Jing-Jan Retail Business Co., Ltd. (2942.TWO)

Industry: Department Stores Sector: Consumer Cyclical Currency Used: TW Live Price: $30.30

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Stock Price	40.35	44.95	35.73	44.28	48.10	56.30	47.00	45.31	45.31
Market Capitalization	2,421.00M	2,696.64M	2,153.11M	2,656.50M	2,886.00M	3,378.00M	2,832.53M	2,748.05M	2,748.60M
(-) Cash & Equivalents	642.62M	870.62M	675.22M	1,199.42M	794.39M	0.00M	0.00M	0.00M	0.00M
(+) Total Debt	3,215.44M	4,184.31M	2,319.28M	5,263.04M	4,057.12M	0.00M	0.00M	0.00M	0.00M
Enterprise Value	4,993.82M	6,010.33M	3,797.17M	6,720.12M	6,148.72M	3,378.00M	2,832.53M	2,748.05M	2,748.60M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31
Revenue	2,706M	2,090M	1,339M	1,391M	1,230M	1,105M	1,362M	1,391M	1,413M	1,367M	1,348M	1,342M	1,284M
Cost of Revenue	1,285M	1,059M	636M	643M	609M	613M	662M	641M	193M	158M	142M	135M	119M
Gross Profit	1,421M	1,031M	703M	748M	621M	493M	700M	750M	1,220M	1,209M	1,205M	1,207M	1,165M
Gross Profit Margin	52.5%	49.3%	52.5%	53.8%	50.5%	44.6%	51.4%	53.9%	86.3%	88.4%	89.4%	89.9%	90.7%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	808M	768M	409M	411M	399M	363M	426M	397M	378M	884M	950M	1,034M	1,023M
Operating Expenses	811M	768M	409M	414M	399M	363M	427M	750M	705M	1,209M	1,205M	1,207M	1,165M
Operating Income (EBIT)	610M	263M	294M	334M	222M	130M	273M	0M	515M	0M	0M	0M	0M
Operating Income Margin	22.5%	12.6%	22.0%	24.0%	18.1%	11.8%	20.0%	0.0%	36.5%	0.0%	0.0%	0.0%	0.0%
Interest Income	14M	2M	5M	13M	2M	0M	1M	6M	0M	0M	0M	0M	0M
Interest Expense	185M	178M	92M	113M	119M	119M	108M	115M	25M	29M	29M	22M	31M
Net Interest Income	-171M	-176M	-87M	-101M	-117M	-119M	-107M	-109M	-25M	-29M	-29M	-22M	-31M
Unusual Items	60M	155M	30M	29M	32M	53M	86M	405M	-118M	352M	305M	233M	225M
EBT Excluding Unusual Items	439M	86M	207M	233M	105M	11M	166M	-109M	491M	-29M	-29M	-22M	-31M
Pre-Tax Income	499M	241M	237M	262M	137M	64M	252M	296M	373M	323M	276M	210M	193M
Pre-Tax Margin	18.4%	11.5%	17.7%	18.9%	11.2%	5.8%	18.5%	21.3%	26.4%	23.6%	20.5%	15.7%	15.0%
Income Tax Expense	99M	54M	47M	52M	25M	8M	49M	61M	84M	53M	48M	35M	23M
Net Income	400M	240M	190M	211M	112M	56M	203M	236M	289M	270M	228M	175M	171M
Net Income Margin	14.8%	11.5%	14.2%	15.1%	9.1%	5.1%	14.9%	17.0%	20.4%	19.8%	16.9%	13.1%	13.3%
Depreciation & Amortization	410M	849M	537M	539M	535M	535M	542M	0M	39M	39M	38M	118M	120M
EBITDA	1,019M	1,112M	832M	872M	757M	665M	815M	0M	554M	39M	38M	118M	120M
EBITDA Margin	37.7%	53.2%	62.1%	62.7%	61.6%	60.2%	59.9%	0.0%	39.2%	2.9%	2.8%	8.8%	9.4%
NOPAT	489M	204M	236M	268M	181M	114M	220M	0M	399M	0M	0M	0M	0M
NOPAT Margin	18.1%	9.7%	17.6%	19.3%	14.7%	10.3%	16.2%	0.0%	28.2%	0.0%	0.0%	0.0%	0.0%
Owner's Earnings	749M	1,060M	698M	724M	610M	569M	-1,368M	236M	328M	309M	266M	293M	291M
Owner's Earnings Margin	27.7%	50.7%	52.1%	52.1%	49.6%	51.5%	-100.5%	17.0%	23.2%	22.6%	19.8%	21.8%	22.7%
EPS (Basic)	6.67	4.01	3.16	3.51	1.86	0.93	3.39	3.93	4.81	4.51	3.80	2.92	2.84
EPS (Diluted)	6.64	3.99	3.15	3.49	1.86	0.93	3.37	3.92	4.79	4.46	3.76	2.89	2.84
Shares (Basic)	60M	60M	60M	60M	60M	60M	60M	60M	60M	60M	60M	60M	60M
Shares (Diluted)	60M	60M	60M	60M	60M	60M	60M	60M	60M	61M	61M	61M	60M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Cash & Cash Equivalents	425.62M	655.87M	655.87M	1,150.47M	1,350.43M	1,246.17M	1,059.19M	0.00M
Short-Term Investments	54.23M	56.21M	56.21M	62.95M	55.76M	108.47M	89.92M	0.00M
