TSE: 9115 - Meiji Shipping Co., Ltd.

Yield per half year: -13.82%
Dividend yield: +1.63%
Sector: Industrials

Reporting Meiji Shipping Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								18.53
Выручка, млрд ¥	41.77	42.6	43.88	40.15	45.82	58.06	65.02	65.02	50.59	8.18
Чистая прибыль, млрд ¥	1.81	2.05	3.52	2.33	3.28	6.44	5.19	5.19	4.15	8.07
EV, млрд ¥	99.94	108.41	110.85	147.88	178.38	174.3	156.09	156.09	153.50	7.08
EBIT, млрд ¥	3.8	4.47	5.44	4.55	9.19	16.72	17.67	17.67	10.71	26.57
EBITDA, млрд ¥	13.59	14.98	18.01	17.31	24.26	33.35	34.95	34.95	25.58	14.18
Баланс стоимость, млрд ¥	15.27	16.86	17.66	19.07	23.97	35.33	42.77	42.77	27.76	19.35
FCF, млрд ¥	-9.58	-8.83	-7	-36.8	-17.87	-2.02	18.13	18.13	-9.1120	-220.97
Операционный денежный поток, млрд ¥	14.44	13.98	14.48	13.14	19.9	26.38	27.95	27.95	20.37	14.06
Операционная прибыль, млрд ¥	5.59	4.93	5.44	4.55	4.4	8.76	11.4	11.4	6.91	15.95
Операционные расходы, млрд ¥	3.78	4.15	4.22	4.07	4.07	4.4	4.97	4.97	4.35	3.33
CAPEX, млрд ¥	24.02	22.8	21.48	49.94	37.77	28.39	9.81	9.81	29.48	-14.51

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥	14.32	16.8	2 344.22	15.5	16.81	18.1	14.61	15.97	16.93	15.57	16.24	-2.97
Чистая прибыль, млрд ¥	5.81	2.07	159.02	1.36	0.5306	1.23	2.07	0.906	-0.1313	0.554	0.9257	-14.74
EV, млрд ¥	174.11	180	27 400.77	171.19	183.62	173.47	156.06	150.02	149.96	136.12	153.13	-4.73
EBIT, млрд ¥	-1.68	3.19	471.77	-1.27	1.68	3.63	8.17	3.05	1.54	2.91	3.86	-4.33
EBITDA, млрд ¥	1.07	2.78	678.8	2.99	6.28	8.31	11.92	7.37	5.99	7.23	8.16	-2.75
Баланс стоимость, млрд ¥	32.89	36.03	5 551.45	36.7	39.54	41.7	42.77	45.48	46.75	43.89	44.12	1.03
FCF, млрд ¥		1 433.84	1 170.52	8.51	9.2	9.36					526.29	-63.44
Операционный денежный поток, млрд ¥	11.09	1 433.84	1 170.52	8.51	9.2	9.36					526.29	-63.44
Операционная прибыль, млрд ¥	-1.68	3.19	471.77	2.81	3.23	3.31	2.05	3.05	2.42	2.91	2.75	-2.54
Операционные расходы, млрд ¥	1.11	1.07	185.93	1.2	1.2	1.25	1.32	1.24	1.32	1.41	1.31	2.44
CAPEX, млрд ¥	9.85		4 461.14								2235.50	2028.16

