Lebledor F&B Co., Ltd. (7757.TWO)

Industry: Restaurants Sector: Consumer Cyclical Currency Used: TW Live Price: $114.50

Enterprise Value

Metric	2024	2023
Stock Price	183.75	332.00
Market Capitalization	4,028.15M	7,312.87M
(-) Cash & Equivalents	167.42M	282.42M
(+) Total Debt	423.48M	451.19M
Enterprise Value	4,284.21M	7,481.64M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	4,305M	—	2,204M	1,947M	1,498M	1,303M
Cost of Revenue	2,009M	—	986M	863M	676M	608M
Gross Profit	2,296M	—	1,218M	1,084M	822M	696M
Gross Profit Margin	53.3%	—	55.3%	55.7%	54.9%	53.4%
R&D Expenses	8M	—	3M	3M	3M	3M
SG&A Expenses	1,602M	—	943M	802M	677M	458M
Operating Expenses	1,771M	—	946M	805M	680M	674M
Operating Income (EBIT)	525M	—	272M	279M	142M	22M
Operating Income Margin	12.2%	—	12.4%	14.3%	9.5%	1.7%
Interest Income	0M	—	2M	2M	1M	0M
Interest Expense	7M	—	7M	8M	10M	11M
Net Interest Income	-7M	—	-5M	-6M	-9M	-11M
Unusual Items	12M	—	7M	18M	13M	35M
EBT Excluding Unusual Items	518M	—	267M	273M	133M	11M
Pre-Tax Income	529M	—	274M	292M	146M	45M
Pre-Tax Margin	12.3%	—	12.4%	15.0%	9.7%	3.5%
Income Tax Expense	96M	—	53M	60M	24M	9M
Net Income	430M	—	219M	231M	123M	27M
Net Income Margin	10.0%	—	10.0%	11.9%	8.2%	2.0%
Depreciation & Amortization	359M	—	209M	85M	199M	211M
EBITDA	884M	—	481M	364M	341M	232M
EBITDA Margin	20.5%	—	21.8%	18.7%	22.7%	17.8%
NOPAT	430M	—	220M	221M	119M	17M
NOPAT Margin	10.0%	—	10.0%	11.4%	7.9%	1.3%
Owner's Earnings	547M	—	264M	221M	279M	24M
Owner's Earnings Margin	12.7%	—	12.0%	11.3%	18.7%	1.9%
EPS (Basic)	19.64	—	10.01	10.49	5.62	1.22
EPS (Diluted)	19.58	—	10.00	10.49	5.61	1.22
Shares (Basic)	22M	—	22M	22M	22M	22M
Shares (Diluted)	22M	—	22M	22M	22M	22M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Cash & Cash Equivalents	318.02M	240.83M	240.83M	268.24M	267.33M	278.24M
Short-Term Investments	20.30M	17.86M	17.86M	39.89M	18.45M	19.90M
Cash & Short-Term Investments	338.32M	258.69M	258.69M	308.13M	285.78M	298.14M
Net Receivables	161.41M	167.55M	167.55M	166.57M	157.95M	164.51M
Inventory	76.53M	87.00M	87.00M	80.51M	72.93M	70.65M
Other Current Assets	0.36M	0.96M	0.96M	0.63M	48.81M	44.51M
Total Current Assets	576.63M	514.19M	514.19M	555.84M	565.47M	577.81M
Property, Plant & Equipment	1,057.19M	1,022.67M	1,022.67M	963.04M	925.33M	999.23M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	3.26M	3.43M	3.43M	0.37M	0.36M	0.79M
Long-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	7.43M	12.36M	12.36M	0.00M	28.50M	29.36M
Other Non-Current Assets	26.83M	37.42M	37.42M	48.66M	39.19M	24.63M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	1,094.71M	1,075.88M	1,075.88M	1,012.07M	993.39M	1,054.00M
Total Assets	1,671.34M	1,590.07M	1,590.07M	1,567.90M	1,558.86M	1,631.81M
Accounts Payable	82.72M	108.95M	108.95M	92.48M	84.70M	75.82M
Short-Term Debt	25.15M	15.84M	15.84M	41.39M	92.12M	166.09M
Tax Payables	25.77M	29.80M	29.80M	36.17M	28.85M	15.11M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	216.02M	206.33M
Other Current Liabilities	42.15M	228.81M	228.81M	67.20M	74.83M	71.23M
Total Current Liabilities	175.79M	383.39M	383.39M	237.23M	496.51M	534.59M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	159.03M	218.12M
Capital Lease Obligations	415.52M	377.75M	377.75M	392.62M	357.38M	387.24M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	0.07M	1.09M	0.01M
Other Non-Current Liabilities	18.19M	17.40M	17.40M	14.12M	1.51M	0.43M
Total Non-Current Liabilities	433.71M	395.15M	395.15M	406.81M	519.02M	605.80M
Total Liabilities	609.50M	778.54M	778.54M	644.04M	1,015.52M	1,140.38M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	1.58M	1.72M
Common Stock	219.18M	219.18M	219.18M	219.18M	219.18M	219.18M
Retained Earnings	128.95M	265.90M	265.90M	255.89M	124.78M	27.72M
Accumulated OCI	0.00M	0.00M	-1.01M	-1.14M	-1.58M	-1.72M
