Stock 6988 NITTO DENKO CORPORATION
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Financials Nitto Denko Corporation

Equities

6988

JP3684000007

Specialty Chemicals

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
14,255 JPY +2.41% Intraday chart for Nitto Denko Corporation +3.64% +35.12%
Apr. 26 Nitto Denko Corporation Announces Year End Dividend for the Year Ended March 31, 2024, Payable on June 24, 2024; Provides Dividend Guidance for the Second Quarter and Full Year Ending March 31, 2025 CI
Apr. 26 Nitto Denko Corporation Provides Earnings Guidance for the First Half and Full Fiscal Year Ending March 31, 2025 CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 824,747 749,172 1,399,758 1,305,380 1,257,584 2,016,334 - -
Enterprise Value (EV) 1 527,513 444,340 1,098,016 938,636 927,890 1,954,122 1,602,615 1,541,064
P/E ratio 13.7 x 16 x 20 x 13.4 x 11.6 x 19.2 x 17 x 15.7 x
Yield 3.1% 4.15% 2.11% 2.49% 2.81% 1.81% 1.97% 2.07%
Capitalization / Revenue 1.02 x 1.01 x 1.84 x 1.53 x 1.35 x 2.14 x 2.13 x 2.02 x
EV / Revenue 0.65 x 0.6 x 1.44 x 1.1 x 1 x 2.14 x 1.7 x 1.54 x
EV / EBITDA 3.8 x 3.73 x 7.75 x 5.14 x 4.54 x 7.98 x 7.02 x 6.29 x
EV / FCF 10.9 x 6.98 x 16.7 x 10.8 x 42.6 x 21.9 x 15.7 x 13.1 x
FCF Yield 9.22% 14.3% 5.98% 9.26% 2.35% 4.57% 6.37% 7.63%
Price to Book 1.3 x 1.08 x 1.96 x 1.59 x 1.38 x 1.98 x 1.96 x 1.8 x
Nbr of stocks (in thousands) 141,831 155,269 147,966 148,002 147,086 141,447 - -
Reference price 2 5,815 4,825 9,460 8,820 8,550 14,255 14,255 14,255
Announcement Date 4/26/19 4/27/20 4/26/21 4/26/22 4/26/23 4/26/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 806,495 741,018 761,321 853,448 929,036 915,139 945,000 1,000,623
EBITDA 1 138,681 119,123 141,759 182,471 204,535 206,630 228,350 244,856
EBIT 1 92,777 69,733 93,809 132,260 147,173 139,132 159,125 177,080
Operating Margin 11.5% 9.41% 12.32% 15.5% 15.84% 15.2% 16.84% 17.7%
Earnings before Tax (EBT) 1 91,910 69,013 93,320 132,378 146,840 138,901 161,917 178,375
Net income 1 66,560 47,156 70,235 97,234 109,264 102,679 114,060 129,653
Net margin 8.25% 6.36% 9.23% 11.39% 11.76% 11.22% 12.07% 12.96%
EPS 2 423.5 301.3 472.7 656.3 738.8 719.6 840.3 909.4
Free Cash Flow 1 48,614 63,650 65,712 86,895 21,800 75,397 102,160 117,633
FCF margin 6.03% 8.59% 8.63% 10.18% 2.35% 8.21% 10.81% 11.76%
FCF Conversion (EBITDA) 35.05% 53.43% 46.35% 47.62% 10.66% 36.49% 44.74% 48.04%
FCF Conversion (Net income) 73.04% 134.98% 93.56% 89.37% 19.95% 71.33% 89.57% 90.73%
Dividend per Share 2 180.0 200.0 200.0 220.0 240.0 258.3 281.1 295.5
Announcement Date 4/26/19 4/27/20 4/26/21 4/26/22 4/26/23 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
