,475,303	716,167	844,942
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	282,200	289,000	294,707	346,000	324,641	294,525	280,564	320,226
Operating Margin	41.59%	41.83%	43.29%	46.23%	17.85%	36.76%	39.18%	37.9%
Earnings before Tax (EBT) ¹	241,340	240,721	200,003	227,999	271,387	97,977	315,814	328,715
Net income ¹	173,889	163,028	142,196	169,078	191,000	79,199	222,666	237,335
Net margin	25.63%	23.6%	20.89%	22.59%	10.5%	3.2%	31.09%	28.09%
EPS ²	229.5	217.2	189.8	225.7	258.6	109.2	308.4	337.3
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	70.00	75.00	75.00	85.00	105.0	165.0	128.9	136.0
Announcement Date	5/15/19	5/14/20	5/13/21	5/12/22	5/12/23	5/14/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2021 S2	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	352,929	331,004	349,822	-	375,037	174,770	198,565	-	199,116	174,845	-	427,061	566,878	-	182,273	-	-	587,013	200,622	183,056	183,557	174,641	174,912
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	141,000	153,612	84,380	152,179	99,520	94,300	-	88,615	56,245	-	74,996	81,412	-	47,666	118,634	-	-	77,943	69,245	71,745	68,283	66,873
Operating Margin	-	42.6%	43.91%	-	40.58%	56.94%	47.49%	-	44.5%	32.17%	-	17.56%	14.36%	-	26.15%	-	-	-	38.85%	37.83%	39.09%	39.1%	38.23%
Earnings before Tax (EBT) ¹	151,264	112,938	87,065	-	151,447	41,420	35,132	-	88,462	-	144,483	57,360	69,544	-	47,259	-	54,637	3,870	39,470	-	-	-	-
Net income ¹	106,039	80,091	62,105	60,278	111,029	30,838	27,211	58,049	64,556	-	104,032	41,658	45,310	86,968	36,736	7,327	44,063	5,218	29,918	28,774	69,740	70,633	-
Net margin	30.05%	24.2%	17.75%	-	29.6%	17.64%	13.7%	-	32.42%	-	-	9.75%	7.99%	-	20.15%	-	-	0.89%	13.12%	15.72%	37.99%	40.44%	-
EPS ²	140.9	106.9	-	80.46	148.2	41.16	36.32	-	86.24	53.66	139.9	56.84	61.83	-	50.58	10.09	60.68	7.185	38.78	70.68	80.51	82.85	71.68
Dividend per Share ²	37.50	37.50	37.50	-	40.00	-	45.00	45.00	-	-	50.00	-	55.00	-	-	55.00	55.00	-	55.00	-	-	-	-
Announcement Date	11/13/19	11/12/20	5/13/21	11/11/21	11/11/21	1/27/22	5/12/22	5/12/22	7/28/22	11/11/22	11/11/22	1/31/23	5/12/23	5/12/23	7/28/23	11/14/23	11/14/23	1/31/24	5/14/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	6.6%	6.3%	5.4%	6.3%	6.9%	2.7%	7.15%	7.76%
ROA (Net income/ Total Assets)	0.41%	0.45%	0.24%	0.36%	0.43%	0.14%	0.33%	0.34%
Assets ¹	42,516,687	35,917,162	59,332,388	46,665,379	44,654,338	56,627,342	67,503,261	68,858,636
Book Value Per Share ²	3,504	3,411	3,596	3,625	3,843	4,317	4,271	4,503
Cash Flow per Share	-	-	-	-	-	161.0	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	5/15/19	5/14/20	5/13/21	5/12/22	5/12/23	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 Sumitomo Mitsui Trust Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,295 JPY

Average target price

3,547 JPY

Spread / Average Target

+7.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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