The Shibusawa Warehouse Co., Ltd.

TSE

9304

Stock

Yield per half year: +26.26%
Dividend yield: 5.65%
Sector: Industrials

Reporting The Shibusawa Warehouse Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								40.9
Выручка, млрд ¥	63.28	64.6	66.83	65.33	71.74	78.5	73.42	73.42	71.16	1.90
Чистая прибыль, млрд ¥	1.61	2.27	2.82	2.75	5.26	3.76	3.73	3.73	3.66	5.75
EV, млрд ¥	54.21	50.1	52.87	56.46	52.97	48.87	61.22	61.22	54.48	2.98
EBIT, млрд ¥	3.12	3.6	3.91	3.63	4.52	4.9	5.54	5.54	4.50	7.22
EBITDA, млрд ¥	5.99	6.49	7.28	7.26	7.66	7.81	8.32	8.32	7.67	2.71
OIBDA, млрд ¥			7.95	7.67	6.92	8.95	8.87	8.87	8.07	2.21
Баланс стоимость, млрд ¥	41.96	42.29	43.51	47.91	53.33	57.07	61.74	61.74	52.71	7.25
FCF, млрд ¥	2.19	3.07	1.2	3.52	5.17	5.42	-0.814	-0.814	2.90	-192.53
Операционный денежный поток, млрд ¥	4.11	4.97	6.4	6.95	6.03	6.73	5.83	5.83	6.39	-1.85
Операционная прибыль, млрд ¥	3.36	3.74	3.91	3.63	4.52	4.89	4.27	4.27	4.24	1.78
Операционные расходы, млрд ¥	3.67	3.58	3.58	3.41	3.43	3.78	3.99	3.99	3.64	2.19
CAPEX, млрд ¥	1.91	1.9	5.2	3.43	0.865	1.31	6.64	6.64	3.49	5.01

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥	20.71	20.85	2 874.82	18.38	18.71	18.87	17.46	19.47	20.12	20.12	19.21	1.29
Чистая прибыль, млрд ¥	1.35	1.17	26.08	0.855	0.897	0.996	0.98	1.63	1.02	1.48	1.22	8.24
EV, млрд ¥	49.34	49.09	7 698.81	57.9	61.92	61.65	64.16	63.1	60.9	61.94	62.35	0.09
EBIT, млрд ¥	1.85	1.42	181.94	0.954	1.36	1.26	0.866	1.26	1.42	1.1	1.18	-2.68
EBITDA, млрд ¥	2.6	2.44	295.38	1.66	2.06	1.95	1.55	1.94	2.1	1.85	1.88	-1.05
OIBDA, млрд ¥						2.21	1.43	1.57	2.5	1.47	1.84	-7.83
Баланс стоимость, млрд ¥	55.54	56.83	8 967.13	58.04	59.81	59.83	61.74	61.1	62.24	62.93	61.57	1.02
FCF, млрд ¥	1.07	1.28	436.64	0.232	-1.79	-0.393	1.13	0.176	-0.365	0.059	0.1214	-168.44
Операционный денежный поток, млрд ¥	1.52	1.52	501.21	0.515	2.05	1.55	1.72	0.393	2.34	0.993	1.40	-8.52
Операционная прибыль, млрд ¥	1.85	1.42	159.63	0.952	1.2	1.26	0.865	1.26	1.42	1.1	1.18	-2.68
Операционные расходы, млрд ¥	0.959	0.966	146.75	1.02	0.976	0.958	0.954	0.985	1	1.06	0.9914	2.04
CAPEX, млрд ¥	0.448	0.243	64.58	0.283	3.83	1.94	0.588	0.217	2.7	0.934	1.28	-13.60

