Stock 1802 OBAYASHI CORPORATION
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Financials Obayashi Corporation

Equities

1802

JP3190000004

Construction & Engineering

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
1,720 JPY +1.03% Intraday chart for Obayashi Corporation +1.71% +40.98%
Mar. 05 Japan's Nikkei ends flat on dip-buying as index slips from peak RE
Mar. 05 Japan's Nikkei slips from record peak as chip-related shares dip RE

Valuation

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 799,751 664,540 728,436 645,286 726,269 1,233,241 - -
Enterprise Value (EV) 1 896,591 598,064 735,839 655,128 643,941 1,231,663 1,192,699 1,178,083
P/E ratio 7.07 x 5.88 x 7.37 x 16.5 x 9.35 x 20.3 x 16.7 x 13.7 x
Yield 2.87% 3.46% 3.15% 3.56% 4.15% 4.19% 4.24% 4.07%
Capitalization / Revenue 0.39 x 0.32 x 0.41 x 0.34 x 0.37 x 0.54 x 0.54 x 0.55 x
EV / Revenue 0.44 x 0.29 x 0.42 x 0.34 x 0.32 x 0.54 x 0.53 x 0.52 x
EV / EBITDA 5.18 x 3.46 x 5.14 x 10.6 x 5.47 x 12.6 x 10.7 x 9.17 x
EV / FCF -816 x 3.14 x -13.6 x 33 x 5.08 x -11.9 x 19 x 21.5 x
FCF Yield -0.12% 31.8% -7.38% 3.03% 19.7% -8.39% 5.26% 4.65%
Price to Book 1.04 x 0.81 x 0.78 x 0.68 x 0.73 x 1.2 x 1.18 x 1.14 x
Nbr of stocks (in thousands) 717,910 717,646 717,671 716,985 716,948 717,000 - -
Reference price 2 1,114 926.0 1,015 900.0 1,013 1,720 1,720 1,720
Announcement Date 5/13/19 5/15/20 5/12/21 5/12/22 5/11/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,039,685 2,073,043 1,766,893 1,922,884 1,983,888 2,290,912 2,270,986 2,257,271
EBITDA 1 173,152 172,751 143,199 61,742 117,741 98,092 111,667 128,425
EBIT 1 155,480 152,871 123,161 41,051 93,800 74,035 89,803 110,171
Operating Margin 7.62% 7.37% 6.97% 2.13% 4.73% 3.23% 3.95% 4.88%
Earnings before Tax (EBT) 1 164,635 162,503 134,573 56,281 113,706 87,750 105,467 127,167
Net income 1 113,155 113,093 98,780 39,127 77,671 60,860 73,642 89,557
Net margin 5.55% 5.46% 5.59% 2.03% 3.92% 2.66% 3.24% 3.97%
EPS 2 157.6 157.6 137.6 54.55 108.3 84.89 102.9 125.8
Free Cash Flow 1 -1,099 190,310 -54,272 19,864 126,846 -103,300 62,767 54,833
FCF margin -0.05% 9.18% -3.07% 1.03% 6.39% -4.51% 2.76% 2.43%
FCF Conversion (EBITDA) - 110.16% - 32.17% 107.73% - 56.21% 42.7%
FCF Conversion (Net income) - 168.28% - 50.77% 163.31% - 85.23% 61.23%
Dividend per Share 2 32.00 32.00 32.00 32.00 42.00 72.00 73.00 70.00
Announcement Date 5/13/19 5/15/20 5/12/21 5/12/22 5/11/23 - - -
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 1 965,290 1,107,753 852,681 914,212 462,746 899,160 476,981 546,743 1,023,724 - 514,060 924,391 516,704 542,793 1,059,497 487,444 593,916 1,081,360 620,189 602,399 - 503,402 616,799 - 641,261 635,000 - - -
EBITDA - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
EBIT 1 72,764 80,107 54,871 68,290 4,820 19,298 26,807 -5,054 21,753 8,434 33,351 41,785 23,928 28,087 52,015 4,167 26,676 30,843 20,365 23,012 - 12,022 25,210 - 27,049 33,000 - - -
Operating Margin 7.54% 7.23% 6.44% 7.47% 1.04% 2.15% 5.62% -0.92% 2.12% - 6.49% 4.52% 4.63% 5.17% 4.91% 0.85% 4.49% 2.85% 3.28% 3.82% - 2.39% 4.09% - 4.22% 5.2% - - -
Earnings before Tax (EBT) 1 79,536 - 60,300 74,273 9,501 26,760 28,831 690 29,521 15,873 38,386 54,259 26,758 32,689 59,447 9,071 32,598 41,669 27,425 12,700 - - - - - - - - -
Net income 1 56,813 56,280 47,155 51,625 6,596 18,889 19,483 755 20,238 11,279 27,215 38,494 18,056 21,121 39,177 6,591 23,150 29,741 17,751 15,699 - 11,765 19,744 - 20,623 25,000 - - -
Net margin 5.89% 5.08% 5.53% 5.65% 1.43% 2.1% 4.08% 0.14% 1.98% - 5.29% 4.16% 3.49% 3.89% 3.7% 1.35% 3.9% 2.75% 2.86% 2.61% - 2.34% 3.2% - 3.22% 3.94% - - -
EPS 2 79.17 - 65.71 - - 26.32 27.17 - - 15.73 37.96 53.69 25.19 29.46 - 9.190 32.29 41.48 24.76 16.60 - 16.78 22.30 - 28.24 - - - -
Dividend per Share 16.00 16.00 16.00 16.00 - 16.00 - - 16.00 - - 21.00 - - 21.00 - - 21.00 - - 51.00 - - 22.00 - - 53.00 23.00 55.00
Announcement Date 11/11/19 5/15/20 11/9/20 5/12/21 11/8/21 11/8/21 2/10/22 5/12/22 5/12/22 8/10/22 11/7/22 11/7/22 2/6/23 5/11/23 5/11/23 8/7/23 11/6/23 11/6/23 2/5/24 - - - - - - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 96,840 - 7,403 9,842 - - - -
Net Cash position 1 - 66,476 - - 82,328 1,578 40,542 55,157
Leverage (Debt/EBITDA) 0.5593 x - 0.0517 x 0.1594 x - - - -
Free Cash Flow 1 -1,099 190,310 -54,272 19,864 126,846 -103,300 62,767 54,833
ROE (net income / shareholders' equity) 15.6% 14.3% 11.3% 4.1% 8% 5.98% 7.2% 8.46%
ROA (Net income/ Total Assets) 7.47% 7.15% 5.72% 2.12% 4.01% 2.38% 2.75% 3.23%
Assets 1 1,514,030 1,580,694 1,726,917 1,842,649 1,938,659 2,562,522 2,677,880 2,776,966
Book Value Per Share 2 1,071 1,140 1,297 1,333 1,391 1,432 1,461 1,510
Cash Flow per Share 2 182.0 185.0 166.0 83.40 142.0 46.30 152.0 168.0
Capex 1 36,552 47,471 57,431 58,030 92,360 37,500 60,667 60,667
Capex / Sales 1.79% 2.29% 3.25% 3.02% 4.66% 1.64% 2.67% 2.69%
Announcement Date 5/13/19 5/15/20 5/12/21 5/12/22 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

Ratings for Obayashi Corporation

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
1,720 JPY
Average target price
1,850 JPY
Spread / Average Target
+7.56%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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