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	18.77	16.47	19.59	21.12	23.66	27.57	37.69	37.69	25.93	13.98
Short Term Investments ¥		0.8952	1.13	1.04	1.71	7.28	0.6248	0.6248	2.36	-11.18
Total Receivables ¥		0.839	0.8857	0.4761	0.467	0.706	0.737	0.737	0.6544	-3.61
Total Current Assets ¥		20.75	24.22	25.96	28.16	34.06	45.91	45.91	31.66	13.64
Чистые активы, млрд ¥	22.87	20.75	24.22	25.96	196.39	219.77		219.77	97.42	60.32
Активы, млрд ¥	153.51	166.63	175.79	205.1	237.57	274.95	276.46	276.46	233.97	9.48
Short Term Debt ¥		27.67	26.38	31.08	29.19	35	30.14	30.14	30.36	2.70
Long Term Debt ¥		83.54	92.23	122.21	145.17	146.79	136.42	136.42	128.56	8.14
Задолженность, млрд ¥	117.31	127.54	134.48	166.36	190.19	206.51	195.04	195.04	178.52	7.72
Чистый долг, млрд ¥	85.93	97.09	101.16	132.18	150.07	153.62	129.69	129.69	133.34	5.09
Долг, млрд ¥	104.7	113.56	120.75	153.29	174.36	181.79	167.38	167.38	159.51	6.75
Расходы на обслуживание долга ¥		1.9	2.14	1.92	2.06	2.84	4.44	4.44	2.68	15.72
Чист. проц. доходы, млрд ¥	0.0641	0.0875	0.0961	0.0688	0.047	0.2367	0.62	0.2367	0.2137	45.19
Амортизация, млрд ¥		10.52	12.56	12.76	15.07	16.63	17.28	17.28	14.86	6.59
Себестоимость, млрд ¥			34.21	34	37.34	44.9	48.65	48.65	39.82	7.30
Товарно материальные запасы ¥		0.7474	0.6906	0.7179	0.9241	1.16	1.19	1.19	0.9365	11.50

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				35.72	36.32	4 332.14	30.88	34.91	36.49	37.69	47.23	49.53	49.01	43.99	6.08
Short Term Investments ¥				1.12	1.83	202.75	6.42	7.47		0.6248				43.82	-19.34
Total Receivables ¥				0.4723	0.5691	111.01	0.611	0.6949	0.6157	0.737	0.542	0.6381	0.666	0.6398	1.58
Total Current Assets ¥				41.11	42.41	5 351.87	37.91	42.07	44.55	45.91	54.88	57.72	55.05	51.62	4.32
Чистые активы, млрд ¥	27.38	28.16	32.43	41.11	42.41	34 529.92	218.51							6972.88	46.46
Активы, млрд ¥				274.19	289.65	43 199.58	277.82	290.75	295.77	276.46	290.8	299.51	278.43	288.19	-1.20
Short Term Debt ¥				30.83	31.52	5 499.63	39.02	40.49	42.42	30.95	31.96	37.39	43.51	37.25	0.51
Long Term Debt ¥		144.54	147.17	155.74	161.83	23 062.82	144.3	146.34	142.62	136.42				4726.50	-64.16
Задолженность, млрд ¥				210.44	220.29	32 447.29	206.79	214.99	216.09	195.04	203.86	210.35	193.98	203.86	-2.14
Чистый долг, млрд ¥				150.85	157.04	24 136.01	152.44	151.92	148.55	129.69	126.46	125.75	112.82	128.65	-5.35
Долг, млрд ¥				186.57	193.36	28 468.15	183.32	186.83	185.05	167.38	173.69	175.28	161.84	172.65	-2.64
Расходы на обслуживание долга ¥			0.5136	0.6208	0.8362	137.14	0.968	1.17	1.21	1.09	1.13	1.21		1.16	0.67
Чист. проц. доходы, млрд ¥	0.0129	0.0116	0.0133	0.0268	0.0657	20.56	137.89	23.72	28.36	0.1719				42.14	-61.59
Амортизация, млрд ¥				-0.4724	-0.4037	207.04	4.26	4.6	4.68	3.75	4.32	4.45	4.32	4.30	-1.59
Себестоимость, млрд ¥							11.49	12.39	13.53	11.24	11.68	13.2	11.25	12.18	-3.62
Товарно материальные запасы ¥				0.9991	1.13	182.07	1.1	1.23	1.25	1.19	1.09	1.12	1.01	1.13	-4.17

