Financials Fuji Oil Holdings Inc.

Equities

2607

JP3816400000

Food Processing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
2,472 ^JPY	+2.42%		+3.50%	+1.81%

May. 27	Fuji Oil Holdings Inc. Announces Dividend for the Fiscal Year Ended March 31, 2024; Provides Dividend Guidance for the Fiscal First Half Ending September 30, 2024 and Fiscal Year-End Ending March 31, 2025	CI
May. 27	Fuji Oil Holdings Inc. Provides Consolidated Earnings Guidance for the Fiscal First Half Ending September 30, 2024 and Full Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	325,781	224,178	253,832	170,205	165,310	212,461	-	-
Enterprise Value (EV) ¹	465,018	351,820	364,678	303,048	324,514	313,404	335,267	326,739
P/E ratio	28.1 x	13.7 x	23 x	14.8 x	27 x	31.5 x	18.5 x	15.7 x
Yield	1.32%	2.15%	1.76%	2.63%	2.7%	2.18%	2.1%	2.24%
Capitalization / Revenue	1.08 x	0.54 x	0.7 x	0.39 x	0.3 x	0.36 x	0.37 x	0.37 x
EV / Revenue	1.55 x	0.85 x	1 x	0.7 x	0.58 x	0.56 x	0.58 x	0.57 x
EV / EBITDA	15.2 x	8.99 x	10.6 x	9.34 x	10.4 x	6.93 x	8.65 x	7.76 x
EV / FCF	-8.24 x	20.8 x	22.2 x	-19.8 x	-36.5 x	7.95 x	51 x	21.5 x
FCF Yield	-12.1%	4.81%	4.5%	-5.04%	-2.74%	12.6%	1.96%	4.66%
Price to Book	2.08 x	1.44 x	1.59 x	0.91 x	0.82 x	0.89 x	0.88 x	0.92 x
Nbr of stocks (in thousands)	85,958	85,958	85,957	85,962	85,965	85,964	-	-
Reference price ²	3,790	2,608	2,953	1,980	1,923	2,472	2,472	2,472
Announcement Date	5/8/19	5/12/20	5/11/21	5/10/22	5/10/23	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	300,844	414,727	364,779	433,831	557,410	564,087	580,667	574,260
EBITDA ¹	30,514	39,135	34,318	32,453	31,240	45,222	38,746	42,086
EBIT ¹	18,525	23,598	17,911	15,008	10,940	18,213	20,400	22,860
Operating Margin	6.16%	5.69%	4.91%	3.46%	1.96%	3.23%	3.51%	3.98%
Earnings before Tax (EBT) ¹	16,538	23,279	17,020	16,289	9,903	18,015	17,850	21,500
Net income ¹	11,582	16,375	11,014	11,504	6,126	6,524	11,500	13,500
Net margin	3.85%	3.95%	3.02%	2.65%	1.1%	1.16%	1.98%	2.35%
EPS ²	134.8	190.5	128.1	133.8	71.27	75.90	133.8	157.0
Free Cash Flow ¹	-56,467	16,923	16,413	-15,269	-8,893	39,439	6,579	15,230
FCF margin	-18.77%	4.08%	4.5%	-3.52%	-1.6%	6.99%	1.13%	2.65%
FCF Conversion (EBITDA)	-	43.24%	47.83%	-	-	87.21%	16.98%	36.19%
FCF Conversion (Net income)	-	103.35%	149.02%	-	-	604.52%	57.21%	112.82%
Dividend per Share ²	50.00	56.00	52.00	52.00	52.00	52.00	52.00	55.40
Announcement Date	5/8/19	5/12/20	5/11/21	5/10/22	5/10/23	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 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	191,585	223,142	172,589	192,190	105,824	204,503	115,433	113,895	-	127,928	140,470	268,398	148,289	140,723	-	131,053	139,985	271,038	150,500	142,549	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,050	14,548	7,338	10,573	3,795	7,913	4,010	3,085	-	2,374	2,691	5,065	3,711	2,164	5,875	3,584	5,216	8,800	4,097	5,316	-	-	-	-	-
