Financials Sekisui Chemical Co., Ltd.

Equities

4204

JP3419400001

Homebuilding

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,228 ^JPY	+0.16%		+0.20%	+9.62%

Apr. 26	Sekisui Chemical Co., Ltd. Announces Year End Dividend for the Year Ended March 31, 2024, Payable on June 21, 2024; Provides Dividend Guidance for the End of Second Quarter of Full Year Ending March 31, 2025	CI
Apr. 26	Sekisui Chemical Co., Ltd. Provides Consolidated 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	827,125	654,503	953,990	781,130	805,171	938,847	-	-
Enterprise Value (EV) ¹	811,089	695,348	985,021	738,982	824,548	939,691	933,961	904,888
P/E ratio	12.6 x	11.2 x	23.1 x	21.1 x	11.8 x	12.2 x	12.4 x	11.2 x
Yield	2.47%	3.21%	2.21%	2.79%	3.14%	3.32%	3.16%	3.52%
Capitalization / Revenue	0.72 x	0.58 x	0.9 x	0.67 x	0.65 x	0.75 x	0.71 x	0.69 x
EV / Revenue	0.71 x	0.62 x	0.93 x	0.64 x	0.66 x	0.75 x	0.7 x	0.66 x
EV / EBITDA	5.91 x	5.22 x	8.44 x	5.37 x	5.72 x	6.39 x	5.82 x	5.26 x
EV / FCF	32.3 x	17.4 x	49.5 x	6.86 x	68.1 x	14.1 x	19.5 x	25.9 x
FCF Yield	3.1%	5.75%	2.02%	14.6%	1.47%	7.09%	5.14%	3.87%
Price to Book	1.36 x	1.07 x	1.43 x	1.16 x	1.14 x	1.19 x	1.13 x	1.09 x
Nbr of stocks (in thousands)	464,938	456,736	448,937	444,076	429,196	421,386	-	-
Reference price ²	1,779	1,433	2,125	1,759	1,876	2,228	2,228	2,228
Announcement Date	4/25/19	4/27/20	4/27/21	4/27/22	4/28/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,142,713	1,129,254	1,056,560	1,157,945	1,242,521	1,256,538	1,326,700	1,368,750
EBITDA ¹	137,323	133,230	116,645	137,583	144,072	147,071	160,400	172,000
EBIT ¹	95,686	87,768	67,300	88,879	91,666	94,399	102,000	113,250
Operating Margin	8.37%	7.77%	6.37%	7.68%	7.38%	7.51%	7.69%	8.27%
Earnings before Tax (EBT) ¹	93,908	83,581	63,179	69,859	99,494	111,479	-	-
Net income ¹	66,093	58,931	41,544	37,067	69,263	77,930	75,000	82,750
Net margin	5.78%	5.22%	3.93%	3.2%	5.57%	6.2%	5.65%	6.05%
EPS ²	141.7	128.2	91.92	83.17	159.2	183.5	179.5	199.6
Free Cash Flow ¹	25,131	39,964	19,912	107,717	12,113	67,000	48,000	35,000
FCF margin	2.2%	3.54%	1.88%	9.3%	0.97%	5.3%	3.62%	2.56%
FCF Conversion (EBITDA)	18.3%	30%	17.07%	78.29%	8.41%	45.17%	29.93%	20.35%
FCF Conversion (Net income)	38.02%	67.81%	47.93%	290.6%	17.49%	91.37%	64%	42.3%
Dividend per Share ²	44.00	46.00	47.00	49.00	59.00	74.00	70.50	78.50
Announcement Date	4/25/19	4/27/20	4/27/21	4/27/22	4/28/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 S2
Net sales ¹	556,515	490,041	299,346	547,942	290,708	319,294	282,271	325,494	607,765	304,466	330,290	285,393	325,901	611,294	312,636	332,608	645,244	290,000	344,600	634,600	692,100
