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Snow Peak, Inc. / 7816 R Snow Peak, Inc. / 7816 COVERAGE INITIATED ON: 2017.01.30 LAST UPDATE: 2020.07.14 Shared Research Inc. has produced this report by request from the company discussed in the report. The aim is to provide an “owner’s manual” to investors. We at Shared Research Inc. make every effort to provide an accurate, objective, and neutral analysis. In order to highlight any biases, we clearly attribute our data and findings. We will always present opinions from company management as such. Our views are ours where stated. We do not try to convince or influence, only inform. We appreciate your suggestions and feedback. Write to us at [email protected] or find us on Bloomberg. Research Coverage Report by Shared Research Inc. Snow Peak , Inc. / 7816 R LAST UPDATE: 2020.07.14 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Coverage INDEX How to read a Shared Research report: This report begins with the trends and outlook section, which discusses the company’s most recent earnings. First-time readers should start at the business section later in the report. Executive Summary ----------------------------------------------------------------------------------------------------------------------------------- 3 Key financial data ------------------------------------------------------------------------------------------------------------------------------------- 4 Recent updates ---------------------------------------------------------------------------------------------------------------------------------------- 5 Highlights ------------------------------------------------------------------------------------------------------------------------------------------------------------5 Trends and outlook -----------------------------------------------------------------------------------------------------------------------------------------------7 Business ------------------------------------------------------------------------------------------------------------------------------------------------ 19 Description -------------------------------------------------------------------------------------------------------------------------------------------------------- 19 Outdoor business (development, manufacturing) --------------------------------------------------------------------------------------------------- 26 Earnings model -------------------------------------------------------------------------------------------------------------------------------------------------- 37 Strengths and Weaknesses ----------------------------------------------------------------------------------------------------------------------------------- 41 Group companies ----------------------------------------------------------------------------------------------------------------------------------------------- 42 Market and value chain ---------------------------------------------------------------------------------------------------------------------------------------- 43 Historical performance ---------------------------------------------------------------------------------------------------------------------------- 46 Income statement ----------------------------------------------------------------------------------------------------------------------------------------------- 55 Balance sheet ----------------------------------------------------------------------------------------------------------------------------------------------------- 56 Statement of Cash flows -------------------------------------------------------------------------------------------------------------------------------------- 59 Other information ---------------------------------------------------------------------------------------------------------------------------------- 60 History -------------------------------------------------------------------------------------------------------------------------------------------------------------- 60 News and topics ------------------------------------------------------------------------------------------------------------------------------------------------- 61 Corporate governance and top management --------------------------------------------------------------------------------------------------------- 64 Top management ----------------------------------------------------------------------------------------------------------------------------------------------- 64 Major shareholders --------------------------------------------------------------------------------------------------------------------------------------------- 65 Profile ---------------------------------------------------------------------------------------------------------------------------------------------------------------- 66 02/67 Snow Peak , Inc. / 7816 R LAST UPDATE: 2020.07.14 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Coverage Executive Summary Core businesses Snow Peak develops, manufactures, and sells high-end camping items: The company offers about 600 different ◤ products for campers, with main product categories including tents and tarps, cookware, tableware, and furniture. In FY12/14, it also entered the apparel business, which accounted for 12.1% of total sales in FY12/19. By region, Japan accounts for about 85% of sales while overseas operations (the US, Taiwan, and South Korea) account for about 15%. Premium products: Snow Peak’s product prices are 2–5x higher than competitors’ products. The company says it ◤ differentiates itself with user-driven product development. User-driven development: Snow Peak has handled car camping goods for half of the 60 years since its founding. The ◤ company explains that based on its philosophy of user-driven development, it provides customers with products its own employees would use. Product development managers handle all stages from planning through outsourced manufacturing, and conduct repeated product testing under real conditions. All products come with lifetime guarantees. This allows the company to generate long-selling products that sell for relatively high prices. Relationship with customers: Snow Peak builds close relationships with customers by organizing camping events and ◤ running social media sites. We believe this enables the company to reflect customer feedback in its product development and improvement, as well as encourages customers to recommend products to other customers. Metalworking techniques of Tsubame-Sanjo: Snow Peak develops products in-house but outsources production to ◤ factories in the Tsubame-Sanjo region, where the company is headquartered. Snow Peak explains that the area is home to numerous metalworking factories that have the people, equipment, and expertise necessary to manufacture metal products. In FY12/19, of the 600 camping goods the company handled, about half were hardware and tableware, and the bulk of these goods were manufactured in the Tsubame-Sanjo area. Lower distribution costs due to direct transactions: Snow Peak sells directly to retailers rather than through wholesalers. ◤ It says this approach keeps distribution costs down and lowers in-store prices by around 25%. Trends and outlook In FY12/19, the company reported consolidated sales of JPY14.3bn (+18.1% YoY), operating profit of JPY924mn (+0.4% YoY), ◤ recurring profit of JPY963mn (+9.0% YoY), and net income attributable to owners of the parent of JPY425mn (-11.1% YoY). In May 2020, the company has withdrawn its forecast for FY12/20, since the impact of the COVID-19 outbreak makes ◤ forecasting difficult at this stage. Prior to this, the company’s FY12/20 forecast was consolidated sales of JPY16.5bn (+15.7% YoY), operating profit of JPY1.0bn (+8.2% YoY), recurring profit of JPY1.0bn (+3.9% YoY), and net income attributable to owners of the parent of JPY700mn (+64.5% YoY). Under its medium-term business plan, Snow Peak is targeting FY12/22 sales of JPY23.0bn (+61.3% versus FY12/19) and ◤ operating profit of JPY2.8bn (+203.0% versus FY12/19). In Japan, it is looking to grow its earnings by expanding its customer base with increased sales of entry-level goods such as the Entry Pack TT (launched in April 2018). Overseas, it is looking to promote understanding of the functionality and quality of its products and improve brand recognition by operating campgrounds and developing stores, with a focus on directly managed stores. Strengths and weaknesses Shared Research thinks Snow Peak’s strengths are differentiation through user-driven product development, access to Tsubame-Sanjo metalworking techniques, and low distribution costs due to cutting out wholesalers. We consider Snow Peak’s weaknesses to be the difficulty in differentiating designs despite prices being 2–3x higher than industry peers’, limited replacement demand due to high durability, and a low share of overseas markets amid a maturing domestic market. (See the Strengths and weaknesses section.) 03/67 Snow Peak , Inc. / 7816 R LAST UPDATE: 2020.07.14 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Coverage Key financial data Income statement FY12/12 FY12/13 FY12/14 FY12/15 FY12/16 FY12/17 FY12/18 FY12/19 FY12/20 (JPYmn) Cons. Cons. Cons. Cons. Cons. Cons. Cons. Cons. Est. Sales 3,693 4,487 5,559 7,854 9,222 9,910 12,071 14,261 - YoY 13.6% 21.5% 23.9% 41.3% 17.4% 7.5% 21.8% 18.1% - Gross profit 1,774 2,222 2,710 3,606 4,649 4,931 6,433 7,720 YoY 10.6% 25.3% 21.9% 33.1% 28.9% 6.1% 30.5% 20.0% GPM 48.0% 49.5% 48.7% 45.9% 50.4% 49.8% 53.3% 54.1% Operating profit 37 113 231 568 853
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