Stock 6988 NITTO DENKO CORPORATION
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Financials Nitto Denko Corporation

Equities

6988

JP3684000007

Specialty Chemicals

Delayed Japan Exchange
Other stock markets
 07:00:00 26/06/2024 BST 		5-day change 1st Jan Change
12,840 JPY -0.39% Intraday chart for Nitto Denko Corporation +0.23% +21.71%
06-24 Nitto Denko to Cancel 2.2 Million Treasury Shares MT
05-27 Nitto Denko Announces 5-for-1 Stock Split MT

Valuation

Fiscal Period: Maart 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 749,172 1,399,758 1,305,380 1,257,584 1,954,122 1,802,122 - -
Enterprise Value (EV) 1 444,340 1,098,016 938,636 927,890 1,612,198 1,410,800 1,352,211 1,304,240
P/E ratio 16 x 20 x 13.4 x 11.6 x 19.2 x 15.8 x 14.5 x 13.8 x
Yield 4.15% 2.11% 2.49% 2.81% 1.89% 2.18% 2.34% 2.52%
Capitalization / Revenue 1.01 x 1.84 x 1.53 x 1.35 x 2.14 x 1.92 x 1.84 x 1.79 x
EV / Revenue 0.6 x 1.44 x 1.1 x 1 x 1.76 x 1.5 x 1.38 x 1.3 x
EV / EBITDA 3.73 x 7.75 x 5.14 x 4.54 x 8.06 x 6.29 x 5.55 x 5.13 x
EV / FCF 6.98 x 16.7 x 10.8 x 42.6 x 22.4 x 15.5 x 12.2 x 11.9 x
FCF Yield 14.3% 5.98% 9.26% 2.35% 4.47% 6.46% 8.22% 8.39%
Price to Book 1.08 x 1.96 x 1.59 x 1.38 x 1.98 x 1.72 x 1.6 x 1.49 x
Nbr of stocks (in thousands) 155,269 147,966 148,002 147,086 141,809 140,352 - -
Reference price 2 4,825 9,460 8,820 8,550 13,780 12,840 12,840 12,840
Announcement Date 27/04/20 26/04/21 26/04/22 26/04/23 26/04/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart 2020 2021 2022 2023 2024 2025 2026 2027
Net sales 1 741,018 761,321 853,448 929,036 915,139 939,221 978,776 1,004,901
EBITDA 1 119,123 141,759 182,471 204,535 199,943 224,368 243,548 254,001
EBIT 1 69,733 93,809 132,260 147,173 139,132 158,842 172,875 179,788
Operating Margin 9.41% 12.32% 15.5% 15.84% 15.2% 16.91% 17.66% 17.89%
Earnings before Tax (EBT) 1 69,013 93,320 132,378 146,840 138,901 159,922 174,244 181,300
Net income 1 47,156 70,235 97,234 109,264 102,679 115,285 125,832 131,364
Net margin 6.36% 9.23% 11.39% 11.76% 11.22% 12.27% 12.86% 13.07%
EPS 2 301.3 472.7 656.3 738.8 719.6 811.2 886.2 928.4
Free Cash Flow 1 63,650 65,712 86,895 21,800 72,076 91,082 111,096 109,438
FCF margin 8.59% 8.63% 10.18% 2.35% 7.88% 9.7% 11.35% 10.89%
FCF Conversion (EBITDA) 53.43% 46.35% 47.62% 10.66% 36.05% 40.6% 45.62% 43.09%
FCF Conversion (Net income) 134.98% 93.56% 89.37% 19.95% 70.2% 79.01% 88.29% 83.31%
Dividend per Share 2 200.0 200.0 220.0 240.0 260.0 280.0 300.8 323.8
Announcement Date 27/04/20 26/04/21 26/04/22 26/04/23 26/04/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S2 2021 S1 2021 S2 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 S1 2025 Q3 2025 Q4 2025 S2
