Financials Nippon Sanso Holdings Corporation

Equities

4091

JP3711600001

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 07:00:00 26/04/2024 BST			5-day change	1st Jan Change
4,547 ^JPY	+5.47%		+5.28%	+20.42%

02-02	Nippon Sanso’s Attributable Profit Jumps 40.1% in Fiscal Nine Months	MT
02-02	Nippon Sanso Holdings Corporation Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	729,629	692,840	910,508	1,008,736	1,031,074	1,968,208	-	-
Enterprise Value (EV) ¹	1,670,140	1,555,426	1,732,066	1,805,383	1,798,875	2,668,881	2,575,454	2,481,088
P/E ratio	17.7 x	13 x	16.5 x	15.7 x	14.1 x	19.6 x	18.9 x	17.9 x
Yield	1.48%	1.75%	1.43%	1.46%	1.6%	0.99%	1.03%	1.09%
Capitalization / Revenue	0.99 x	0.81 x	1.11 x	1.05 x	0.87 x	1.58 x	1.55 x	1.51 x
EV / Revenue	2.26 x	1.83 x	2.12 x	1.89 x	1.52 x	2.14 x	2.03 x	1.91 x
EV / EBITDA	13.6 x	8.75 x	9.88 x	9.33 x	7.99 x	9.66 x	9.09 x	8.47 x
EV / FCF	-2.54 x	17.8 x	19.3 x	23.2 x	20 x	33.8 x	28.6 x	25.4 x
FCF Yield	-39.3%	5.62%	5.17%	4.31%	5%	2.96%	3.5%	3.94%
Price to Book	1.79 x	1.69 x	1.77 x	1.6 x	1.42 x	2.39 x	2.17 x	1.98 x
Nbr of stocks (in thousands)	432,757	432,754	432,751	432,748	432,861	432,859	-	-
Reference price ²	1,686	1,601	2,104	2,331	2,382	4,547	4,547	4,547
Announcement Date	13/05/19	12/05/20	10/05/21	11/05/22	11/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	740,341	850,239	818,238	957,100	1,186,600	1,244,648	1,267,853	1,300,257
EBITDA ¹	122,900	177,719	175,226	193,500	225,200	276,222	283,332	292,786
EBIT ¹	66,863	93,921	88,846	101,100	119,500	164,153	168,289	174,903
Operating Margin	9.03%	11.05%	10.86%	10.56%	10.07%	13.19%	13.27%	13.45%
Earnings before Tax (EBT) ¹	62,083	79,133	77,706	91,600	105,500	144,607	150,253	157,658
Net income ¹	41,291	53,340	55,214	64,100	73,000	100,644	104,048	109,748
Net margin	5.58%	6.27%	6.75%	6.7%	6.15%	8.09%	8.21%	8.44%
EPS ²	95.42	123.3	127.6	148.1	168.8	232.5	240.4	253.7
Free Cash Flow ¹	-656,284	87,455	89,545	77,900	89,886	78,978	90,068	97,830
FCF margin	-88.65%	10.29%	10.94%	8.14%	7.58%	6.35%	7.1%	7.52%
FCF Conversion (EBITDA)	-	49.21%	51.1%	40.26%	39.91%	28.59%	31.79%	33.41%
FCF Conversion (Net income)	-	163.96%	162.18%	121.53%	123.13%	78.47%	86.56%	89.14%
Dividend per Share ²	25.00	28.00	30.00	34.00	38.00	45.08	46.90	49.75
Announcement Date	13/05/19	12/05/20	10/05/21	11/05/22	11/05/23	-	-	-

