TSE: 2914 - Japan Tobacco Inc.

Yield per half year: -4.18%
Dividend yield: +6.90%
Sector: Consumer Staples

Reporting Japan Tobacco Inc.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥					4 920		5 480	4920.00	0.00
Выручка, млрд ¥	2 215.96	2 175.63	2 092.56	2 324.84	2 657.83	2 841.08	2 841.08	2418.39	5.48
Чистая прибыль, млрд ¥	385.68	348.19	310.25	338.49	442.72	482.29	482.29	384.39	6.73
EV, млрд ¥	5 384.9	4 941.45	4 150.92	4 319.7	4 815.72	6 573.96	6 807.55	4960.35	5.88
EBIT, млрд ¥	568.98	502.36	469.05	499.02	629.8	645.13	655.73	549.07	5.13
EBITDA, млрд ¥	727.65	694.61	661.06	705.09	829.17	824.78	835.3	742.94	3.50
Баланс стоимость, млрд ¥	2 630.59	2 662.7	2 522.83	2 809.26	3 540.44	3 830.16	3 830.16	3073.08	7.54
FCF, млрд ¥	302.58	407.04	411.21	495.99	384.39	445.8	445.8	428.89	1.84
Операционный денежный поток, млрд ¥	461.39	540.41	519.83	598.91	483.8	567.01	567.01	541.99	0.97
Операционная прибыль, млрд ¥	561.05	502.36	469.05	499.02	653.58	672.41	655.73	559.28	6.00
Операционные расходы, млрд ¥	721.88	735.98	729.55	872.95	921.28	854.49	854.49	822.85	3.03
CAPEX, млрд ¥	158.81	133.37	108.62	102.92	99.41	121.21	121.21	113.11	-1.89

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥	685.32	741.72	649.28	665.28	727.53	764.21	684.06	740.33	829.56	823.39	768.31	1.50
Чистая прибыль, млрд ¥	139.95	139.74	38.91	144.68	142.33	155	40.28	157.27	147.91	137.24	127.54	-2.40
EV, млрд ¥	4 418.64	4 325.91	5 137.95	5 277.59	5 853.82	6 253.13	6 634.91	7 303.78	7 945.59	7 704.66	7168.41	4.26
EBIT, млрд ¥	204.6	196.37	74.23	206.4	216.66	215.03	20.09	213.75	214.92	223.46	177.45	0.77
EBITDA, млрд ¥	260.01	258.89	135.58	256.12	260.76	258.95	69.51	257.71	259.08	265.59	222.17	0.51
Баланс стоимость, млрд ¥	3 677.14	3 789.39	3 540.44	3 507.29	3 867.64	3 919.08	3 830.16	3 989.5	4 441.21	3 891.48	4014.29	-0.14
FCF, млрд ¥	50.2	209.34	105.49	26.64	129.29	255.71	34.17	32.98	164.36	101.98	117.84	-16.79
Операционный денежный поток, млрд ¥	71.2	233.44	140.18	55.66	151.2	283.57	76.58	61.83	198.37	131.81	150.43	-14.21
Операционная прибыль, млрд ¥	204.6	196.37	74.23	206.4	207.15	218.29	43.51	215.82	206.6	194.82	175.81	-2.25
Операционные расходы, млрд ¥	206.94	249.38	292.29	197.84	221.16	233.61	267.72	206.49	235.28	270.56	242.73	2.98
CAPEX, млрд ¥	21	24.1	34.69	29.03	21.91	27.87	42.41	28.85	34.02	29.83	32.60	1.37

