Financials Ishihara Sangyo Kaisha,Ltd.

Equities

4028

JP3136800004

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 07:00:00 26/04/2024 BST			5-day change	1st Jan Change
1,794 ^JPY	+1.30%		+1.18%	+33.18%

2023	Murata Manufacturing Co., Ltd, Ishihara Sangyo Kaisha, Ltd. and Fuji Titanium Industry Co., Ltd. Announce Re-Conclusion of Agreement Relating to Joint Venture Company	CI
2023	Ishihara Sangyo Kaisha,Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	45,082	22,059	36,402	43,030	42,493	68,530	-	-
Enterprise Value (EV) ¹	67,974	49,929	67,043	62,782	77,750	68,530	68,530	68,530
P/E ratio	5.19 x	9.35 x	10.8 x	3.68 x	6.34 x	8.31 x	8.24 x	6.97 x
Yield	1.06%	3.62%	1.98%	3.34%	3.77%	3.34%	3.44%	4.11%
Capitalization / Revenue	0.42 x	0.22 x	0.36 x	0.39 x	0.32 x	0.5 x	0.47 x	0.45 x
EV / Revenue	0.42 x	0.22 x	0.36 x	0.39 x	0.32 x	0.5 x	0.47 x	0.45 x
EV / EBITDA	-	-	-	2.65 x	3.04 x	3.73 x	3.65 x	3.34 x
EV / FCF	-19.3 x	-4.43 x	-22.5 x	3.53 x	-3.85 x	-19.7 x	14.3 x	11.5 x
FCF Yield	-5.17%	-22.6%	-4.44%	28.3%	-26%	-5.07%	6.99%	8.68%
Price to Book	0.6 x	0.29 x	0.46 x	0.47 x	0.44 x	0.66 x	0.62 x	0.57 x
Nbr of stocks (in thousands)	39,966	39,961	39,958	39,954	38,110	38,199	-	-
Reference price ²	1,128	552.0	911.0	1,077	1,115	1,794	1,794	1,794
Announcement Date	10/05/19	11/05/20	11/05/21	11/05/22	11/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	106,441	101,066	101,774	110,955	131,238	137,750	145,770	151,949
EBITDA ¹	-	-	-	16,211	13,965	18,368	18,798	20,548
EBIT ¹	11,372	6,188	5,173	11,557	8,631	9,750	11,350	13,533
Operating Margin	10.68%	6.12%	5.08%	10.42%	6.58%	7.08%	7.79%	8.91%
Earnings before Tax (EBT) ¹	10,228	4,095	3,938	13,091	9,499	11,200	12,125	14,650
Net income ¹	8,683	2,359	3,373	11,690	6,947	8,250	8,310	9,830
Net margin	8.16%	2.33%	3.31%	10.54%	5.29%	5.99%	5.7%	6.47%
EPS ²	217.2	59.03	84.41	292.6	175.8	216.0	217.7	257.5
Free Cash Flow ¹	-2,332	-4,981	-1,616	12,182	-11,043	-3,472	4,787	5,951
FCF margin	-2.19%	-4.93%	-1.59%	10.98%	-8.41%	-2.52%	3.28%	3.92%
FCF Conversion (EBITDA)	-	-	-	75.15%	-	-	25.47%	28.96%
FCF Conversion (Net income)	-	-	-	104.21%	-	-	57.61%	60.54%
Dividend per Share ²	12.00	20.00	18.00	36.00	42.00	60.00	61.67	73.67
Announcement Date	10/05/19	11/05/20	11/05/21	11/05/22	11/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	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
Net sales ¹	52,006	49,060	48,798	52,976	26,351	56,134	22,813	32,008	54,821	33,320	30,907	64,227	29,947	37,064	67,011	37,607	29,922	67,529	30,974	39,997	70,971
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,699	3,489	287	4,886	2,705	4,892	1,033	5,632	6,665	2,686	676	3,362	449	4,820	5,269	3,232	-952	2,280	203	8,017	8,220
Operating Margin	5.19%	7.11%	0.59%	9.22%	10.27%	8.71%	4.53%	17.6%	12.16%	8.06%	2.19%	5.23%	1.5%	13%	7.86%	8.59%	-3.18%	3.38%	0.66%	20.04%	11.58%
Earnings before Tax (EBT)	1,427	-	-1,155	-	-	5,066	925	-	-	4,200	-	5,989	-995	-	-	5,586	-	5,315	-309	-	-
Net income	469	-	-1,159	-	-	4,173	595	-	-	3,464	-	4,411	-1,399	-	-	4,985	-	3,748	-907	-	-
Net margin	0.9%	-	-2.38%	-	-	7.43%	2.61%	-	-	10.4%	-	6.87%	-4.67%	-	-	13.26%	-	5.55%	-2.93%	-	-
EPS	11.73	-	-29.00	-	-	104.5	14.88	-	-	86.72	-	110.4	-34.83	-	-	130.7	-	98.24	-23.80	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	08/11/19	11/05/20	06/11/20	11/05/21	11/11/21	11/11/21	10/02/22	11/05/22	11/05/22	10/08/22	10/11/22	10/11/22	10/02/23	11/05/23	11/05/23	10/08/23	10/11/23	10/11/23	09/02/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	22,892	27,870	30,641	19,752	35,257	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	1.218 x	2.525 x	-	-	-
Free Cash Flow ¹	-2,332	-4,981	-1,616	12,182	-11,043	-3,472	4,787	5,951
ROE (net income / shareholders' equity)	12.2%	3.1%	4.3%	13.6%	7.3%	8.2%	8.25%	9.35%
ROA (Net income/ Total Assets)	6.79%	3.13%	3.37%	7.26%	5.34%	-	-	-
Assets ¹	127,960	75,277	100,004	161,089	130,117	-	-	-
Book Value Per Share ²	1,885	1,919	1,990	2,299	2,555	2,726	2,914	3,125
Cash Flow per Share	333.0	181.0	211.0	409.0	311.0	-	-	-
Capex ¹	7,239	8,298	6,365	5,153	5,907	12,600	6,000	6,000
Capex / Sales	6.8%	8.21%	6.25%	4.64%	4.5%	9.15%	4.12%	3.95%
Announcement Date	10/05/19	11/05/20	11/05/21	11/05/22	11/05/23	-	-	-

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 Ishihara Sangyo Kaisha,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,794 JPY

Average target price

2,380 JPY

Spread / Average Target

+32.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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