Financials Kewpie Corporation

Equities

2809

JP3244800003

Food Processing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,160 ^JPY	+1.18%		+3.13%	+27.19%

Apr. 05	Kewpie's Profit Balloons 377% in Fiscal Q1	MT
Apr. 05	Kewpie Corporation Provides Dividend Guidance for the Second Quarter and Fiscal Year Ending November 30, 2024	CI

Valuation

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	348,022	310,972	301,337	340,143	358,628	439,249	-	-
Enterprise Value (EV) ¹	355,814	324,235	274,721	304,783	321,809	393,541	393,465	383,753
P/E ratio	18.6 x	27.3 x	18 x	21.2 x	27.2 x	23.8 x	21 x	19.7 x
Yield	1.85%	1.84%	2.04%	1.92%	1.94%	1.65%	1.76%	1.85%
Capitalization / Revenue	0.64 x	0.59 x	0.74 x	0.79 x	0.79 x	0.92 x	0.89 x	0.87 x
EV / Revenue	0.65 x	0.61 x	0.67 x	0.71 x	0.71 x	0.82 x	0.8 x	0.76 x
EV / EBITDA	6.98 x	6.67 x	6.31 x	7.31 x	8.74 x	8.15 x	7.75 x	7.26 x
EV / FCF	25.1 x	36.6 x	10.4 x	27.7 x	54.7 x	22.4 x	21.3 x	17.7 x
FCF Yield	3.99%	2.73%	9.62%	3.61%	1.83%	4.47%	4.69%	5.66%
Price to Book	1.48 x	1.3 x	1.31 x	1.27 x	1.27 x	1.5 x	1.44 x	1.38 x
Nbr of stocks (in thousands)	143,042	143,041	130,505	139,004	139,003	139,003	-	-
Reference price ²	2,433	2,174	2,309	2,447	2,580	3,160	3,160	3,160
Announcement Date	1/9/20	1/7/21	1/11/22	1/10/23	1/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	545,723	531,103	407,039	430,304	455,086	478,683	493,300	507,550
EBITDA ¹	50,941	48,594	43,506	41,682	36,811	48,267	50,750	52,850
EBIT ¹	32,048	28,303	27,972	25,433	19,694	31,000	33,083	34,917
Operating Margin	5.87%	5.33%	6.87%	5.91%	4.33%	6.48%	6.71%	6.88%
Earnings before Tax (EBT) ¹	32,487	22,825	28,860	26,630	22,075	31,275	34,575	36,625
Net income ¹	18,698	11,378	18,014	16,033	13,174	18,467	20,883	22,067
Net margin	3.43%	2.14%	4.43%	3.73%	2.89%	3.86%	4.23%	4.35%
EPS ²	130.7	79.55	128.2	115.3	94.78	132.8	150.8	160.7
Free Cash Flow ¹	14,196	8,853	26,433	11,000	5,879	17,586	18,460	21,713
FCF margin	2.6%	1.67%	6.49%	2.56%	1.29%	3.67%	3.74%	4.28%
FCF Conversion (EBITDA)	27.87%	18.22%	60.76%	26.39%	15.97%	36.43%	36.38%	41.08%
FCF Conversion (Net income)	75.92%	77.81%	146.74%	68.61%	44.63%	95.23%	88.4%	98.4%
Dividend per Share ²	45.00	40.00	47.00	47.00	50.00	52.00	55.50	58.33
Announcement Date	1/9/20	1/7/21	1/11/22	1/10/23	1/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: November	2019 S2	2020 S1	2021 S1	2021 Q4	2021 S2	2022 Q1	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
Net sales ¹	276,737	263,057	198,879	103,188	208,160	100,536	106,987	207,523	110,691	112,090	222,781	107,674	112,708	220,382	115,515	119,189	234,704	114,632	119,742	229,000	121,925	124,725	240,700
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	15,960	11,194	14,499	6,058	13,473	6,732	7,509	14,241	7,166	4,026	11,192	1,656	5,190	6,846	6,495	6,353	12,848	8,149	8,463	11,800	8,875	7,033	16,800
Operating Margin	5.77%	4.26%	7.29%	5.87%	6.47%	6.7%	7.02%	6.86%	6.47%	3.59%	5.02%	1.54%	4.6%	3.11%	5.62%	5.33%	5.47%	7.11%	7.07%	5.15%	7.28%	5.64%	6.98%
Earnings before Tax (EBT)	-	10,421	15,533	-	-	7,124	-	14,628	9,042	-	-	1,851	5,801	7,652	9,300	-	-	8,951	-	-	-	-	-
Net income ¹	9,142	5,643	9,617	3,492	-	4,455	4,434	8,889	5,652	1,492	-	1,267	3,530	4,797	6,284	2,093	-	6,038	5,362	-	5,400	2,400	-
Net margin	3.3%	2.15%	4.84%	3.38%	-	4.43%	4.14%	4.28%	5.11%	1.33%	-	1.18%	3.13%	2.18%	5.44%	1.76%	-	5.27%	4.48%	-	4.43%	1.92%	-
EPS ²	-	39.45	67.83	25.19	-	32.05	31.90	63.95	40.66	10.73	-	9.120	25.39	34.51	45.21	15.06	-	43.44	25.39	-	45.21	58.41	-
Dividend per Share	25.00	20.00	20.00	27.00	-	-	-	20.00	-	-	-	-	-	23.00	-	-	-	-	-	-	-	-	-
Announcement Date	1/9/20	7/2/20	7/6/21	1/11/22	1/11/22	4/8/22	7/7/22	7/7/22	10/7/22	1/10/23	1/10/23	4/6/23	7/5/23	7/5/23	10/5/23	1/10/24	1/10/24	4/5/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,792	13,263	-	-	-	-	-	-
Net Cash position ¹	-	-	26,616	35,360	36,819	45,708	45,784	55,496
Leverage (Debt/EBITDA)	0.153 x	0.2729 x	-	-	-	-	-	-
Free Cash Flow ¹	14,196	8,853	26,433	11,000	5,879	17,586	18,460	21,713
ROE (net income / shareholders' equity)	8.1%	4.8%	7.4%	6.2%	4.8%	6.45%	6.99%	7.18%
ROA (Net income/ Total Assets)	7.69%	6.47%	7.1%	6.95%	4.94%	6.93%	7.2%	7.45%
Assets ¹	243,223	175,843	253,718	230,762	266,627	266,667	290,046	296,197
Book Value Per Share ²	1,647	1,675	1,767	1,926	2,028	2,112	2,189	2,291
Cash Flow per Share ²	261.0	220.0	237.0	231.0	217.0	271.0	286.0	295.0
Capex ¹	30,678	26,102	12,100	17,227	17,846	20,467	19,333	18,333
Capex / Sales	5.62%	4.91%	2.97%	4%	3.92%	4.28%	3.92%	3.61%
Announcement Date	1/9/20	1/7/21	1/11/22	1/10/23	1/10/24	-	-	-

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 Kewpie Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,160 JPY

Average target price

3,105 JPY

Spread / Average Target

-1.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Food Ingredients

	1st Jan change	Capi.
KEWPIE CORPORATION	+27.19%	2.79B
FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD.	+2.35%	29.8B
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
ANHUI HUAHENG BIOTECHNOLOGY CO., LTD.	-14.60%	2.34B

Food Ingredients