Financials Kikkoman Corporation

Equities

2801

JP3240400006

Food Processing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,958 ^JPY	+1.01%		+5.21%	+13.39%

Apr. 26	Kikkoman Corporation Announces Dividend for the Fiscal Year Ended March 31, 2024, Payable on June 26, 2024	CI
Feb. 29	Riken Vitamin, Kikkoman End Raw Materials Partnership	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,042,442	884,044	1,265,098	1,557,844	1,290,563	1,862,973	-	-
Enterprise Value (EV) ¹	1,029,509	872,869	1,251,082	1,519,533	1,242,199	1,873,442	1,756,592	1,732,477
P/E ratio	40.1 x	33.2 x	40.6 x	40.1 x	29.5 x	33.3 x	31.8 x	30.6 x
Yield	0.76%	0.91%	0.68%	0.75%	1.16%	0.98%	1.09%	1.16%
Capitalization / Revenue	2.3 x	1.89 x	2.88 x	3.02 x	2.09 x	2.83 x	2.68 x	2.57 x
EV / Revenue	2.27 x	1.86 x	2.85 x	2.94 x	2.01 x	2.83 x	2.53 x	2.39 x
EV / EBITDA	19.9 x	16.4 x	20.7 x	21.5 x	16 x	19.6 x	17 x	16.4 x
EV / FCF	119 x	71.6 x	34.5 x	42.2 x	38.1 x	57.6 x	43 x	37.1 x
FCF Yield	0.84%	1.4%	2.9%	2.37%	2.62%	1.74%	2.33%	2.7%
Price to Book	3.93 x	3.24 x	4.11 x	4.35 x	3.14 x	3.81 x	3.57 x	3.53 x
Nbr of stocks (in thousands)	959,891	959,875	959,862	958,084	957,391	951,467	-	-
Reference price ²	1,086	921.0	1,318	1,626	1,348	1,958	1,958	1,958
Announcement Date	4/24/19	5/12/20	4/27/21	4/27/22	4/27/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	453,565	468,616	439,411	516,440	618,899	660,835	694,120	723,992
EBITDA ¹	51,675	53,084	60,308	70,712	77,610	91,277	103,463	105,907
EBIT ¹	38,417	39,826	41,672	50,682	55,370	66,733	75,088	77,939
Operating Margin	8.47%	8.5%	9.48%	9.81%	8.95%	10.1%	10.82%	10.77%
Earnings before Tax (EBT) ¹	37,595	37,930	43,194	54,231	60,797	75,605	80,676	82,897
Net income ¹	25,992	26,595	31,159	38,903	43,733	56,441	58,600	60,878
Net margin	5.73%	5.68%	7.09%	7.53%	7.07%	8.54%	8.44%	8.41%
EPS ²	27.08	27.71	32.46	40.59	45.67	59.19	61.60	63.88
Free Cash Flow ¹	8,677	12,190	36,221	35,988	32,577	31,001	40,862	46,748
FCF margin	1.91%	2.6%	8.24%	6.97%	5.26%	4.71%	5.89%	6.46%
FCF Conversion (EBITDA)	16.79%	22.96%	60.06%	50.89%	41.98%	33.96%	39.49%	44.14%
FCF Conversion (Net income)	33.38%	45.84%	116.25%	92.51%	74.49%	58.61%	69.73%	76.79%
Dividend per Share ²	8.200	8.400	9.000	12.20	15.60	19.12	21.43	22.73
Announcement Date	4/24/19	5/12/20	4/27/21	4/27/22	4/27/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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 S1	2025 Q3	2025 Q4	2025 S2	2026 S1	2026 S2
Net sales ¹	231,624	-	227,522	240,597	124,942	248,681	136,179	131,580	267,759	147,748	157,630	305,378	160,985	152,536	313,521	158,506	164,227	322,733	172,142	165,960	-	169,781	176,668	-	181,063	171,177	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	20,986	-	21,250	21,363	12,751	27,086	16,098	7,498	-	15,702	14,641	30,343	15,979	9,048	-	13,458	20,026	33,484	19,861	13,388	-	20,374	21,179	-	21,384	13,039	-	-	-
Operating Margin	9.06%	-	9.34%	8.88%	10.21%	10.89%	11.82%	5.7%	-	10.63%	9.29%	9.94%	9.93%	5.93%	-	8.49%	12.19%	10.38%	11.54%	8.07%	-	12%	11.99%	-	11.81%	7.62%	-	-	-
Earnings before Tax (EBT) ¹	21,540	16,390	20,757	19,762	13,575	29,651	16,860	7,720	-	16,979	15,480	32,459	18,181	10,157	-	15,806	22,048	37,854	22,800	14,951	-	22,174	25,698	-	25,537	7,549	-	-	-
Net income ¹	15,289	-	14,620	-	9,768	21,367	11,987	5,549	-	12,127	11,165	23,292	13,083	7,358	-	10,619	18,190	28,809	16,712	10,920	-	11,400	19,500	-	17,900	13,600	-	-	-
Net margin	6.6%	-	6.43%	-	7.82%	8.59%	8.8%	4.22%	-	8.21%	7.08%	7.63%	8.13%	4.82%	-	6.7%	11.08%	8.93%	9.71%	6.58%	-	6.71%	11.04%	-	9.89%	7.94%	-	-	-
EPS ²	15.93	-	15.23	-	10.19	22.28	12.51	5.796	-	12.66	11.66	24.32	13.66	7.686	-	11.10	19.06	30.16	17.55	11.48	-	14.29	18.85	-	18.43	12.72	-	-	-
Dividend per Share ²	4.200	4.200	4.200	4.800	4.400	4.400	-	-	7.800	-	-	6.000	-	-	9.600	-	6.800	6.800	-	9.300	12.40	-	11.50	8.000	-	11.50	13.60	9.000	14.20
Announcement Date	11/1/19	5/12/20	11/5/20	4/27/21	11/5/21	11/5/21	2/4/22	4/27/22	4/27/22	8/4/22	11/4/22	11/4/22	2/3/23	4/27/23	4/27/23	8/4/23	11/2/23	11/2/23	2/5/24	4/26/24	-	-	-	-	-	-	-	-	-

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	12,933	11,175	14,016	38,311	48,364	77,406	106,380	130,495
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8,677	12,190	36,221	35,988	32,577	31,001	40,862	46,748
ROE (net income / shareholders' equity)	10.1%	9.9%	10%	11.7%	11.4%	12.5%	12.4%	12.3%
ROA (Net income/ Total Assets)	10.7%	10.4%	10.2%	10.8%	8.18%	12.3%	11.4%	10.3%
Assets ¹	242,971	255,023	306,149	361,369	534,725	460,703	516,303	591,051
Book Value Per Share ²	277.0	284.0	321.0	374.0	429.0	516.0	548.0	554.0
Cash Flow per Share ²	40.90	45.20	52.50	61.50	68.90	84.40	55.50	57.70
Capex ¹	28,346	27,464	20,946	24,617	38,228	43,675	40,451	31,723
Capex / Sales	6.25%	5.86%	4.77%	4.77%	6.18%	6.63%	5.83%	4.38%
Announcement Date	4/24/19	5/12/20	4/27/21	4/27/22	4/27/23	4/26/24	-	-

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 Kikkoman Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,958 JPY

Average target price

1,966 JPY

Spread / Average Target

+0.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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	1st Jan change	Capi.
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JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO.,LTD	+4.73%	3.11B
KEWPIE CORPORATION	+27.19%	2.79B
ANHUI HUAHENG BIOTECHNOLOGY CO., LTD.	-14.60%	2.34B

Food Ingredients