Minority Interest	20.99M	20.40M	20.40M	13.50M	-0.46M	0.05M
Total Shareholders’ Equity	348.13M	485.08M	484.07M	473.93M	343.96M	246.90M
Total Equity	369.12M	505.47M	504.46M	487.43M	343.49M	246.95M
Total Liabilities & Equity	978.61M	1,284.01M	1,283.00M	1,131.47M	1,359.02M	1,387.33M
Tangible Assets	1,668.08M	1,586.64M	1,586.64M	1,567.54M	1,558.49M	1,631.02M
Tangible Equity	365.86M	502.04M	501.03M	487.06M	343.13M	246.16M
Tangible Book Value	365.86M	502.04M	501.03M	487.06M	343.13M	246.16M
Total Investments	20.30M	17.86M	17.86M	39.89M	18.45M	19.90M
Net Debt	-292.87M	-224.99M	-224.99M	-226.85M	-16.19M	105.98M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Working Capital	-11.6M	92.9M	92.9M	104.0M	73.0M	28.4M
Total Capital	1,155.7M	1,219.1M	1,219.1M	1,222.4M	1,254.6M	1,350.0M
Capital Employed	1,083.1M	1,168.8M	1,168.8M	1,116.0M	1,066.4M	1,082.4M
Invested Capital	837.7M	978.3M	978.3M	954.1M	987.2M	1,071.8M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Net Income	444.40M	—	274.14M	291.67M	145.81M	45.42M
Depreciation & Amortization	416.18M	—	208.93M	204.91M	198.85M	210.67M
Deferred Income Tax	0.00M	—	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	—	0.00M	0.00M	0.00M	10.69M
Change in Working Capital	89.21M	—	1.89M	70.04M	-0.92M	-7.93M
Accounts Receivable	-41.64M	—	-0.43M	-8.90M	6.29M	-10.05M
Inventory	-3.11M	—	-6.49M	-7.59M	-2.28M	-1.00M
Accounts Payable	21.31M	—	0.00M	0.00M	0.00M	0.00M
Other Working Capital	112.64M	—	8.81M	86.53M	-11.28M	-13.75M
Other Non-Cash Items	-113.04M	—	-58.20M	-39.86M	8.82M	10.72M
Net Cash from Operating Activities	836.74M	—	426.76M	526.77M	335.72M	250.32M
Capital Expenditures (PPE)	-244.55M	—	-160.49M	-95.94M	-42.75M	-212.95M
Acquisitions (Net)	13.77M	—	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-30.17M	—	0.00M	-21.44M	0.00M	0.00M
Sales / Maturities of Investments	-6.73M	—	22.03M	0.00M	1.45M	0.00M
Other Investing Activities	35.12M	—	-4.96M	-5.37M	-0.59M	-1.33M
Net Cash from Investing Activities	-232.57M	—	-143.42M	-122.74M	-40.48M	-199.91M
Net Debt Issuance	-90.68M	—	-25.00M	-211.14M	-180.15M	-35.39M
Long-Term Debt Issuance	-106.90M	—	-108.93M	-168.53M	-61.28M	-35.39M
Short-Term Debt Issuance	16.22M	—	-25.00M	-42.61M	-71.79M	0.00M
Net Stock Issuance	3.91M	—	3.91M	0.00M	0.00M	47.47M
Common Stock Issuance	3.91M	—	3.91M	0.00M	0.00M	47.47M
Common Stock Repurchased	0.00M	—	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	—	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-273.98M	—	-186.30M	-87.67M	-54.80M	-44.74M
Common Dividends Paid	-273.98M	—	-186.30M	-87.67M	-54.80M	-44.74M
Preferred Dividends Paid	0.00M	—	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-201.53M	—	-103.52M	-105.05M	-71.79M	-7.49M
Net Cash from Financing Activities	-562.27M	—	-310.91M	-403.86M	-306.73M	-40.16M
Effect of FX on Cash	-0.08M	—	0.16M	0.74M	0.59M	-0.51M
Net Change in Cash	7.91M	—	-27.41M	0.90M	-10.90M	9.74M
Cash at Beginning of Period	629.03M	—	268.24M	267.33M	278.24M	268.49M
Cash at End of Period	749.86M	—	240.83M	268.24M	267.33M	278.24M
Operating Cash Flow	946.05M	—	426.76M	526.77M	335.72M	250.32M
Capital Expenditure	-242.32M	—	-164.61M	-95.94M	-42.75M	-212.95M
Free Cash Flow	703.73M	—	262.15M	430.83M	292.97M	37.37M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31
EBITDA	1,045.15M	—	481.42M	364.39M	340.64M	445.32M
(-) Tax Adjustment	189.57M	—	93.48M	75.19M	55.27M	92.13M
(-) Change In Working Capital	89.21M	—	1.89M	70.04M	-0.92M	-7.93M
(-) Capital Expenditure	-242.32M	—	-164.61M	-95.94M	-42.75M	-212.95M
Unlevered Free Cash Flow	524.05M	—	221.45M	123.22M	243.55M	148.16M
(-) Net Interest Income After Taxes	-5.79M	—	-4.36M	-4.53M	-7.39M	-8.67M
Net Debt Issuance	-90.68M	—	-25.00M	-211.14M	-180.15M	-35.39M
Levered Free Cash Flow	439.16M	—	200.81M	-83.40M	70.79M	121.44M