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	41,497	22,149	24,400	35,520	21,933	31,426	13,844	26,500	40,344	22,122	29,200	15,285	25,870	41,155	24,678	28,566	53,244	-	-	-	-
Operating Margin	7.46%	4.52%	8.15%	6.48%	7.54%	9.84%	4.9%	8.14%	6.64%	7.27%	8.84%	5.36%	7.94%	6.73%	7.89%	8.59%	8.25%	-	-	-	-
Earnings before Tax (EBT) ¹	41,163	19,194	-6,573	12,414	25,158	32,287	20,911	32,619	53,530	19,598	26,366	35,590	29,350	64,940	20,926	25,613	-	-	-	-	-
Net income ¹	29,633	12,690	-16,447	-3,914	16,648	24,333	14,578	24,523	39,101	13,700	16,462	24,129	20,321	44,450	13,982	19,498	33,480	12,500	19,500	32,000	43,000
Net margin	5.32%	2.59%	-5.49%	-0.71%	5.73%	7.62%	5.16%	7.53%	6.43%	4.5%	4.98%	8.45%	6.24%	7.27%	4.47%	5.86%	5.19%	4.31%	5.66%	5.04%	6.21%
EPS ²	64.17	27.93	-36.78	-8.760	37.30	54.63	33.08	56.10	89.18	31.70	38.31	56.40	47.78	104.2	33.04	46.26	-	29.80	46.70	76.50	103.0
Dividend per Share ²	23.00	23.00	24.00	24.00	-	25.00	-	29.00	29.00	-	30.00	-	35.00	35.00	-	36.00	-	-	-	-	-
Announcement Date	10/30/19	10/29/20	10/28/21	10/28/21	1/31/22	4/27/22	7/28/22	10/27/22	10/27/22	1/30/23	4/28/23	7/28/23	10/30/23	10/30/23	1/30/24	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	-	40,845	31,031	-	19,377	5,496	-	-
Net Cash position ¹	16,036	-	-	42,148	-	-	4,886	33,959
Leverage (Debt/EBITDA)	-	0.3066 x	0.266 x	-	0.1345 x	0.0371 x	-	-
Free Cash Flow ¹	25,131	39,964	19,912	107,717	12,113	67,000	48,000	35,000
ROE (net income / shareholders' equity)	11.1%	10.1%	6.5%	5.5%	10%	10.4%	9.3%	10.3%
ROA (Net income/ Total Assets)	9.21%	8.18%	5.56%	8.26%	8.59%	8.3%	8.1%	8.5%
Assets ¹	717,660	720,095	746,841	448,824	806,328	938,570	925,926	973,529
Book Value Per Share ²	1,308	1,334	1,486	1,519	1,643	1,880	1,979	2,037
Cash Flow per Share ²	225.0	220.0	191.0	186.0	272.0	304.0	296.0	-
Capex ¹	73,595	52,683	55,359	53,923	59,349	67,500	75,000	75,000
Capex / Sales	6.44%	4.67%	5.24%	4.66%	4.78%	5.33%	5.65%	5.48%
Announcement Date	4/25/19	4/27/20	4/27/21	4/27/22	4/28/23	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 Sekisui Chemical Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,228 JPY

Average target price

2,272 JPY

Spread / Average Target

+2.00%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Homebuilding

	1st Jan change	Capi.
SEKISUI CHEMICAL CO., LTD.	+9.62%	5.96B
DR HORTON	-4.38%	47.86B
PULTEGROUP, INC.	+10.25%	23.94B
DAIWA HOUSE INDUSTRY CO., LTD.	+1.83%	17.68B
SEKISUI HOUSE, LTD.	+13.06%	14.58B
TOLL BROTHERS, INC.	+16.96%	12.52B
SUMITOMO FORESTRY CO., LTD.	+12.71%	6.16B
THE BERKELEY GROUP HOLDINGS PLC	+0.30%	6.2B
TAYLOR MORRISON HOME CORPORATION	+7.89%	6.11B
TAYLOR WIMPEY PLC	-8.67%	5.92B

Other Homebuilding