Cash & Short-Term Investments	479.85M	712.08M	712.08M	1,213.41M	1,406.20M	1,354.63M	1,149.11M	0.00M
Net Receivables	50.14M	35.12M	35.12M	75.24M	56.09M	57.79M	43.97M	31.95M
Inventory	15.30M	20.81M	20.81M	18.89M	18.18M	19.43M	19.31M	0.00M
Other Current Assets	0.03M	0.29M	0.29M	0.23M	0.07M	0.01M	0.00M	-40.62M
Total Current Assets	545.32M	768.29M	768.29M	1,307.78M	1,480.54M	1,431.86M	1,212.40M	-8.67M
Property, Plant & Equipment	3,881.02M	4,137.04M	4,137.04M	4,585.63M	4,920.46M	5,436.23M	5,927.16M	0.00M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	5.99M	6.13M	6.13M	13.79M	11.46M	13.37M	19.58M	0.00M
Long-Term Investments	427.44M	430.47M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	7.35M	5.47M	5.47M	4.39M	3.98M	3.03M	4.09M	0.00M
Other Non-Current Assets	6.71M	6.56M	437.03M	443.05M	449.24M	455.64M	461.79M	0.00M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	4,328.50M	4,585.67M	4,585.67M	5,046.86M	5,385.14M	5,908.26M	6,412.61M	0.00M
Total Assets	4,873.82M	5,353.96M	5,353.96M	6,354.63M	6,865.68M	7,340.12M	7,625.01M	-8.67M
Accounts Payable	474.51M	748.96M	748.96M	865.42M	873.73M	837.24M	788.19M	742.13M
Short-Term Debt	459.39M	453.52M	0.00M	162.82M	188.17M	399.44M	34.46M	0.00M
Tax Payables	26.76M	21.83M	21.83M	51.05M	27.08M	7.94M	20.06M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	104.77M	0.00M	115.92M	0.00M	0.00M
Other Current Liabilities	-335.26M	-156.59M	296.93M	101.28M	191.98M	108.03M	229.64M	-1,240.55M
Total Current Liabilities	625.39M	1,067.72M	1,067.72M	1,285.33M	1,280.96M	1,468.56M	1,072.35M	-498.42M
Long-Term Debt	755.02M	796.60M	796.60M	1,140.22M	1,528.25M	1,475.66M	1,642.94M	0.00M
Capital Lease Obligations	2,022.51M	2,247.82M	2,247.82M	2,656.84M	2,922.13M	3,339.13M	3,732.08M	0.00M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	21.89M	21.68M	21.68M	19.03M	20.45M	22.73M	21.41M	24.42M
Total Non-Current Liabilities	2,799.43M	3,066.09M	3,066.09M	3,816.09M	4,470.84M	4,837.52M	5,396.44M	24.42M
Total Liabilities	3,424.82M	4,133.82M	4,133.82M	5,101.42M	5,751.80M	6,306.08M	6,468.79M	-473.99M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	600.00M	600.00M	600.00M	600.00M	600.00M	600.00M	600.00M	0.00M
Retained Earnings	344.13M	357.71M	357.71M	528.29M	241.57M	185.21M	343.95M	0.00M
Accumulated OCI	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	944.13M	957.71M	957.71M	1,128.29M	841.57M	785.21M	943.95M	0.00M
Total Equity	944.13M	957.71M	957.71M	1,128.29M	841.57M	785.21M	943.95M	0.00M
Total Liabilities & Equity	4,368.95M	5,091.53M	5,091.53M	6,229.71M	6,593.37M	7,091.29M	7,412.74M	-473.99M
Tangible Assets	4,867.83M	5,347.83M	5,347.83M	6,340.85M	6,854.22M	7,326.75M	7,605.43M	-8.67M
Tangible Equity	938.14M	951.58M	951.58M	1,114.51M	830.11M	771.84M	924.37M	0.00M
Tangible Book Value	938.14M	951.58M	951.58M	1,114.51M	830.11M	771.84M	924.37M	0.00M
Total Investments	481.67M	486.67M	56.21M	62.95M	55.76M	108.47M	89.92M	0.00M
Net Debt	788.79M	594.24M	140.72M	152.58M	366.00M	628.93M	618.21M	0.00M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Working Capital	-752.6M	-744.2M	-744.2M	-475.7M	-244.0M	-476.6M	-267.0M	0.0M
Total Capital	4,013.4M	4,273.3M	4,273.3M	5,148.6M	5,716.9M	6,230.6M	6,564.3M	0.0M
Capital Employed	3,575.9M	3,841.5M	3,841.5M	4,571.1M	5,141.1M	5,431.6M	6,145.7M	0.0M
Invested Capital	3,587.7M	3,617.5M	3,617.5M	3,998.1M	4,366.5M	4,984.5M	5,505.1M	0.0M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Net Income	400.40M	218.35M	237.15M	210.56M	111.76M	55.98M	203.21M	0.00M
