Financials Stella Chemifa Corporation

Equities

4109

JP3399720006

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:32:15 2024-06-05 am EDT			5-day change	1st Jan Change
4,115 ^JPY	-2.26%		-4.19%	+27.40%

May. 10	Stella Chemifa Corporation Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2025	CI
Feb. 13	Stella Chemifa Corporation Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	39,256	31,315	40,875	32,485	31,730	49,495	-	-
Enterprise Value (EV) ¹	37,603	29,431	34,421	22,408	21,624	44,383	49,495	49,495
P/E ratio	16.7 x	16.3 x	13.8 x	6.14 x	14.2 x	24 x	18.3 x	14.8 x
Yield	1.48%	1.86%	1.47%	2.31%	2.27%	4.17%	4.13%	2.79%
Capitalization / Revenue	1.02 x	0.93 x	1.24 x	0.87 x	0.9 x	1.46 x	1.41 x	1.33 x
EV / Revenue	1.02 x	0.93 x	1.24 x	0.87 x	0.9 x	1.46 x	1.41 x	1.33 x
EV / EBITDA	-	5.55 x	-	4.45 x	5.2 x	9.09 x	8.07 x	7.2 x
EV / FCF	13.5 x	23.3 x	7.39 x	-120 x	13.5 x	53.2 x	-20.2 x	-228 x
FCF Yield	7.41%	4.29%	13.5%	-0.83%	7.42%	1.88%	-4.95%	-0.44%
Price to Book	1.2 x	0.92 x	1.13 x	0.77 x	0.74 x	1 x	1.09 x	1.04 x
Nbr of stocks (in thousands)	12,913	12,914	12,814	12,514	12,014	12,028	-	-
Reference price ²	3,040	2,425	3,190	2,596	2,641	4,115	4,115	4,115
Announcement Date	5/10/19	5/11/20	5/10/21	5/10/22	5/9/23	5/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	38,384	33,729	32,893	37,296	35,382	30,446	35,000	37,346
EBITDA ¹	-	5,643	-	7,296	6,107	5,445	6,131	6,877
EBIT ¹	3,523	2,407	4,081	4,583	3,514	2,722	3,800	4,164
Operating Margin	9.18%	7.14%	12.41%	12.29%	9.93%	8.94%	10.86%	11.15%
Earnings before Tax (EBT) ¹	3,676	2,240	3,966	6,840	3,366	2,613	-	3,977
Net income ¹	2,350	1,924	2,959	5,364	2,280	1,845	2,700	3,352
Net margin	6.12%	5.7%	9%	14.38%	6.44%	6.06%	7.71%	8.97%
EPS ²	182.1	149.0	230.7	423.0	186.0	153.5	224.5	278.6
Free Cash Flow ¹	2,910	1,342	5,534	-271	2,353	834	-2,452	-217.5
FCF margin	7.58%	3.98%	16.82%	-0.73%	6.65%	2.74%	-7.01%	-0.58%
FCF Conversion (EBITDA)	-	23.78%	-	-	38.53%	28.43%	-	-
FCF Conversion (Net income)	123.83%	69.75%	187.02%	-	103.2%	45.2%	-	-
Dividend per Share ²	45.00	45.00	47.00	60.00	60.00	154.0	170.0	115.0
Announcement Date	5/10/19	5/11/20	5/10/21	5/10/22	5/9/23	5/10/24	-	-

