TSE: 9882 - Yellow Hat Ltd.

Yield per half year: +8.7%
Dividend yield: +6.96%
Sector: Consumer Cyclical

Reporting Yellow Hat Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								85.86
Выручка, млрд ¥	137.87	139.2	141.03	146.99	148.04	147.16	146.64	146.64	145.97	0.78
Чистая прибыль, млрд ¥	6.84	7.33	7.33	8.55	9.66	10.67	10.26	10.26	9.29	6.96
EV, млрд ¥	66.03	54.76	54.43	72.98	63.49	34.12	40.23	40.23	53.05	-5.87
EBIT, млрд ¥	10.16	10.53	10.09	12.98	14.09	15.25	15.02	15.02	13.49	8.28
EBITDA, млрд ¥	12.52	12.87	12.93	16.19	16.34	17.67	17.84	17.84	16.19	6.65
Баланс стоимость, млрд ¥	73.36	78.93	84.42	91.38	98.29	106.7	116.52	116.52	99.46	6.66
FCF, млрд ¥	4.92	6.34	-2.12	9.69	0.654	-0.121	-0.218	-0.218	1.58	-36.55
Операционный денежный поток, млрд ¥	9.7	10.58	7.73	19.35	9.73	13.57	11.48	11.48	12.37	8.23
Операционная прибыль, млрд ¥	9.56	9.58	10.09	12.98	14.09	15.25	14.48	14.48	13.38	7.49
Операционные расходы, млрд ¥	42.2	44.04	46.42	46.92	47.05	47.75	48.35	48.35	47.30	0.82
CAPEX, млрд ¥	4.78	4.24	9.84	9.66	9.08	13.69	11.7	11.7	10.79	3.52

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥	33.07	46.42	5 395.64	34.3	32.67	46.58	33.09	34.67	34.62	49.86	39.76	1.37
Чистая прибыль, млрд ¥	1.64	5.1	211.95	2.41	1.65	4.91	1.28	2.26	1.71	5.76	3.18	3.24
EV, млрд ¥	76.54	74.62	11 767.95	80.64	88.02	40.49	40.27	49.47	57.43	61.16	49.76	8.60
EBIT, млрд ¥	2.45	7.05	369.07	2.93	2.4	6.6	1.88	3.12	2.46	7.77	4.37	3.32
EBITDA, млрд ¥	2.59	7.46	406.31	3.57	3.07	7.34	2.64	3.82	3.22	8.47	5.10	2.91
Баланс стоимость, млрд ¥	101.13	105.21	16 765.13	108.35	110.68	113.91	116.52	117.47	118.61	120.15	117.33	1.07
FCF, млрд ¥		193.57	203.31	1.28	1.35	1.47					80.20	-62.32
Операционный денежный поток, млрд ¥	2.84	193.57	203.31	1.28	1.35	1.47					80.20	-62.32
Операционная прибыль, млрд ¥	2.45	7.05	369.07	3.27	1.97	6.73	2.51	3.12	2.24	7.77	4.47	2.92
Операционные расходы, млрд ¥	11.53	12.3	1 947.18	11.93	11.94	12.61	11.88	12.45	12.65	13.43	12.60	1.27
CAPEX, млрд ¥	6.36		2 151.12								1078.74	1739.09

