Financials NOF Corporation

Equities

4403

JP3753400005

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-06 am EDT			5-day change	1st Jan Change
2,062 ^JPY	+0.10%		+1.00%	-11.73%

Jun. 04	NOF Repurchases 1 Billion Yen Worth of Shares in May	MT
May. 21	NOF Posts Flat Full-Year Profit	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	319,852	285,066	481,197	413,070	499,336	491,569	-	-
Enterprise Value (EV) ¹	288,607	243,079	412,472	333,269	411,659	411,766	407,269	411,969
P/E ratio	14.5 x	13.6 x	20.6 x	15.5 x	14.8 x	14.8 x	14.4 x	13.2 x
Yield	2.07%	2.27%	1.38%	1.79%	1.75%	1.82%	2.03%	2.19%
Capitalization / Revenue	1.69 x	1.58 x	2.79 x	2.14 x	2.29 x	2.24 x	2.08 x	1.95 x
EV / Revenue	1.53 x	1.34 x	2.39 x	1.73 x	1.89 x	1.85 x	1.73 x	1.64 x
EV / EBITDA	8.62 x	7.55 x	12.8 x	8.03 x	8.76 x	8.39 x	7.92 x	7.2 x
EV / FCF	20.8 x	12.3 x	18.5 x	17.9 x	18.2 x	36.5 x	28.9 x	31.3 x
FCF Yield	4.82%	8.13%	5.4%	5.59%	5.5%	2.74%	3.46%	3.19%
Price to Book	1.79 x	1.6 x	2.36 x	1.87 x	2.08 x	1.88 x	1.75 x	1.59 x
Nbr of stocks (in thousands)	254,524	249,329	249,325	246,855	242,789	238,452	-	-
Reference price ²	1,257	1,143	1,930	1,673	2,057	2,062	2,062	2,062
Announcement Date	5/9/19	5/13/20	5/12/21	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	189,152	180,917	172,645	192,642	217,709	222,252	235,800	251,767
EBITDA ¹	33,480	32,178	32,155	41,504	46,983	49,081	51,433	57,250
EBIT ¹	28,442	26,874	26,602	35,595	40,624	42,142	43,333	48,300
Operating Margin	15.04%	14.85%	15.41%	18.48%	18.66%	18.96%	18.38%	19.18%
Earnings before Tax (EBT) ¹	30,712	30,238	34,109	37,977	48,040	48,468	46,250	50,300
Net income ¹	22,034	21,140	23,302	26,690	33,973	33,990	33,233	36,833
Net margin	11.65%	11.68%	13.5%	13.85%	15.6%	15.29%	14.09%	14.63%
EPS ²	86.43	83.91	93.50	107.9	139.0	141.2	143.6	156.0
Free Cash Flow ¹	13,908	19,752	22,294	18,638	22,624	11,275	14,095	13,158
FCF margin	7.35%	10.92%	12.91%	9.67%	10.39%	5.07%	5.98%	5.23%
FCF Conversion (EBITDA)	41.54%	61.38%	69.33%	44.91%	48.15%	22.97%	27.4%	22.98%
FCF Conversion (Net income)	63.12%	93.43%	95.67%	69.83%	66.59%	33.17%	42.41%	35.72%
Dividend per Share ²	26.00	26.00	26.67	30.00	36.00	38.00	41.77	45.22
Announcement Date	5/9/19	5/13/20	5/12/21	5/11/22	5/11/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	86,830	76,046	47,292	90,127	49,267	53,248	52,014	51,794	103,808	54,005	59,896	49,255	52,549	101,804	58,295	62,153	52,800	55,400	59,250	67,150
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	12,897	9,774	9,670	18,514	10,122	6,959	12,451	7,983	20,434	9,827	10,363	10,289	9,762	20,051	13,211	8,880	9,650	10,400	11,450	11,250
Operating Margin	14.85%	12.85%	20.45%	20.54%	20.55%	13.07%	23.94%	15.41%	19.68%	18.2%	17.3%	20.89%	18.58%	19.7%	22.66%	14.29%	18.28%	18.77%	19.32%	16.75%
Earnings before Tax (EBT)	13,860	10,573	9,879	19,268	11,179	-	14,282	10,854	25,136	11,666	-	12,831	-	23,446	13,454	-	10,400	11,100	12,100	11,600
Net income ¹	9,543	6,852	6,900	13,331	7,914	5,445	9,937	7,507	17,444	8,407	8,122	9,013	7,317	16,330	9,681	7,979	7,600	8,100	8,800	8,500
Net margin	10.99%	9.01%	14.59%	14.79%	16.06%	10.23%	19.1%	14.49%	16.8%	15.57%	13.56%	18.3%	13.92%	16.04%	16.61%	12.84%	14.39%	14.62%	14.85%	12.66%
EPS	37.80	27.48	-	53.85	32.00	-	40.48	-	71.15	34.41	-	37.29	-	67.63	40.22	-	-	-	-	-
Dividend per Share	13.00	13.00	-	14.33	-	-	-	-	16.67	-	-	-	-	18.67	-	-	-	-	-	-
Announcement Date	11/7/19	11/5/20	11/4/21	11/4/21	2/7/22	5/11/22	8/3/22	11/2/22	11/2/22	2/8/23	5/11/23	8/3/23	11/1/23	11/1/23	2/7/24	5/9/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	31,245	41,987	68,725	79,801	87,677	86,579	84,300	79,600
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	13,908	19,752	22,294	18,638	22,624	11,275	14,095	13,159
ROE (net income / shareholders' equity)	12.7%	11.9%	12.2%	12.6%	14.8%	13.5%	12.6%	12.4%
ROA (Net income/ Total Assets)	12.5%	12%	11.4%	13.4%	14.4%	14%	13.6%	-
Assets ¹	176,487	175,903	204,522	199,042	235,650	242,706	244,363	-
Book Value Per Share ²	703.0	714.0	816.0	897.0	987.0	1,109	1,177	1,298
Cash Flow per Share ²	106.0	105.0	116.0	132.0	165.0	170.0	183.0	194.0
Capex ¹	5,956	8,085	8,432	5,735	7,844	18,695	22,600	25,050
Capex / Sales	3.15%	4.47%	4.88%	2.98%	3.6%	8.41%	9.58%	9.95%
Announcement Date	5/9/19	5/13/20	5/12/21	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

Ratings for NOF Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,062 JPY

Average target price

2,637 JPY

Spread / Average Target

+27.90%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Commodity Chemicals

	1st Jan change	Capi.
NOF CORPORATION	-11.73%	3.14B
AIR LIQUIDE	+5.33%	105B
SABIC	-10.78%	60.07B
PT CHANDRA ASRI PACIFIC TBK	+65.71%	45.92B
WANHUA CHEMICAL GROUP CO., LTD.	+15.59%	38.18B
LYONDELLBASELL INDUSTRIES N.V.	+0.17%	30.95B
WESTLAKE CORPORATION	+10.23%	20.12B
NINGXIA BAOFENG ENERGY GROUP CO., LTD.	+12.73%	16.47B
HENGLI PETROCHEMICAL CO.,LTD.	+9.04%	13.8B
RONGSHENG PETROCHEMICAL CO., LTD.	-4.93%	13.05B

Other Commodity Chemicals