Financials Taiyo Holdings Co., Ltd.

Equities

4626

JP3449100001

Specialty Chemicals

Market Closed - Japan Exchange Other stock markets 07:00:00 27/06/2024 BST			5-day change	1st Jan Change
3,340 ^JPY	+0.30%		+3.73%	+7.22%

06-17	Taiyo Holdings Appoints Former J&J Exec as Chairman	MT
05-08	Taiyo Yuden's Attributable Profit up or down 64% in Fiscal 2024	MT

Valuation

Fiscal Period: Marzo	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	115,739	170,434	182,485	139,391	189,587	186,232	-	-
Enterprise Value (EV) ¹	142,259	196,947	209,080	163,770	217,725	206,695	198,876	188,708
P/E ratio	30.8 x	18 x	15.5 x	12.3 x	21.9 x	13.7 x	12.1 x	11.3 x
Yield	3.2%	2.66%	2.14%	3.56%	2.36%	2.58%	2.74%	2.94%
Capitalization / Revenue	1.64 x	2.1 x	1.86 x	1.43 x	1.81 x	1.61 x	1.46 x	1.4 x
EV / Revenue	2.01 x	2.43 x	2.13 x	1.68 x	2.08 x	1.78 x	1.56 x	1.42 x
EV / EBITDA	9.87 x	9.19 x	8.06 x	6.9 x	8.01 x	6.95 x	6.08 x	5.46 x
EV / FCF	-20.9 x	41.8 x	29.7 x	17.1 x	1,405 x	18.6 x	14.7 x	11.6 x
FCF Yield	-4.79%	2.39%	3.37%	5.85%	0.07%	5.37%	6.81%	8.65%
Price to Book	1.67 x	2.24 x	2.14 x	1.5 x	1.89 x	1.7 x	1.56 x	1.42 x
Nbr of stocks (in thousands)	56,874	56,529	56,149	55,756	55,925	55,926	-	-
Reference price ²	2,035	3,015	3,250	2,500	3,390	3,330	3,330	3,330
Announcement Date	18/05/20	30/04/21	28/04/22	01/05/23	01/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	70,627	80,991	97,966	97,338	104,775	115,800	127,167	133,200
EBITDA ¹	14,419	21,420	25,942	23,748	27,170	29,737	32,703	34,570
EBIT ¹	9,136	13,943	17,958	15,972	18,203	20,400	23,100	24,800
Operating Margin	12.94%	17.22%	18.33%	16.41%	17.37%	17.62%	18.17%	18.62%
Earnings before Tax (EBT)	5,261	13,374	16,959	15,462	12,102	-	-	-
Net income ¹	3,749	9,529	11,803	11,405	8,654	13,600	15,333	16,500
Net margin	5.31%	11.77%	12.05%	11.72%	8.26%	11.74%	12.06%	12.39%
EPS ²	66.00	167.5	209.1	203.7	154.9	243.2	274.3	295.1
Free Cash Flow ¹	-6,813	4,709	7,050	9,576	155	11,108	13,548	16,324
FCF margin	-9.65%	5.81%	7.2%	9.84%	0.15%	9.59%	10.65%	12.26%
FCF Conversion (EBITDA)	-	21.98%	27.18%	40.32%	0.57%	37.35%	41.43%	47.22%
FCF Conversion (Net income)	-	49.42%	59.73%	83.96%	1.79%	81.67%	88.36%	98.93%
Dividend per Share ²	65.10	80.10	69.55	89.00	80.00	86.00	91.33	98.00
Announcement Date	18/05/20	30/04/21	28/04/22	01/05/23	01/05/24	-	-	-

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	39,425	39,436	41,555	48,348	25,274	24,344	49,618	25,757	27,038	52,795	23,977	20,566	44,543	23,861	27,246	51,107	26,933	26,735	53,667	27,600	29,600	58,000	30,000	29,000	59,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13,705	-	-	-	-	-	-
EBIT ¹	5,063	7,011	6,932	9,301	5,069	3,588	8,657	5,335	5,213	10,548	3,721	1,703	5,423	3,470	5,619	9,089	5,167	3,947	9,114	4,250	5,900	10,500	5,950	4,500	10,500
Operating Margin	12.84%	17.78%	16.68%	19.24%	20.06%	14.74%	17.45%	20.71%	19.28%	19.98%	15.52%	8.28%	12.17%	14.54%	20.62%	17.78%	19.18%	14.76%	16.98%	15.4%	19.93%	18.1%	19.83%	15.52%	17.8%
Earnings before Tax (EBT)	1,333	6,982	6,392	9,505	5,132	2,322	7,454	5,119	5,084	10,203	3,707	1,552	5,259	3,235	5,416	8,651	5,120	-	-	-	-	-	-	-	-
Net income ¹	612	4,803	4,726	6,717	3,643	1,443	5,086	3,619	3,870	7,489	2,831	1,085	3,916	2,561	3,671	6,232	3,964	-	-	2,600	3,700	-	4,000	2,900	-
Net margin	1.55%	12.18%	11.37%	13.89%	14.41%	5.93%	10.25%	14.05%	14.31%	14.19%	11.81%	5.28%	8.79%	10.73%	13.47%	12.19%	14.72%	-	-	9.42%	12.5%	-	13.33%	10%	-
EPS	10.74	84.38	83.10	118.8	32.23	25.83	90.29	64.47	68.85	133.3	50.77	19.62	70.39	45.94	65.70	111.6	70.90	-	-	-	-	-	-	-	-
Dividend per Share	32.55	32.55	47.55	32.55	-	-	37.00	-	-	37.00	-	-	52.00	-	-	38.00	-	-	-	-	-	-	-	-	-
Announcement Date	18/05/20	06/11/20	30/04/21	05/11/21	08/02/22	28/04/22	28/04/22	27/07/22	07/11/22	07/11/22	10/02/23	01/05/23	01/05/23	01/08/23	06/11/23	06/11/23	02/02/24	01/05/24	01/05/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	26,520	26,513	26,595	24,379	28,138	20,463	12,644	2,476
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.839 x	1.238 x	1.025 x	1.027 x	1.036 x	0.6881 x	0.3866 x	0.0716 x
Free Cash Flow ¹	-6,813	4,709	7,050	9,576	155	11,108	13,548	16,324
ROE (net income / shareholders' equity)	5.4%	13.1%	14.6%	12.8%	9%	13%	13.9%	13.9%
ROA (Net income/ Total Assets)	7.18%	8.6%	9.81%	8.21%	8.65%	6.1%	6.7%	7%
Assets ¹	52,215	110,741	120,328	138,869	99,992	222,951	228,856	235,714
Book Value Per Share ²	1,217	1,348	1,522	1,663	1,795	1,954	2,139	2,338
Cash Flow per Share	159.0	290.0	342.0	337.0	310.0	-	-	-
Capex ¹	20,552	13,124	11,513	14,070	19,648	9,700	9,700	9,700
Capex / Sales	29.1%	16.2%	11.75%	14.45%	18.75%	8.38%	7.63%	7.28%
Announcement Date	18/05/20	30/04/21	28/04/22	01/05/23	01/05/24	-	-	-

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 Taiyo Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,330 JPY

Average target price

4,167 JPY

Spread / Average Target

+25.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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