Financials Tokuyama Corporation

Equities

4043

JP3625000009

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,926 ^JPY	+4.89%		+4.00%	+22.40%

Apr. 17	Idemitsu Kosan Partners Zen-Noh Grain for Sustainable Aviation Fuel Production	MT
Feb. 27	Japan's Idemitsu joins study on U.S. ammonia project	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	181,410	145,302	193,992	123,613	151,457	210,552	-	-
Enterprise Value (EV) ¹	239,236	177,221	203,872	149,713	225,823	195,345	278,531	274,464
P/E ratio	5.3 x	7.29 x	7.95 x	4.42 x	16.2 x	11 x	8.43 x	7.35 x
Yield	1.91%	3.35%	2.51%	4.07%	3.33%	2.95%	2.84%	3.25%
Capitalization / Revenue	0.56 x	0.46 x	0.64 x	0.42 x	0.43 x	0.57 x	0.59 x	0.55 x
EV / Revenue	0.74 x	0.56 x	0.67 x	0.51 x	0.64 x	0.57 x	0.78 x	0.72 x
EV / EBITDA	4.75 x	3.52 x	4.25 x	3.38 x	6.43 x	4.51 x	5.13 x	4.53 x
EV / FCF	10.7 x	6.39 x	12.6 x	-19.2 x	-4.96 x	21.9 x	53.3 x	32.1 x
FCF Yield	9.35%	15.6%	7.96%	-5.22%	-20.2%	4.57%	1.88%	3.12%
Price to Book	1.19 x	0.86 x	1.01 x	0.55 x	0.66 x	0.78 x	0.8 x	0.74 x
Nbr of stocks (in thousands)	69,452	69,456	69,456	71,952	71,951	71,947	-	-
Reference price ²	2,612	2,092	2,793	1,718	2,105	2,926	2,926	2,926
Announcement Date	4/26/19	5/15/20	4/28/21	4/28/22	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	324,661	316,096	302,407	293,830	351,790	341,990	358,867	382,800
EBITDA ¹	50,355	50,403	47,924	44,255	35,109	43,327	54,300	60,533
EBIT ¹	35,262	34,281	30,921	24,539	14,336	25,637	34,667	39,833
Operating Margin	10.86%	10.85%	10.22%	8.35%	4.08%	7.5%	9.66%	10.41%
Earnings before Tax (EBT) ¹	38,017	27,917	30,959	27,649	14,424	25,856	34,667	39,833
Net income ¹	34,279	19,937	24,534	28,000	9,364	17,751	24,990	28,663
Net margin	10.56%	6.31%	8.11%	9.53%	2.66%	5.19%	6.96%	7.49%
EPS ²	493.3	287.0	351.1	389.1	130.2	246.7	347.3	398.4
Free Cash Flow ¹	22,357	27,715	16,234	-7,811	-45,557	13,016	5,226	8,564
FCF margin	6.89%	8.77%	5.37%	-2.66%	-12.95%	3.78%	1.46%	2.24%
FCF Conversion (EBITDA)	44.4%	54.99%	33.87%	-	-	29.45%	9.62%	14.15%
FCF Conversion (Net income)	65.22%	139.01%	66.17%	-	-	71.78%	20.91%	29.88%
Dividend per Share ²	50.00	70.00	70.00	70.00	70.00	80.00	83.00	95.00
Announcement Date	4/26/19	5/15/20	4/28/21	4/28/22	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	152,749	143,289	65,163	132,660	78,949	82,221	84,000	82,370	166,370	92,640	92,780	84,886	81,219	166,105	84,150	91,735	86,600	84,700	90,500	96,900
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,612	12,941	4,169	11,665	5,453	7,421	5,100	3,196	8,296	4,865	1,175	5,142	3,434	8,576	8,361	8,700	7,500	7,000	8,600	10,400
Operating Margin	9.57%	9.03%	6.4%	8.79%	6.91%	9.03%	6.07%	3.88%	4.99%	5.25%	1.27%	6.06%	4.23%	5.16%	9.94%	9.48%	8.66%	8.26%	9.5%	10.73%
Earnings before Tax (EBT) ¹	13,410	12,117	6,268	14,031	5,781	-	7,000	3,713	10,713	2,457	-	6,263	3,175	9,438	7,845	8,573	7,500	7,000	8,600	10,400
Net income ¹	10,400	9,994	4,316	9,257	4,119	14,624	4,400	2,165	6,565	1,961	838	4,304	1,924	6,228	5,679	5,844	5,500	5,100	6,300	7,600
Net margin	6.81%	6.97%	6.62%	6.98%	5.22%	17.79%	5.24%	2.63%	3.95%	2.12%	0.9%	5.07%	2.37%	3.75%	6.75%	6.37%	6.35%	6.02%	6.96%	7.84%
EPS	149.8	143.9	-	128.6	57.26	-	62.29	-	91.25	27.26	-	59.82	-	86.56	78.93	-	-	-	-	-
Dividend per Share	35.00	35.00	-	35.00	-	-	-	-	35.00	-	-	-	-	35.00	-	-	-	-	-	-
Announcement Date	10/31/19	10/28/20	10/28/21	10/28/21	1/31/22	4/28/22	7/27/22	10/28/22	10/28/22	1/31/23	4/28/23	7/27/23	10/27/23	10/27/23	1/31/24	4/26/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	57,826	31,919	9,880	26,100	74,366	74,076	67,979	63,913
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.148 x	0.6333 x	0.2062 x	0.5898 x	2.118 x	1.676 x	1.252 x	1.056 x
Free Cash Flow ¹	22,357	27,715	16,234	-7,811	-45,557	13,016	5,226	8,564
ROE (net income / shareholders' equity)	24.6%	12.4%	13.4%	13.2%	4.1%	7.4%	9.82%	10.1%
ROA (Net income/ Total Assets)	9.01%	8.61%	8%	6.31%	3.24%	5.62%	7%	7.4%
Assets ¹	380,548	231,651	306,811	444,017	288,702	315,869	357,000	387,342
Book Value Per Share ²	2,200	2,431	2,758	3,120	3,189	3,464	3,660	3,966
Cash Flow per Share ²	710.0	519.0	594.0	663.0	419.0	493.0	598.0	632.0
Capex ¹	16,765	24,649	27,080	35,056	36,690	33,700	34,000	34,000
Capex / Sales	5.16%	7.8%	8.95%	11.93%	10.43%	9.79%	9.47%	8.88%
Announcement Date	4/26/19	5/15/20	4/28/21	4/28/22	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 Tokuyama Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,926 JPY

Average target price

3,053 JPY

Spread / Average Target

+4.33%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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