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥	282.06	379.1	557.67	721.73	866.89	1 040.21	1 040.21	713.12	22.37
Short Term Investments ¥	35.63	21.94	18.83	17.25	37.68	58.63	58.63	30.87	21.72
Total Receivables ¥	473.77	458.54	412.49	457.09	499.14	535.3	557.1	472.51	3.14
Total Current Assets ¥	1 809.41	1 925.67	2 003.92	2 321.29	2 723.59	3 259.56	3 259.56	2446.81	11.10
Чистые активы, млрд ¥	1 809.41	1 925.67	2 003.92	2 321.29	775.96	2 493.72	2 723.59	1904.11	5.31
Активы, млрд ¥	5 461.4	5 553.07	5 381.38	5 774.21	6 548.08	7 282.1	7 282.1	6107.77	5.57
Short Term Debt ¥	250.47	284.14	141.47	142.9	137.31	233.33	255.14	187.83	-3.86
Long Term Debt ¥	736.08	690.37	817.41	775.72	821	908.93	908.93	802.69	5.65
Задолженность, млрд ¥	2 760.96	2 809.46	2 781.89	2 888.13	2 931.32	3 369.61	3 369.61	2956.08	3.70
Чистый долг, млрд ¥	695.72	617.34	420.04	196.89	91.43	102.05	161.64	285.55	-30.23
Долг, млрд ¥	977.78	284.14	141.47	918.62	958.31	1 142.26	1 164.06	688.96	32.08
Расходы на обслуживание долга ¥	39.25	61.34	45.65	91.27	91.27	95.22	95.22	76.95	9.19
Чист. проц. доходы, млрд ¥	5.75	8.4	12.35	19.01	31.15	43.04	43.04	22.79	38.65
Амортизация, млрд ¥	158.67	192.26	192.01	206.07	199.37	179.65	179.57	193.87	-1.35
Себестоимость, млрд ¥		942.3	898	956.86	1 090.99	1 225.97	1 330.86	1022.82	5.40
Товарно материальные запасы ¥	649.24	677.59	539.76	563.18	691.91	832.61	832.61	661.01	4.21

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥		748.7	778.46	866.89	665.15	827.22	869.04	1 040.21	766.95	1 087.84	794.85	911.78	-1.77
Short Term Investments ¥		37.58	58.78	37.68	40.23	83.32	77.98	58.63	50.46	24.48		58.97	-21.73
Total Receivables ¥		555.23	555.87	477.94	475.91	562.91	570.07	535.3	571.26	657.92	566.37	580.18	-0.13
Total Current Assets ¥		2 587.83	2 626.7	2 723.59	2 493.72	2 903.53	2 983.09	3 259.56	2 984.81	3 461.4	2 985.59	3134.89	0.02
Чистые активы, млрд ¥	2 245.54	2 587.83	2 626.7	2 723.59	775.82	810.15						1904.82	-20.73
Активы, млрд ¥		6 648.86	6 728.18	6 548.08	6 346.63	6 974.36	7 101.51	7 282.1	7 159	7 868.67	6 946.03	7271.46	-0.44
Short Term Debt ¥		161.07	167.86	137.31	142.11	136.25	59.86	255.14	80.32	76.55	189.34	132.24	25.90
Long Term Debt ¥		841.31	772.16	821	832.88	946.75	954.13	908.93	939.27	1 075.93		965.00	2.59
Задолженность, млрд ¥		2 894.24	2 862.27	2 931.32	2 760.38	3 024.64	3 099.86	3 369.61	3 086.53	3 343.38	2 973.97	3174.67	-0.83
Чистый долг, млрд ¥		253.68	161.56	91.43	309.84	255.78	144.94	161.64	252.64	64.64	283.36	181.44	14.35
Долг, млрд ¥		1 002.38	940.02	958.31	974.99	1 083	1 013.98	1 201.85	1 019.59	1 152.48	1 078.21	1093.22	1.24
Расходы на обслуживание долга ¥		23.05	29.63	29.77	30.74	26.38	18.17	19.93	29.43	35.65	42.26	29.09	18.39
Чист. проц. доходы, млрд ¥	5.15	4.74	7.87	13.39	7.48	9.51	12.66	14.76	14.88			11.86	14.75
Амортизация, млрд ¥		55.41	62.53	61.35	49.71	44.1	43.91	49.41	43.97	44.16	42.13	44.72	-0.82
Себестоимость, млрд ¥						301.48	315.56	372.83	320.1	387.68	358.01	350.84	2.56
Товарно материальные запасы ¥		654.67	685.23	691.91	705.16	772.3	826.95	832.61	875.47	941.57	871.48	869.62	1.05