	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 ¥	9.85	11.88	12	17.29	18.23	22.27	12.48	12.48	16.45	0.79
Short Term Investments ¥		4	3.5	3	3	3	0.119	0.119	2.52	-49.15
Total Receivables ¥		12.19	12.18	11.92	12.97	13.14	13.33	13.33	12.71	1.82
Total Current Assets ¥		30.23	29.96	34.21	37.09	41.37	28.45	28.45	34.22	-1.03
Чистые активы, млрд ¥	27.92	30.23	29.96	34.21	49.64	50.29		50.29	38.87	10.72
Активы, млрд ¥	96.9	98.1	98.99	104.4	108.99	115.83	112.77	112.77	108.20	2.64
Short Term Debt ¥		12.44	5.67	12.04	5.85	13.12	4.91	4.91	8.32	-2.84
Long Term Debt ¥		23.9	30.72	26.59	30.46	24.76	22.37	22.37	26.98	-6.15
Задолженность, млрд ¥	53.96	54.78	54.48	56.15	55.34	57.96	50.15	50.15	54.82	-1.64
Чистый долг, млрд ¥	26.78	24.53	24.44	21.34	18.08	15.6	14.93	14.93	18.88	-9.39
Долг, млрд ¥	36.63	36.4	36.44	38.63	36.31	37.87	27.41	27.41	35.33	-5.54
Расходы на обслуживание долга ¥		0.191	0.151	0.135	0.145	0.15	0.126	0.126	0.1414	-3.56
Чист. проц. доходы, млрд ¥	0.046	0.047	0.062	0.05	0.021	0.044	0.106	0.044	0.0566	11.32
Амортизация, млрд ¥		2.89	3.38	3.63	3.14	2.92	2.79	2.79	3.17	-3.76
Себестоимость, млрд ¥			59.34	58.29	63.79	69.83	65.16	65.16	63.28	1.89
Товарно материальные запасы ¥			1.46	1.45	2.18	1.97	1.8	1.8	1.77	4.28

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				21.2	21.02	3 498.9	14.07	14.58	10.04	9.55	12.24	11.5	12.42	11.15	4.35
Short Term Investments ¥		3	3	3	3	471.36	3	3.08	3.07	2.93	1.91			2.80	-8.63
Total Receivables ¥				14.11	14.98	2 065.02	13.06	13.83	13.59	13.33	13.88	14.19	14.52	13.90	1.33
Total Current Assets ¥				41.65	41.76	6 499.41	33.51	31.16	29.23	28.45	29.66	28.55	30.17	29.21	0.64
Чистые активы, млрд ¥	35.16	37.09	36.56	41.65	41.76	7 901.39	51.53							1614.58	7.11
Активы, млрд ¥				115.8	116.35	18 199.32	110.4	111.71	109.02	112.77	114.72	113.07	117.56	113.43	1.52
Short Term Debt ¥				13.66	13.57	2 060.94	5.88	5.62	5.32	4.97	7.23	7.22	9.47	6.84	12.22
Long Term Debt ¥		30.14	23.11	25.9	25.04	3 889.65	23.8	23.16	23.02	22.37				796.40	-64.36
Задолженность, млрд ¥				59.4	58.64	9 106.65	51.53	51.04	48.32	50.14	52.73	49.9	53.69	50.96	2.13
Чистый долг, млрд ¥				18.37	17.59	2 451.69	15.6	14.19	18.3	17.86	16.41	16.63	17.57	17.35	-0.81
Долг, млрд ¥				39.56	38.61	5 950.59	29.67	28.77	28.34	27.41	28.64	28.12	29.99	28.50	1.14
Расходы на обслуживание долга ¥		0.035	0.034	0.04	0.04	5.66	0.035	0.031	0.031	0.029	0.027			0.0306	-5.06
Чист. проц. доходы, млрд ¥	0.004	0.004	0.003	0.012	0.014	2.36	2.67	4.56	5.03	0.028				2.93	-58.80
Амортизация, млрд ¥				0.751	0.724	113.44	0.71	0.705	0.691	0.68	0.672	0.681	0.748	0.6944	1.60
Себестоимость, млрд ¥							16.4	16.54	16.65	15.64	17.22	17.7	17.97	17.04	1.54
Товарно материальные запасы ¥						309.05	0.007	0.006						103.02	-97.31

	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	105.63	149.43	185.21	180.87	345.76	247.81	246.02		246.02	241.13	5.84
Цена акции ао					2079	2912	3070	3885	3885	2986.50	16.92
Число акций ао, млн		15.2	15.2	15.2	15.2	15.17	15.15		15.15	15.18	-0.07
FCF/акцию	144.11	201.79	78.86	231.52	339.91	357.44	-53.72		-53.72	190.80	-192.61

