Overview Key strengths Key risks One of Japan's two largest retail groups, with EBITDA of about ¥500 billion-¥600 billion Likely continued weak consumer appetite due to slowdown in the economy and rising prices Mitigated volatility in earnings of its core retail units thanks to diversified store formats Likely lackluster debt-to-EBITDA ratio remaining over 4x Adequately diversified business portfolio, with the nonretail businesses generating 30% of consolidated EBITDA (excluding its financial services unit)Good access to various funding channels and strong relationships with key domestic lenders Reported EBITDA margin (before adjusting for leases) likely remaining weak, at about 3%, in its mainstay retail unit Limited presence in online retail due to delays in developing business initiatives The company's EBITDA will likely come
