Financials Mandom Corporation

Equities

4917

JP3879400004

Personal Products

Market Closed - Japan Exchange Other stock markets 07:00:00 15/05/2024 BST			5-day change	1st Jan Change
1,212 ^JPY	-12.17%		-8.80%	-5.09%

2023	Mandom Corporation Reports Earnings Results for the Full Year Ended March 31, 2023	CI
2022	UBS Adjusts Mandom’s Price Target to 2,500 Yen From 2,400 Yen, Keeps at Buy	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	133,151	92,953	93,680	59,154	66,414	62,057	-	-
Enterprise Value (EV) ¹	106,915	77,317	81,231	39,362	48,921	60,708	33,978	33,257
P/E ratio	26.2 x	21.2 x	109 x	-95 x	69.3 x	23.3 x	25.9 x	20.5 x
Yield	2.11%	2.99%	1.53%	2.74%	2.57%	2.96%	2.9%	3.12%
Capitalization / Revenue	1.69 x	1.14 x	1.48 x	1.03 x	0.99 x	0.83 x	0.81 x	0.78 x
EV / Revenue	1.35 x	0.95 x	1.28 x	0.69 x	0.73 x	0.83 x	0.45 x	0.42 x
EV / EBITDA	9.98 x	7.32 x	19.2 x	12.1 x	7.36 x	5.88 x	6 x	4.05 x
EV / FCF	35.3 x	-25.3 x	154 x	5.24 x	17.4 x	14.5 x	12.9 x	9.82 x
FCF Yield	2.83%	-3.95%	0.65%	19.1%	5.74%	6.9%	7.75%	10.2%
Price to Book	1.9 x	1.38 x	1.46 x	0.93 x	1.02 x	0.91 x	0.93 x	0.92 x
Nbr of stocks (in thousands)	46,785	44,883	44,866	44,984	44,965	44,969	-	-
Reference price ²	2,846	2,071	2,088	1,315	1,477	1,380	1,380	1,380
Announcement Date	14/05/19	08/05/20	11/05/21	11/05/22	12/05/23	14/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	78,997	81,774	63,310	57,361	67,047	73,233	76,307	79,727
EBITDA ¹	10,718	10,564	4,241	3,255	6,650	6,688	5,664	8,213
EBIT ¹	7,135	5,970	-793	-2,308	1,409	2,020	2,917	3,842
Operating Margin	9.03%	7.3%	-1.25%	-4.02%	2.1%	2.76%	3.82%	4.82%
Earnings before Tax (EBT) ¹	7,958	6,799	1,221	-762	1,589	3,872	3,800	4,740
Net income ¹	5,087	4,445	860	-621	958	2,601	2,400	3,020
Net margin	6.44%	5.44%	1.36%	-1.08%	1.43%	3.55%	3.15%	3.79%
EPS ²	108.8	97.68	19.17	-13.84	21.31	57.84	53.38	67.16
Free Cash Flow ¹	3,028	-3,055	528	7,508	2,808	2,712	2,632	3,388
FCF margin	3.83%	-3.74%	0.83%	13.09%	4.19%	3.71%	3.45%	4.25%
FCF Conversion (EBITDA)	28.25%	-	12.45%	230.66%	42.23%	40.54%	46.47%	41.25%
FCF Conversion (Net income)	59.52%	-	61.4%	-	293.11%	123.25%	109.65%	112.18%
Dividend per Share ²	60.00	62.00	32.00	36.00	38.00	40.00	40.00	43.00
Announcement Date	14/05/19	08/05/20	11/05/21	11/05/22	12/05/23	14/05/24	-	-

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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	44,439	37,335	33,548	29,762	14,932	29,311	13,289	14,761	16,050	16,602	32,652	17,120	17,275	18,455	18,678	37,133	17,539	18,561
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,628	1,342	895	-1,688	99	-646	-375	-1,287	694	344	1,038	719	-348	1,033	612	1,645	558	-183
Operating Margin	10.41%	3.59%	2.67%	-5.67%	0.66%	-2.2%	-2.82%	-8.72%	4.32%	2.07%	3.18%	4.2%	-2.01%	5.6%	3.28%	4.43%	3.18%	-0.99%
Earnings before Tax (EBT)	5,198	-	2,932	-	1,060	546	-237	-1,071	804	520	1,324	953	-688	1,233	1,042	2,275	844	-
Net income ¹	3,276	1,169	2,136	-1,276	871	326	-86	-861	638	336	974	436	-452	911	673	1,584	570	447
Net margin	7.37%	3.13%	6.37%	-4.29%	5.83%	1.11%	-0.65%	-5.83%	3.98%	2.02%	2.98%	2.55%	-2.62%	4.94%	3.6%	4.27%	3.25%	2.41%
EPS	71.05	26.63	47.62	-	19.43	7.280	-1.930	-19.19	14.20	7.460	21.66	9.710	-10.06	20.27	14.96	35.23	12.69	-
Dividend per Share	31.00	-	16.00	-	18.00	18.00	-	18.00	-	-	19.00	-	19.00	-	20.00	20.00	-	-
Announcement Date	29/10/19	08/05/20	29/10/20	11/05/21	29/10/21	29/10/21	01/02/22	11/05/22	29/07/22	02/11/22	02/11/22	02/02/23	12/05/23	31/07/23	31/10/23	31/10/23	02/02/24	14/05/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	26,236	15,636	12,449	19,792	17,493	22,753	28,079	28,800
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,028	-3,055	528	7,508	2,808	2,712	2,632	3,388
ROE (net income / shareholders' equity)	7.3%	6.5%	1.3%	-1%	1.5%	4%	1.74%	4.53%
ROA (Net income/ Total Assets)	8.75%	7.25%	-0.3%	-2.14%	2.5%	3.24%	3.25%	3.55%
Assets ¹	58,156	61,333	-282,839	29,055	38,366	80,390	73,846	84,967
Book Value Per Share ²	1,496	1,495	1,431	1,408	1,448	1,479	1,479	1,506
Cash Flow per Share ²	185.0	194.0	127.0	105.0	132.0	156.0	97.50	135.0
Capex ¹	5,162	10,414	8,487	2,345	1,856	2,424	1,753	2,668
Capex / Sales	6.53%	12.74%	13.41%	4.09%	2.77%	3.32%	2.3%	3.35%
Announcement Date	14/05/19	08/05/20	11/05/21	11/05/22	12/05/23	14/05/24	-	-

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 Mandom Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,380 JPY

Average target price

1,385 JPY

Spread / Average Target

+0.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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