Financials Shikoku Kasei Holdings Corp

Equities

4099

JP3349600001

Commodity Chemicals

Delayed Japan Exchange Other stock markets 08:28:31 2024-04-29 pm EDT			5-day change	1st Jan Change
1,785 ^JPY	-0.83%		+3.54%	-0.56%

Mar. 08	Shikoku Kasei’s Attributable Profit Rises 11% in 2023	MT
Mar. 08	Shikoku Kasei Holdings Corp. Provides Consolidated Earnings guidance for the Fiscal Year Ending December 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	80,620	66,650	77,078	68,756	90,799	80,448	-	-
Enterprise Value (EV) ¹	53,873	39,734	50,825	68,756	65,654	80,448	80,448	80,448
P/E ratio	14.9 x	12.4 x	13.7 x	13.9 x	11.8 x	13.5 x	11.2 x	9.38 x
Yield	1.59%	2%	1.7%	2%	1.56%	1.56%	1.67%	1.78%
Capitalization / Revenue	1.53 x	1.29 x	1.55 x	1.48 x	1.44 x	1.26 x	1.18 x	1.13 x
EV / Revenue	1.53 x	1.29 x	1.55 x	1.48 x	1.44 x	1.26 x	1.18 x	1.13 x
EV / EBITDA	7,804,439 x	6,640,415 x	8,345,403 x	-	-	-	-	-
EV / FCF	20.6 x	12.3 x	23.3 x	-91.7 x	-	48.1 x	13.2 x	11.4 x
FCF Yield	4.85%	8.14%	4.29%	-1.09%	-	2.08%	7.58%	8.78%
Price to Book	1.16 x	0.97 x	1.04 x	0.85 x	1.05 x	1 x	0.93 x	0.86 x
Nbr of stocks (in thousands)	58,420	55,542	54,627	52,768	50,585	44,693	-	-
Reference price ²	1,380	1,200	1,411	1,303	1,795	1,800	1,800	1,800
Announcement Date	4/25/19	4/27/20	4/27/21	1/27/23	1/30/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	52,813	51,564	49,590	46,566	63,117	64,000	68,000	71,500
EBITDA	10,330	10,037	9,236	-	-	-	-	-
EBIT ¹	8,049	7,848	7,401	6,462	8,019	9,000	10,450	12,400
Operating Margin	15.24%	15.22%	14.92%	13.88%	12.7%	14.06%	15.37%	17.34%
Earnings before Tax (EBT) ¹	7,815	8,053	8,258	6,848	11,369	9,400	11,600	12,800
Net income ¹	5,397	5,610	5,760	4,997	7,853	6,600	8,150	9,000
Net margin	10.22%	10.88%	11.62%	10.73%	12.44%	10.31%	11.99%	12.59%
EPS ²	92.39	96.92	103.3	93.78	152.1	133.1	161.2	192.0
Free Cash Flow ¹	3,911	5,424	3,305	-750	-	1,672	6,101	7,062
FCF margin	7.41%	10.52%	6.66%	-1.61%	-	2.61%	8.97%	9.88%
FCF Conversion (EBITDA)	37.86%	54.04%	35.78%	-	-	-	-	-
FCF Conversion (Net income)	72.47%	96.68%	57.38%	-	-	25.33%	74.86%	78.47%
Dividend per Share ²	22.00	24.00	24.00	26.00	28.00	28.00	30.00	32.00
Announcement Date	4/25/19	4/27/20	4/27/21	1/27/23	1/30/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q2	2022 S1	2022 Q3	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	25,693	23,408	12,616	13,566	15,796	31,297	15,500	14,685	16,195	30,880	15,909	16,328	17,358	15,750	32,000	15,950	16,050	32,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,567	2,609	2,279	2,513	1,775	4,371	2,595	2,408	1,378	3,786	2,343	1,890	2,405	2,150	4,450	2,200	2,350	4,550
Operating Margin	13.88%	11.15%	18.06%	18.52%	11.24%	13.97%	16.74%	16.4%	8.51%	12.26%	14.73%	11.58%	13.86%	13.65%	13.91%	13.79%	14.64%	14.22%
Earnings before Tax (EBT)	3,663	2,845	2,811	2,602	-	-	-	2,610	-	4,700	4,837	-	2,901	-	-	-	-	-
Net income	2,534	1,924	1,987	1,849	-	-	-	1,744	-	3,212	3,308	-	1,803	-	-	-	-	-
Net margin	9.86%	8.22%	15.75%	13.63%	-	-	-	11.88%	-	10.4%	20.79%	-	10.39%	-	-	-	-	-
EPS	43.38	34.39	35.66	-	-	-	-	33.06	-	61.22	64.32	-	36.72	-	-	-	-	-
Dividend per Share	12.00	12.00	-	-	-	13.00	-	-	-	14.00	-	-	-	-	-	-	-	-
Announcement Date	10/29/19	10/27/20	1/27/21	4/27/21	7/26/22	7/26/22	11/4/22	4/28/23	7/26/23	7/26/23	10/26/23	1/30/24	4/25/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	26,747	26,916	26,253	-	25,145	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,911	5,424	3,305	-750	-	1,672	6,101	7,062
ROE (net income / shareholders' equity)	7.9%	8%	7.9%	6.2%	9.4%	7.5%	8.5%	9.4%
ROA (Net income/ Total Assets)	9.21%	8.31%	7.68%	-	-	-	-	-
Assets ¹	58,617	67,515	74,995	-	-	-	-	-
Book Value Per Share ²	1,191	1,242	1,360	1,526	1,703	1,801	1,929	2,087
Cash Flow per Share	131.0	135.0	136.0	-	217.0	-	-	-
Capex ¹	2,073	1,961	4,106	3,045	5,295	7,800	4,000	4,000
Capex / Sales	3.93%	3.8%	8.28%	6.54%	8.39%	12.19%	5.88%	5.59%
Announcement Date	4/25/19	4/27/20	4/27/21	1/27/23	1/30/24	-	-	-

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 Shikoku Kasei Holdings Corp

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,800 JPY

Average target price

2,500 JPY

Spread / Average Target

+38.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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