	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	55.3	62.61	107.57	70.9	97.83	190.18	153.54		153.54	124.00	7.38
Цена акции ао					688	763	688	664	664	700.75	-0.88
Число акций ао, млн		32.74	32.74	32.85	33.51	33.86	33.8		33.8	33.35	0.64
FCF/акцию	-292.63	-269.64	-213.78	-1120.31	-533.38	-59.51	536.46		536.46	-278.1040	-220.20

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS	173.22	61.74	4675.88	40.03	15.72	36.48	61.31	26.84	-3.9	16.36		27.42	-14.82
Цена акции ао											664	664.00	0.00
FCF/акцию			219.06	250.96	272.53	277.1						254.91	6.05

	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, %	12.41	12.76	20.41	12.68	15.23	21.72	13.29		13.29	10.47	16.67	-8.22
ROA, %	1.23	1.28	2.06	1.22	1.48	2.51	1.88		1.88	5.54	1.83	-1.81
ROIC, %			1.39	0.8656	1.74	3.05			3.05	9.74	1.76	21.71
ROS, %			3.92	3.1	7.15	11.09	7.98	7.98	7.98	6.74	7.46	20.82
ROCE, %	3.28	3.39	3.85	2.73	4.59	7.36	7.59	21.7	21.7	13.17	8.79	51.38
Ebit margin, %			13.45	10.82	20.07	28.8	27.17	27.17	27.17		22.81	20.22
Рентаб EBITDA, %	32.53	35.17	41.04	43.11	52.95	57.45	53.76	53.76	53.76	13.97	52.21	4.51
Чистая рентаб, %	4.33	4.81	8.02	5.8	7.15	11.09	7.98		7.98	6.74	8.01	-0.10
Operation Margin, %			12.41	5.18	9.61	15.1	17.53	17.53	17.53	8.83	12.99	27.61

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	23.54	7.36	3.22	3.7	1.47	3.27	5.27	2.19	-0.3035	1.25		10.47	2.34	-17.50
ROA, %	2.22	0.735	0.3585	0.4886	0.1866	0.4199	0.7234	0.3194	-0.0445	0.1917		5.54	0.3220	-14.51
ROS, %				8.76	3.16	6.81	14.17	5.67	-0.7757	3.56	7.98	6.74	6.12	-10.85
ROCE, %		1.44	1.32	-1.79	0.7182	1.56	3.49	1.28	0.6395	1.23	21.7	13.17	5.67	44.12
Ebit margin, %					10.02	20.05	55.94	19.1	9.11	18.68	27.17		26.00	-13.45
Рентаб EBITDA, %		16.56	28.96	19.27	37.38	45.9	81.62	46.16	35.41	46.43	53.76	13.97	52.68	-8.01
Чистая рентаб, %	40.58	12.33	6.78	8.76	3.16	6.81	14.17	5.67	-0.7757	3.56		6.74	5.89	-12.17
Operation Margin, %				18.16	19.2	18.3	14	19.1	14.27	18.68	17.53	8.83	16.72	4.60