	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 ¥	7.41	13	8.2	14.05	10.92	8.27	4.85	4.85	9.26	-9.97
Short Term Investments ¥		0.409	0.412	0.353	9.64	8.84	0.015	0.015	3.85	-48.45
Total Receivables ¥		14.05	12.83	12.75	9.8	10.22	8.85	8.85	10.89	-7.16
Total Current Assets ¥		54.17	50.49	51.46	52.66	51.78	47.71	47.71	50.82	-1.13
Чистые активы, млрд ¥	50.87	54.17	50.49	51.46	54.04	64.58		64.58	54.95	3.58
Активы, млрд ¥	100.28	105.32	109.56	118.98	126.42	136.44	144.03	144.03	127.09	5.62
Short Term Debt ¥		0.083	0.071	0.061	0.037	0.027	0.02	0.02	0.0432	-22.38
Long Term Debt ¥				0.167	0.131	0.096		0.096	0.1313	-16.85
Задолженность, млрд ¥	26.92	26.38	25.14	27.59	28.12	29.73	27.51	27.51	27.62	1.82
Чистый долг, млрд ¥	-6.91	-12.59	-7.87	-13.83	-10.75	-8.14	-4.76	-4.76	-9.0700	-9.57
Долг, млрд ¥	0.504	0.411	0.329	0.228	0.168	0.123	0.089	0.089	0.1874	-23.01
Расходы на обслуживание долга ¥		0.018	0.011	0.011	0.009	0.005	0.007	0.007	0.0086	-8.64
Чист. проц. доходы, млрд ¥	0.085	0.069	0.065	0.048	0.044	0.041	0.037	0.041	0.0470	-10.66
Амортизация, млрд ¥		2.34	2.83	3.21	2.25	2.42	2.82	2.82	2.71	-0.07
Себестоимость, млрд ¥			84.51	87.09	86.9	84.16	83.81	83.81	85.29	-0.17
Товарно материальные запасы ¥		24.09	26.5	21.76	23.04	25.45	26.66	26.66	24.68	0.12

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				6.14	7.54	1 298.75	5.29	1.66	2.51	4.84	2.74	17.69	19.06	9.37	50.00
Short Term Investments ¥						60.33	12.18	0.015		0.015				18.13	-87.44
Total Receivables ¥				8.47	12.7	2 268.02	8.14	7.93	11.4	8.85	7.28	8.61	11.81	9.59	0.71
Total Current Assets ¥				50.4	54.32	8 135.5	46.82	47.04	49.63	47.71	42.84	63.39	67.1	54.13	6.22
Чистые активы, млрд ¥	53.57	52.66	48.2	50.4	54.32	10 146	67							2073.18	6.81
Активы, млрд ¥				128.73	133.49	21 437.71	134.95	139.76	142.86	144.03	141.13	162.54	168.1	151.73	3.31
Short Term Debt ¥		0.037				4.24	1.57	1.6	2	0.02	1.18	15	19	7.44	56.87
Long Term Debt ¥					0.103	15.08	0.089							5.09	-4.75
Задолженность, млрд ¥				27.6	28.28	4 671.48	26.59	29.08	28.94	27.5	23.66	43.93	47.94	34.39	10.62
Чистый долг, млрд ¥				-6.03	-7.43	-1 279.42	-5.2	0.027	-0.437	-4.75	-2.67	-2.69	-0.01	-2.1114	-53.02
Долг, млрд ¥				0.111	0.103	19.33	1.66	1.68	2.08	0.089	0.063	15	19.05	7.26	55.73
Расходы на обслуживание долга ¥		0.002	0.001	0.001	0.002	0.1571	0.001	0.001	0.003	0.002		0.002		0.0018	14.87
Чист. проц. доходы, млрд ¥	0.012	0.011	0.01	0.01	0.01	1.73	14.93	1.41	1.41	0.01				3.90	-64.32
Амортизация, млрд ¥				0.132	0.406	37.24	0.638	0.674	0.737	0.766	0.7038	0.761	0.7038	0.7343	-0.92
Себестоимость, млрд ¥							19.11	18.77	27.24	18.7	19.1	19.74	28.66	22.69	1.02
Товарно материальные запасы ¥				25.92	25.5	3 998.85	26.76	29.19	27.33	26.66	27.1	29.07	28.19	27.67	0.62

	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	147.91	158.43	158.46	184.5	208.44	230.03	221.18		221.18	200.52	6.90
Цена акции ао					1794	1765	2686	2790	2790	2258.75	11.67
Число акций ао, млн		46.26	46.28	46.32	46.34	46.36	46.38		46.38	46.34	0.04
FCF/акцию	106.36	136.96	-45.72	209.26	14.11	-2.61	-4.7		-4.7	34.07	-36.55

