Stock 2551 MARUSAN-AI CO., LTD.
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Financials Marusan-Ai Co., Ltd.

Equities

2551

JP3874600004

Food Processing

End-of-day quote NAGOYA STOCK EXCHANGE
Other stock markets
 23:00:00 01/05/2024 BST 		5-day change 1st Jan Change
3,755 JPY +1.62% Intraday chart for Marusan-Ai Co., Ltd. +3.44% +3.59%
2023 Marusan-Ai Co., Ltd. Reports Earnings Results for the Half Year Ended March 20, 2023 CI
2018 Morgan Foods Inc. completed the acquisition of American Soy Products Inc. from Marusan-Ai Co. Ltd. and other shareholders. CI

Valuation

Fiscal Period: September 2018 2019 2020 2021 2022 2023
Capitalization 1 8,134 8,122 9,126 8,966 8,567 8,658
Enterprise Value (EV) 1 13,058 12,935 13,671 15,495 14,908 13,789
P/E ratio 7.1 x 9.14 x 12.8 x 50.7 x 60.3 x -9.64 x
Yield 1.68% 1.69% 1.5% 0.76% 0.8% 0.79%
Capitalization / Revenue 0.31 x 0.3 x 0.31 x 0.3 x 0.28 x 0.28 x
EV / Revenue 0.5 x 0.47 x 0.46 x 0.51 x 0.49 x 0.45 x
EV / EBITDA 7.68 x 7.77 x 5.8 x 8.5 x 9.08 x 13.2 x
EV / FCF 37.9 x -33.4 x 17.9 x -6.73 x -78.4 x 55.2 x
FCF Yield 2.64% -3% 5.59% -14.9% -1.28% 1.81%
Price to Book 1.55 x 1.37 x 1.41 x 1.37 x 1.29 x 1.53 x
Nbr of stocks (in thousands) 2,282 2,282 2,281 2,281 2,281 2,281
Reference price 2 3,565 3,560 4,000 3,930 3,755 3,795
Announcement Date 14/12/18 12/12/19 11/12/20 16/12/21 15/12/22 14/12/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September 2018 2019 2020 2021 2022 2023
Net sales 1 26,340 27,373 29,466 30,091 30,699 30,950
EBITDA 1 1,701 1,664 2,359 1,822 1,641 1,044
EBIT 1 379 388 915 380 237 -280
Operating Margin 1.44% 1.42% 3.11% 1.26% 0.77% -0.9%
Earnings before Tax (EBT) 1 1,860 805 1,055 374 226 -1,087
Net income 1 1,146 889 715 177 142 -898
Net margin 4.35% 3.25% 2.43% 0.59% 0.46% -2.9%
EPS 2 502.3 389.7 313.4 77.58 62.24 -393.6
Free Cash Flow 1 344.1 -387.6 764.4 -2,302 -190.2 249.8
FCF margin 1.31% -1.42% 2.59% -7.65% -0.62% 0.81%
FCF Conversion (EBITDA) 20.23% - 32.4% - - 23.92%
FCF Conversion (Net income) 30.03% - 106.91% - - -
Dividend per Share 2 60.00 60.00 60.00 30.00 30.00 30.00
Announcement Date 14/12/18 12/12/19 11/12/20 16/12/21 15/12/22 14/12/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September 2020 S1 2021 S1 2022 Q1 2022 S1 2022 Q3 2023 Q1 2023 S1 2023 Q3 2024 Q1 2024 S1
Net sales 1 14,471 15,003 8,121 15,285 7,590 7,858 14,798 7,868 8,334 16,062
EBITDA - - - - - - - - - -
EBIT 1 476 349 270 182 -5 171 -127 -25 287 538
Operating Margin 3.29% 2.33% 3.32% 1.19% -0.07% 2.18% -0.86% -0.32% 3.44% 3.35%
Earnings before Tax (EBT) 1 532 374 267 173 4 170 -387 -28 298 576
Net income 1 337 152 158 105 8 78 -280 -25 206 407
Net margin 2.33% 1.01% 1.95% 0.69% 0.11% 0.99% -1.89% -0.32% 2.47% 2.53%
EPS 2 148.0 66.90 69.44 46.28 3.410 34.20 -122.8 -11.07 90.55 178.6
Dividend per Share - - - - - - - - - -
Announcement Date 01/05/20 06/05/21 01/02/22 02/05/22 01/08/22 01/02/23 01/05/23 01/08/23 01/02/24 01/05/24
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: September 2018 2019 2020 2021 2022 2023
Net Debt 1 4,924 4,813 4,545 6,529 6,341 5,131
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 2.895 x 2.892 x 1.927 x 3.583 x 3.864 x 4.915 x
Free Cash Flow 1 344 -388 764 -2,302 -190 250
ROE (net income / shareholders' equity) 24.2% 15.9% 11.5% 2.72% 2.16% -14.6%
ROA (Net income/ Total Assets) 1% 1.02% 2.29% 0.92% 0.56% -0.66%
Assets 1 114,715 87,123 31,200 19,310 25,485 135,588
Book Value Per Share 2 2,304 2,600 2,837 2,861 2,908 2,485
Cash Flow per Share 2 1,332 1,302 1,341 861.0 1,095 914.0
Capex 1 1,447 1,581 1,629 2,300 2,276 542
Capex / Sales 5.49% 5.78% 5.53% 7.64% 7.41% 1.75%
Announcement Date 14/12/18 12/12/19 11/12/20 16/12/21 15/12/22 14/12/23
1JPY in Million2JPY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly earnings - Rate of surprise

Company calendar

Sector Dairy Products

1st Jan change Capi.
MARUSAN-AI CO., LTD. Stock Marusan-Ai Co., Ltd.
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Dairy Products
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