OJI HOLDINGS CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 638.3 JPY | +0.52% |
|
+0.82% | +17.55% |
| Apr. 16 | Oji Holdings Corporation completed the acquisition of Walki Group Oy from OEP Capital Advisors, L.P. | CI |
| Mar. 21 | EU Green-lights Oji Holdings' Acquisition of Finland's Walki | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 679,029 | 573,210 | 709,103 | 601,270 | 519,377 | 627,175 | - | - |
| Enterprise Value (EV) 1 | 1,211,379 | 1,070,560 | 1,220,530 | 1,195,954 | 1,250,642 | 1,417,494 | 1,410,043 | 1,372,677 |
| P/E ratio | 13.1 x | 9.85 x | 14.3 x | 6.87 x | 9.19 x | 11.1 x | 8.79 x | 7.92 x |
| Yield | 1.75% | 2.42% | 1.96% | 2.31% | 3.05% | 2.56% | 3.11% | 3.26% |
| Capitalization / Revenue | 0.44 x | 0.38 x | 0.52 x | 0.41 x | 0.3 x | 0.37 x | 0.35 x | 0.34 x |
| EV / Revenue | 0.78 x | 0.71 x | 0.9 x | 0.81 x | 0.73 x | 0.83 x | 0.78 x | 0.75 x |
| EV / EBITDA | 6.74 x | 6.32 x | 8.21 x | 6.4 x | 7.87 x | 9.08 x | 7.47 x | 6.79 x |
| EV / FCF | 16.4 x | 17.9 x | 34.3 x | 23.4 x | -11.9 x | 51.6 x | 44 x | 24.1 x |
| FCF Yield | 6.1% | 5.58% | 2.91% | 4.27% | -8.4% | 1.94% | 2.27% | 4.16% |
| Price to Book | 1 x | 0.83 x | 0.94 x | 0.71 x | 0.55 x | 0.64 x | 0.61 x | 0.57 x |
| Nbr of stocks (in thousands) | 988,397 | 990,001 | 990,367 | 990,559 | 991,177 | 982,571 | - | - |
| Reference price 2 | 687.0 | 579.0 | 716.0 | 607.0 | 524.0 | 638.3 | 638.3 | 638.3 |
| Announcement Date | 5/13/19 | 5/25/20 | 5/13/21 | 5/13/22 | 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 | 1,550,991 | 1,507,607 | 1,358,985 | 1,470,161 | 1,706,641 | 1,717,339 | 1,803,700 | 1,827,660 |
| EBITDA 1 | 179,739 | 169,504 | 148,650 | 186,808 | 158,910 | 156,093 | 188,820 | 202,062 |
| EBIT 1 | 110,212 | 106,125 | 84,793 | 120,119 | 84,818 | 80,277 | 111,533 | 122,760 |
| Operating Margin | 7.11% | 7.04% | 6.24% | 8.17% | 4.97% | 4.67% | 6.18% | 6.72% |
| Earnings before Tax (EBT) 1 | 90,797 | 98,138 | 80,883 | 129,262 | 84,617 | 85,860 | 107,200 | 119,060 |
| Net income 1 | 51,977 | 58,181 | 49,635 | 87,509 | 56,483 | 55,715 | 71,508 | 79,320 |
| Net margin | 3.35% | 3.86% | 3.65% | 5.95% | 3.31% | 3.24% | 3.96% | 4.34% |
| EPS 2 | 52.52 | 58.78 | 50.13 | 88.35 | 57.00 | 57.42 | 72.58 | 80.59 |
| Free Cash Flow 1 | 73,935 | 59,690 | 35,548 | 51,020 | -105,012 | 27,473 | 32,044 | 57,045 |
| FCF margin | 4.77% | 3.96% | 2.62% | 3.47% | -6.15% | 1.6% | 1.78% | 3.12% |
| FCF Conversion (EBITDA) | 41.13% | 35.21% | 23.91% | 27.31% | - | 17.6% | 16.97% | 28.23% |
| FCF Conversion (Net income) | 142.25% | 102.59% | 71.62% | 58.3% | - | 49.31% | 44.81% | 71.92% |
| Dividend per Share 2 | 12.00 | 14.00 | 14.00 | 14.00 | 16.00 | 16.33 | 19.83 | 20.80 |
| Announcement Date | 5/13/19 | 5/25/20 | 5/13/21 | 5/13/22 | 5/12/23 | - | - | - |
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 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 760,206 | 747,401 | 652,423 | 706,562 | 365,808 | 708,529 | 377,085 | 384,547 | 761,632 | 399,177 | 438,325 | 837,502 | 459,221 | 409,918 | 420,317 | 426,776 | 847,093 | 445,304 | 430,868 | 465,000 | 476,500 | 487,700 | 478,000 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 55,580 | 50,545 | 29,306 | 55,487 | 35,627 | 63,681 | 31,602 | 24,836 | 56,438 | 15,578 | 24,817 | 40,395 | 19,112 | 25,311 | 21,775 | 17,046 | 38,821 | 17,542 | 25,109 | 23,800 | 26,700 | 32,700 | 32,200 |
