Financials Shiseido Company, Limited

Equities

4911

JP3351600006

Personal Products

Delayed Japan Exchange Other stock markets 02:30:00 2025-06-13 EDT			5-day change	1st Jan Change
2,433.00 ^JPY	-1.48%		+2.29%	-12.69%

06-10	Chinese beauty brands explore foreign M&A to spur growth	RE
06-10	Japan's Nikkei rises for third session as government backs debt market	RE

Projected Income Statement: Shiseido Company, Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	920,888	1,035,165	1,067,355	973,038	990,586	984,928	1,015,036	1,050,262
Change	-	12.41%	3.11%	-8.84%	1.8%	-0.57%	3.06%	3.47%
EBITDA ¹	82,411	111,434	102,371	91,819	83,241	109,135	136,504	150,218
Change	-	35.22%	-8.13%	-10.31%	-9.34%	31.11%	25.08%	10.05%
EBIT ¹	14,963	41,586	46,572	28,133	7,575	29,757	59,574	72,284
Change	-	177.93%	11.99%	-39.59%	-73.07%	292.83%	100.2%	21.33%
Interest Paid ¹	-3,558	-2,410	-3,627	-3,038	-19,186	-1,592	-1,833	-1,900
Earnings before Tax (EBT) ¹	-2,040	73,256	50,428	31,037	-1,265	17,805	56,819	71,290
Change	-	3,690.98%	-31.16%	-38.45%	-104.08%	1,507.48%	219.13%	25.47%
Net income ¹	-11,660	42,439	34,202	21,749	-10,813	10,934	37,825	48,223
Change	-	463.97%	-19.41%	-36.41%	-149.72%	201.12%	245.94%	27.49%
Announcement Date	2/9/21	2/9/22	2/10/23	2/9/24	2/10/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	190,912	235,900	267,176	244,000	263,687	237,700	289,778	234,023	259,376	269,344	304,612	240,009	254,180	228,228	250,621	249,453	259,083	214,218	267,832	228,241	254,803	221,854	278,074
Change	-	23.56%	13.26%	-8.67%	8.07%	-9.86%	21.91%	-19.24%	10.83%	3.84%	13.09%	-21.21%	5.9%	-10.21%	9.81%	-0.47%	3.86%	-17.32%	25.03%	-14.78%	11.64%	-12.93%	25.34%
EBITDA	-	-	-	-	-	-	-	17,100	25,950	31,505	27,807	24,859	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	51.75%	21.41%	-11.74%	-10.6%	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-9,936	12,300	6,099	10,900	12,112	3,200	15,374	4,376	12,603	18,681	10,912	10,525	3,107	12,194	2,307	-8,745	6,017	4,911	5,392	7,202	7,725	10,336	14,432
Change	-	223.79%	-50.41%	78.72%	11.12%	-73.58%	380.44%	-71.54%	188%	48.23%	-41.59%	-3.55%	-70.48%	292.47%	-81.08%	-479.06%	168.81%	-18.38%	9.79%	33.57%	7.26%	33.79%	39.64%
Charge d'intérêts	-	-794	-	-836	-	-620	-	-712	-	-642	-	-2,631	-2,281	-980	-	-962	-	-1,055	-	-1,724	-	-	-
Earnings before Tax (EBT) ¹	-28,046	11,910	8,471	-2,341	-14,181	78,881	10,897	8,155	17,456	17,974	6,843	10,319	5,072	13,330	-	-3,827	8,034	2,945	-8,417	7,408	7,057	2,170	-835
Change	-	142.47%	-28.87%	-127.64%	-505.77%	656.24%	-86.19%	-25.16%	114.05%	2.97%	-61.93%	50.8%	-50.85%	162.82%	-	-	309.93%	-63.34%	-385.81%	188.01%	-4.74%	-69.25%	-138.48%
Net income ¹	-22,776	7,700	2,016	-1,500	-15,751	54,000	5,717	4,399	11,847	12,800	5,156	8,680	3,073	8,764	-	-3,286	3,301	739	-11,567	3,686	3,482	385	-1,016
Change	-	133.81%	-73.82%	-174.4%	-950.07%	442.84%	-89.41%	-23.05%	169.31%	8.04%	-59.72%	68.35%	-64.6%	185.19%	-	-	200.46%	-77.61%	-1,665.22%	131.87%	-5.55%	-88.94%	-363.9%
Announcement Date	8/6/20	11/10/20	2/9/21	5/12/21	8/5/21	11/10/21	2/9/22	5/12/22	8/10/22	11/10/22	2/10/23	5/12/23	8/8/23	11/10/23	2/9/24	5/10/24	8/7/24	11/7/24	2/10/25	5/12/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	503,076	507,687	527,478	493,399	573,956	494,189	478,849	508,536	482,050	514,100	501,100
Change	-	0.92%	3.9%	-6.46%	16.33%	-13.9%	-3.1%	6.2%	-5.21%	6.65%	-2.53%
EBITDA	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-
EBIT	18,399	23,012	18,574	16,979	29,593	13,632	14,501	-2,728	-	-	-
Change	-	25.07%	-19.29%	-8.59%	74.29%	-53.94%	6.37%	-118.81%	-	-	-
Charge d'intérêts	-	-1,486	-	-1,589	-	-4,912	-	-2,070	-	-	-
Earnings before Tax (EBT)	-	-16,522	89,778	25,611	-	15,391	-	4,207	-	-	-
Change	-	-	643.38%	-71.47%	-	-	-	-	-	-	-
Net income	9,716	-17,278	59,717	16,246	-	11,753	-	15	-	-	-
Change	-	-277.83%	445.62%	-72.8%	-	-	-	-	-	-	-
Announcement Date	2/9/21	8/5/21	2/9/22	8/10/22	2/10/23	8/8/23	2/9/24	8/7/24	2/10/25	-	-

