Financials Maeda Kosen Co., Ltd.

Equities

7821

JP3861250003

Construction Materials

Delayed Japan Exchange Other stock markets 07:00:00 16/05/2024 BST			5-day change	1st Jan Change
3,235 ^JPY	-2.27%		-2.54%	+7.41%

02-14	Maeda Kosen Co., Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Ending June 30, 2024	CI
02-14	Maeda Kosen Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending June 30, 2024	CI

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	63,645	77,569	109,969	92,679	96,997	102,910	-	-
Enterprise Value (EV) ¹	66,964	82,710	113,368	95,101	98,906	99,228	94,109	88,623
P/E ratio	15.5 x	25.1 x	23.9 x	26.6 x	18.9 x	14 x	13.2 x	12.3 x
Yield	1.01%	0.81%	0.69%	0.88%	0.88%	1.21%	1.38%	1.55%
Capitalization / Revenue	1.68 x	1.97 x	2.54 x	2.51 x	1.93 x	1.83 x	1.73 x	1.64 x
EV / Revenue	1.77 x	2.1 x	2.62 x	2.58 x	1.97 x	1.76 x	1.59 x	1.41 x
EV / EBITDA	9.62 x	11.9 x	11.9 x	13.6 x	8.47 x	7.09 x	6.31 x	5.55 x
EV / FCF	-31.1 x	-114 x	-	-59.4 x	28.9 x	14.3 x	17.1 x	12.3 x
FCF Yield	-3.22%	-0.88%	-	-1.68%	3.45%	7.01%	5.85%	8.13%
Price to Book	1.99 x	2.31 x	2.91 x	2.23 x	2.23 x	2.16 x	1.91 x	1.7 x
Nbr of stocks (in thousands)	32,258	31,481	31,510	31,534	30,359	31,090	-	-
Reference price ²	1,973	2,464	3,490	2,939	3,195	3,310	3,310	3,310
Announcement Date	01/11/19	30/10/20	29/10/21	10/08/22	10/08/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	37,853	39,365	43,236	36,901	50,204	56,300	59,367	62,633
EBITDA ¹	6,964	6,969	9,533	7,011	11,681	13,995	14,925	15,960
EBIT ¹	5,344	4,517	6,462	4,220	8,493	10,797	11,600	12,500
Operating Margin	14.12%	11.47%	14.95%	11.44%	16.92%	19.18%	19.54%	19.96%
Earnings before Tax (EBT) ¹	5,580	4,599	6,387	4,652	7,648	10,820	11,800	12,725
Net income ¹	4,056	3,089	4,594	3,482	5,258	7,300	7,900	8,470
Net margin	10.72%	7.85%	10.63%	9.44%	10.47%	12.97%	13.31%	13.52%
EPS ²	127.3	98.17	145.8	110.5	169.5	235.9	251.1	269.3
Free Cash Flow ¹	-2,156	-726	-	-1,602	3,417	6,954	5,502	7,202
FCF margin	-5.7%	-1.84%	-	-4.34%	6.81%	12.35%	9.27%	11.5%
FCF Conversion (EBITDA)	-	-	-	-	29.25%	49.69%	36.87%	45.12%
FCF Conversion (Net income)	-	-	-	-	64.99%	95.25%	69.65%	85.02%
Dividend per Share ²	20.00	20.00	24.00	26.00	28.00	40.00	45.67	51.33
Announcement Date	01/11/19	30/10/20	29/10/21	10/08/22	10/08/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	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	21,683	17,682	21,678	21,558	10,789	23,315	10,789	12,317	12,165	24,482	12,932	12,790	25,722	13,779	14,662	28,441	13,459	14,000	28,559
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,829	1,688	3,112	3,350	1,159	3,022	-	2,099	1,895	3,994	2,209	2,290	4,499	2,712	2,949	5,661	2,397	2,625	5,339
Operating Margin	13.05%	9.55%	14.36%	15.54%	10.74%	12.96%	-	17.04%	15.58%	16.31%	17.08%	17.9%	17.49%	19.68%	20.11%	19.9%	17.81%	18.75%	18.69%
Earnings before Tax (EBT) ¹	2,952	1,647	3,145	3,242	1,497	3,226	-	2,192	1,722	3,914	1,216	2,518	3,734	2,724	2,720	5,444	2,702	2,500	5,427
Net income ¹	2,009	1,080	2,118	2,476	1,233	2,442	-	1,516	1,185	2,701	844	1,713	2,557	1,860	1,900	3,760	1,831	2,400	3,640
Net margin	9.27%	6.11%	9.77%	11.49%	11.43%	10.47%	-	12.31%	9.74%	11.03%	6.53%	13.39%	9.94%	13.5%	12.96%	13.22%	13.6%	17.14%	12.75%
EPS	63.87	-	67.28	-	-	-	-	48.09	-	85.64	27.81	-	-	61.28	-	123.9	59.60	-	-
Dividend per Share	10.00	-	11.00	-	-	13.00	-	-	-	14.00	-	-	-	-	-	20.00	-	-	-
Announcement Date	27/04/20	30/10/20	28/04/21	29/10/21	28/04/22	28/04/22	05/05/22	10/11/22	14/02/23	14/02/23	12/05/23	10/08/23	10/08/23	14/11/23	14/02/24	14/02/24	15/05/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,319	5,141	3,399	2,422	1,909	-	-	-
Net Cash position ¹	-	-	-	-	-	3,682	8,801	14,287
Leverage (Debt/EBITDA)	0.4766 x	0.7377 x	0.3566 x	0.3455 x	0.1634 x	-	-	-
Free Cash Flow ¹	-2,156	-726	-	-1,602	3,417	6,954	5,503	7,202
ROE (net income / shareholders' equity)	13.4%	9.6%	12.9%	8.8%	12.4%	16.6%	15.6%	14.8%
ROA (Net income/ Total Assets)	11.3%	8.24%	10.4%	-	12.1%	-	-	-
Assets ¹	35,903	37,484	44,202	-	43,438	-	-	-
Book Value Per Share ²	990.0	1,066	1,199	1,320	1,431	1,532	1,734	1,951
Cash Flow per Share	176.0	176.0	243.0	199.0	272.0	-	-	-
Capex ¹	6,013	5,907	3,104	3,876	4,714	3,250	3,900	3,750
Capex / Sales	15.89%	15.01%	7.18%	10.5%	9.39%	5.77%	6.57%	5.99%
Announcement Date	01/11/19	30/10/20	29/10/21	10/08/22	10/08/23	-	-	-

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 Maeda Kosen Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,310 JPY

Average target price

4,883 JPY

Spread / Average Target

+47.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction Materials

	1st Jan change	Capi.
MAEDA KOSEN CO., LTD.	+7.41%	665M
CRH PLC	+23.83%	58.46B
MARTIN MARIETTA MATERIALS, INC.	+22.80%	37.77B
VULCAN MATERIALS COMPANY	+19.16%	35.77B
ULTRATECH CEMENT LIMITED	-8.46%	33.22B
HEIDELBERG MATERIALS AG	+26.76%	20.3B
GRASIM INDUSTRIES LIMITED	+11.00%	19.27B
AMBUJA CEMENTS	+17.67%	18.1B
SUMMIT MATERIALS, INC.	+9.54%	7.39B
KNIFE RIVER CORPORATION	+18.98%	4.46B

Other Construction Materials