Financials Mitsubishi Pencil Co., Ltd.

Equities

7976

JP3895600009

Business Support Supplies

Market Closed - Japan Exchange Other stock markets 07:00:00 28/06/2024 BST			5-day change	1st Jan Change
2,510 ^JPY	-0.16%		+1.01%	+20.33%

04-26	Mitsubishi Pencil Co., Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2024	CI
03-01	Mitsubishi Pencil to Acquire German Pen Manufacturer C. Josef Lamy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	92,741	77,225	67,871	78,732	113,359	132,595	-	-
Enterprise Value (EV) ¹	53,797	39,992	27,754	34,751	58,820	95,345	89,365	82,535
P/E ratio	21 x	20.4 x	12 x	11.4 x	11.2 x	11.9 x	13.3 x	12.3 x
Yield	1.83%	2.25%	2.64%	2.44%	1.92%	1.67%	1.75%	1.83%
Capitalization / Revenue	1.5 x	1.4 x	1.1 x	1.14 x	1.52 x	1.51 x	1.42 x	1.38 x
EV / Revenue	0.87 x	0.72 x	0.45 x	0.5 x	0.79 x	1.08 x	0.96 x	0.86 x
EV / EBITDA	-	-	-	-	-	6.14 x	5.26 x	4.55 x
EV / FCF	7.71 x	123 x	-	6.33 x	4.21 x	-6.31 x	10.8 x	7.36 x
FCF Yield	13%	0.81%	-	15.8%	23.8%	-15.9%	9.24%	13.6%
Price to Book	1.04 x	0.86 x	0.71 x	0.76 x	0.99 x	1.26 x	1.18 x	1.12 x
Nbr of stocks (in thousands)	56,619	56,123	56,045	54,981	54,343	52,743	-	-
Reference price ²	1,638	1,376	1,211	1,432	2,086	2,514	2,514	2,514
Announcement Date	14/02/20	09/02/21	17/02/22	13/02/23	16/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	62,034	55,180	61,894	68,997	74,801	88,000	93,400	96,200
EBITDA ¹	-	-	-	-	-	15,520	16,990	18,130
EBIT ¹	7,202	5,493	7,520	9,243	11,851	12,810	14,180	15,220
Operating Margin	11.61%	9.95%	12.15%	13.4%	15.84%	14.56%	15.18%	15.82%
Earnings before Tax (EBT) ¹	6,925	5,612	8,095	10,180	14,296	16,680	14,670	15,710
Net income ¹	4,436	3,794	5,658	6,951	10,166	11,490	10,300	11,030
Net margin	7.15%	6.88%	9.14%	10.07%	13.59%	13.06%	11.03%	11.47%
EPS ²	77.84	67.57	101.0	125.7	186.8	211.4	189.5	204.4
Free Cash Flow ¹	6,976	324	-	5,486	13,988	-15,120	8,260	11,220
FCF margin	11.25%	0.59%	-	7.95%	18.7%	-17.18%	8.84%	11.66%
FCF Conversion (EBITDA)	-	-	-	-	-	-	48.62%	61.89%
FCF Conversion (Net income)	157.26%	8.54%	-	78.92%	137.6%	-	80.19%	101.72%
Dividend per Share ²	30.00	31.00	32.00	35.00	40.00	42.00	44.00	46.00
Announcement Date	14/02/20	09/02/21	17/02/22	13/02/23	16/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2022 Q1	2022 S1	2022 Q3	2023 Q1	2023 S1	2023 Q3	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	26,982	30,619	18,106	33,881	16,242	18,955	36,240	16,889	20,073	21,710	41,800	20,770	25,430	46,200
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,559	4,121	3,204	4,672	1,792	3,345	5,658	2,435	3,065	2,860	5,930	2,800	4,080	6,880
Operating Margin	9.48%	13.46%	17.7%	13.79%	11.03%	17.65%	15.61%	14.42%	15.27%	13.17%	14.19%	13.48%	16.04%	14.89%
Earnings before Tax (EBT) ¹	2,489	4,794	3,516	5,667	1,925	3,480	6,527	2,552	3,440	3,040	6,480	2,830	7,370	10,200
Net income ¹	1,743	3,234	2,413	3,908	1,212	2,396	4,436	1,786	2,137	2,100	4,240	1,960	5,290	7,250
Net margin	6.46%	10.56%	13.33%	11.53%	7.46%	12.64%	12.24%	10.57%	10.65%	9.67%	10.14%	9.44%	20.8%	15.69%
EPS	31.03	57.68	43.34	70.38	22.09	43.85	81.39	32.85	39.34	-	-	-	-	-
Dividend per Share	15.50	16.00	-	16.50	-	-	18.00	-	-	-	-	-	-	-
Announcement Date	30/07/20	29/07/21	28/04/22	28/07/22	31/10/22	28/04/23	27/07/23	26/10/23	25/04/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	38,944	37,233	40,117	43,981	54,539	37,250	43,230	50,060
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	6,976	324	-	5,486	13,988	-15,120	8,260	11,220
ROE (net income / shareholders' equity)	5%	4.2%	6.1%	7%	9.4%	9.7%	8.1%	8.2%
ROA (Net income/ Total Assets)	6.41%	5.13%	6.96%	7.96%	9.33%	-	-	-
Assets ¹	69,162	73,981	81,262	87,365	108,953	-	-	-
Book Value Per Share ²	1,582	1,605	1,715	1,875	2,103	2,002	2,131	2,237
Cash Flow per Share	119.0	111.0	146.0	175.0	235.0	-	-	-
Capex ¹	3,054	4,411	3,896	1,795	2,224	7,000	3,000	3,000
Capex / Sales	4.92%	7.99%	6.29%	2.6%	2.97%	7.95%	3.21%	3.12%
Announcement Date	14/02/20	09/02/21	17/02/22	13/02/23	16/02/24	-	-	-

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 Mitsubishi Pencil Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,514 JPY

Average target price

2,550 JPY

Spread / Average Target

+1.43%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Office Supplies

	1st Jan change	Capi.
MITSUBISHI PENCIL CO., LTD.	+20.33%	825M
SHANGHAI M&G STATIONERY INC.	-15.31%	4.04B
KOKUYO CO., LTD.	+17.57%	1.88B
DOMS INDUSTRIES LIMITED	+61.90%	1.45B
PILOT CORPORATION	+1.95%	1.05B
SHENZHEN COMIX GROUP CO., LTD.	-31.79%	478M
F.I.L.A. - FABBRICA ITALIANA LAPIS ED AFFINI S.P.A.	-2.96%	462M
ADEL KALEMCILIK TICARET VE SANAYI	+47.54%	359M
HANGZHOU TODAYTEC DIGITAL CO., LTD	-4.47%	274M
NICHIBAN CO., LTD.	+10.96%	248M

Office Supplies