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS	35.37	110.07	4568.8	52.04	35.66	105.84	27.64	48.63	37.04	126.42		69.11	3.62
Цена акции ао											2790	2790.00	0.00
FCF/акцию			27.89	27.52	29.06	31.78						29.06	3.32

	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, %	9.69	9.63	8.98	9.72	10.19	10.41	9.19		9.19	10.02	9.70	0.46
ROA, %	7.06	7.13	6.83	7.48	7.87	8.11	7.32		7.32	5.25	7.52	1.40
ROIC, %			11.48	12.2	12.62	12.75			12.75	8.22	12.26	2.66
ROS, %			5.2	5.81	6.52	7.25	7	7	7	5.57	6.72	3.80
ROCE, %	12.88	12.45	11.2	13.37	13.63	13.64	12.29	12.89	12.89	12.44	13.16	-0.73
Ebit margin, %			7.2	8.84	9.52	10.36	10.24	10.24	10.24		9.84	2.98
Рентаб EBITDA, %	9.08	9.25	9.17	11.01	11.04	12.01	12.16	12.16	12.16	12.42	11.68	2.01
Чистая рентаб, %	4.96	5.27	5.2	5.81	6.52	7.25	7		7	5.57	6.36	6.13
Operation Margin, %			7.16	8.83	9.52	10.36	9.87	9.87	9.87	7.96	9.69	2.25

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	1.67	5.1	1.32	2.23	1.55	4.51	1.15	1.99	1.48	4.9		10.02	2.81	1.67
ROA, %	1.29	3.89	0.9995	1.79	1.2	3.47	0.8944	1.58	1.13	3.48		5.25	2.11	0.06
ROS, %				7.03	5.06	10.54	3.88	6.51	4.95	11.55	7	5.57	6.78	12.53
ROCE, %		6.64	2.17	2.71	2.12	5.74	1.59	2.6	2.02	6.27	12.89	12.44	5.07	51.97
Ebit margin, %					7.34	14.17	5.67	9	7.11	15.58	10.24		9.52	12.55
Рентаб EBITDA, %		16.06	7.53	10.41	9.4	15.75	7.99	11.03	9.31	16.99	12.16	12.42	11.50	8.76
Чистая рентаб, %	4.96	10.99	3.93	7.03	5.06	10.54	3.88	6.51	4.95	11.55		5.57	7.49	1.85
Operation Margin, %				9.53	6.02	14.45	7.58	8.99	6.46	15.58	9.87	7.96	9.70	5.42

	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	10.67	9.19	8.49	10.16	7.69	3.96	4.39		4.39	190.93	6.94	-12.36
P/BV	0.9943	0.8533	0.7379	0.9499	0.7552	0.396	0.3861		0.3861	150.09	0.6450	-12.15
P/S	0.5291	0.4839	0.4417	0.5905	0.5015	0.2872	0.3068		0.3068	149.91	0.4255	-7.03
P/FCF						-709.59	-393.85	-393.85	-393.85	72.05	-499.0967	-17.82
E/P						0.1243	0.1195	0.1195	0.1195	0.39	0.1211	-1.30
EV/EBIT			5.36	5.62	4.51	2.24	2.68	2.68	2.68		3.55	-13.77
EV/EBITDA	5.27	4.25	4.21	4.51	3.88	1.93	2.26		2.26	155.14	3.36	-11.70
EV/S			0.3859	0.4965	0.4288	0.2318	0.2743	0.2743	0.2743	149.92	0.3411	-11.19
EV/FCF			-25.72	7.53	97.07	-281.97	-184.53	-184.53	-184.53	78.98	-109.2860	-289.61
Debt/EBITDA	0.0402	0.0319	0.0255	0.0141	0.0103	0.007	0.005	0.005	0.005	1.74	0.0083	-18.73
Netdebt/Ebitda			-0.6088	-0.8542	-0.6578	-0.4608	-0.2671	-0.2671	-0.2671	0.13	-0.5014	-20.75
Debt/Ratio			0.003	0.0019	0.0013	0.000901	0.000618	0.000618	0.000618	0.18	0.0011	-20.12
Debt/Equity			0.0039	0.0025	0.0017	0.0012	0.000764	0.2361	0.2361	0.93	0.0485	148.33
Debt/Net Income			0.0449	0.0267	0.0174	0.0115	0.0087	0.0087	0.0087	40.40	0.0146	-20.09
PEG								0.102	0.102		0.1020	0.00
Бета						-0.8577	0.7833	2.14	2.14	49.68	0.6885	-235.63
Индекс Альтмана						-2.5	-6	-6.02	-6.02	4.97	-4.8400	34.04