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	215.2	195.87	174.8	190.68	249.36	271.63			271.63	216.47	6.76
Цена акции ао					2756	3645	4080	3923	3923	3601.00	9.23
Число акций ао, млн	1792.16	1777	1774	1775	1775.38	1775.56			1775.56	1775.39	-0.02
FCF/акцию	168.83	228.98	231.68	279.41	216.51	251.08			251.08	241.53	1.86

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
EPS	78.83	78.71	21.92	81.49	80.16	87.29	22.68	88.57	83.29	77.28	71.82	-2.41
FCF/акцию	28.28	117.91	59.42	15	72.82	144.01	19.24	18.57	92.55	57.42	66.36	-16.80

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	14.3	13.16	11.97	12.7	13.94	13.09			12.59	9.80	12.97	-0.11
ROA, %	7.22	6.32	5.67	6.07	7.19	6.97			6.62	5.35	6.44	1.98
ROIC, %		17.08	16.15	16.22	18.01					12.70	16.86	1.33
ROS, %		16	14.83	14.56	16.66	16.98	16.98	16.98	16.98	7.74	16.43	3.12
ROCE, %	14.11	12.4	11.56	11.68	12.63	12.05		16.76	16.76	12.98	12.94	7.71
Ebit margin, %		23.5	21.19	21.51	23.7	22.71		23.08	23.08		22.44	1.72
Рентаб EBITDA, %	32.84	31.93	31.59	30.33	31.2	29.03		29.4	29.4	16.45	30.31	-1.43
Чистая рентаб, %	17.4	16	14.83	14.56	16.66	16.98			16.98	7.74	15.81	1.20
Operation Margin, %		23.09	22.42	21.46	24.59	23.67	23.08	23.08	23.08	11.23	23.18	1.47

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %	4.77	4.41	1.15	4.07	3.68	4.2	1.08	4.09	3.72	3.4	9.80	3.30	-4.14
ROA, %	2.26	2.09	0.5861	2.24	2.04	2.2	0.5601	2.18	1.97	1.85	5.35	1.75	-3.41
ROIC, %					2.98	6.52	0.8077	6.59	2.73	6.21	12.70	4.57	-0.97
ROS, %					19.56	20.28	5.89	21.24	17.83	16.67	7.74	16.38	-3.84
ROCE, %	4.51	4.11	1.5	4.06	5.49	4.12	0.378	3.91	3.81	3.99	12.98	3.24	-0.64
Ebit margin, %						28.14	2.94	28.87	25.91	27.14		22.60	-0.72
Рентаб EBITDA, %	37.94	34.9	20.88	38.5	35.84	33.88	10.16	34.81	31.23	32.26	16.45	28.47	-0.98
Чистая рентаб, %	20.42	18.84	5.99	21.75	19.56	20.28	5.89	21.24	17.83	16.67	7.74	16.38	-3.84
Operation Margin, %					28.47	28.56	6.36	29.15	24.9	23.66	11.23	22.53	-3.69

