Revising estimates based on sales trends through June

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Revising estimates based on sales trends through June

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Seven & i Holdings (3382)

Revising estimates based on sales trends

through June

Reiterate Rating: BUY | PO: 2,720 JPY | Price: 1,964 JPY

US merchandise SSS rose 0.5% in June 15 July 2026

After the market close on July 15, Seven & i Holdings (7&i) released its June overseas Equity

monthly sales data. US merchandise same-store sales (SSS) at 7-Eleven, Inc. (7EI) rose

0.5% YoY, slightly exceeding the prior-year level. Chainwide sales increased 14.4%,

Key Changescontinuing to benefit from a gasoline-related boost, while chainwide merchandise sales

declined 0.1%. (¥) Previous Current

Price Obj. 2,800.00 2,720.00

2027E Rev (m) 10,502,000.0 11,408,000.0Revising estimates and trimming our PO to ¥2,720

We revise our earnings estimates based on the 1Q results and other factors, while 2028E Rev (m) 10,520,500.0 11,368,000.0

making only minor changes to our estimates from FY2/28 onward. We trim our PO to 2029E Rev (m) 10,374,000.0 11,329,000.0

¥2,720, based, as before, on a goodwill amortization-adjusted P/E of around 18x on our 2027E EPS 123.96 125.61

FY2/28 estimates. US-listed peers have received market recognition for the tailwind 2028E EPS 104.76 105.06

from gasoline market conditions. Given that 7&i’s share price remains subdued, we 2029E EPS 115.76 114.16

believe the shares remain undervalued.

Arashi Nishizawa >>

Awaiting clarity on SoftBank & PayPay investment reports ResearchBofAS JapanAnalyst

On July 10, several media outlets reported that telecommunications operator SoftBank +81 3 6225 6402

arashi.nishizawa@bofa.com

and major smartphone payment provider PayPay were considering investments in 7&i.

Daisuke Aikawa >>

The company has yet to issue an official comment.