Financials Milbon Co., Ltd.

Equities

4919

JP3910650005

Personal Products

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-05 am EDT			5-day change	1st Jan Change
3,338 ^JPY	+0.24%		+0.39%	-9.64%

Feb. 27	Japanese Shares End Muted After Wall Street Pauses Rally	MT
Feb. 27	Milbon's 2023 Attributable Profit Falls 28% on Higher Costs	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	202,983	213,542	185,315	186,047	120,203	108,619	-	-
Enterprise Value (EV) ¹	192,368	201,197	171,765	173,747	108,866	95,919	95,957	93,860
P/E ratio	44.9 x	50.8 x	36.3 x	33.4 x	30 x	22.8 x	20.6 x	19 x
Yield	0.9%	0.85%	1.19%	1.5%	2.38%	2.64%	2.7%	2.79%
Capitalization / Revenue	5.6 x	5.98 x	4.46 x	4.11 x	2.52 x	2.16 x	2.05 x	1.94 x
EV / Revenue	5.3 x	5.63 x	4.13 x	3.84 x	2.28 x	1.9 x	1.81 x	1.68 x
EV / EBITDA	23.3 x	25.1 x	17.9 x	18 x	14 x	10.7 x	9.64 x	8.81 x
EV / FCF	66.8 x	39 x	65 x	191 x	65.7 x	43 x	27.4 x	20.7 x
FCF Yield	1.5%	2.56%	1.54%	0.52%	1.52%	2.32%	3.65%	4.83%
Price to Book	5.66 x	5.88 x	4.61 x	4.23 x	2.62 x	2.3 x	2.2 x	2.08 x
Nbr of stocks (in thousands)	32,739	32,503	32,511	32,526	32,540	32,540	-	-
Reference price ²	6,200	6,570	5,700	5,720	3,694	3,338	3,338	3,338
Announcement Date	2/12/20	2/12/21	2/10/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	36,266	35,725	41,582	45,238	47,762	50,398	52,987	56,002
EBITDA ¹	8,246	8,004	9,595	9,633	7,800	8,984	9,956	10,648
EBIT ¹	6,751	6,394	7,817	7,551	5,525	6,712	7,580	7,972
Operating Margin	18.62%	17.9%	18.8%	16.69%	11.57%	13.32%	14.31%	14.24%
Earnings before Tax (EBT) ¹	6,217	5,890	7,133	7,823	5,432	6,680	7,370	7,810
Net income ¹	4,517	4,204	5,109	5,577	4,001	4,708	5,282	5,714
Net margin	12.46%	11.77%	12.29%	12.33%	8.38%	9.34%	9.97%	10.2%
EPS ²	138.0	129.2	157.2	171.5	123.0	146.6	162.3	175.6
Free Cash Flow ¹	2,881	5,160	2,641	911	1,656	2,230	3,499	4,531
FCF margin	7.94%	14.44%	6.35%	2.01%	3.47%	4.42%	6.6%	8.09%
FCF Conversion (EBITDA)	34.94%	64.47%	27.52%	9.46%	21.23%	24.82%	35.15%	42.55%
FCF Conversion (Net income)	63.78%	122.74%	51.69%	16.33%	41.39%	47.36%	66.25%	79.3%
Dividend per Share ²	56.00	56.00	68.00	86.00	88.00	88.25	90.20	93.25
Announcement Date	2/12/20	2/12/21	2/10/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	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
Net sales ¹	15,869	19,856	19,558	11,864	22,024	9,635	11,832	21,467	10,940	12,831	23,771	10,340	12,363	22,703	11,447	13,612	25,059	11,508	13,041	24,700	12,073	13,980	25,700
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,388	4,006	3,659	2,059	4,158	1,497	2,327	3,824	1,838	1,889	3,727	1,195	1,895	3,090	326	2,109	2,435	1,337	1,860	3,300	1,318	2,236	3,500
Operating Margin	15.05%	20.18%	18.71%	17.36%	18.88%	15.54%	19.67%	17.81%	16.8%	14.72%	15.68%	11.56%	15.33%	13.61%	2.85%	15.49%	9.72%	11.62%	14.27%	13.36%	10.91%	16%	13.62%
Earnings before Tax (EBT) ¹	2,088	3,802	3,374	1,887	-	1,634	2,504	4,138	1,905	1,780	-	1,165	1,935	3,100	373	1,959	-	1,390	1,817	-	1,353	2,149	-
Net income ¹	1,451	2,753	2,413	1,384	2,696	1,167	1,708	2,875	1,435	1,267	-	882	1,313	2,195	294	1,512	-	973	1,272	-	947	1,571	-
Net margin	9.14%	13.86%	12.34%	11.67%	12.24%	12.11%	14.44%	13.39%	13.12%	9.87%	-	8.53%	10.62%	9.67%	2.57%	11.11%	-	8.45%	9.75%	-	7.84%	11.24%	-
EPS	44.57	84.67	74.24	42.57	-	35.89	52.53	88.42	44.14	38.93	-	27.13	40.00	67.48	9.040	-	-	29.91	-	-	-	-	-
Dividend per Share	27.00	-	30.00	38.00	-	-	40.00	40.00	-	46.00	-	-	40.00	40.00	-	-	-	-	-	-	-	-	-
Announcement Date	8/5/20	2/12/21	8/6/21	2/10/22	2/10/22	5/13/22	8/10/22	8/10/22	11/11/22	2/14/23	2/14/23	5/15/23	8/10/23	8/10/23	11/10/23	2/14/24	2/14/24	5/14/24	-	-	-	-	-

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	10,615	12,345	13,550	12,300	11,337	12,700	12,662	14,759
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,881	5,160	2,641	911	1,656	2,230	3,499	4,531
ROE (net income / shareholders' equity)	13.1%	11.6%	13.4%	13.2%	8.9%	10.3%	11%	11.3%
ROA (Net income/ Total Assets)	15.3%	13.6%	15.7%	15.5%	10.6%	9.87%	11.3%	11.6%
Assets ¹	29,615	30,848	32,587	35,973	37,889	47,712	46,745	49,153
Book Value Per Share ²	1,096	1,117	1,236	1,353	1,412	1,449	1,518	1,602
Cash Flow per Share	184.0	179.0	212.0	235.0	193.0	-	-	-
Capex ¹	1,605	1,388	3,828	4,097	3,151	4,523	3,728	3,228
Capex / Sales	4.43%	3.89%	9.21%	9.06%	6.6%	8.97%	7.03%	5.76%
Announcement Date	2/12/20	2/12/21	2/10/22	2/14/23	2/14/24	-	-	-

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 Milbon Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,338 JPY

Average target price

4,070 JPY

Spread / Average Target

+21.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Personal Products

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