Net sales 1 378,285 362,733 357,737 403,583 222,236 425,951 220,319 207,177 427,497 216,368 268,541 484,909 254,070 190,057 444,127 208,455 240,889 449,344 244,556 221,239 465,795 225,788 250,445 471,266 254,842 231,599 483,184
EBITDA 1 - - - 75,596 55,535 - 48,387 36,818 - 51,706 - - 59,966 - - - 57,161 - 63,227 49,570 - 46,378 66,435 - 72,854 - -
EBIT 1 41,102 28,631 42,367 51,441 43,088 72,808 35,525 23,926 59,452 38,520 53,759 92,279 45,439 9,455 54,894 22,411 42,061 64,472 47,856 26,804 74,660 32,616 46,783 83,948 49,812 33,509 84,387
Operating Margin 10.87% 7.89% 11.84% 12.75% 19.39% 17.09% 16.12% 11.55% 13.91% 17.8% 20.02% 19.03% 17.88% 4.97% 12.36% 10.75% 17.46% 14.35% 19.57% 12.12% 16.03% 14.45% 18.68% 17.81% 19.55% 14.47% 17.46%
Earnings before Tax (EBT) 1 41,016 27,997 41,822 51,498 43,005 72,648 36,020 23,710 59,730 38,674 53,361 92,035 45,362 9,443 54,805 22,176 42,064 64,240 47,784 26,877 74,661 30,000 46,000 - 46,000 33,000 -
Net income 1 29,133 18,023 30,544 39,691 31,294 52,138 25,760 19,284 45,044 26,439 36,959 63,398 32,396 13,425 45,821 15,168 29,048 44,216 37,384 21,079 58,463 22,400 35,650 - 37,800 24,800 -
Net margin 7.7% 4.97% 8.54% 9.83% 14.08% 12.24% 11.69% 9.31% 10.54% 12.22% 13.76% 13.07% 12.75% 7.06% 10.32% 7.28% 12.06% 9.84% 15.29% 9.53% 12.55% 9.92% 14.23% - 14.83% 10.71% -
EPS 2 185.7 - 204.7 - 211.4 352.3 174.0 129.9 - 178.6 249.7 428.3 218.6 91.83 - 105.5 203.4 308.9 262.0 148.7 - 155.3 256.3 - 287.0 - -
Dividend per Share 100.0 100.0 100.0 - - 110.0 - - 110.0 - - 120.0 - - - - - 130.0 - - - - - - - - -
Announcement Date 10/28/19 4/27/20 10/26/20 4/26/21 10/26/21 10/26/21 1/26/22 4/26/22 4/26/22 7/26/22 10/26/22 10/26/22 1/26/23 4/26/23 4/26/23 7/26/23 10/26/23 10/26/23 1/26/24 4/26/24 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 1 297,234 304,832 301,742 366,744 329,694 366,973 413,719 475,270
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 48,614 63,650 65,712 86,895 21,800 75,397 102,160 117,633
ROE (net income / shareholders' equity) 9.6% 6.79% 10% 12.6% 12.7% 10.9% 11.9% 12%
ROA (Net income/ Total Assets) 9.93% 5.14% 9.89% 12.8% 13.1% 11.6% 10.2% 10.2%
Assets 1 670,312 917,664 710,403 756,689 836,414 888,819 1,119,195 1,270,578
Book Value Per Share 2 4,466 4,479 4,838 5,548 6,183 6,957 7,291 7,901
Cash Flow per Share 2 716.0 779.0 795.0 996.0 1,127 1,146 1,280 1,362
Capex 1 59,628 59,797 50,597 56,496 50,789 95,833 77,500 75,833
Capex / Sales 7.39% 8.07% 6.65% 6.62% 5.47% 10.43% 8.2% 7.58%
Announcement Date 4/26/19 4/27/20 4/26/21 4/26/22 4/26/23 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 Nitto Denko Corporation

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
14,255 JPY
Average target price
13,197 JPY
Spread / Average Target
-7.42%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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