2. ABC-MART, INC.
Capital 3,482 million yen
President and Executive Officer Minoru Noguchi
Number of Employees 5,245 (Part-time employees 2,454 included)
Description of Business
Retailing of products, such as shoes, clothing and general
merchandise, product development, import of goods from all
over the world, licensing business for various brands.
Number of Stores
Hokkaido 27, Tohoku 41, Tokyo 97, other Kanto 204, Chubu 96,
Kansai 102, Chugoku&Shikoku 51, Kyushu&Okinawa 82, total 700
Subsidiaries ：ABC-MART KOREA,INC. ABC-MART TAIWAN,INC.
LaCrosse Footwear,Inc.
3. History
1985 Kokusai Boeki Shoji inc.
1986 Agency contract with G.T.Hawkins limited for exclusive rights
1990 ABC-Mart Ltd.is established
1991 Agency contract with Vans, Inc. for exclusive sales
2000 Initial public offering on JASDAQ
2002 ITC absorbed ABC-Mart Co., Ltd. and changed its name to ABC-Mart Inc.
・ABC-MART, Inc. was listed on first section of the Tokyo Stock Exchange
・Subsidiary company ABC-Mart Korea Inc. was established in South Korea
2005 Ladies brand Nuovo collection developed
2008 Mega Stage, the Company’s first large size general shop
handling apparel and other goods as a tenant store, is opened
2012 ABC-Mart GrandStage IKEBUKURO and
ABC-Mart GrandStage DiverCity TOKYO Plaza is
opened
4. Management Strategy
SHOP
PRODUCT
• Catch and adapt market needs.
• Business expansion depends on
local market.
• Global network
• Grow up house brand
MANAGEMENT
• Effective logistics system
• Building up high
MAN POWER
• Focus on the store
• Leadership and team work
6. Major Players in Japanese Market
ABCMart
11%
There are 12,000 shoe
stores in Japan (2007).
Their average annual sales
is JPY56million.
SMEs are disappearing
affected by the large scale
store and internet
shopping.
No
1
2
3
4
CHIYODA
12%
G Foot
7%
others
70%
Name
ABCMart
CHIYODA
G Foot
ot hers
Tot al revenue
140,761
154,086
92,136
924,517
Total
1,311,500
7. Operating
income ratio(%)
Advantage Matrix Analysis
ABC Mart
Himiko
Regal
Pal
CHIYODA
Delica
G Foot
Revenue(JPY.mil))
ABC Mart is the only company
succeeded in Specialized Business.
These businesses gain benefits from both economies of scale and differentiation
(often characterized by experience effects in their own, differentiated, segment)
8. Comparable Analysis
EBITA Multiple
Ratio(Times)
ABC Mart is on the average level
of similar companies.
EBITA Comparable Analysis = Corporate Value(Total stock value + Net Debt)
/EBITA (Operating Profit + Depreciation)
11. Sales by segments
160,000
Revenue [million yen] & # of shops
900
120,000
100,000
80,000
60,000
40,000
20,000
700
600
500
400
300
200
100
Total number of shops
2012
2011
2010
2009
2008
2012
2007
2011
Ladies
Sandal
2006
2010
2005
2009
Leather casual
Kids
2004
2008
2003
2007
2002
0
0
Sports
Business
Others
800
2001
Revenue [million yen]
140,000
Revenue per a shop
Each segment has kept the stable growth. In contrast, Revenue per a
shop has been decreasing in this ten years because of rapid growth in
diversified channel such as shopping center and road side.
For more expansion, the key is oversea demands.
