Stock 2802 AJINOMOTO CO., INC.
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Financials Ajinomoto Co., Inc.

Equities

2802

JP3119600009

Food Processing

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
5,775 JPY +1.57% Intraday chart for Ajinomoto Co., Inc. +7.50% +6.16%
Mar. 27 Transcript : Ajinomoto Co., Inc. - Analyst/Investor Day
Mar. 27 TechMagic, Inc. announced that it has received funding from a group of investors CI

Valuation

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 969,590 1,102,136 1,242,629 1,864,153 2,437,918 2,968,452 - -
Enterprise Value (EV) 1 1,146,579 1,317,349 1,411,444 2,026,607 2,568,507 3,233,876 3,219,033 3,187,512
P/E ratio 33 x 58.5 x 20.9 x 24.9 x 26.2 x 31.3 x 27.7 x 24.2 x
Yield 1.81% 1.59% 1.85% 1.5% 1.48% 1.28% 1.45% 1.63%
Capitalization / Revenue 0.86 x 1 x 1.16 x 1.62 x 1.79 x 2.06 x 1.95 x 1.86 x
EV / Revenue 1.02 x 1.2 x 1.32 x 1.76 x 1.89 x 2.25 x 2.12 x 2 x
EV / EBITDA 10.9 x 8.17 x 8.6 x 10.9 x 12.7 x 14.5 x 13.4 x 12.2 x
EV / FCF 22.8 x 27.3 x 14.2 x 24.1 x 29.3 x 41.8 x 33.2 x 28.5 x
FCF Yield 4.39% 3.66% 7.04% 4.15% 3.41% 2.39% 3.01% 3.51%
Price to Book 1.59 x 2.04 x 2 x 2.71 x 3.17 x 3.76 x 3.6 x 3.38 x
Nbr of stocks (in thousands) 548,101 548,190 548,501 536,447 529,292 514,018 - -
Reference price 2 1,769 2,010 2,266 3,475 4,606 5,775 5,775 5,775
Announcement Date 5/10/19 5/25/20 5/10/21 5/11/22 5/11/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,127,483 1,100,039 1,071,453 1,149,370 1,359,115 1,438,924 1,518,947 1,597,722
EBITDA 1 105,634 161,222 164,166 186,165 202,835 222,893 241,118 261,886
EBIT 1 93,152 101,682 111,820 119,931 131,015 148,374 164,736 184,293
Operating Margin 8.26% 9.24% 10.44% 10.43% 9.64% 10.31% 10.85% 11.53%
Earnings before Tax (EBT) 1 54,202 48,795 98,320 122,472 140,033 144,483 160,143 180,575
Net income 1 29,698 18,837 59,416 75,725 94,065 96,529 106,725 121,530
Net margin 2.63% 1.71% 5.55% 6.59% 6.92% 6.71% 7.03% 7.61%
EPS 2 53.62 34.37 108.4 139.4 176.0 184.6 208.2 238.9
Free Cash Flow 1 50,333 48,205 99,403 84,009 87,553 77,277 97,036 111,888
FCF margin 4.46% 4.38% 9.28% 7.31% 6.44% 5.37% 6.39% 7%
FCF Conversion (EBITDA) 47.65% 29.9% 60.55% 45.13% 43.16% 34.67% 40.24% 42.72%
FCF Conversion (Net income) 169.48% 255.91% 167.3% 110.94% 93.08% 80.06% 90.92% 92.07%
Dividend per Share 2 32.00 32.00 42.00 52.00 68.00 74.13 83.72 94.16
Announcement Date 5/10/19 5/25/20 5/10/21 5/11/22 5/11/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März 2020 S1 2020 S2 2021 S1 2021 S2 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 Q1 2025 Q2 2025 Q3
Net sales 1 538,717 561,322 511,382 560,071 273,892 550,230 303,998 295,142 599,140 321,619 338,234 659,853 366,868 332,394 699,262 339,521 348,483 688,004 379,641 367,057 760,929 364,900 377,000 411,400
EBITDA - - - - - - - - - - - - - - - - - - - - - - - -
EBIT 1 49,870 - 60,155 - 29,850 66,799 39,465 13,667 - 38,356 33,175 71,531 43,690 15,794 - 42,105 33,165 75,270 46,503 21,902 - 41,600 36,500 50,400
Operating Margin 9.26% - 11.76% - 10.9% 12.14% 12.98% 4.63% - 11.93% 9.81% 10.84% 11.91% 4.75% - 12.4% 9.52% 10.94% 12.25% 5.97% - 11.4% 9.68% 12.25%
Earnings before Tax (EBT) 1 21,386 - 59,954 38,366 44,753 79,693 39,270 3,509 42,779 38,147 30,022 68,169 43,077 28,787 - 39,596 30,529 70,125 44,319 28,702 76,168 - - -
Net income 1 7,088 - 36,661 22,755 32,086 54,152 27,387 -5,814 21,573 27,738 19,287 47,025 29,397 17,643 - 27,220 19,237 46,457 31,145 16,464 49,888 - - -
Net margin 1.32% - 7.17% 4.06% 11.71% 9.84% 9.01% -1.97% 3.6% 8.62% 5.7% 7.13% 8.01% 5.31% - 8.02% 5.52% 6.75% 8.2% 4.49% 6.56% - - -
EPS 2 12.93 - 66.87 - 58.70 98.93 50.65 -10.16 - 51.71 35.95 87.66 54.93 33.38 - 51.77 37.03 88.80 59.84 46.90 - 51.20 45.04 62.17
Dividend per Share 16.00 16.00 16.00 26.00 24.00 24.00 - - - - - 31.00 - - - - - 37.00 - - - - - -
Announcement Date 11/6/19 5/25/20 11/4/20 5/10/21 11/4/21 11/4/21 1/31/22 5/11/22 5/11/22 7/29/22 11/7/22 11/7/22 1/31/23 5/11/23 5/11/23 8/4/23 11/6/23 11/6/23 2/6/24 - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 176,989 215,213 168,815 162,454 130,589 265,424 250,581 219,060
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.675 x 1.335 x 1.028 x 0.8726 x 0.6438 x 1.191 x 1.039 x 0.8365 x
Free Cash Flow 1 50,333 48,205 99,403 84,009 87,553 77,277 97,036 111,888
ROE (net income / shareholders' equity) 4.7% 3.3% 10.3% 11.6% 12.9% 12.2% 13.4% 14.5%
ROA (Net income/ Total Assets) 2.11% 3.55% 7.06% 8.48% 9.43% 6.34% 7.21% 7.91%
Assets 1 1,410,028 530,324 841,477 892,939 997,121 1,523,312 1,479,522 1,535,992
Book Value Per Share 2 1,114 983.0 1,131 1,281 1,452 1,534 1,605 1,711
Cash Flow per Share 2 148.0 147.0 223.0 261.0 310.0 324.0 338.0 368.0
Capex 1 70,185 73,703 86,037 80,719 73,046 80,474 81,498 81,498
Capex / Sales 6.22% 6.7% 8.03% 7.02% 5.37% 5.59% 5.37% 5.1%
Announcement Date 5/10/19 5/25/20 5/10/21 5/11/22 5/11/23 - - -
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 Ajinomoto Co., Inc.

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
5,775 JPY
Average target price
5,989 JPY
Spread / Average Target
+3.71%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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