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS	88.6	76.76	1721.31	56.43	59.19	65.73	64.67	109.89	69.88	102.19			82.47	9.23
Цена акции ао											3420	3885	3652.50	6.58
FCF/акцию	70.57	84.19	183.4	15.31	-117.79	-25.93	74.7	11.87	-25.1	4.08			7.92	-169.08

	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, %	3.88	5.39	6.56	6.02	10.39	6.81	6.28		6.28	10.38	7.21	-0.87
ROA, %	1.67	2.33	2.86	2.7	4.93	3.34	3.26		3.26	5.53	3.42	2.65
ROIC, %			4.49	4.16	7.22	5.4			5.4	9.64	5.32	4.72
ROS, %			4.21	4.21	7.33	4.79	5.08	5.08	5.08	6.68	5.30	3.83
ROCE, %	4.3	4.79	4.72	4.37	4.84	5.29	5.77	8.84	8.84	14.04	5.82	15.13
Ebit margin, %			5.84	5.55	6.29	6.24	7.54	7.54	7.54		6.63	6.32
Рентаб EBITDA, %	9.46	10.04	10.9	11.11	10.67	9.95	11.34	11.34	11.34	14.02	10.88	0.41
Чистая рентаб, %	2.54	3.52	4.21	4.21	7.33	4.79	5.08		5.08	6.68	5.12	3.83
Operation Margin, %			5.84	5.55	6.29	6.23	5.82	5.82	5.82	8.76	5.94	0.95

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	2.56	2.16	0.2997	1.52	1.56	1.71	1.65	2.7	1.67	2.4		10.38	2.03	7.01
ROA, %	1.2	1.01	0.143	0.7559	0.8077	0.9025	0.8837	1.43	0.892	1.28		5.53	1.08	7.24
ROIC, %				1.75	1.01	1.91	1.1	2.75	1.13	2.53		9.64	1.88	5.78
ROS, %				4.65	4.79	5.28	5.61	8.37	5.05	7.34	5.08	6.68	6.29	-1.97
ROCE, %		1.56	1.27	1.03	1.45	1.34	0.916	1.33	1.49	1.16	8.84	14.04	2.75	57.37
Ebit margin, %				5.19	7.26	6.66	4.96	6.49	7.03	5.47	7.54		6.30	8.74
Рентаб EBITDA, %		11.69	10.27	9.05	11.03	10.32	8.86	9.94	10.42	9.19	11.34	14.02	9.95	5.06
Чистая рентаб, %	6.51	5.6	0.91	4.65	4.79	5.28	5.61	8.37	5.05	7.34		6.68	6.33	6.81
Operation Margin, %				5.18	6.39	6.66	4.96	6.49	7.03	5.47	5.82	8.76	5.95	3.25

	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	17.08	11.26	10.1	12.77	6.64	8.85	12.42		12.42	83.37	10.16	4.22
P/BV	0.6387	0.5904	0.6388	0.7279	0.6503	0.5748	0.7392		0.7392	68.07	0.6662	2.96
P/S	0.4334	0.3959	0.4254	0.5376	0.4864	0.4238	0.6305		0.6305	67.58	0.5007	8.19
P/FCF						7.55	-50.25	-50.25	-50.25	46.98	-30.9833	-288.10
E/P						0.0919	0.0911	0.0911	0.0911	0.61	0.0914	-0.29
EV/EBIT			13.54	15.57	11.73	9.98	11.06	11.06	11.06		11.88	-6.61
EV/EBITDA	9.05	7.72	7.26	7.78	6.92	6.26	7.36		7.36	76.65	7.12	0.27
EV/S			0.7912	0.8643	0.7384	0.6225	0.8339	0.8339	0.8339	67.60	0.7786	-0.71
EV/FCF			44.1	16.04	10.25	9.01	-75.21	-75.21	-75.21	19.10	-23.0240	-236.21
Debt/EBITDA	6.12	5.61	5	5.32	4.74	4.85	3.29	3.29	3.29	2.59	4.30	-9.16
Netdebt/Ebitda			3.36	2.94	2.36	2	1.79	1.79	1.79	0.10	2.18	-9.45
Debt/Ratio			0.3675	0.37	0.3332	0.327	0.243	0.243	0.243	0.16	0.3032	-8.06
Debt/Equity			0.8362	0.8064	0.6809	0.6636	0.444	0.8008	0.8008	1.02	0.6791	-0.14
Debt/Net Income			12.92	14.05	6.91	10.08	7.35	7.35	7.35	5.09	9.15	-12.15
PEG								0.091	0.091		0.0910	0.00
Бета						-1.23	1.13	-2.68	-2.68	20.50	-0.9267	29.64
Индекс Альтмана						3.28	3.37	3.35	3.35	7.62	3.33	0.71