12. SWOT analysis
Strengths
Opportunities
1. No. 1 share
2. Strong name brand
3. Collaboration with a
lot of strong national
brands
1. Dance booming
2. Running booming
3. Oversea demands
1. No private brand
2. Weak channel on
Internet
3. No fashionable
1. Ecommerce
company penetration
2. Aging society
3. Decrease of the
expense to shoes
Weaknesses
Threats
13. Set scenarios (2013 to 2015)
Optimistic
Take an opportunity to
expand oversea growth
and domestic market is
Opportunity
growing more because of
the acquisition of dance
and running demands
Moderate
Pessimistic
Expand oversea
Grow in oversea, but
business and
domestic market is
domestic is shrink
sustainable growth
Japan market is shrink
Japan market is
stable but no
and growth
E-commerce
expansion
E-commerce
Risk
penetration and
penetration and try
takeover customers to
to develop own EAmazon and ZOZO
commerce site
Expand oversea
Expand oversea
business and shift to ebusiness and shift
Focus on oversea
shop targeted youngers
to e-shop as well
Strategy
market and keep shop
as well as shop business
as shop business
model
to continue acquiring the
to keep the market
market share
share
14. Cash flow projection
30,000
Net income [million yen]
25,000
20,000
15,000
10,000
5,000
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Pessimistic
Optimistic
Moderate
Optimistic
Moderate
Total revenue CAGR 15.3% Total revenue CAGR 9.3%
Revenue Domestic growth 9.7%
Domestic growth 0.6%
Oversea growth 32.3%
Oversea growth 32.3%
Net income Net income CAGR 15.3%
Net Income CAGR 7.8%
Pessimistic
Total revenue CAGR 0.0%
Domestic growth -5.1%
Oversea growth 26.5%
Net income CAGR 0.0%
15.
16.
17. Valuation
DCF法による評価
（
単位：
億円）
2010/2
Act
ual
Sal
es
1,
135
2011/2
Act
ual
2012/2
Act
ual
490
43.
2%
645
56.
8%
403
35.
5%
242
21.
3%
1,
274
12.
2%
531
41.
7%
743
58.
3%
474
37.
2%
269
21.
1%
1,
408
10.
5%
597
42.
4%
811
57.
6%
539
38.
3%
272
19.
3%
Tax
111
123
114
N O PAT
Depreciation(+)
のれんの償却(+)
CAPEX(-)
Working Capital(-)
持分法投資損益(
+)
FC F
131
19
145
22
159
26
2013/2
For
ecast
2014/2
For
ecast
2015/2
For
ecast
2016/2
For
ecast
2017/2
For
ecast
Terminal
Value
-100.
0%
#DI
V/0!
1,
940
#DI
V/0!
Gr
oss i
ncom e
％ of Sales
selng and adm i st aton cost
l
i
ni r i
％ of Sales
O per i i
atng ncom e
％ of Sales
【
営業利益調整項目】
● ●
● ●
調整後営業利益
1,
940
7.
6%
0.
0%
0.
0%
0.
0%
#DI
V/0!
#DI
V/0!
0.
0%
0.
0%
0.
0%
0.
0%
#DI
V/0!
#DI
V/0!
0.
0%
0.
0%
333
20.
5%
0.
0%
365
20.
2%
0.
0%
389
20.
1%
#DI
V/0!
#DI
V/0!
#DI
V/0!
#DI
V/0!
0.
0%
389
20.
1%
365
389
0
0
135
41%
198
35
149
41%
216
45
158
41%
231
50
0
41%
0
0
41%
0
▲ 75
▲ 20
▲ 75
▲ 20
148
％ of Sales
1,
803
11.
0%
▲ 65
▲ 20
Cost of sal
es
1,
625
15.
4%
333
％ 成長率
166
186
389
158
41%
231
75 横置き
▲ 75 仮置き
FCF割引現在価値
事業価値合計）
FCF現在価値合計（
4,502
非事業用資産
繰越欠損金の節税効果
企業価値
12/2期実績
4,502
有利子負債
83
83
少数株主持分
▲ 0.2
▲ 0
未積立退職給付債務
その他
株式価値
4,419
75,294,000株
発行済株式総数（
自己株控除後）
一株当たり
株式価値
5,870円
4.74%
4.74%
0%
割引係数
1.00
0.95
2.00
0.91
3.00
0.87
141
152
162
0
231
NOPAT
割引率
WACC
永久成長率
0
231
Ter i Val
m nal
ue
4.00
0.83
1.00
4,871
4.00
0.83
0
0
4,048
