AJINOMOTO CO., INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5,898 JPY | +1.41% |
|
+5.23% | +8.42% |
| May. 09 | Transcript : Ajinomoto Co., Inc., 2024 Earnings Call, May 09, 2024 | |
| May. 09 | Ajinomoto Co., Inc. announces an Equity Buyback for 12,500,000 shares, representing 2.44% for ¥50,000 million. | CI |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 969,590 | 1,102,136 | 1,242,629 | 1,864,153 | 2,437,918 | 3,007,799 | - | - |
| Enterprise Value (EV) 1 | 1,146,579 | 1,317,349 | 1,411,444 | 2,026,607 | 2,568,507 | 3,184,953 | 3,310,620 | 3,260,468 |
| P/E ratio | 33 x | 58.5 x | 20.9 x | 24.9 x | 26.2 x | 33.8 x | 28.8 x | 24.3 x |
| Yield | 1.81% | 1.59% | 1.85% | 1.5% | 1.48% | 1.31% | 1.44% | 1.64% |
| Capitalization / Revenue | 0.86 x | 1 x | 1.16 x | 1.62 x | 1.79 x | 2.02 x | 1.97 x | 1.87 x |
| EV / Revenue | 1.02 x | 1.2 x | 1.32 x | 1.76 x | 1.89 x | 2.21 x | 2.16 x | 2.03 x |
| EV / EBITDA | 10.9 x | 8.17 x | 8.6 x | 10.9 x | 12.7 x | 14.4 x | 13.5 x | 12.2 x |
| EV / FCF | 22.8 x | 27.3 x | 14.2 x | 24.1 x | 29.3 x | 89.4 x | 45.5 x | 29.5 x |
| FCF Yield | 4.39% | 3.66% | 7.04% | 4.15% | 3.41% | 1.12% | 2.2% | 3.39% |
| Price to Book | 1.59 x | 2.04 x | 2 x | 2.71 x | 3.17 x | 3.56 x | 3.44 x | 3.3 x |
| Nbr of stocks (in thousands) | 548,101 | 548,190 | 548,501 | 536,447 | 529,292 | 509,969 | - | - |
| Reference price 2 | 1,769 | 2,010 | 2,266 | 3,475 | 4,606 | 5,816 | 5,816 | 5,816 |
| Announcement Date | 5/10/19 | 5/25/20 | 5/10/21 | 5/11/22 | 5/11/23 | 5/9/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,127,483 | 1,100,039 | 1,071,453 | 1,149,370 | 1,359,115 | 1,439,231 | 1,529,494 | 1,608,168 |
| EBITDA 1 | 105,634 | 161,222 | 164,166 | 186,165 | 202,835 | 221,250 | 245,271 | 267,599 |
| EBIT 1 | 93,152 | 101,682 | 111,820 | 119,931 | 131,015 | 142,952 | 160,964 | 185,678 |
| Operating Margin | 8.26% | 9.24% | 10.44% | 10.43% | 9.64% | 9.93% | 10.52% | 11.55% |
| Earnings before Tax (EBT) 1 | 54,202 | 48,795 | 98,320 | 122,472 | 140,033 | 142,043 | 155,098 | 181,071 |
| Net income 1 | 29,698 | 18,837 | 59,416 | 75,725 | 94,065 | 87,121 | 101,983 | 120,518 |
| Net margin | 2.63% | 1.71% | 5.55% | 6.59% | 6.92% | 6.05% | 6.67% | 7.49% |
| EPS 2 | 53.62 | 34.37 | 108.4 | 139.4 | 176.0 | 167.4 | 202.0 | 239.0 |
| Free Cash Flow 1 | 50,333 | 48,205 | 99,403 | 84,009 | 87,553 | 35,640 | 72,685 | 110,386 |
| FCF margin | 4.46% | 4.38% | 9.28% | 7.31% | 6.44% | 2.48% | 4.75% | 6.86% |
| FCF Conversion (EBITDA) | 47.65% | 29.9% | 60.55% | 45.13% | 43.16% | 16.11% | 29.63% | 41.25% |
| FCF Conversion (Net income) | 169.48% | 255.91% | 167.3% | 110.94% | 93.08% | 40.91% | 71.27% | 91.59% |
| Dividend per Share 2 | 32.00 | 32.00 | 42.00 | 52.00 | 68.00 | 74.00 | 83.75 | 95.25 |
| Announcement Date | 5/10/19 | 5/25/20 | 5/10/21 | 5/11/22 | 5/11/23 | 5/9/24 | - | - |
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 S1 | 2025 Q3 | 2025 Q4 | 2025 S2 | 2026 S1 | 2026 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 538,717 | 561,322 | 511,382 | 560,071 | 273,892 | 550,230 | 303,998 | 295,142 | 599,140 | 321,619 | 338,234 | 659,853 | 366,868 | 332,394 | 699,262 | 339,521 | 348,483 | 688,004 | 379,641 | 371,586 | 751,227 | 366,050 | 373,950 | 736,700 | 403,450 | 390,050 | - | - | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 49,870 | - | 60,155 | - | 29,850 | 66,799 | 39,465 | 13,667 | - | 38,356 | 33,175 | 71,531 | 43,690 | 15,794 | - | 42,105 | 33,165 | 75,270 | 46,503 | 21,179 | - | 43,000 | 37,000 | 80,000 | 49,000 | 28,000 | - | - | - |