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	5.21	5.07	8.9	11.98	15.47	14.88	12.42	10.52	9.82	8.86			83.37	11.30	-9.85
P/BV	0.5491	0.5459	0.5771	0.7187	0.7868	0.7142	0.7392	0.7532	0.7009	0.6947			68.07	0.7204	-0.55
P/S	0.4083	0.4025	0.4262	0.5413	0.6261	0.5838	0.6306	0.637	0.5978	0.5857			67.58	0.6070	0.07
P/FCF												-50.25	46.98	-50.2500	0.00
E/P												0.0911	0.61	0.0911	0.00
EV/EBIT				60.69	45.6	49.08	74.08	49.92	43.04	56.26		11.06		46.87	-31.64
EV/EBITDA	4.56	4.43	5.32	7.53	8.13	8.32	8.89	8.42	8.09	8.34			76.65	8.41	0.05
EV/S				3.15	3.31	3.27	3.68	3.24	3.03	3.08		0.8339	67.60	2.77	-25.69
EV/FCF				249.58	-34.69	-156.87	56.68	358.52	-166.85	1049.86		-75.21	19.10	244.60	-205.82
Debt/EBITDA		15.84	20.15	17.83	13.95	14.55	17.73	14.79	13.42	16.22		3.29	2.59	13.09	-28.60
Netdebt/Ebitda				9.37	6.88	9.4	11.55	8.47	7.93	9.5		1.79	0.10	7.85	-31.13
Debt/Ratio				0.2688	0.2576	0.2599	0.243	0.2497	0.2487	0.2551		0.243	0.16	0.2479	0.00
Debt/Equity				0.5112	0.4811	0.4737	0.444	0.4688	0.4518	0.4766		0.8008	1.02	0.5284	12.52
Debt/Net Income				34.7	32.08	28.45	27.97	17.58	27.68	20.31		7.35	5.09	20.18	-23.45
PEG												0.091		0.0910	0.00
Бета											-1.94	-2.68	20.50	-2.3100	17.53
Индекс Альтмана											3.35	3.35	7.62	3.35	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	0.798	0.691	0.729	0.775	0.851	1.22	1.37			1.37		0.9890	13.45
Дивиденд	14.5	45.5	48	51	21.57	80	90	115	80	140		77.31	29.97
Див доход, ао, %	0.7474	2.74	2.2	2.17	1.36	5.45	4.27	5.25	6.05	5.65	4.21	4.48	34.79
Дивиденды / прибыль, %		49.69	30.41	25.89	28.18	16.19	32.32	36.67		36.67	37.33	27.85	7.21
Dividend Coverage Ratio									2.73	2.73		2.73	0.00

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.001	0.609	0.1571	0.684	0.001	0.685	0.001	0.836	0.001	0.873			0.4792	4.97
Дивиденды / прибыль, %	0.0742	52.19	0.6024	80	0.1115	68.78	0.102	51.32	0.0984	59.11		37.33	35.88	-2.98
Dividend Coverage Ratio											2.73		2.73	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Выручка, %	7.79	5.25	1.21	1.66	9.05	9.05	3.04
Персонал, чел				1 320	1 320		0.00

	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	CAGR 5
CAPEX/Выручка, %	10.29	3.37	1.11	13.44	4.64	-14.73

	CAGR 5