Financials Lion Corporation

Equities

4912

JP3965400009

Household Products

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,376 ^JPY	0.00%		+1.77%	+5.20%

Feb. 15	Japanese Shares Hit New 52-Week High; THK Jumps 18%	MT
Feb. 15	Lion's 2023 Attributable Profit Slumps Over 33% on Weakness in Consumer Products Unit	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	617,760	726,191	446,857	430,328	372,218	380,406	-	-
Enterprise Value (EV) ¹	512,628	612,773	351,410	361,419	317,033	297,788	293,632	276,854
P/E ratio	30 x	24.3 x	18.8 x	19.7 x	25.4 x	19.9 x	19.7 x	17.7 x
Yield	0.99%	0.92%	1.56%	1.65%	1.99%	1.96%	2.04%	2.13%
Capitalization / Revenue	1.78 x	2.04 x	1.22 x	1.1 x	0.92 x	0.91 x	0.88 x	0.86 x
EV / Revenue	1.48 x	1.72 x	0.96 x	0.93 x	0.79 x	0.72 x	0.68 x	0.62 x
EV / EBITDA	12.7 x	11 x	7.79 x	9.06 x	8.34 x	6.59 x	6.19 x	5.45 x
EV / FCF	25.6 x	-90.5 x	-19.5 x	16.1 x	-	13.9 x	15 x	12.5 x
FCF Yield	3.91%	-1.1%	-5.12%	6.21%	-	7.17%	6.68%	8.01%
Price to Book	2.96 x	3.13 x	1.78 x	1.63 x	1.33 x	1.34 x	1.28 x	1.23 x
Nbr of stocks (in thousands)	290,710	290,709	290,733	284,233	284,462	276,357	-	-
Reference price ²	2,125	2,498	1,537	1,514	1,308	1,376	1,376	1,376
Announcement Date	2/13/20	2/12/21	2/14/22	2/13/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	347,519	355,300	366,200	389,800	402,700	416,198	429,958	443,635
EBITDA ¹	40,336	55,700	45,100	39,900	38,000	45,197	47,451	50,805
EBIT ¹	29,832	44,000	31,100	28,800	20,500	26,306	26,894	29,842
Operating Margin	8.58%	12.38%	8.49%	7.39%	5.09%	6.32%	6.26%	6.73%
Earnings before Tax (EBT) ¹	31,402	44,400	34,000	31,200	22,300	29,293	29,237	32,191
Net income ¹	20,559	29,800	23,700	21,900	14,600	19,471	19,561	21,679
Net margin	5.92%	8.39%	6.47%	5.62%	3.63%	4.68%	4.55%	4.89%
EPS ²	70.72	102.8	81.73	77.04	51.42	69.30	70.02	77.60
Free Cash Flow ¹	20,019	-6,771	-17,986	22,427	-	21,358	19,622	22,179
FCF margin	5.76%	-1.91%	-4.91%	5.75%	-	5.13%	4.56%	5%
FCF Conversion (EBITDA)	49.63%	-	-	56.21%	-	47.25%	41.35%	43.65%
FCF Conversion (Net income)	97.37%	-	-	102.41%	-	109.69%	100.31%	102.3%
Dividend per Share ²	21.00	23.00	24.00	25.00	26.00	27.00	28.14	29.29
Announcement Date	2/13/20	2/12/21	2/14/22	2/13/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	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	180,185	169,111	186,189	173,223	94,277	98,600	192,977	87,030	98,100	185,100	101,000	103,700	204,700	90,849	102,000	192,800	103,210	106,600	209,900	93,525	103,975	199,200	106,025	111,775	225,300
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	16,943	25,968	18,032	14,186	11,214	5,700	16,914	10,489	3,700	14,200	8,100	6,500	14,600	2,361	3,800	6,200	6,268	7,896	-	4,150	4,300	-	7,000	8,200	-
Operating Margin	9.4%	15.36%	9.68%	8.19%	11.89%	5.78%	8.76%	12.05%	3.77%	7.67%	8.02%	6.27%	7.13%	2.6%	3.73%	3.22%	6.07%	7.41%	-	4.44%	4.14%	-	6.6%	7.34%	-
Earnings before Tax (EBT)	17,764	27,041	17,359	15,928	11,672	6,400	18,072	11,075	4,625	15,700	9,000	6,500	-	2,641	4,559	7,200	6,985	-	-	-	-	-	-	-	-
Net income ¹	11,870	18,623	11,177	10,815	8,185	4,700	12,885	7,891	3,100	11,000	6,100	4,800	-	1,578	2,700	4,200	4,552	-	-	3,700	-	-	-	-	-
Net margin	6.59%	11.01%	6%	6.24%	8.68%	4.77%	6.68%	9.07%	3.16%	5.94%	6.04%	4.63%	-	1.74%	2.65%	2.18%	4.41%	-	-	3.96%	-	-	-	-	-
EPS ²	-	64.06	-	37.20	28.26	16.27	44.53	27.56	11.19	38.75	21.29	17.00	-	5.550	9.560	15.12	16.00	-	-	7.480	10.68	-	17.44	31.33	-
Dividend per Share	-	11.00	-	12.00	-	12.00	-	-	12.00	12.00	-	13.00	-	-	13.00	13.00	-	-	-	-	-	-	-	-	-
Announcement Date	2/13/20	8/5/20	2/12/21	8/4/21	11/5/21	2/14/22	2/14/22	5/10/22	8/8/22	8/8/22	11/4/22	2/13/23	2/13/23	5/9/23	8/7/23	8/7/23	11/7/23	2/14/24	2/14/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	105,132	113,418	95,447	68,909	55,185	82,618	86,774	103,552
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	20,019	-6,771	-17,986	22,427	-	21,358	19,622	22,179
ROE (net income / shareholders' equity)	10.3%	13.6%	9.8%	8.5%	5.4%	6.9%	6.72%	7.26%
ROA (Net income/ Total Assets)	8.53%	10.9%	7.9%	6.97%	4.68%	4.07%	3.99%	4.27%
Assets ¹	240,952	273,327	300,179	313,993	311,785	478,685	490,171	507,188
Book Value Per Share ²	717.0	797.0	865.0	930.0	985.0	1,027	1,071	1,120
Cash Flow per Share ²	107.0	143.0	131.0	139.0	122.0	174.0	171.0	179.0
Capex ¹	16,743	47,500	37,282	24,314	27,807	21,667	23,467	21,067
Capex / Sales	4.82%	13.37%	10.18%	6.24%	6.91%	5.21%	5.46%	4.75%
Announcement Date	2/13/20	2/12/21	2/14/22	2/13/23	2/14/24	-	-	-

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 Lion Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,376 JPY

Average target price

1,534 JPY

Spread / Average Target

+11.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Household Products

	1st Jan change	Capi.
LION CORPORATION	+5.20%	2.42B
CHURCH & DWIGHT CO., INC.	+12.44%	25.93B
THE CLOROX COMPANY	+2.73%	18.18B
PT UNILEVER INDONESIA TBK	-26.63%	6.09B
REYNOLDS CONSUMER PRODUCTS INC.	+6.04%	5.98B
WD-40 COMPANY	-5.67%	3.06B
JYOTHY LABS LIMITED	-12.14%	1.85B
SANO BRUNO'S ENTERPRISES LTD	+27.19%	936M
EARTH CORPORATION	-4.16%	618M
CHAHUA MODERN HOUSEWARES CO., LTD.	-24.51%	463M

Other Household Products