Japan Tobacco Inc.

TSE-2914

Basic

Market Cap
¥7,740.49B
EV
¥8,064.92B
Shares Out
1,775.34M
Revenue
¥2,916.13B
Employees
53,239

Margins

Gross
55.98%
EBITDA
28.64%
Operating
22.42%
Pre-Tax
21.94%
Net
16.97%
FCF
16.26%

Returns (5Yr Avg)

ROA
6.58%
ROTA
14.45%
ROE
12.68%
ROCE
11.97%
ROIC
8.17%

Valuation (TTM)

P/E
—
P/B
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—
EV/Gross Profit
—

Valuation (NTM)

Price Target
¥4,444.1
P/E
—
PEG
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—

Financial Health

Cash
¥817.41B
Net Debt
¥202.18B
Debt/Equity
0.25
EBIT/Interest
24.05

Growth (CAGR)

Rev 3Yr
11.21%
Rev 5Yr
5.74%
Rev 10Yr
—
Dil EPS 3Yr
13.58%
Dil EPS 5Yr
4.4%
Dil EPS 10Yr
—
Rev Fwd 2Yr
4.97%
EBITDA Fwd 2Yr
3.59%
EPS Fwd 2Yr
5.83%
EPS LT Growth Est
13.04%

Dividends

Yield
—
Payout
69.59%
DPS
¥194
DPS Growth 3Yr
8%
DPS Growth 5Yr
5.28%
DPS Growth 10Yr
—
DPS Growth Fwd 2Yr
6.64%

Metric	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	LTM
Total Revenues						2,175,626	2,092,561	2,324,838	2,657,832	2,841,077	2,916,132
Total Revenues % Chg.						-1.8%	-3.8%	11.1%	14.3%	6.9%	6.4%
Cost of Goods Sold, Total						942,299	898,001	956,861	1,090,989	1,225,974	1,283,743
Gross Profit						1,233,327	1,194,560	1,367,977	1,566,843	1,615,103	1,632,389
Selling General & Admin Expenses, Total						613,321	599,546	714,595	756,472	801,067	812,650
R&D Expenses						64,079	60,847	65,016	70,808	75,098	75,098
Depreciation & Amortization						106,094	103,666	108,963	114,258	104,887	104,887
Other Operating Expenses						-19,031	-8,267	-7,403	-11,357	-11,075	-14,013
Other Operating Expenses, Total						764,463	755,792	881,171	930,181	969,977	978,622
Operating Income						468,864	438,768	486,806	636,662	645,126	653,767
Interest Expense, Total						-27,557	-22,534	-23,050	-27,020	-28,493	-27,181
Interest And Investment Income						7,943	7,317	13,371	26,535	42,816	50,210
Net Interest Expenses						-19,614	-15,217	-9,679	-485	14,323	23,029
Income (Loss) On Equity Invest.						5,011	4,042	3,997	8,009	8,332	9,106
Currency Exchange Gains (Loss)						-13,297	-35,812	-15,565	-35,079	-51,885	-51,885
Other Non Operating Income (Expenses)						-1,429	4,209	-1,389	-24,561	-13,247	-13,248
EBT, Excl. Unusual Items						439,535	395,990	464,170	584,546	602,649	620,769
Restructuring Charges					—	-10,985	1,688	—	—	—	—
Merger & Related Restructuring Charges	—	—	—		—	—	—	—	—	—	—
Gain (Loss) On Sale Of Investments	—	—	—		—	—	—	—	—	—	—
Gain (Loss) On Sale Of Assets						52,394	34,623	8,219	8,905	18,952	18,952
Asset Writedown					—	-15,713	-12,239	—	—	—	—
EBT, Incl. Unusual Items						465,231	420,062	472,389	593,451	621,601	639,721
Income Tax Expense						103,609	108,034	132,208	149,277	136,292	141,871
Earnings From Continuing Operations						361,622	312,028	340,181	444,174	485,309	497,850
Earnings Of Discontinued Operations			—	—	—	—	—	—	—	—	—
Minority Interest						-13,432	-1,775	-1,691	-1,458	-3,021	-2,980
Net Income						348,190	310,253	338,490	442,716	482,288	494,870
Net Income to Common Incl Extra Items						348,190	310,253	338,490	442,716	482,288	494,870
Net Income to Common Excl. Extra Items						348,190	310,253	338,490	442,716	482,288	494,870
Total Shares Outstanding						1,773.8	1,774.2	1,774.5	1,774.9	1,775.3	1,775.3
Weighted Avg. Shares Outstanding						1,776.8	1,774.1	1,774.4	1,774.7	1,775.1	1,775.2
Weighted Avg. Shares Outstanding Dil						1,777.6	1,774.9	1,775.2	1,775.4	1,775.6	1,775.6
EPS						196	174.9	190.8	249.5	271.7	278.8
EPS Diluted						195.9	174.8	190.7	249.4	271.6	278.7
EBITDA						641,216	606,517	673,863	836,313	824,778	835,154
Effective Tax Rate						22.3%	25.7%	28%	25.2%	21.9%	22.2%