	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	7.74	5.53	2.75	6.74	8.64	3.21	5.09		5.09	83.04	5.29	13.10
P/BV	0.387	0.2898	0.2346	0.4053	0.5976	0.3023	0.3242		0.3242	68.03	0.3728	6.68
P/S	0.3354	0.2659	0.2208	0.391	0.618	0.3563	0.406		0.406	67.55	0.3984	12.95
P/FCF						-9.17	1.02	1.02	1.02	46.84	-2.3767	-148.09
E/P						0.6417	0.2801	0.2801	0.2801	0.42	0.4006	-24.14
EV/EBIT			18.79	34.05	19.4	10.42	8.84	8.84	8.84		16.31	-23.64
EV/EBITDA	7.36	7.24	6.16	8.54	7.35	5.23	4.47		4.47	76.17	6.35	-6.21
EV/S			2.53	3.68	3.89	3	2.4	2.4	2.4	67.57	3.07	-8.19
EV/FCF			-15.84	-4.02	-9.98	-86.5	8.61	8.61	8.61	18.74	-16.6560	-216.45
Debt/EBITDA	7.71	7.58	6.71	8.86	7.19	5.45	4.79	4.79	4.79	2.58	6.22	-11.57
Netdebt/Ebitda			5.62	7.64	6.19	4.61	3.71	3.71	3.71	0.07	5.17	-13.45
Debt/Ratio			0.6748	0.7507	0.7339	0.6612	0.6054	0.6054	0.6054	0.16	0.6713	-4.21
Debt/Equity			6.72	8.07	7.27	5.15	3.91	2.4	2.4	0.88	5.36	-21.54
Debt/Net Income			68.97	123.52	53.19	28.23	32.25	32.25	32.25	5.17	53.89	-23.55
PEG								-0.0601	-0.0601		-0.0601	0.00
Бета						0.1765	-0.2166	0.9603	0.9603	22.42	0.3067	75.88
Индекс Альтмана						1.41	1.57	1.56	1.56	7.70	1.51	3.43

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	6.24	1.98	1.75	3.21	2.75	7.41	6.05	5.09	4.97		6.84			83.04	6.07	-1.59
P/BV		0.3648	0.3309	0.3036	0.264	0.4185	0.3127	0.3239	0.2711	0.2715	0.2759			68.03	0.2910	-2.47
P/S		0.4484	0.4062	0.3565	0.305	0.4974	0.3824	0.406	0.3599	0.3698	0.3683			67.55	0.3773	-0.75
P/FCF													1.02	46.84	1.02	0.00
E/P													0.2801	0.42	0.2801	0.00
EV/EBIT						109.04	47.81	19.09	49.19	97.28	46.83		8.84		44.25	-14.27
EV/EBITDA		24.08	20.92	17.74	57.32	5.98	5.43	4.46	4.43	4.46	4.19			76.17	4.59	-5.05
EV/S					11.04	10.92	9.59	10.68	9.39	8.86	8.74		2.4	67.57	8.01	-25.81
EV/FCF					20.11	19.96	18.54						8.61	18.74	16.80	-19.11
Debt/EBITDA			69.49	41.94	61.38	29.73	22.28	14.04	23.56	29.24	22.39		4.79	2.58	18.80	-19.35
Netdebt/Ebitda					51.04	24.17	17.89	10.88	17.16	20.98	15.61		3.71	0.07	13.67	-19.36
Debt/Ratio					0.6598	0.6426	0.6256	0.6054	0.5973	0.5852	0.5812		0.6054	0.16	0.5949	0.00
Debt/Equity					4.99	4.72	4.44	3.91	3.82	3.75	3.69		2.4	0.88	3.51	-9.30
Debt/Net Income					135.03	352.1	150.27	80.87	191.71	-1334.69	292.13		32.25	5.17	-147.5460	-16.80
PEG													-0.0601		-0.0601	0.00
Бета												1.2	0.9603	22.42	1.08	-10.54
Индекс Альтмана												1.56	1.56	7.70	1.56	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.1802	0.1793	0.1791	0.1794	0.2513	0.1797	0.1776			0.1776		0.1934	-0.17
Дивиденд	5	5	5	5	2	5	5	5	5	5		4.40	20.11
Див доход, ао, %	1.08	1.32	1.47	1.15	0.2714	1.18	1.61	1.35	1.63	1.63	4.38	1.21	43.13
Дивиденды / прибыль, %		9.96	8.75	5.09	7.7	7.67	2.79	3.42		3.42	37.78	5.33	-7.64
Dividend Coverage Ratio									29.22	29.22		29.22	0.00

	2022Q3	2023Q1	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.1797	28.24			14.21	1153.60
Дивиденды / прибыль, %	5.87	17.76		37.78	11.82	73.94
Dividend Coverage Ratio			29.22		29.22	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	489	489	0.00

	CAGR 5

	CAGR 5