Financials Pigeon Corporation

Equities

7956

JP3801600002

Personal Products

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,417 ^JPY	-0.56%		+2.57%	-12.75%

Feb. 27	Soaring Japanese equities offer investors cozy distance from troubled China	RE
2023	Marumitsu Corporation signed a share transfer agreement to acquire 67% stake in Pigeon Manaka Co., Ltd. from Pigeon Corporation.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	480,704	509,050	262,959	259,416	194,214	169,459	-	-
Enterprise Value (EV) ¹	448,288	471,887	227,741	225,133	159,857	135,270	135,361	134,828
P/E ratio	41.7 x	47.8 x	29.9 x	30.2 x	26.2 x	21.3 x	18.9 x	17.6 x
Yield	1.74%	1.69%	3.37%	3.51%	4.68%	5.36%	5.38%	5.4%
Capitalization / Revenue	4.81 x	5.12 x	2.83 x	2.73 x	2.06 x	1.69 x	1.62 x	1.55 x
EV / Revenue	4.48 x	4.75 x	2.45 x	2.37 x	1.69 x	1.35 x	1.29 x	1.24 x
EV / EBITDA	22 x	24.7 x	13.3 x	13.1 x	10.2 x	8.31 x	7.69 x	7.28 x
EV / FCF	44.7 x	33.2 x	43.5 x	29.8 x	19.5 x	16.4 x	15 x	13.7 x
FCF Yield	2.24%	3.01%	2.3%	3.35%	5.13%	6.09%	6.68%	7.27%
Price to Book	7.1 x	7.01 x	3.42 x	3.38 x	2.5 x	2.21 x	2.21 x	2.21 x
Nbr of stocks (in thousands)	119,727	119,636	119,636	119,657	119,590	119,590	-	-
Reference price ²	4,015	4,255	2,198	2,168	1,624	1,417	1,417	1,417
Announcement Date	2/13/20	2/10/21	2/15/22	2/14/23	2/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	100,017	99,380	93,080	94,921	94,461	100,196	104,847	109,070
EBITDA ¹	20,348	19,131	17,151	17,142	15,607	16,284	17,606	18,509
EBIT ¹	17,072	15,316	13,336	12,195	10,726	11,581	13,001	13,991
Operating Margin	17.07%	15.41%	14.33%	12.85%	11.35%	11.56%	12.4%	12.83%
Earnings before Tax (EBT) ¹	17,104	15,836	13,531	13,143	11,154	12,075	13,531	14,488
Net income ¹	11,538	10,643	8,785	8,581	7,423	7,952	8,943	9,611
Net margin	11.54%	10.71%	9.44%	9.04%	7.86%	7.94%	8.53%	8.81%
EPS ²	96.37	88.93	73.44	71.72	62.06	66.48	74.78	80.35
Free Cash Flow ¹	10,039	14,215	5,234	7,551	8,203	8,242	9,036	9,807
FCF margin	10.04%	14.3%	5.62%	7.96%	8.68%	8.23%	8.62%	8.99%
FCF Conversion (EBITDA)	49.34%	74.3%	30.52%	44.05%	52.56%	50.61%	51.33%	52.99%
FCF Conversion (Net income)	87.01%	133.56%	59.58%	88%	110.51%	103.65%	101.04%	102.04%
Dividend per Share ²	70.00	72.00	74.00	76.00	76.00	76.00	76.29	76.57
Announcement Date	2/13/20	2/10/21	2/15/22	2/14/23	2/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	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
Net sales ¹	47,498	48,431	50,949	47,277	22,149	23,654	45,803	21,714	23,578	45,292	25,415	24,214	49,629	23,613	24,389	48,002	24,940	21,519	46,459	23,710	25,134	48,300	26,977	23,519	51,500	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7,815	8,031	7,285	7,589	2,855	2,892	5,747	2,994	2,124	5,118	3,985	3,092	7,077	3,404	3,107	6,511	3,672	543	4,215	2,846	2,953	5,600	3,692	2,022	5,600	-
Operating Margin	16.45%	16.58%	14.3%	16.05%	12.89%	12.23%	12.55%	13.79%	9.01%	11.3%	15.68%	12.77%	14.26%	14.42%	12.74%	13.56%	14.72%	2.52%	9.07%	12.01%	11.75%	11.59%	13.69%	8.6%	10.87%	-
Earnings before Tax (EBT)	7,429	8,340	7,496	7,721	3,209	2,601	5,810	3,954	2,431	6,385	4,364	2,394	6,758	3,787	3,326	7,113	4,028	13	-	-	-	-	-	-	-	-
Net income ¹	4,973	5,855	4,788	5,085	2,100	1,600	3,700	2,617	1,373	3,990	2,958	1,633	4,591	2,438	2,128	4,566	2,715	142	-	1,999	2,050	-	2,217	1,750	-	-
Net margin	10.47%	12.09%	9.4%	10.76%	9.48%	6.76%	8.08%	12.05%	5.82%	8.81%	11.64%	6.74%	9.25%	10.32%	8.73%	9.51%	10.89%	0.66%	-	8.43%	8.16%	-	8.22%	7.44%	-	-
EPS ²	41.54	48.91	40.02	42.51	17.55	13.38	-	21.88	11.47	33.35	24.72	13.65	-	20.38	17.79	38.17	22.69	1.200	-	16.71	17.14	-	18.53	14.63	-	-
Dividend per Share ²	-	36.00	-	37.00	-	37.00	-	-	38.00	38.00	-	36.00	-	-	38.00	38.00	-	38.00	-	-	38.00	-	-	38.00	-	-
Announcement Date	2/13/20	8/6/20	2/10/21	8/5/21	11/4/21	2/15/22	2/15/22	5/12/22	8/9/22	8/9/22	11/8/22	2/14/23	2/14/23	5/11/23	8/9/23	8/9/23	11/8/23	2/15/24	2/15/24	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	32,416	37,163	35,218	34,283	34,357	34,188	34,097	34,631
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	10,039	14,215	5,234	7,551	8,203	8,242	9,036	9,807
ROE (net income / shareholders' equity)	17.5%	15.5%	12.2%	11.4%	9.6%	10.3%	11.7%	12.6%
ROA (Net income/ Total Assets)	13.1%	17.5%	15.3%	13.5%	11.4%	8.77%	9.64%	10.2%
Assets ¹	88,054	60,756	57,429	63,656	65,125	90,711	92,770	94,355
Book Value Per Share ²	566.0	607.0	642.0	641.0	649.0	642.0	641.0	641.0
Cash Flow per Share ²	124.0	121.0	107.0	111.0	103.0	111.0	117.0	123.0
Capex ¹	4,059	4,185	6,735	7,259	6,320	4,144	4,246	4,279
Capex / Sales	4.06%	4.21%	7.24%	7.65%	6.69%	4.14%	4.05%	3.92%
Announcement Date	2/13/20	2/10/21	2/15/22	2/14/23	2/15/24	-	-	-

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 Pigeon Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,417 JPY

Average target price

1,726 JPY

Spread / Average Target

+21.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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