Financials Nippon Pillar Packing Co., Ltd.

Equities

6490

JP3747800005

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-02 am EDT			5-day change	1st Jan Change
6,230 ^JPY	-0.48%		+2.81%	+39.84%

2023	Nippon Pillar Packing Co., Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI
2023	Nippon Pillar Packing Co., Ltd. acquired Tanken Seal Seiko Co., Ltd. from AG Chorus Limited Partnership, AG Concert Limited Partnership and AG III Investment Limited Partnership managed by Aspirant Group, Inc.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	31,219	30,377	44,051	72,823	87,753	145,214	-	-
Enterprise Value (EV) ¹	19,389	18,874	32,387	52,008	66,645	145,214	145,214	145,214
P/E ratio	8.39 x	11.6 x	12.9 x	8.79 x	8.47 x	14.3 x	13.4 x	11.8 x
Yield	3.52%	3.18%	2.68%	3.44%	3.55%	2.39%	2.32%	2.51%
Capitalization / Revenue	1.01 x	1.04 x	1.46 x	1.79 x	1.8 x	2.53 x	2.41 x	2.21 x
EV / Revenue	1.01 x	1.04 x	1.46 x	1.79 x	1.8 x	2.53 x	2.41 x	2.21 x
EV / EBITDA	-	-	-	-	-	8.64 x	7.85 x	6.85 x
EV / FCF	41.6 x	63.7 x	9.1 x	-	30.1 x	30 x	12.2 x	10.9 x
FCF Yield	2.4%	1.57%	11%	-	3.32%	3.34%	8.17%	9.22%
Price to Book	0.74 x	0.71 x	0.96 x	1.38 x	1.47 x	1.93 x	1.72 x	1.54 x
Nbr of stocks (in thousands)	24,447	24,147	23,633	23,644	23,401	23,309	-	-
Reference price ²	1,277	1,258	1,864	3,080	3,750	6,230	6,230	6,230
Announcement Date	5/9/19	5/20/20	5/13/21	5/12/22	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	30,963	29,213	30,200	40,670	48,702	57,333	60,267	65,833
EBITDA ¹	-	-	-	-	-	16,800	18,500	21,200
EBIT ¹	5,126	3,683	4,847	11,392	13,842	13,800	14,967	17,000
Operating Margin	16.56%	12.61%	16.05%	28.01%	28.42%	24.07%	24.83%	25.82%
Earnings before Tax (EBT) ¹	5,456	3,653	4,837	11,822	14,587	14,500	15,600	17,300
Net income ¹	3,719	2,635	3,445	8,285	10,428	10,167	10,867	12,300
Net margin	12.01%	9.02%	11.41%	20.37%	21.41%	17.73%	18.03%	18.68%
EPS ²	152.1	108.6	144.7	350.5	443.0	436.2	466.2	527.7
Free Cash Flow ¹	750	477	4,840	-	2,917	4,848	11,866	13,383
FCF margin	2.42%	1.63%	16.03%	-	5.99%	8.46%	19.69%	20.33%
FCF Conversion (EBITDA)	-	-	-	-	-	28.86%	64.14%	63.13%
FCF Conversion (Net income)	20.17%	18.1%	140.49%	-	27.97%	47.69%	109.2%	108.8%
Dividend per Share ²	45.00	40.00	50.00	106.0	133.0	149.0	144.3	156.7
Announcement Date	5/9/19	5/20/20	5/13/21	5/12/22	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	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 Q3	2025 Q4
Net sales ¹	14,327	14,886	13,742	10,096	19,231	10,445	10,994	21,439	10,704	11,977	22,681	12,792	13,229	26,021	12,732	15,340	28,072	14,709	14,510	28,928	13,000	15,000	15,000	17,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,805	1,878	1,772	2,958	5,271	3,015	3,106	6,121	2,975	3,838	6,813	3,483	3,546	7,029	3,075	3,822	6,897	3,707	3,198	6,703	3,500	3,500	4,000	4,000
Operating Margin	12.6%	12.62%	12.89%	29.3%	27.41%	28.87%	28.25%	28.55%	27.79%	32.04%	30.04%	27.23%	26.8%	27.01%	24.15%	24.92%	24.57%	25.2%	22.04%	23.17%	26.92%	23.33%	26.67%	23.53%
Earnings before Tax (EBT)	1,825	1,828	1,849	2,987	5,368	3,143	-	6,454	3,358	4,353	7,711	3,255	-	-	3,596	-	7,405	3,651	-	-	-	-	-	-
Net income ¹	1,318	1,317	1,303	2,061	3,757	2,237	2,291	4,528	2,349	3,062	5,411	2,329	2,688	5,017	2,548	2,621	5,169	2,535	4,831	4,831	-	-	-	-
Net margin	9.2%	8.85%	9.48%	20.41%	19.54%	21.42%	20.84%	21.12%	21.95%	25.57%	23.86%	18.21%	20.32%	19.28%	20.01%	17.09%	18.41%	17.23%	33.3%	16.7%	-	-	-	-
EPS	54.05	-	54.45	-	159.0	94.59	-	-	99.35	-	228.8	98.98	-	-	109.4	-	221.9	108.8	-	-	-	-	-	-
Dividend per Share	20.00	-	20.00	-	45.00	-	-	-	-	-	54.00	-	-	-	-	-	60.00	-	-	-	-	-	-	-
Announcement Date	11/7/19	5/20/20	11/12/20	11/9/21	11/9/21	2/8/22	5/12/22	5/12/22	8/5/22	11/10/22	11/10/22	2/7/23	5/12/23	5/12/23	8/7/23	11/14/23	11/14/23	2/13/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	11,830	11,503	11,664	20,815	21,108	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	750	477	4,840	-	2,917	4,848	11,866	13,383
ROE (net income / shareholders' equity)	9.1%	6.2%	7.8%	16.8%	18.6%	15.9%	-	-
ROA (Net income/ Total Assets)	9.97%	7.02%	9.42%	19.7%	20.6%	-	-	-
Assets ¹	37,320	37,549	36,566	42,031	50,710	-	-	-
Book Value Per Share ²	1,725	1,781	1,937	2,227	2,548	3,231	3,614	4,038
Cash Flow per Share	222.0	184.0	231.0	435.0	526.0	-	-	-
Capex ¹	4,285	3,587	3,163	1,365	3,141	15,250	3,000	4,000
Capex / Sales	13.84%	12.28%	10.47%	3.36%	6.45%	26.6%	4.98%	6.08%
Announcement Date	5/9/19	5/20/20	5/13/21	5/12/22	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 Nippon Pillar Packing Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6,260 JPY

Average target price

7,015 JPY

Spread / Average Target

+12.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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