MORINAGA&CO., LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,536 JPY | +0.92% |
|
+2.59% | -0.90% |
| Feb. 09 | Morinaga's Nine-Month Profit Surges 58% | MT |
| Feb. 08 | Morinaga&Co., Ltd. Announces Relocation of Head Office | CI |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 241,702 | 222,334 | 198,933 | 191,558 | 174,386 | 229,743 | - | - |
| Enterprise Value (EV) 1 | 213,421 | 189,819 | 178,282 | 145,889 | 158,464 | 221,226 | 217,988 | 214,506 |
| P/E ratio | 19.4 x | 20.5 x | 14.8 x | 6.89 x | 18 x | 16.2 x | 14.8 x | 13.4 x |
| Yield | 1.37% | 1.63% | 2.02% | 2.36% | 2.66% | 2.17% | 2.35% | 2.56% |
| Capitalization / Revenue | 1.18 x | 1.06 x | 0.99 x | 1.06 x | 0.9 x | 1.09 x | 1.04 x | 0.99 x |
| EV / Revenue | 1.04 x | 0.91 x | 0.89 x | 0.8 x | 0.82 x | 1.04 x | 0.98 x | 0.93 x |
| EV / EBITDA | 8.19 x | 6.91 x | 6.56 x | 5.24 x | 6.23 x | 7.4 x | 6.94 x | 6.39 x |
| EV / FCF | 245 x | 18.4 x | -23 x | 4.27 x | -9.23 x | 41 x | 19.4 x | 18 x |
| FCF Yield | 0.41% | 5.44% | -4.34% | 23.4% | -10.8% | 2.44% | 5.17% | 5.56% |
| Price to Book | 2.51 x | 2.12 x | 1.62 x | 1.46 x | 1.42 x | 1.8 x | 1.69 x | 1.58 x |
| Nbr of stocks (in thousands) | 100,605 | 100,604 | 100,598 | 100,556 | 92,882 | 90,610 | - | - |
| Reference price 2 | 2,402 | 2,210 | 1,978 | 1,905 | 1,878 | 2,536 | 2,536 | 2,536 |
| Announcement Date | 5/14/19 | 5/14/20 | 5/13/21 | 5/13/22 | 5/11/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 205,368 | 208,878 | 199,990 | 181,251 | 194,373 | 211,731 | 221,726 | 231,087 |
| EBITDA 1 | 26,052 | 27,460 | 27,169 | 27,815 | 25,420 | 29,877 | 31,432 | 33,574 |
| EBIT 1 | 20,217 | 21,230 | 19,162 | 17,685 | 15,235 | 20,033 | 21,560 | 23,466 |
| Operating Margin | 9.84% | 10.16% | 9.58% | 9.76% | 7.84% | 9.46% | 9.72% | 10.15% |
| Earnings before Tax (EBT) 1 | 16,999 | 15,437 | 18,944 | 39,216 | 13,884 | 20,108 | 21,561 | 23,635 |
| Net income 1 | 12,816 | 10,824 | 13,405 | 27,773 | 10,059 | 14,387 | 15,350 | 16,736 |
| Net margin | 6.24% | 5.18% | 6.7% | 15.32% | 5.18% | 6.79% | 6.92% | 7.24% |
| EPS 2 | 123.6 | 107.6 | 133.3 | 276.3 | 104.4 | 156.9 | 171.1 | 189.7 |
| Free Cash Flow 1 | 872 | 10,333 | -7,735 | 34,137 | -17,175 | 5,402 | 11,263 | 11,917 |
| FCF margin | 0.42% | 4.95% | -3.87% | 18.83% | -8.84% | 2.55% | 5.08% | 5.16% |
| FCF Conversion (EBITDA) | 3.35% | 37.63% | - | 122.73% | - | 18.08% | 35.83% | 35.49% |
| FCF Conversion (Net income) | 6.8% | 95.46% | - | 122.91% | - | 37.55% | 73.37% | 71.21% |
| Dividend per Share 2 | 33.00 | 36.00 | 40.00 | 45.00 | 50.00 | 55.00 | 59.50 | 65.00 |
| Announcement Date | 5/14/19 | 5/14/20 | 5/13/21 | 5/13/22 | 5/11/23 | - | - | - |