¹JPY in Million

Estimates

Forecast Balance Sheet: Shiseido Company, Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	149,069	-25,411	178,152	176,296	264,681	199,793	170,575	147,596
Change	-	-117.05%	801.08%	-1.04%	50.13%	-24.52%	-14.62%	-13.47%
Announcement Date	2/9/21	2/9/22	2/10/23	2/9/24	2/10/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Shiseido Company, Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	79,914	96,693	66,204	55,675	50,708	54,280	55,072	55,920
Change	-	21%	-31.53%	-15.9%	-8.92%	7.04%	1.46%	1.54%
Free Cash Flow (FCF) ¹	-6,039	26,194	5,427	53,490	-2,305	58,983	41,672	47,011
Change	-	533.75%	-79.28%	885.63%	-104.31%	2,658.92%	-29.35%	12.81%
Announcement Date	2/9/21	2/9/22	2/10/23	2/9/24	2/10/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Shiseido Company, Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	8.95%	10.76%	9.59%	9.44%	8.4%	11.08%	13.45%	14.3%
EBIT Margin (%)	1.62%	4.02%	4.36%	2.89%	0.76%	3.02%	5.87%	6.88%
EBT Margin (%)	-0.22%	7.08%	4.72%	3.19%	-0.13%	1.81%	5.6%	6.79%
Net margin (%)	-1.27%	4.1%	3.2%	2.24%	-1.09%	1.11%	3.73%	4.59%
FCF margin (%)	-0.66%	2.53%	0.51%	5.5%	-0.23%	5.99%	4.11%	4.48%
FCF / Net Income (%)	51.79%	61.72%	15.87%	245.94%	21.32%	539.43%	110.17%	97.49%
Profitability
ROA	0.8%	3.76%	4.06%	2.42%	-0.84%	0.93%	3.09%	3.66%
ROE	-2.4%	8.2%	6%	3.6%	-1.73%	1.66%	6.04%	7.46%
Financial Health
Leverage (Debt/EBITDA)	1.81x	-	1.74x	1.92x	3.18x	1.83x	1.25x	0.98x
Debt / Free cash flow	-24.68x	-	32.83x	3.3x	-114.83x	3.39x	4.09x	3.14x
Capital Intensity
CAPEX / Current Assets (%)	8.68%	9.34%	6.2%	5.72%	5.12%	5.51%	5.43%	5.32%
CAPEX / EBITDA (%)	96.97%	86.77%	64.67%	60.64%	60.92%	49.74%	40.34%	37.23%
CAPEX / FCF (%)	-1,323.3%	369.14%	1,219.9%	104.08%	-2,199.91%	92.03%	132.16%	118.95%
Items per share
Cash flow per share ¹	122	263.9	275.1	243.3	121.1	278.3	304	340.3
Change	-	116.36%	4.25%	-11.55%	-50.22%	129.72%	9.24%	11.97%
Dividend per Share ¹	40	50	100	60	40	40	47.54	53.08
Change	-	25%	100%	-40%	-33.33%	0%	18.85%	11.66%
Book Value Per Share ¹	1,212	1,364	1,512	1,548	1,583	1,571	1,616	1,699
Change	-	12.53%	10.85%	2.37%	2.28%	-0.76%	2.85%	5.11%
EPS ¹	-29.19	106.2	85.6	54.43	-27.06	27.37	94.69	120.7
Change	-	463.96%	-19.43%	-36.41%	-149.72%	201.13%	246%	27.51%
Nbr of stocks (in thousands)	399,463	399,488	399,548	399,650	399,423	399,426	399,426	399,426
Announcement Date	2/9/21	2/9/22	2/10/23	2/9/24	2/10/25	-	-	-