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	7.71	7.51	7.78	8.17	8.37	3.96	4.39	5.16	5.93	5.6			190.93	5.01	7.18
P/BV	0.8164	0.7799	0.7782	0.7922	0.795	0.3593	0.3863	0.4439	0.5069	0.5091			150.09	0.4411	7.22
P/S	0.5561	0.5554	0.564	0.5794	0.5955	0.2768	0.3068	0.3547	0.4046	0.4065			149.91	0.3499	7.99
P/FCF												-393.85	72.05	-393.8500	0.00
E/P												0.1195	0.39	0.1195	0.00
EV/EBIT					36.7	6.14	21.47	15.86	23.33	7.88		2.68		14.24	-34.04
EV/EBITDA	4.61	4.41	4.59	22.59	4.9	2.35	2.38	2.93	3.37	3.37			155.14	2.88	7.48
EV/S				2.35	2.69	0.8694	1.22	1.43	1.66	1.23		0.2743	149.92	1.16	-25.81
EV/FCF				63.2	65.3	27.47						-184.53	78.98	-7.1400	-230.72
Debt/EBITDA		0.0138	0.0476	0.4658	0.5475	0.283	0.0337	0.0165	4.65	2.25		0.005	1.74	1.39	-31.72
Netdebt/Ebitda				-1.46	0.0088	-0.0596	-1.8	-0.6992	-0.8349	-0.0012		-0.2671	0.13	-0.7205	-31.72
Debt/Ratio				0.0123	0.012	0.0145	0.000618	0.000446	0.0923	0.1133		0.000618	0.18	0.0415	0.00
Debt/Equity				0.0153	0.0152	0.0182	0.000764	0.000536	0.1265	0.1585		0.2361	0.93	0.1045	214.78
Debt/Net Income				0.6892	1.02	0.4229	0.0694	0.0279	8.76	3.31		0.0087	40.40	2.44	-33.99
PEG												0.102		0.1020	0.00
Бета											-1.72	2.14	49.68	0.2100	-211.54
Индекс Альтмана											-6.02	-6.02	4.97	-6.0200	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	1.45	1.59	1.75	2.4	2.63	2.77	2.96			2.96		2.50	11.08
Дивиденд	31.5	34.5	56	52	20.86	60	64	68	17.5	52.5		46.07	-3.45
Див доход, ао, %	1.94	2.31	2.84	3.22	1.84	4.96	5.01	7.77	6.16	6.96	3.59	5.15	27.34
Дивиденды / прибыль, %		21.25	21.71	23.89	28.02	27.22	25.96	28.82		28.82	84.59	26.78	3.82
Dividend Coverage Ratio									3.47	3.47		3.47	0.00

	2022Q3	2023Q1	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	1.34	435.06			218.20	1701.86
Дивиденды / прибыль, %	81.64	205.26		84.59	143.45	58.56
Dividend Coverage Ratio			3.47		3.47	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	3684	3777	1.25

	CAGR 5

	CAGR 5