Financials Dai Nippon Printing Co., Ltd.

Equities

7912

JP3493800001

Commercial Printing Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
4,555 ^JPY	+1.38%		+3.19%	+9.15%

Apr. 01	Tranche Update on Dai Nippon Printing Co., Ltd.'s Equity Buyback Plan announced on March 8, 2024.	CI
Mar. 27	Dai Nippon Printing Co., Ltd. Accelerates Developes of Photomask Manufacturing Process for 2Nm Generation EUV Lithography	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	798,920	646,310	651,385	774,374	891,942	1,091,459	-	-
Enterprise Value (EV) ¹	697,224	473,513	495,647	627,595	790,820	1,011,159	1,078,159	1,087,359
P/E ratio	-22.4 x	9.78 x	26 x	8.09 x	11.5 x	11.8 x	11.3 x	12.2 x
Yield	2.42%	2.78%	2.76%	2.22%	1.73%	1.41%	1.53%	1.62%
Capitalization / Revenue	0.57 x	0.46 x	0.49 x	0.58 x	0.65 x	0.77 x	0.75 x	0.74 x
EV / Revenue	0.5 x	0.34 x	0.37 x	0.47 x	0.58 x	0.71 x	0.74 x	0.73 x
EV / EBITDA	6.3 x	4.28 x	4.94 x	5.3 x	6.97 x	8.15 x	7.82 x	7.22 x
EV / FCF	25 x	12.9 x	46.4 x	14.7 x	61 x	11.7 x	15.2 x	13 x
FCF Yield	4%	7.77%	2.16%	6.82%	1.64%	8.54%	6.56%	7.69%
Price to Book	0.8 x	0.71 x	0.62 x	0.71 x	0.89 x	1.02 x	0.94 x	0.89 x
Nbr of stocks (in thousands)	301,821	280,882	280,890	269,067	240,740	239,618	-	-
Reference price ²	2,647	2,301	2,319	2,878	3,705	4,555	4,555	4,555
Announcement Date	5/14/19	5/27/20	5/13/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,401,505	1,401,894	1,335,439	1,344,147	1,373,209	1,416,200	1,451,867	1,483,233
EBITDA ¹	110,729	110,748	100,422	118,463	113,514	124,100	137,833	150,500
EBIT ¹	49,898	56,274	49,529	66,788	61,233	69,767	78,500	88,833
Operating Margin	3.56%	4.01%	3.71%	4.97%	4.46%	4.93%	5.41%	5.99%
Earnings before Tax (EBT) ¹	-18,685	102,719	46,400	126,890	119,733	142,900	141,250	116,500
Net income ¹	-35,668	69,497	25,088	97,182	85,692	95,600	92,733	82,933
Net margin	-2.54%	4.96%	1.88%	7.23%	6.24%	6.75%	6.39%	5.59%
EPS ²	-118.2	235.2	89.32	355.8	321.3	386.9	402.3	374.1
Free Cash Flow ¹	27,868	36,775	10,689	42,820	12,972	86,400	70,750	83,667
FCF margin	1.99%	2.62%	0.8%	3.19%	0.94%	6.1%	4.87%	5.64%
FCF Conversion (EBITDA)	25.17%	33.21%	10.64%	36.15%	11.43%	69.62%	51.33%	55.59%
FCF Conversion (Net income)	-	52.92%	42.61%	44.06%	15.14%	90.38%	76.29%	100.88%
Dividend per Share ²	64.00	64.00	64.00	64.00	64.00	64.00	69.67	74.00
Announcement Date	5/14/19	5/27/20	5/13/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	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 S1	2025 Q3	2025 Q4	2025 S2	2026 S1	2026 S2
Net sales ¹	694,150	-	644,638	325,249	657,168	344,492	342,487	334,433	334,049	668,482	355,078	349,649	-	345,098	348,654	693,752	367,500	358,974	-	355,400	354,050	-	377,550	371,750	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	25,689	-	17,563	14,325	30,831	18,427	17,530	16,917	10,674	27,591	16,992	16,650	-	13,282	14,250	27,532	24,470	18,450	-	15,850	15,500	-	24,150	23,500	-	-	-
Operating Margin	3.7%	-	2.72%	4.4%	4.69%	5.35%	5.12%	5.06%	3.2%	4.13%	4.79%	4.76%	-	3.85%	4.09%	3.97%	6.66%	5.14%	-	4.46%	4.38%	-	6.4%	6.32%	-	-	-
Earnings before Tax (EBT)	109,250	-	19,212	-	43,016	51,763	-	23,474	-	39,401	47,855	-	-	79,007	-	96,405	30,437	-	-	-	-	-	-	-	-	-	-
Net income	75,495	-	11,434	-	33,812	35,739	-	15,739	12,194	27,933	36,512	21,247	-	58,056	-	76,230	22,329	-	-	-	-	-	-	-	-	-	-
Net margin	10.88%	-	1.77%	-	5.15%	10.37%	-	4.71%	3.65%	4.18%	10.28%	6.08%	-	16.82%	-	10.99%	6.08%	-	-	-	-	-	-	-	-	-	-
EPS	250.3	-	40.71	-	122.3	131.3	-	58.58	-	104.2	136.8	-	-	225.1	-	297.9	91.51	-	-	-	-	-	-	-	-	-	-
Dividend per Share	32.00	32.00	32.00	-	32.00	-	-	-	-	32.00	-	-	32.00	-	-	32.00	-	-	32.00	-	-	32.00	-	-	32.00	32.00	32.00
Announcement Date	11/12/19	5/27/20	11/10/20	11/12/21	11/12/21	2/10/22	5/13/22	8/10/22	11/11/22	11/11/22	2/9/23	5/12/23	5/12/23	8/8/23	11/10/23	11/10/23	2/9/24	-	-	-	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	101,696	172,797	155,738	146,779	101,122	80,300	13,300	4,100
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	27,868	36,775	10,689	42,820	12,972	86,400	70,750	83,667
ROE (net income / shareholders' equity)	-3.5%	7.3%	2.6%	9.1%	7.9%	8.77%	8.5%	7.43%
ROA (Net income/ Total Assets)	3.25%	3.65%	3.38%	4.39%	4.51%	5.05%	4.85%	5.3%
Assets ¹	-1,097,585	1,904,909	742,657	2,213,784	1,898,512	1,893,069	1,912,027	1,564,780
Book Value Per Share ²	3,301	3,260	3,717	4,058	4,158	4,486	4,848	5,140
Cash Flow per Share ²	77.60	420.0	271.0	543.0	515.0	585.0	696.0	605.0
Capex ¹	41,103	57,162	71,649	50,699	78,082	76,667	78,333	78,333
Capex / Sales	2.93%	4.08%	5.37%	3.77%	5.69%	5.41%	5.4%	5.28%
Announcement Date	5/14/19	5/27/20	5/13/21	5/13/22	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 Dai Nippon Printing Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,555 JPY

Average target price

5,117 JPY

Spread / Average Target

+12.33%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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