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
Net sales ¹	17,140	16,589	16,612	16,281	9,213	18,109	9,015	10,172	19,187	9,764	9,854	19,618	8,652	7,112	15,764	7,298	7,199	14,497	8,814	7,135	15,949	7,400	8,500	15,900	9,450	9,650	19,100
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	996	1,411	1,786	2,295	1,157	2,448	1,072	1,063	2,135	1,291	954	2,245	823	446	1,269	582	540	1,122	1,162	438	1,600	640	960	1,600	1,040	1,160	2,200
Operating Margin	5.81%	8.51%	10.75%	14.1%	12.56%	13.52%	11.89%	10.45%	11.13%	13.22%	9.68%	11.44%	9.51%	6.27%	8.05%	7.97%	7.5%	7.74%	13.18%	6.14%	10.03%	8.65%	11.29%	10.06%	11.01%	12.02%	11.52%
Earnings before Tax (EBT) ¹	914	1,326	1,722	2,244	1,316	2,568	1,594	2,678	4,272	1,786	-	4,270	-1,634	-	-	937	-	1,486	620	507	1,127	-	-	-	-	-	-
Net income ¹	630	1,294	1,098	1,861	1,061	1,863	1,296	2,205	3,501	1,295	1,727	3,022	-1,364	622	-742	694	401	1,095	612	138	750	460	680	1,140	760	800	1,560
Net margin	3.68%	7.8%	6.61%	11.43%	11.52%	10.29%	14.38%	21.68%	18.25%	13.26%	17.53%	15.4%	-15.77%	8.75%	-4.71%	9.51%	5.57%	7.55%	6.94%	1.93%	4.7%	6.22%	8%	7.17%	8.04%	8.29%	8.17%
EPS	48.85	-	85.54	-	-	145.4	102.6	-	-	103.6	-	242.3	-107.8	-	-	57.79	-	91.09	50.89	-	-	-	-	-	-	-	-
Dividend per Share	22.00	-	22.00	-	-	24.00	-	-	-	-	-	30.00	-	-	-	-	-	60.00	-	-	-	-	-	-	-	-	-
Announcement Date	11/8/19	5/11/20	11/6/20	5/10/21	11/8/21	11/8/21	2/10/22	5/10/22	5/10/22	8/5/22	11/9/22	11/9/22	2/10/23	5/9/23	5/9/23	8/8/23	11/9/23	11/9/23	2/13/24	5/10/24	5/10/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	1,653	1,884	6,454	10,077	10,106	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,910	1,342	5,534	-271	2,353	834	-2,452	-218
ROE (net income / shareholders' equity)	7.3%	5.8%	8.4%	13.7%	5.4%	4.2%	-	-
ROA (Net income/ Total Assets)	7.13%	4.25%	7.57%	10.4%	7.76%	5.37%	-	-
Assets ¹	32,950	45,315	39,067	51,474	29,390	34,350	-	-
Book Value Per Share ²	2,542	2,636	2,827	3,370	3,569	3,680	3,770	3,951
Cash Flow per Share	434.0	400.0	468.0	637.0	397.0	384.0	-	-
Capex ¹	4,435	3,694	1,818	2,648	5,408	5,708	6,900	5,300
Capex / Sales	11.55%	10.95%	5.53%	7.1%	15.28%	18.75%	19.71%	14.19%
Announcement Date	5/10/19	5/11/20	5/10/21	5/10/22	5/9/23	5/10/24	-	-

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 Stella Chemifa Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,115 JPY

Average target price

4,060 JPY

Spread / Average Target

-1.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Commodity Chemicals

	1st Jan change	Capi.
STELLA CHEMIFA CORPORATION	+27.40%	327M
AIR LIQUIDE	+4.86%	104B
SABIC	-10.06%	60.79B
PT CHANDRA ASRI PACIFIC TBK	+64.76%	51.13B
WANHUA CHEMICAL GROUP CO., LTD.	+14.74%	38.21B
LYONDELLBASELL INDUSTRIES N.V.	+0.13%	30.75B
WESTLAKE CORPORATION	+11.56%	19.83B
NINGXIA BAOFENG ENERGY GROUP CO., LTD.	+10.49%	16.5B
HENGLI PETROCHEMICAL CO.,LTD.	+7.90%	13.82B
RONGSHENG PETROCHEMICAL CO., LTD.	-4.54%	13.33B

Other Commodity Chemicals