Depreciation & Amortization	1,074.66M	937.08M	537.17M	538.50M	535.01M	535.15M	542.12M	0.00M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	3.68M	0.00M	2.18M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	437.72M	61.75M	-66.98M	2.24M	45.42M	54.48M	-0.57M	0.00M
Accounts Receivable	-20.50M	9.78M	40.19M	-22.36M	-0.72M	-13.85M	-9.55M	0.00M
Inventory	1.07M	2.48M	-1.90M	-0.57M	1.24M	0.76M	10.62M	0.00M
Accounts Payable	466.17M	-199.35M	0.00M	-8.31M	36.49M	49.05M	46.06M	0.00M
Other Working Capital	-9.01M	-4.23M	-105.27M	33.48M	8.40M	18.52M	-47.71M	0.00M
Other Non-Cash Items	-454.51M	42.05M	-71.83M	33.20M	28.11M	-8.05M	-1.91M	0.00M
Net Cash from Operating Activities	1,461.95M	1,124.43M	637.68M	784.50M	720.30M	637.56M	742.85M	0.00M
Capital Expenditures (PPE)	-61.74M	-28.96M	-28.20M	-24.64M	-36.90M	-21.99M	-2,113.64M	0.00M
Acquisitions (Net)	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	3.98M	0.00M
Purchases of Investments	0.00M	-18.59M	0.00M	-7.07M	0.00M	-18.59M	-455.07M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	1.87M	0.00M	52.53M	0.00M	155.67M	0.00M
Other Investing Activities	345.96M	-360.53M	-0.74M	0.01M	0.21M	-0.03M	-1.09M	0.00M
Net Cash from Investing Activities	284.22M	-408.08M	-27.07M	-31.69M	15.84M	-40.60M	-2,410.14M	0.00M
Net Debt Issuance	-1,015.01M	194.70M	-512.50M	-419.70M	-157.50M	194.70M	1,247.67M	-120.00M
Long-Term Debt Issuance	-1,015.01M	0.30M	-512.50M	-419.70M	36.90M	0.30M	1,677.41M	-120.00M
Short-Term Debt Issuance	0.00M	194.40M	0.00M	0.00M	-194.40M	194.40M	-429.74M	0.00M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-252.00M	-219.30M	-151.80M	-100.20M	-49.80M	-194.40M	-211.80M	0.00M
Common Dividends Paid	-252.00M	-219.30M	-151.80M	-100.20M	-49.80M	-194.40M	-211.80M	-213.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-658.31M	-1,830.45M	-440.90M	-432.87M	-424.57M	-410.28M	-3.01M	120.00M
Net Cash from Financing Activities	-1,925.31M	-1,132.51M	-1,105.20M	-952.77M	-631.87M	-409.98M	1,032.86M	0.00M
Effect of FX on Cash	5.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	-174.10M	-130.58M	-494.60M	-199.97M	104.27M	186.97M	-634.44M	0.00M
Cash at Beginning of Period	3,265.34M	4,615.13M	1,150.47M	1,350.43M	1,246.17M	1,059.19M	1,693.63M	0.00M
Cash at End of Period	3,037.01M	4,484.55M	655.87M	1,150.47M	1,350.43M	1,246.17M	1,059.19M	0.00M
Operating Cash Flow	1,461.95M	1,124.43M	637.68M	784.50M	720.30M	637.56M	742.85M	0.00M
Capital Expenditure	-61.42M	-28.96M	-28.90M	-24.64M	-36.90M	-21.99M	-2,113.64M	0.00M
Free Cash Flow	1,400.53M	1,095.47M	608.77M	759.86M	683.40M	615.57M	-1,370.79M	0.00M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
EBITDA	1,022.70M	1,016.73M	831.57M	875.60M	757.13M	665.11M	816.17M	353.09M
(-) Tax Adjustment	202.12M	182.78M	165.97M	172.67M	140.29M	84.00M	157.78M	72.21M
(-) Change In Working Capital	437.72M	61.75M	-66.98M	2.24M	45.42M	54.48M	-0.57M	0.00M
(-) Capital Expenditure	-61.42M	-28.96M	-28.90M	-24.64M	-36.90M	-21.99M	-2,113.64M	0.00M
Unlevered Free Cash Flow	321.45M	743.24M	703.67M	676.05M	534.52M	504.64M	-1,454.67M	280.88M
(-) Net Interest Income After Taxes	-137.38M	-97.30M	-69.73M	-80.74M	-95.40M	-103.67M	-86.00M	-86.65M
Net Debt Issuance	-1,015.01M	194.70M	-512.50M	-419.70M	-157.50M	194.70M	1,247.67M	-120.00M
Levered Free Cash Flow	-556.17M	1,035.24M	260.91M	337.09M	472.42M	803.00M	-121.00M	247.53M