Financials ARIAKE JAPAN Co., Ltd.

Equities

2815

JP3125800007

Food Processing

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
5,080 ^JPY	+0.40%		+2.01%	+9.36%

Mar. 18	ARIAKE JAPAN Co., Ltd.(TSE:2815) dropped from FTSE All-World Index	CI
2023	Kourakuen Holdings Corporation announced that it expects to receive Â¥680.373 million in funding from a group of investors	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	188,383	217,019	213,516	165,299	155,425	161,793	-	-
Enterprise Value (EV) ¹	154,369	169,130	153,143	100,437	98,663	104,343	102,843	101,943
P/E ratio	11.3 x	25.9 x	29.3 x	21.4 x	24.3 x	24 x	21 x	18.2 x
Yield	1.3%	1.13%	1.15%	1.85%	2.09%	2.06%	2.13%	2.2%
Capitalization / Revenue	3.33 x	4.15 x	4.3 x	3.14 x	2.79 x	2.69 x	2.55 x	2.41 x
EV / Revenue	2.73 x	3.23 x	3.08 x	1.91 x	1.77 x	1.74 x	1.62 x	1.52 x
EV / EBITDA	11.1 x	12.5 x	13.1 x	8.03 x	9.54 x	9.51 x	8.18 x	7.11 x
EV / FCF	-3.41 x	15.4 x	22.7 x	6.54 x	38.2 x	25.8 x	24.5 x	16.4 x
FCF Yield	-29.4%	6.47%	4.4%	15.3%	2.61%	3.88%	4.08%	6.08%
Price to Book	2.13 x	2.34 x	2.17 x	1.57 x	1.4 x	1.4 x	1.34 x	1.29 x
Nbr of stocks (in thousands)	31,822	31,821	31,821	31,850	31,849	31,849	-	-
Reference price ²	5,920	6,820	6,710	5,190	4,880	5,080	5,080	5,080
Announcement Date	5/10/19	5/13/20	5/13/21	5/12/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	56,550	52,329	49,684	52,658	55,698	60,067	63,533	67,267
EBITDA ¹	13,847	13,479	11,647	12,515	10,346	10,967	12,567	14,333
EBIT ¹	11,949	11,789	10,046	10,682	8,455	8,900	10,300	11,933
Operating Margin	21.13%	22.53%	20.22%	20.29%	15.18%	14.82%	16.21%	17.74%
Earnings before Tax (EBT)	25,752	12,130	10,567	11,153	9,308	-	-	-
Net income ¹	16,677	8,375	7,277	7,708	6,385	6,733	7,700	8,900
Net margin	29.49%	16%	14.65%	14.64%	11.46%	11.21%	12.12%	13.23%
EPS ²	524.1	263.2	228.7	242.1	200.5	211.4	241.8	279.4
Free Cash Flow ¹	-45,331	10,948	6,739	15,361	2,580	4,050	4,200	6,200
FCF margin	-80.16%	20.92%	13.56%	29.17%	4.63%	6.74%	6.61%	9.22%
FCF Conversion (EBITDA)	-	81.23%	57.86%	122.74%	24.94%	36.93%	33.42%	43.26%
FCF Conversion (Net income)	-	130.73%	92.6%	199.29%	40.41%	60.15%	54.55%	69.66%
Dividend per Share ²	77.00	77.00	77.00	96.00	102.0	104.7	108.3	112.0
Announcement Date	5/10/19	5/13/20	5/13/21	5/12/22	5/12/23	-	-	-

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	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	25,453	22,666	12,438	25,068	14,056	13,534	13,099	13,314	26,413	15,637	13,648	13,502	14,371	27,873	16,825	15,046	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,471	4,287	2,394	5,046	2,875	2,761	2,229	1,828	4,057	2,382	2,016	1,956	1,757	3,713	2,635	2,315	-	-	-	-
Operating Margin	21.49%	18.91%	19.25%	20.13%	20.45%	20.4%	17.02%	13.73%	15.36%	15.23%	14.77%	14.49%	12.23%	13.32%	15.66%	15.39%	-	-	-	-
Earnings before Tax (EBT)	5,629	4,614	-	5,149	3,045	-	2,525	2,106	4,631	2,388	-	2,843	-	5,023	1,688	-	-	-	-	-
Net income ¹	3,821	3,183	1,754	3,425	2,097	2,186	1,594	1,397	2,991	1,654	1,740	1,870	1,445	3,315	1,125	1,799	-	-	-	-
Net margin	15.01%	14.04%	14.1%	13.66%	14.92%	16.15%	12.17%	10.49%	11.32%	10.58%	12.75%	13.85%	10.05%	11.89%	6.69%	11.95%	-	-	-	-
EPS ²	120.1	100.0	55.10	107.6	65.85	68.63	50.07	43.86	93.93	51.92	54.63	58.73	45.37	104.1	35.32	56.47	-	-	-	-
Dividend per Share ²	20.00	20.00	-	20.00	-	-	-	-	20.00	-	-	-	20.00	20.00	-	82.00	-	20.00	-	84.00
Announcement Date	11/8/19	11/11/20	11/9/21	11/9/21	2/4/22	5/12/22	8/5/22	11/10/22	11/10/22	2/8/23	5/12/23	8/4/23	11/10/23	11/10/23	2/9/24	-	-	-	-	-

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	34,014	47,889	60,374	64,862	56,762	57,450	58,950	59,850
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-45,331	10,948	6,739	15,361	2,580	4,050	4,200	6,200
ROE (net income / shareholders' equity)	20.6%	9.2%	7.6%	7.6%	5.9%	5.97%	6.55%	7.23%
ROA (Net income/ Total Assets)	12.9%	11.3%	9.9%	9.79%	7.53%	6.15%	6.7%	7.85%
Assets ¹	128,918	74,265	73,505	78,727	84,798	109,485	114,925	113,376
Book Value Per Share ²	2,778	2,918	3,086	3,312	3,478	3,641	3,778	3,949
Cash Flow per Share	586.0	313.0	276.0	297.0	256.0	-	-	-
Capex ¹	3,158	1,593	1,503	2,349	3,017	2,200	1,700	4,200
Capex / Sales	5.58%	3.04%	3.02%	4.46%	5.42%	3.66%	2.68%	6.24%
Announcement Date	5/10/19	5/13/20	5/13/21	5/12/22	5/12/23	-	-	-

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 ARIAKE JAPAN Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5,080 JPY

Average target price

5,633 JPY

Spread / Average Target

+10.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Food Ingredients

	1st Jan change	Capi.
ARIAKE JAPAN CO., LTD.	+9.36%	1.03B
FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD.	+2.35%	29.77B
INTERNATIONAL FLAVORS & FRAGRANCES INC.	+4.50%	21.6B
KIKKOMAN CORPORATION	+13.39%	11.83B
LANCASTER COLONY CORPORATION	+12.40%	5.15B
MEIHUA HOLDINGS GROUP CO.,LTD	+11.10%	4.21B
ANGEL YEAST CO., LTD	-16.49%	3.48B
TATE & LYLE PLC	-3.79%	3.14B
JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO.,LTD	+4.73%	3.11B
KEWPIE CORPORATION	+27.19%	2.79B

Food Ingredients