Financials Yotai Refractories Co., Ltd.

Equities

5357

JP3953600008

Construction Materials

Delayed Japan Exchange Other stock markets 08:24:03 2024-05-01 pm EDT			5-day change	1st Jan Change
1,449 ^JPY	-0.07%	$Intraday chart for Yotai Refractories Co., Ltd.$	+0.07%	-3.21%

Feb. 09	Yotai Refractories Co., Ltd. Provides Dividend Guidance for the Year-End Fiscal Year Ending March 31, 2024	CI
Feb. 09	Yotai Refractories Co., Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,231	13,846	22,370	25,948	29,800	25,441	-	-
Enterprise Value (EV) ¹	6,820	5,640	10,980	17,411	23,959	25,441	25,441	25,441
P/E ratio	3.11 x	4.95 x	12.1 x	8.91 x	10.3 x	8.2 x	9.96 x	9.96 x
Yield	2.94%	2.54%	1.66%	3.42%	2.96%	3.66%	3.66%	3.66%
Capitalization / Revenue	0.4 x	0.52 x	0.95 x	1 x	1.05 x	0.85 x	0.85 x	0.85 x
EV / Revenue	0.4 x	0.52 x	0.95 x	1 x	1.05 x	0.85 x	0.85 x	0.85 x
EV / EBITDA	-	-	-	5.23 x	5.89 x	5.25 x	5.03 x	5.06 x
EV / FCF	5.49 x	3.32 x	6.07 x	-	-173 x	27.3 x	7.7 x	17.4 x
FCF Yield	18.2%	30.1%	16.5%	-	-0.58%	3.66%	13%	5.76%
Price to Book	0.45 x	0.51 x	0.77 x	0.86 x	0.96 x	0.85 x	0.8 x	0.76 x
Nbr of stocks (in thousands)	21,978	21,978	21,782	20,610	19,631	17,545	-	-
Reference price ²	511.0	630.0	1,027	1,259	1,518	1,450	1,450	1,450
Announcement Date	5/14/19	5/14/20	5/13/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	27,875	26,654	23,554	25,912	28,250	30,100	30,100	30,100
EBITDA ¹	-	-	-	4,960	5,058	4,850	5,060	5,030
EBIT ¹	5,134	4,017	2,921	4,089	4,012	3,700	3,800	3,800
Operating Margin	18.42%	15.07%	12.4%	15.78%	14.2%	12.29%	12.62%	12.62%
Earnings before Tax (EBT) ¹	5,221	4,066	2,788	4,123	4,089	4,683	3,860	3,860
Net income ¹	3,610	2,794	1,845	2,966	2,971	3,293	2,710	2,710
Net margin	12.95%	10.48%	7.83%	11.45%	10.52%	10.94%	9%	9%
EPS ²	164.3	127.2	84.59	141.3	147.3	176.9	145.6	145.6
Free Cash Flow ¹	2,045	4,169	3,686	-	-172.7	932	3,303	1,466
FCF margin	7.34%	15.64%	15.65%	-	-0.61%	3.1%	10.97%	4.87%
FCF Conversion (EBITDA)	-	-	-	-	-	19.22%	65.28%	29.15%
FCF Conversion (Net income)	56.65%	149.21%	199.78%	-	-	28.3%	121.88%	54.1%
Dividend per Share ²	15.00	16.00	17.00	43.00	45.00	53.00	53.00	53.00
Announcement Date	5/14/19	5/14/20	5/13/21	5/13/22	5/12/23	-	-	-

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 S1	2025 Q3	2025 Q4
Net sales ¹	13,778	11,197	5,990	12,325	6,579	7,008	7,126	6,443	13,569	7,185	7,496	7,070	7,065	14,136	8,140	7,825	7,250	7,000	14,250	7,800	8,050
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,186	1,269	1,084	2,143	827.2	1,119	1,057	940	1,997	1,018	997	793.5	868.4	1,662	1,047	992	800	900	1,700	1,150	950
Operating Margin	15.87%	11.33%	18.1%	17.39%	12.57%	15.96%	14.83%	14.59%	14.72%	14.17%	13.3%	11.22%	12.29%	11.76%	12.86%	12.68%	11.03%	12.86%	11.93%	14.74%	11.8%
Earnings before Tax (EBT)	2,185	1,320	-	2,158	850	-	1,099	-	2,037	1,079	-	849	-	1,731	1,992	-	-	-	-	-	-
Net income	1,458	901	-	1,611	565	-	770	-	1,424	759	-	584	-	1,197	1,489	-	-	-	-	-	-
Net margin	10.58%	8.05%	-	13.07%	8.59%	-	10.81%	-	10.49%	10.56%	-	8.26%	-	8.47%	18.29%	-	-	-	-	-	-
EPS	66.37	41.28	-	75.39	27.63	-	37.46	-	69.72	37.87	-	30.14	-	62.57	79.09	-	-	-	-	-	-
Dividend per Share	9.000	5.000	-	16.00	-	-	-	-	20.00	-	-	-	-	25.00	-	-	-	-	-	-	-
Announcement Date	11/7/19	11/12/20	11/11/21	11/11/21	2/9/22	5/13/22	8/5/22	11/11/22	11/11/22	2/10/23	5/12/23	8/10/23	11/10/23	11/10/23	2/9/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	4,411	8,206	11,390	8,537	5,841	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,045	4,169	3,686	-	-173	932	3,303	1,466
ROE (net income / shareholders' equity)	15.3%	10.7%	6.6%	10%	9.7%	10.5%	8.3%	7.9%
ROA (Net income/ Total Assets)	16.4%	12%	8.65%	11.1%	10.6%	-	-	-
Assets ¹	22,027	23,192	21,326	26,670	28,109	-	-	-
Book Value Per Share ²	1,142	1,239	1,333	1,461	1,582	1,712	1,805	1,897
Cash Flow per Share	198.0	166.0	124.0	183.0	199.0	-	-	-
Capex ¹	1,003	1,244	1,117	1,180	2,203	1,700	1,700	1,700
Capex / Sales	3.6%	4.67%	4.74%	4.55%	7.8%	5.65%	5.65%	5.65%
Announcement Date	5/14/19	5/14/20	5/13/21	5/13/22	5/12/23	-	-	-

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 Yotai Refractories Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,450 JPY

Average target price

1,660 JPY

Spread / Average Target

+14.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Construction Material Processing

	1st Jan change	Capi.
YOTAI REFRACTORIES CO., LTD. $Stock Yotai Refractories Co., Ltd.$	-3.21%	172M
XIAMEN WANLI STONE STOCK CO.,LTD	-8.81%	768M
JIANGSU XIUQIANG GLASSWORK CO., LTD.	-3.39%	609M
SINOSTEEL LUONAI MATERIALS TECHNOLOGY CO., LTD.	-21.11%	598M
SHANDONG FIBERGLASS GROUP CO., LTD	-21.88%	455M
SINOSTONE(GUANGDONG) CO.,LTD.	+14.06%	441M
IFGL REFRACTORIES LIMITED $Stock IFGL Refractories Limited$	-14.67%	295M
JIANGXI HAIYUAN COMPOSITES TECHNOLOGY CO.,LTD.	-45.74%	247M
CONSORCIO CEMENTERO DEL SUR S.A.	+6.15%	206M
BRIKSTON CONSTRUCTION SOLUTIONS S.A.	+17.71%	194M

Construction Material Processing