Japan Tobacco is the third-largest tobacco company globally. It owns a rich brand portfolio including Winston (non-US), Camel (non-US), and Mevius, and holds leading shares in many core markets including Japan, Russia, and the UK. It has added Logic as a vaping brand and Ploom heated tobacco lines into its reduced-risk-product portfolio. The tobacco business contributes 90% of group sales and nearly all profits, with more than half generated by the overseas tobacco operations. JTI was created through the acquisition of R.J. Reynolds' non-US operations in 1999 and further expanded through multiple acquisitions, of which the purchase of Gallaher in 2007 was the most notable, doubling JTI's sales. Pharmaceutical and processed food operations are the other businesses.

Financial Strength

4/10

Name	Current	Vs Industry
Cash-To-Debt	0.96
Equity-to-Asset	0.53
Debt-to-Equity	0.3
Debt-to-EBITDA	1.27
Interest Coverage	6.97
Piotroski F-Score	3/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	2.87	Distress Grey Safe
Beneish M-Score	-2.43	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

9/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	10.7
	3-Year EBITDA Growth Rate	10.7
	3-Year EPS without NRI Growth Rate	15.8
	3-Year FCF Growth Rate	2.7
	3-Year Book Growth Rate	14.9
	Future 3-5Y EPS without NRI Growth Rate	0.54
	Future 3-5Y Total Revenue Growth Rate	3.83

Momentum Rank

6/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	77.87
	9-Day RSI	71.71
	14-Day RSI	68.85
	6-1 Month Momentum %	11.41
	12-1 Month Momentum %	38.23

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	1.69
	Quick Ratio	1.26
	Cash Ratio	0.57
	Days Inventory	227.99
	Days Sales Outstanding	67.27
	Days Payable	153.29

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	4.57
	Dividend Payout Ratio	0.71
	3-Year Dividend Growth Rate	8
	Forward Dividend Yield %	4.57
	5-Year Yield-on-Cost %	5.92
	Shareholder Yield %	3.46

Profitability Rank

8/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	56.85
	Operating Margin %	23.37
	Net Margin %	16.98
	FCF Margin %	15.69
	ROE %	12.92
	ROA %	7.04
	ROIC %	9.66
	ROC (Joel Greenblatt) %	55.18
	ROCE %	13.66
	Years of Profitability over Past 10-Year	10

GF Value Rank

3/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	15.7
	Forward PE Ratio	15.24
	PE Ratio without NRI	15.7
	Shiller PE Ratio	17.31
	Price-to-Owner-Earnings	15.72
	PEG Ratio	2.85
	PS Ratio	2.66
	PB Ratio	1.98
	Price-to-Tangible-Book	7.52
	Price-to-Free-Cash-Flow	16.99
	Price-to-Operating-Cash-Flow	13.35
	EV-to-EBIT	10.63
	EV-to-Forward-EBIT	11.94
	EV-to-EBITDA	8.49
	EV-to-Forward-EBITDA	9.35
	EV-to-Revenue	2.68
	EV-to-Forward-Revenue	2.71
	EV-to-FCF	16.73
	Price-to-Projected-FCF	1.06
	Price-to-Median-PS-Value	1.14
	Price-to-Peter-Lynch-Fair-Value	2.62
	Price-to-Graham-Number	2.29
	Earnings Yield (Greenblatt) %	9.42
	FCF Yield %	5.88
	Forward Rate of Return (Yacktman) %	11.46

GF Value: 円2958.89

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