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 | 106,989 | 101,090 | 48,859 | 93,422 | 45,241 | 42,588 | 46,803 | 51,631 | 98,434 | 49,435 | 46,504 | 51,092 | 58,516 | 109,608 | 54,189 | 48,056 | - | - | - | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 12,975 | 11,541 | 6,933 | 13,188 | 4,095 | 402 | 4,640 | 5,591 | 10,231 | 3,519 | 1,485 | 5,803 | 8,364 | 14,167 | 5,524 | 372.3 | - | - | - | - |
| Operating Margin | 12.13% | 11.42% | 14.19% | 14.12% | 9.05% | 0.94% | 9.91% | 10.83% | 10.39% | 7.12% | 3.19% | 11.36% | 14.29% | 12.93% | 10.19% | 0.77% | - | - | - | - |
| Earnings before Tax (EBT) 1 | 13,301 | 11,776 | 6,899 | 13,511 | 4,014 | 21,691 | 4,926 | 4,527 | 9,453 | 3,184 | 1,247 | 5,989 | 8,468 | 14,457 | 5,126 | -34 | - | - | - | - |
| Net income 1 | 9,153 | 8,315 | 4,714 | 9,544 | 2,971 | 15,258 | 3,408 | 3,176 | 6,584 | 2,273 | 1,202 | 4,322 | 5,938 | 10,260 | 3,725 | 429.3 | - | - | - | - |
| Net margin | 8.56% | 8.23% | 9.65% | 10.22% | 6.57% | 35.83% | 7.28% | 6.15% | 6.69% | 4.6% | 2.58% | 8.46% | 10.15% | 9.36% | 6.87% | 0.89% | - | - | - | - |
| EPS 2 | 90.99 | 82.66 | - | 94.88 | 29.55 | - | 34.63 | - | 67.42 | 23.96 | - | 46.68 | 64.60 | 111.3 | 41.05 | 4.500 | - | - | - | - |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 55.00 | - | - | - | 60.00 |
| Announcement Date | 11/8/19 | 11/11/20 | 11/10/21 | 11/10/21 | 2/9/22 | 5/13/22 | 8/10/22 | 11/10/22 | 11/10/22 | 2/10/23 | 5/11/23 | 8/8/23 | 11/10/23 | 11/10/23 | 2/8/24 | - | - | - | - | - |
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 | 28,281 | 32,515 | 20,651 | 45,669 | 15,922 | 8,517 | 11,754 | 15,237 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 872 | 10,333 | -7,735 | 34,137 | -17,175 | 5,402 | 11,263 | 11,917 |
| ROE (net income / shareholders' equity) | 13.2% | 10.8% | 11.8% | 22% | 7.9% | 11.4% | 11.8% | 12.2% |
| ROA (Net income/ Total Assets) | 11.7% | 12.1% | 10.1% | 8.77% | 7.51% | 8.45% | 8.65% | 9.3% |
| Assets 1 | 109,732 | 89,723 | 132,231 | 316,752 | 133,909 | 170,260 | 177,462 | 179,952 |
| Book Value Per Share 2 | 959.0 | 1,040 | 1,223 | 1,302 | 1,323 | 1,409 | 1,501 | 1,606 |
| Cash Flow per Share 2 | 180.0 | 170.0 | 212.0 | 376.0 | 209.0 | 264.0 | 415.0 | 299.0 |
| Capex 1 | 7,983 | 10,661 | 20,404 | 20,411 | 9,995 | 16,456 | 11,750 | 12,625 |
| Capex / Sales | 3.89% | 5.1% | 10.2% | 11.26% | 5.14% | 7.77% | 5.3% | 5.46% |
| Announcement Date | 5/14/19 | 5/14/20 | 5/13/21 | 5/13/22 | 5/11/23 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
BUY
Number of Analysts
4
Last Close Price
2,536
JPY
Average target price
3,530
JPY
Spread / Average Target
+39.22%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -0.90% | 1.46B | |
| -2.40% | 8.24B | |
| -7.75% | 2.17B | |
| -2.89% | 1.15B | |
| +55.19% | 687M | |
| -8.68% | 435M | |
| -20.09% | 401M | |
| -0.90% | 206M | |
| -16.00% | 201M | |
| +8.95% | 182M |
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- Financials Morinaga&Co., Ltd.
