Financials PILLAR Corporation

Equities

6490

JP3747800005

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 07:00:00 05/07/2024 BST			5-day change	1st Jan Change
5,510 ^JPY	-1.43%		+2.61%	+23.68%

2023	Nippon Pillar Packing Co., Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI
2023	Nippon Pillar Packing Co., Ltd. acquired Tanken Seal Seiko Co., Ltd. from AG Chorus Limited Partnership, AG Concert Limited Partnership and AG III Investment Limited Partnership managed by Aspirant Group, Inc.	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	30,377	44,051	72,823	87,753	148,710	128,430	-	-
Enterprise Value (EV) ¹	18,874	32,387	52,008	66,645	146,077	128,430	128,430	128,430
P/E ratio	11.6 x	12.9 x	8.79 x	8.47 x	13.8 x	13.1 x	11.1 x	9.9 x
Yield	3.18%	2.68%	3.44%	3.55%	2.49%	2.36%	2.75%	3.02%
Capitalization / Revenue	1.04 x	1.46 x	1.79 x	1.8 x	2.54 x	2.02 x	1.89 x	1.76 x
EV / Revenue	1.04 x	1.46 x	1.79 x	1.8 x	2.54 x	2.02 x	1.89 x	1.76 x
EV / EBITDA	-	-	-	-	8.82 x	6.94 x	6.3 x	6.03 x
EV / FCF	63.7 x	9.1 x	-	30.1 x	-14.1 x	12.7 x	13.1 x	13 x
FCF Yield	1.57%	11%	-	3.32%	-7.1%	7.85%	7.64%	7.68%
Price to Book	0.71 x	0.96 x	1.38 x	1.47 x	2.13 x	1.67 x	1.51 x	1.37 x
Nbr of stocks (in thousands)	24,147	23,633	23,644	23,401	23,309	23,309	-	-
Reference price ²	1,258	1,864	3,080	3,750	6,380	5,510	5,510	5,510
Announcement Date	20/05/20	13/05/21	12/05/22	12/05/23	13/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	29,213	30,200	40,670	48,702	58,605	63,433	67,967	72,933
EBITDA ¹	-	-	-	-	16,858	18,500	20,400	21,300
EBIT ¹	3,683	4,847	11,392	13,842	14,206	13,933	15,967	17,867
Operating Margin	12.61%	16.05%	28.01%	28.42%	24.24%	21.97%	23.49%	24.5%
Earnings before Tax (EBT) ¹	3,653	4,837	11,822	14,587	15,024	15,300	16,900	17,800
Net income ¹	2,635	3,445	8,285	10,428	10,780	9,833	11,600	12,967
Net margin	9.02%	11.41%	20.37%	21.41%	18.39%	15.5%	17.07%	17.78%
EPS ²	108.6	144.7	350.5	443.0	462.6	421.9	497.7	556.3
Free Cash Flow ¹	477	4,840	-	2,917	-10,557	10,081	9,812	9,869
FCF margin	1.63%	16.03%	-	5.99%	-18.01%	15.89%	14.44%	13.53%
FCF Conversion (EBITDA)	-	-	-	-	-	54.49%	48.1%	46.33%
FCF Conversion (Net income)	18.1%	140.49%	-	27.97%	-	102.52%	84.59%	76.11%
Dividend per Share ²	40.00	50.00	106.0	133.0	159.0	130.0	151.3	166.7
Announcement Date	20/05/20	13/05/21	12/05/22	12/05/23	13/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	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	14,886	13,742	19,231	10,445	10,994	21,439	10,704	11,977	22,681	12,792	13,229	26,021	12,732	15,340	28,072	14,709	15,824	30,533	14,210	15,565	30,050	16,560	17,665	33,950
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,878	1,772	5,271	3,015	3,106	6,121	2,975	3,838	6,813	3,483	3,546	7,029	3,075	3,822	6,897	3,707	3,602	7,309	2,895	3,425	5,940	3,940	3,840	7,460
Operating Margin	12.62%	12.89%	27.41%	28.87%	28.25%	28.55%	27.79%	32.04%	30.04%	27.23%	26.8%	27.01%	24.15%	24.92%	24.57%	25.2%	22.76%	23.94%	20.37%	22%	19.77%	23.79%	21.74%	21.97%
Earnings before Tax (EBT)	1,828	1,849	5,368	3,143	-	6,454	3,358	4,353	7,711	3,255	-	-	3,596	-	7,405	3,651	-	-	-	-	-	-	-	-
Net income ¹	1,317	1,303	3,757	2,237	2,291	4,528	2,349	3,062	5,411	2,329	2,688	5,017	2,548	2,621	5,169	2,535	3,076	5,611	1,880	2,220	4,100	2,510	2,690	5,200
Net margin	8.85%	9.48%	19.54%	21.42%	20.84%	21.12%	21.95%	25.57%	23.86%	18.21%	20.32%	19.28%	20.01%	17.09%	18.41%	17.23%	19.44%	18.38%	13.23%	14.26%	13.64%	15.16%	15.23%	15.32%
EPS	-	54.45	159.0	94.59	-	-	99.35	-	228.8	98.98	-	-	109.4	-	221.9	108.8	-	-	-	-	-	-	-	-
Dividend per Share	-	20.00	45.00	-	-	-	-	-	54.00	-	-	-	-	-	60.00	-	-	-	-	-	-	-	-	-
Announcement Date	20/05/20	12/11/20	09/11/21	08/02/22	12/05/22	12/05/22	05/08/22	10/11/22	10/11/22	07/02/23	12/05/23	12/05/23	07/08/23	14/11/23	14/11/23	13/02/24	13/05/24	13/05/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	11,503	11,664	20,815	21,108	2,633	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	477	4,840	-	2,917	-10,557	10,081	9,812	9,869
ROE (net income / shareholders' equity)	6.2%	7.8%	16.8%	18.6%	16.7%	12.9%	-	-
ROA (Net income/ Total Assets)	7.02%	9.42%	19.7%	20.6%	17.6%	-	-	-
Assets ¹	37,549	36,566	42,031	50,710	61,164	-	-	-
Book Value Per Share ²	1,781	1,937	2,227	2,548	3,001	3,303	3,645	4,011
Cash Flow per Share	184.0	231.0	435.0	526.0	576.0	-	-	-
Capex ¹	3,587	3,163	1,365	3,141	19,672	3,500	4,500	4,500
Capex / Sales	12.28%	10.47%	3.36%	6.45%	33.57%	5.52%	6.62%	6.17%
Announcement Date	20/05/20	13/05/21	12/05/22	12/05/23	13/05/24	-	-	-

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 PILLAR Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5,510 JPY

Average target price

6,710 JPY

Spread / Average Target

+21.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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