| Operating Margin | 9.26% | - | 11.76% | - | 10.9% | 12.14% | 12.98% | 4.63% | - | 11.93% | 9.81% | 10.84% | 11.91% | 4.75% | - | 12.4% | 9.52% | 10.94% | 12.25% | 5.7% | - | 11.75% | 9.89% | 10.86% | 12.15% | 7.18% | - | - | - |
| Earnings before Tax (EBT) 1 | 21,386 | - | 59,954 | 38,366 | 44,753 | 79,693 | 39,270 | 3,509 | 42,779 | 38,147 | 30,022 | 68,169 | 43,077 | 28,787 | - | 39,596 | 30,529 | 70,125 | 44,319 | 27,599 | 71,918 | - | - | - | - | - | - | - | - |
| Net income 1 | 7,088 | - | 36,661 | 22,755 | 32,086 | 54,152 | 27,387 | -5,814 | 21,573 | 27,738 | 19,287 | 47,025 | 29,397 | 17,643 | - | 27,220 | 19,237 | 46,457 | 31,145 | 9,519 | 40,664 | - | - | - | - | - | - | - | - |
| Net margin | 1.32% | - | 7.17% | 4.06% | 11.71% | 9.84% | 9.01% | -1.97% | 3.6% | 8.62% | 5.7% | 7.13% | 8.01% | 5.31% | - | 8.02% | 5.52% | 6.75% | 8.2% | 2.56% | 5.41% | - | - | - | - | - | - | - | - |
| EPS 2 | 12.93 | - | 66.87 | - | 58.70 | 98.93 | 50.65 | -10.16 | - | 51.71 | 35.95 | 87.66 | 54.93 | 33.38 | - | 51.77 | 37.03 | 88.80 | 59.84 | 18.80 | - | - | - | - | - | - | - | - | - |
| Dividend per Share | 16.00 | 16.00 | 16.00 | 26.00 | 24.00 | 24.00 | - | - | - | - | - | 31.00 | - | - | - | - | - | 37.00 | - | - | - | - | - | 40.00 | - | - | 41.00 | 44.00 | 46.50 |
| Announcement Date | 11/6/19 | 5/25/20 | 11/4/20 | 5/10/21 | 11/4/21 | 11/4/21 | 1/31/22 | 5/11/22 | 5/11/22 | 7/29/22 | 11/7/22 | 11/7/22 | 1/31/23 | 5/11/23 | 5/11/23 | 8/4/23 | 11/6/23 | 11/6/23 | 2/6/24 | 5/9/24 | 5/9/24 | - | - | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 176,989 | 215,213 | 168,815 | 162,454 | 130,589 | 270,957 | 302,821 | 252,669 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.675 x | 1.335 x | 1.028 x | 0.8726 x | 0.6438 x | 1.225 x | 1.235 x | 0.9442 x |
| Free Cash Flow 1 | 50,333 | 48,205 | 99,403 | 84,009 | 87,553 | 35,640 | 72,685 | 110,386 |
| ROE (net income / shareholders' equity) | 4.7% | 3.3% | 10.3% | 11.6% | 12.9% | 11% | 12.2% | 14.1% |
| ROA (Net income/ Total Assets) | 2.11% | 3.55% | 7.06% | 8.48% | 9.43% | 8.64% | 5.97% | 6.6% |
| Assets 1 | 1,410,028 | 530,324 | 841,477 | 892,939 | 997,121 | 1,007,792 | 1,709,219 | 1,826,037 |
| Book Value Per Share 2 | 1,114 | 983.0 | 1,131 | 1,281 | 1,452 | 1,589 | 1,692 | 1,763 |
| Cash Flow per Share 2 | 148.0 | 147.0 | 223.0 | 261.0 | 310.0 | 318.0 | 360.0 | 372.0 |
| Capex 1 | 70,185 | 73,703 | 86,037 | 80,719 | 73,046 | 72,022 | 96,025 | 82,953 |
| Capex / Sales | 6.22% | 6.7% | 8.03% | 7.02% | 5.37% | 5% | 6.28% | 5.16% |
| Announcement Date | 5/10/19 | 5/25/20 | 5/10/21 | 5/11/22 | 5/11/23 | 5/9/24 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
A
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
5,816
JPY
Average target price
6,120
JPY
Spread / Average Target
+5.23%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +8.42% | 18.94B | |
| -1.10% | 287B | |
| -6.38% | 90.96B | |
| -7.00% | 41.76B | |
| +0.99% | 41.74B | |
| +5.16% | 39.65B | |
| +3.56% | 38.08B | |
| -15.16% | 30.29B | |
| -4.31% | 28.91B | |
| +7.48% | 24.27B |
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