Financials Aica Kogyo Company, Limited

Equities

4206

JP3100800006

Specialty Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,590 ^JPY	+0.34%		-1.16%	+5.22%

Feb. 02	Aica Kogyo Ups Fiscal-Year Profit Target as Nine-Month Profit Climbs	MT
Feb. 01	Aica Kogyo Company, Limited Provides Consolidated Earnings Guidance for the Full Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	240,938	202,085	260,521	195,185	194,128	229,656	-	-
Enterprise Value (EV) ¹	200,339	168,256	225,371	164,642	172,728	210,056	206,356	201,456
P/E ratio	18.1 x	15.9 x	24.2 x	14.9 x	19.3 x	15 x	14 x	13.1 x
Yield	2.79%	3.42%	2.68%	3.61%	3.59%	3.18%	3.41%	3.57%
Capitalization / Revenue	1.26 x	1.06 x	1.49 x	0.91 x	0.8 x	0.97 x	0.92 x	0.88 x
EV / Revenue	1.05 x	0.88 x	1.29 x	0.77 x	0.71 x	0.89 x	0.83 x	0.77 x
EV / EBITDA	8 x	6.59 x	9.48 x	6.14 x	6.23 x	6.47 x	5.98 x	5.5 x
EV / FCF	37.2 x	117 x	16.6 x	49.2 x	16 x	12.4 x	17.2 x	13.9 x
FCF Yield	2.68%	0.86%	6.03%	2.03%	6.25%	8.09%	5.82%	7.22%
Price to Book	1.91 x	1.55 x	1.93 x	1.34 x	1.34 x	1.5 x	1.42 x	1.35 x
Nbr of stocks (in thousands)	65,295	65,294	65,293	65,301	63,963	63,971	-	-
Reference price ²	3,690	3,095	3,990	2,989	3,035	3,590	3,590	3,590
Announcement Date	4/25/19	4/30/20	4/30/21	5/9/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	191,363	191,501	174,628	214,514	242,055	237,300	248,967	261,350
EBITDA ¹	25,041	25,514	23,764	26,835	27,706	32,450	34,513	36,600
EBIT ¹	20,834	20,850	17,991	20,348	20,557	25,500	26,980	28,950
Operating Margin	10.89%	10.89%	10.3%	9.49%	8.49%	10.75%	10.84%	11.08%
Earnings before Tax (EBT) ¹	21,310	21,355	18,159	21,616	18,556	27,000	27,970	29,400
Net income ¹	13,316	12,732	10,759	13,117	10,059	15,350	16,370	17,545
Net margin	6.96%	6.65%	6.16%	6.11%	4.16%	6.47%	6.58%	6.71%
EPS ²	204.0	195.0	164.8	200.9	157.3	240.0	255.9	274.3
Free Cash Flow ¹	5,379	1,442	13,600	3,343	10,791	17,000	12,003	14,537
FCF margin	2.81%	0.75%	7.79%	1.56%	4.46%	7.16%	4.82%	5.56%
FCF Conversion (EBITDA)	21.48%	5.65%	57.23%	12.46%	38.95%	52.39%	34.78%	39.72%
FCF Conversion (Net income)	40.4%	11.33%	126.41%	25.49%	107.28%	110.75%	73.32%	82.86%
Dividend per Share ²	103.0	106.0	107.0	108.0	109.0	114.0	122.3	128.0
Announcement Date	4/25/19	4/30/20	4/30/21	5/9/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3
Net sales ¹	91,848	77,927	53,163	98,650	54,121	61,743	55,620	62,084	117,704	63,114	61,237	54,497	58,810	113,307	61,568
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	10,005	6,077	5,306	9,426	4,787	6,135	4,164	5,273	9,437	5,358	5,762	5,230	6,176	11,406	8,097
Operating Margin	10.89%	7.8%	9.98%	9.55%	8.84%	9.94%	7.49%	8.49%	8.02%	8.49%	9.41%	9.6%	10.5%	10.07%	13.15%
Earnings before Tax (EBT) ¹	10,484	6,521	5,715	10,156	4,987	6,473	4,592	5,702	10,294	5,386	-	5,609	6,438	12,047	8,525
Net income ¹	6,582	3,792	3,616	6,261	3,258	3,598	2,860	3,576	6,436	3,286	-	3,137	4,253	7,390	4,871
Net margin	7.17%	4.87%	6.8%	6.35%	6.02%	5.83%	5.14%	5.76%	5.47%	5.21%	-	5.76%	7.23%	6.52%	7.91%
EPS ²	100.8	58.08	-	95.90	49.88	-	44.72	-	100.6	51.39	-	49.06	-	115.5	76.15
Dividend per Share	49.00	49.00	-	50.00	-	-	-	-	50.00	-	-	-	-	52.00	-
Announcement Date	11/1/19	10/29/20	10/27/21	10/27/21	1/27/22	5/9/22	7/29/22	10/28/22	10/28/22	2/10/23	4/28/23	7/27/23	10/30/23	10/30/23	1/31/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	40,599	33,829	35,150	30,543	21,400	19,600	23,300	28,200
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,379	1,442	13,600	3,343	10,791	17,000	12,003	14,537
ROE (net income / shareholders' equity)	10.7%	9.9%	8.1%	9.4%	6.9%	10.4%	10.8%	11.2%
ROA (Net income/ Total Assets)	11.1%	10.8%	8.97%	9.76%	9.01%	6%	6%	-
Assets ¹	119,540	117,768	119,911	134,459	111,674	255,833	272,833	-
Book Value Per Share ²	1,937	1,994	2,064	2,224	2,270	2,393	2,523	2,658
Cash Flow per Share	268.0	266.0	253.0	300.0	269.0	-	-	-
Capex ¹	7,896	8,487	6,113	7,353	9,327	11,000	10,000	9,000
Capex / Sales	4.13%	4.43%	3.5%	3.43%	3.85%	4.64%	4.02%	3.44%
Announcement Date	4/25/19	4/30/20	4/30/21	5/9/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Aica Kogyo Company, Limited

Trading Rating

Investor Rating

ESG Refinitiv

D-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,590 JPY

Average target price

4,137 JPY

Spread / Average Target

+15.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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