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	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	422,881	427,358	384,505	433,733	229,071	447,374	244,161	265,600	509,726	276,006	297,600	573,600	299,343	313,600	613,000	308,900	303,600	612,500	316,000	322,258	620,000	306,467	321,000	321,267	330,433
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	46,749	47,172	36,665	52,181	25,227	49,799	26,457	24,900	51,301	27,472	26,300	53,800	30,526	35,100	65,700	40,700	40,900	81,600	43,000	41,324	68,500	40,033	41,267	41,400	41,167
Operating Margin	11.05%	11.04%	9.54%	12.03%	11.01%	11.13%	10.84%	9.38%	10.06%	9.95%	8.84%	9.38%	10.2%	11.19%	10.72%	13.18%	13.47%	13.32%	13.61%	12.82%	11.05%	13.06%	12.86%	12.89%	12.46%
Earnings before Tax (EBT) ¹	40,831	38,302	30,821	46,885	22,824	45,026	23,965	22,600	46,574	25,540	24,100	49,600	25,116	30,700	55,900	36,200	35,300	71,500	36,600	38,437	55,000	35,300	36,300	35,800	34,650
Net income ¹	27,740	25,600	21,001	34,213	18,229	34,291	15,845	13,900	29,809	17,285	17,800	35,100	17,251	20,600	37,900	24,500	23,900	48,500	24,800	28,037	38,700	24,950	25,700	25,350	24,450
Net margin	6.56%	5.99%	5.46%	7.89%	7.96%	7.66%	6.49%	5.23%	5.85%	6.26%	5.98%	6.12%	5.76%	6.57%	6.18%	7.93%	7.87%	7.92%	7.85%	8.7%	6.24%	8.14%	8.01%	7.89%	7.4%
EPS ²	64.10	-	48.53	-	42.12	79.24	36.61	32.28	-	39.95	41.27	81.22	39.85	47.78	-	56.74	55.42	112.2	57.40	71.86	-	61.68	64.45	62.84	57.76
Dividend per Share ²	14.00	-	14.00	-	16.00	16.00	-	18.00	-	-	18.00	18.00	-	20.00	-	-	20.00	20.00	-	24.00	-	-	22.00	-	26.00
Announcement Date	31/10/19	12/05/20	30/10/20	10/05/21	01/11/21	01/11/21	02/02/22	11/05/22	11/05/22	29/07/22	01/11/22	01/11/22	02/02/23	11/05/23	11/05/23	28/07/23	31/10/23	31/10/23	02/02/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	940,511	862,586	821,558	796,647	767,801	700,673	607,246	512,880
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.653 x	4.854 x	4.689 x	4.117 x	3.409 x	2.537 x	2.143 x	1.752 x
Free Cash Flow ¹	-656,284	87,455	89,545	77,900	89,886	78,978	90,068	97,830
ROE (net income / shareholders' equity)	10.4%	13.1%	12%	11.2%	10.8%	13%	11.9%	11.6%
ROA (Net income/ Total Assets)	4.6%	4.49%	4.33%	4.8%	5.1%	7%	7.11%	7.18%
Assets ¹	898,562	1,187,262	1,274,735	1,334,085	1,430,890	1,438,690	1,462,803	1,529,227
Book Value Per Share ²	940.0	946.0	1,186	1,453	1,673	1,905	2,094	2,296
Cash Flow per Share ²	225.0	317.0	345.0	344.0	413.0	509.0	538.0	566.0
Capex ¹	74,152	72,810	60,075	76,500	110,077	128,400	130,900	133,400
Capex / Sales	10.02%	8.56%	7.34%	7.99%	9.28%	10.32%	10.32%	10.26%
Announcement Date	13/05/19	12/05/20	10/05/21	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 Nippon Sanso Holdings Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,547 JPY

Average target price

4,354 JPY

Spread / Average Target

-4.25%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Gas

	1st Jan change	Capi.
NIPPON SANSO HOLDINGS CORPORATION	+20.42%	12.5B
LINDE PLC	+7.91%	213B
AIR PRODUCTS & CHEMICALS, INC.	-13.78%	52.48B
LINDE INDIA LIMITED	+48.18%	8.54B
HANGZHOU OXYGEN PLANT GROUP CO.,LTD.	-1.75%	3.9B
AIR WATER INC.	+21.44%	3.39B
SOL S.P.A.	+25.90%	3.39B
JIANGSU NATA OPTO-ELECTRONIC MATERIAL CO., LTD.	-9.74%	1.87B
SICHUAN QIAOYUAN GAS CO.,LTD.	+6.68%	1.71B
JINHONG GAS CO.,LTD.	-22.62%	1.23B

Industrial Gas