Net sales 1 362,733 357,737 403,583 425,951 220,319 207,177 427,497 216,368 268,541 484,909 254,070 190,057 444,127 208,455 240,889 449,344 244,556 221,239 465,795 224,200 242,280 460,000 247,840 228,800 466,450
EBITDA 1 - - 75,596 - 48,387 36,818 - 51,706 - - 59,966 - - - 57,161 - 63,227 42,013 - 46,550 63,964 - 71,018 47,321 -
EBIT 1 28,631 42,367 51,441 72,808 35,525 23,926 59,452 38,520 53,759 92,279 45,439 9,455 54,894 22,411 42,061 64,472 47,856 26,804 74,660 32,620 44,060 78,300 49,240 31,300 80,200
Operating Margin 7.89% 11.84% 12.75% 17.09% 16.12% 11.55% 13.91% 17.8% 20.02% 19.03% 17.88% 4.97% 12.36% 10.75% 17.46% 14.35% 19.57% 12.12% 16.03% 14.55% 18.19% 17.02% 19.87% 13.68% 17.19%
Earnings before Tax (EBT) 1 27,997 41,822 51,498 72,648 36,020 23,710 59,730 38,674 53,361 92,035 45,362 9,443 54,805 22,176 42,064 64,240 47,784 26,877 74,661 33,400 44,900 78,300 47,750 32,450 77,000
Net income 1 18,023 30,544 39,691 52,138 25,760 19,284 45,044 26,439 36,959 63,398 32,396 13,425 45,821 15,168 29,048 44,216 37,384 21,079 58,463 23,233 34,033 57,450 37,233 22,667 57,700
Net margin 4.97% 8.54% 9.83% 12.24% 11.69% 9.31% 10.54% 12.22% 13.76% 13.07% 12.75% 7.06% 10.32% 7.28% 12.06% 9.84% 15.29% 9.53% 12.55% 10.36% 14.05% 12.49% 15.02% 9.91% 12.37%
EPS 2 - 204.7 - 352.3 174.0 129.9 - 178.6 249.7 428.3 218.6 91.83 - 105.5 203.4 308.9 262.0 148.7 - 154.0 242.4 - 276.6 155.3 -
Dividend per Share 100.0 100.0 - 110.0 - - 110.0 - - 120.0 - - - - - 130.0 - - - - - - - - -
Announcement Date 27/04/20 26/10/20 26/04/21 26/10/21 26/01/22 26/04/22 26/04/22 26/07/22 26/10/22 26/10/22 26/01/23 26/04/23 26/04/23 26/07/23 26/10/23 26/10/23 26/01/24 26/04/24 26/04/24 - - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 - - - - - - - -
Net Cash position 1 304,832 301,742 366,744 329,694 341,924 391,322 449,911 497,882
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 63,650 65,712 86,895 21,800 72,076 91,082 111,096 109,438
ROE (net income / shareholders' equity) 6.79% 10% 12.6% 12.7% 10.9% 11.3% 11.4% 11.1%
ROA (Net income/ Total Assets) 5.14% 9.89% 12.8% 13.1% 11.6% 9.72% 9.99% 10.2%
Assets 1 917,664 710,403 756,689 836,414 888,819 1,186,426 1,259,146 1,291,685
Book Value Per Share 2 4,479 4,838 5,548 6,183 6,957 7,450 8,049 8,634
Cash Flow per Share 2 779.0 795.0 996.0 1,127 1,146 1,268 1,365 1,445
Capex 1 59,797 50,597 56,496 50,789 83,445 95,000 82,500 83,400
Capex / Sales 8.07% 6.65% 6.62% 5.47% 9.12% 10.11% 8.43% 8.3%
Announcement Date 27/04/20 26/04/21 26/04/22 26/04/23 26/04/24 - - -
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 Nitto Denko Corporation

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
12,840 JPY
Average target price
13,334 JPY
Spread / Average Target
+3.85%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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