Operating Margin	4.72%	6.52%	4.25%	5.5%	3.59%	3.87%	3.47%	2.71%	-	1.86%	1.92%	1.89%	2.5%	1.54%	-	2.73%	3.73%	3.25%	2.72%	3.73%	-	-	-	-	-
Earnings before Tax (EBT)	8,325	-	6,613	-	-	8,843	4,041	-	-	3,438	-	5,372	2,968	-	-	15,461	-	20,740	-6,631	-	-	-	-	-	-
Net income ¹	5,979	10,396	4,318	6,696	2,480	6,015	3,353	2,136	-	1,858	1,369	3,227	1,835	1,064	-	9,070	3,295	12,365	-7,393	1,552	-	-	-	-	-
Net margin	3.12%	4.66%	2.5%	3.48%	2.34%	2.94%	2.9%	1.88%	-	1.45%	0.97%	1.2%	1.24%	0.76%	-	6.92%	2.35%	4.56%	-4.91%	1.09%	-	-	-	-	-
EPS ²	69.56	-	50.24	-	28.85	69.98	39.00	24.86	-	21.62	15.93	37.55	21.34	12.38	-	105.5	-	143.8	-86.00	18.06	-	-	-	-	-
Dividend per Share	27.00	29.00	26.00	26.00	-	26.00	-	-	26.00	-	-	26.00	-	-	26.00	-	-	26.00	-	-	26.00	26.00	26.00	26.00	32.00
Announcement Date	11/5/19	5/12/20	11/6/20	5/11/21	11/9/21	11/9/21	2/8/22	5/10/22	5/10/22	8/4/22	11/9/22	11/9/22	2/8/23	5/10/23	5/10/23	8/8/23	11/7/23	11/7/23	2/8/24	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	139,237	127,642	110,846	132,843	159,204	107,906	122,806	114,278
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.563 x	3.262 x	3.23 x	4.093 x	5.096 x	2.386 x	3.17 x	2.715 x
Free Cash Flow ¹	-56,467	16,923	16,413	-15,269	-8,893	39,439	6,579	15,230
ROE (net income / shareholders' equity)	7.3%	10.5%	7%	6.6%	3.1%	3%	4.81%	6.43%
ROA (Net income/ Total Assets)	5.55%	5.96%	4.84%	3.71%	2.19%	3.58%	3.05%	4.3%
Assets ¹	208,822	274,914	227,578	310,483	279,876	182,422	377,049	313,953
Book Value Per Share ²	1,820	1,809	1,862	2,168	2,359	2,701	2,797	2,690
Cash Flow per Share ²	274.0	371.0	295.0	312.0	277.0	284.0	368.0	419.0
Capex ¹	18,063	20,135	21,792	18,176	22,831	14,950	18,000	20,333
Capex / Sales	6%	4.86%	5.97%	4.19%	4.1%	2.65%	3.1%	3.54%
Announcement Date	5/8/19	5/12/20	5/11/21	5/10/22	5/10/23	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

Ratings for Fuji Oil Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,472 JPY

Average target price

2,720 JPY

Spread / Average Target

+10.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
FUJI OIL HOLDINGS INC.	+1.81%	1.35B
NESTLÉ S.A.	-2.00%	277B
MONDELEZ INTERNATIONAL, INC.	-5.38%	91.92B
KRAFT HEINZ	-4.35%	42.95B
DANONE	+0.75%	41.25B
THE HERSHEY COMPANY	+6.11%	40.01B
GENERAL MILLS, INC.	+5.54%	38.81B
ARCHER-DANIELS-MIDLAND COMPANY	-13.54%	30.87B
NESTLÉ INDIA LIMITED	-11.43%	27.21B
ASSOCIATED BRITISH FOODS PLC	+7.73%	24.19B

Other Food Processing