Financials Ezaki Glico Co., Ltd.

Equities

2206

JP3161200005

Food Processing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-05 am EDT			5-day change	1st Jan Change
4,267 ^JPY	+0.16%		+2.06%	+2.20%

Jun. 03	Ezaki Glico Co., Ltd. acquired an unknown stake in Greenspoon Inc. from Full Commit Partners Co., Ltd. and Full Commit Partners No.1 Investment Limited Partnership.	CI
May. 13	Ezaki Glico's Q1 Attributable Profit Climbs 21% on Higher Net Sales	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	315,718	293,903	237,428	230,200	265,489	271,337	-	-
Enterprise Value (EV) ¹	240,441	225,911	165,536	168,292	198,291	180,446	175,109	167,887
P/E ratio	26.3 x	24.9 x	17.6 x	28.6 x	18.8 x	24.3 x	20.4 x	18.4 x
Yield	1.23%	1.43%	1.91%	2.21%	1.92%	2.11%	2.11%	2.23%
Capitalization / Revenue	1.1 x	0.85 x	0.7 x	0.76 x	0.8 x	0.82 x	0.78 x	0.76 x
EV / Revenue	0.83 x	0.66 x	0.49 x	0.55 x	0.6 x	0.54 x	0.5 x	0.47 x
EV / EBITDA	13.4 x	6.83 x	4.93 x	6.29 x	6.08 x	5.75 x	5.04 x	4.52 x
EV / FCF	28.9 x	35.8 x	13.7 x	-50.4 x	24.6 x	21.1 x	12 x	10 x
FCF Yield	3.46%	2.8%	7.31%	-1.98%	4.06%	4.75%	8.35%	9.96%
Price to Book	1.48 x	1.33 x	0.99 x	0.94 x	1.01 x	1.01 x	0.98 x	0.95 x
Nbr of stocks (in thousands)	64,896	64,808	64,871	63,591	63,590	63,590	-	-
Reference price ²	4,865	4,535	3,660	3,620	4,175	4,267	4,267	4,267
Announcement Date	2/14/20	2/12/21	2/14/22	2/14/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	288,187	344,048	338,571	303,921	332,590	331,992	348,284	357,494
EBITDA ¹	17,959	33,100	33,556	26,741	32,638	31,389	34,732	37,169
EBIT ¹	15,605	18,523	19,307	12,845	18,622	14,373	17,516	19,553
Operating Margin	5.41%	5.38%	5.7%	4.23%	5.6%	4.33%	5.03%	5.47%
Earnings before Tax (EBT) ¹	20,183	19,683	20,806	13,936	19,943	16,298	19,416	21,478
Net income ¹	12,047	11,836	13,519	8,099	14,133	11,147	13,300	14,749
Net margin	4.18%	3.44%	3.99%	2.66%	4.25%	3.36%	3.82%	4.13%
EPS ²	185.3	182.5	208.4	126.6	222.2	175.3	209.2	231.9
Free Cash Flow ¹	8,322	6,318	12,097	-3,338	8,047	8,566	14,628	16,715
FCF margin	2.89%	1.84%	3.57%	-1.1%	2.42%	2.58%	4.2%	4.68%
FCF Conversion (EBITDA)	46.34%	19.09%	36.05%	-	24.66%	27.29%	42.12%	44.97%
FCF Conversion (Net income)	69.08%	53.38%	89.48%	-	56.94%	76.85%	109.99%	113.33%
Dividend per Share ²	60.00	65.00	70.00	80.00	80.00	90.00	90.00	95.00
Announcement Date	2/14/20	2/12/21	2/14/22	2/14/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	165,975	160,300	86,091	65,420	73,727	139,147	86,786	77,988	71,075	82,060	153,135	93,406	86,049	78,986	76,900	91,000	89,400
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,731	9,971	3,115	4,076	2,801	6,877	5,293	675	3,900	4,186	8,086	7,824	2,712	7,266	1,700	3,400	1,200
Operating Margin	5.26%	6.22%	3.62%	6.23%	3.8%	4.94%	6.1%	0.87%	5.49%	5.1%	5.28%	8.38%	3.15%	9.2%	2.21%	3.74%	1.34%
Earnings before Tax (EBT)	9,309	11,885	2,356	4,815	2,695	7,510	8,436	-2,010	5,272	4,926	10,198	7,898	1,847	7,996	-	-	-
Net income	6,283	7,880	990	3,332	1,391	4,723	5,689	-2,313	4,230	3,587	7,817	5,175	1,141	5,119	-	-	-
Net margin	3.79%	4.92%	1.15%	5.09%	1.89%	3.39%	6.56%	-2.97%	5.95%	4.37%	5.1%	5.54%	1.33%	6.48%	-	-	-
EPS	96.79	121.5	15.23	51.34	22.02	73.36	89.03	-35.80	66.52	56.41	122.9	81.38	17.94	80.51	-	-	-
Dividend per Share	30.00	35.00	-	-	-	40.00	-	-	-	-	40.00	-	-	-	-	-	-
Announcement Date	8/6/20	8/5/21	2/14/22	5/9/22	8/4/22	8/4/22	11/4/22	2/14/23	5/9/23	8/3/23	8/3/23	11/2/23	2/13/24	5/8/24	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	75,277	67,992	71,892	61,908	67,198	90,891	96,229	103,450
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8,322	6,318	12,097	-3,338	8,047	8,566	14,628	16,715
ROE (net income / shareholders' equity)	5.6%	5.4%	5.8%	3.3%	5.6%	4.22%	4.9%	5.25%
ROA (Net income/ Total Assets)	3.48%	3.46%	6.23%	3.76%	5.57%	3.58%	4.27%	4.6%
Assets ¹	346,128	341,943	216,980	215,384	253,909	311,680	311,402	320,866
Book Value Per Share ²	3,284	3,421	3,711	3,842	4,129	4,235	4,350	4,484
Cash Flow per Share ²	267.0	407.0	428.0	344.0	443.0	445.0	502.0	527.0
Capex ¹	16,274	17,814	16,500	26,712	20,016	18,166	14,000	14,000
Capex / Sales	5.65%	5.18%	4.87%	8.79%	6.02%	5.47%	4.02%	3.92%
Announcement Date	2/14/20	2/12/21	2/14/22	2/14/23	2/13/24	-	-	-

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 Ezaki Glico Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

4,267 JPY

Average target price

3,833 JPY

Spread / Average Target

-10.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
EZAKI GLICO CO., LTD.	+2.20%	1.69B
NESTLÉ S.A.	-5.08%	270B
MONDELEZ INTERNATIONAL, INC.	-7.50%	89.84B
DANONE	-0.20%	40.81B
KRAFT HEINZ	-13.22%	38.97B
THE HERSHEY COMPANY	-1.23%	37.24B
GENERAL MILLS, INC.	-3.47%	35.1B
ARCHER-DANIELS-MIDLAND COMPANY	-15.04%	30.34B
ASSOCIATED BRITISH FOODS PLC	+4.44%	23.51B
YIHAI KERRY ARAWANA HOLDINGS CO., LTD	-17.08%	20.64B

Other Food Processing