| Operating Margin | 7.31% | 6.76% | 4.49% | 7.85% | 9.74% | 8.99% | 8.38% | 6.46% | 7.41% | 3.9% | 5.66% | 4.82% | 4.16% | 6.17% | 5.18% | 3.99% | 4.58% | 3.94% | 5.83% | 5.12% | 5.6% | 6.7% | 6.74% |
| Earnings before Tax (EBT) | 47,634 | - | 22,228 | - | - | 67,824 | 33,741 | - | - | 33,018 | - | 57,482 | 6,718 | - | 27,877 | - | 49,994 | 16,794 | - | - | - | - | - |
| Net income 1 | 28,839 | 29,342 | 10,289 | 39,346 | 24,972 | 45,582 | 21,063 | 20,864 | 41,927 | 23,285 | - | 37,927 | 1,177 | - | 17,599 | 14,042 | 31,641 | 10,689 | 16,070 | - | - | - | - |
| Net margin | 3.79% | 3.93% | 1.58% | 5.57% | 6.83% | 6.43% | 5.59% | 5.43% | 5.5% | 5.83% | - | 4.53% | 0.26% | - | 4.19% | 3.29% | 3.74% | 2.4% | 3.73% | - | - | - | - |
| EPS | 29.14 | 29.64 | 10.39 | 39.74 | 25.21 | 46.02 | 21.27 | 21.06 | 42.33 | 23.51 | - | 38.28 | 1.180 | - | 17.76 | - | 31.92 | 10.78 | - | - | - | - | - |
| Dividend per Share | 7.000 | - | 7.000 | - | - | 7.000 | - | - | - | - | - | 8.000 | - | - | - | - | 8.000 | - | - | - | - | - | - |
| Announcement Date | 11/5/19 | 5/25/20 | 11/5/20 | 5/13/21 | 11/2/21 | 11/2/21 | 2/4/22 | 5/13/22 | 5/13/22 | 8/2/22 | 11/8/22 | 11/8/22 | 2/3/23 | 5/12/23 | 8/7/23 | 11/7/23 | 11/7/23 | 2/5/24 | - | - | - | - | - |
1JPY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 532,350 | 497,350 | 511,427 | 594,684 | 731,265 | 790,320 | 782,868 | 745,502 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.962 x | 2.934 x | 3.44 x | 3.183 x | 4.602 x | 5.063 x | 4.146 x | 3.689 x |
| Free Cash Flow 1 | 73,935 | 59,690 | 35,548 | 51,020 | -105,012 | 27,473 | 32,044 | 57,045 |
| ROE (net income / shareholders' equity) | 7.7% | 8.5% | 6.88% | 10.9% | 6.3% | 5.77% | 6.96% | 7.42% |
| ROA (Net income/ Total Assets) | 6.04% | 5.28% | 4.3% | 6.7% | 4.37% | 2.32% | 2.83% | 3.23% |
| Assets 1 | 860,508 | 1,101,896 | 1,155,323 | 1,306,867 | 1,292,988 | 2,401,168 | 2,530,971 | 2,456,488 |
| Book Value Per Share 2 | 685.0 | 699.0 | 758.0 | 859.0 | 945.0 | 999.0 | 1,052 | 1,112 |
| Cash Flow per Share | 123.0 | 123.0 | 114.0 | 155.0 | 131.0 | - | - | - |
| Capex 1 | 59,197 | 92,454 | 98,422 | 98,659 | 100,092 | 99,640 | 99,660 | 97,560 |
| Capex / Sales | 3.82% | 6.13% | 7.24% | 6.71% | 5.86% | 5.8% | 5.53% | 5.34% |
| Announcement Date | 5/13/19 | 5/25/20 | 5/13/21 | 5/13/22 | 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
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
638.3
JPY
Average target price
695.8
JPY
Spread / Average Target
+9.01%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +17.55% | 3.98B | |
| -3.17% | 18.78B | |
| +7.10% | 14.99B | |
| +5.03% | 10.18B | |
| -1.67% | 6.08B | |
| +8.82% | 4.88B | |
| +16.91% | 3.15B | |
| +63.21% | 2.67B | |
| +12.02% | 1.76B | |
| +15.48% | 1.52B |
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