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	12.16	12.42	12.03	12.18	10.67	13.42			13.78	31.97	12.14	1.56
P/BV	1.74	1.58	1.44	1.43	1.31	1.65			1.7	2.49	1.48	0.87
P/S	2.12	1.99	1.78	1.77	1.78	2.28			2.34	1.98	1.92	2.76
P/FCF						14.26	12.29	12.29	12.29	28.91	12.95	-4.83
E/P						0.0808	0.088	0.088	0.088	0.05	0.0856	2.89
EV/EBITDA	7.4	7.11	6.28	6.13	5.81	7.97			8.15	13.75	6.66	2.31
EV/EBIT		9.66	9.36	8.64	7.65	10.19	10.38	10.38	10.38		9.45	3.74
EV/S		2.27	1.98	1.86	1.81	2.31	2.4	2.4	2.4	2.11	2.16	5.23
EV/FCF		12.14	10.09	8.71	12.53	14.75	15.27	15.27	15.27	29.47	13.31	11.88
Debt/EBITDA	1.34	1.4	1.45	1.3	1.16	1.38	1.39	1.39	1.39	1.72	1.32	1.35
Netdebt/Ebitda		0.8888	0.6354	0.2792	0.1103	0.1237	0.1935	0.1935	0.1935	1.03	0.1800	-7.07
Debt/Ratio		0.1755	0.1782	0.1591	0.1463	0.1569	0.1599	0.1599	0.1599	0.17	0.1564	0.10
Debt/Equity		0.366	0.3801	0.327	0.2707	0.2982	0.4274	0.4274	0.4274	0.72	0.3501	5.50
Debt/Net Income		2.8	3.09	2.71	2.16	2.37	2.41	2.41	2.41	4.58	2.41	-2.32
Бета					0.44	2.49	-0.2511	1.19	1.19	1.10	0.9672	28.24
Индекс Альтмана					0	19.74	11.81	11.8	11.8	4.48	14.45	-15.76

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	Industry average	5 quarters average	CAGR 5
P/E	11.4	10.64	11.4	10.72	12.02	12.7	13.42	14.25	15.75	15.37		31.97	14.30	3.89
P/BV	1.11	1.08	1.4	1.39	1.42	1.53	1.65	1.73	1.74	1.87		2.49	1.70	4.10
P/S	0.1772	0.1763	1.9	1.81	2.01	2.18	2.28	2.42	2.61	2.41		1.98	2.38	2.03
EV/EBITDA	5.71	5.29	5.81	5.8	22.45	7.21	8.04	8.75	9.4	9.04		13.75	8.49	4.63
EV/EBIT						29.08	330.19	34.17	36.97	34.48			92.98	3.47
EV/S					8.05	8.18	9.7	9.87	9.58	9.36		2.11	9.34	2.73
EV/FCF					45.28	24.45	194.19	221.46	48.34	75.55		29.47	112.80	25.31
Debt/EBITDA	3.86	3.63	7.07	3.81	4.15	3.92	17.29	3.96	4.45	4.06		1.72	6.74	0.70
Netdebt/Ebitda					0.9809	0.5597	2.33	0.9803	0.2495	1.07		1.03	1.04	13.84
Debt/Ratio					0.1553	0.1428	0.165	0.1424	0.1465	0.1552		0.17	0.1504	1.68
Debt/Equity					0.28	0.2587	0.3138	0.2556	0.2595	0.2771		0.72	0.2729	1.38
Debt/Net Income					7.61	6.54	29.84	6.48	7.79	7.86		4.58	11.70	3.75
Бета											1.19	1.10	1.19	0.00
Индекс Альтмана											11.8	4.48	11.80	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		259.67	270.87	273.13	251.94	266.18	367.33			332.39		285.89	6.28
Дивиденд	130	140	150	154	154	140	188	194	194	194		174.00	4.73
Див доход, ао, %	3.33	3.65	5.14	6.09	7.19	2.81	9.88	8.42	7.21	6.9	4.18	7.10	0.06
Дивиденды / прибыль, %			67.33	77.79	88.04	74.43	60.12	76.16		76.16	64.83	75.31	-0.42

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	3.81	132.82	0.299	195.46	5.03	166.47	0.367	172.72	4.75	171.59		103.18	0.61
Дивиденды / прибыль, %	2.72	95.04	0.7685	135.1	3.53	107.4	0.9112	109.82	3.21	125.03	64.83	69.27	3.09

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2019	2020	2022	2023	2024	CAGR 5
Всего задолженность	1501.76	1323.79				-6.11
Персонал, чел			55381	52640	53239	-1.31

	CAGR 5

	CAGR 5