Financials Morinaga&Co., Ltd.

Equities

2201

JP3926400007

Food Processing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-16 am EDT			5-day change	1st Jan Change
2,656 ^JPY	+0.21%		+5.84%	+3.83%

May. 14	Tranche Update on Morinaga&Co., Ltd.'s Equity Buyback Plan announced on May 10, 2024.	CI
May. 14	Morinaga&Co., Ltd.'s Equity Buyback announced on May 10, 2024, has closed with 940,000 shares, representing 1.04% for ¥2,368.8 million.	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	222,334	198,933	191,558	174,386	237,898	235,221	-	-
Enterprise Value (EV) ¹	189,819	178,282	145,889	158,464	208,320	219,621	216,921	209,421
P/E ratio	20.5 x	14.8 x	6.89 x	18 x	15.9 x	15.3 x	13.8 x	12.3 x
Yield	1.63%	2.02%	2.36%	2.66%	2.09%	2.26%	2.45%	2.73%
Capitalization / Revenue	1.06 x	0.99 x	1.06 x	0.9 x	1.11 x	1.05 x	1 x	0.92 x
EV / Revenue	0.91 x	0.89 x	0.8 x	0.82 x	0.98 x	0.98 x	0.92 x	0.82 x
EV / EBITDA	6.91 x	6.56 x	5.24 x	6.23 x	7 x	6.95 x	6.41 x	5.68 x
EV / FCF	18.4 x	-23 x	4.27 x	-9.23 x	8.39 x	21.3 x	21.5 x	18.1 x
FCF Yield	5.44%	-4.34%	23.4%	-10.8%	11.9%	4.69%	4.65%	5.51%
Price to Book	2.12 x	1.62 x	1.46 x	1.42 x	1.81 x	1.76 x	1.61 x	1.46 x
Nbr of stocks (in thousands)	100,604	100,598	100,556	92,882	90,610	88,729	-	-
Reference price ²	2,210	1,978	1,905	1,878	2,626	2,651	2,651	2,651
Announcement Date	5/14/20	5/13/21	5/13/22	5/11/23	5/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	208,878	199,990	181,251	194,373	213,368	224,583	235,942	254,621
EBITDA ¹	27,460	27,169	27,815	25,420	29,765	31,600	33,832	36,838
EBIT ¹	21,230	19,162	17,685	15,235	20,273	21,450	23,482	26,189
Operating Margin	10.16%	9.58%	9.76%	7.84%	9.5%	9.55%	9.95%	10.29%
Earnings before Tax (EBT) ¹	15,437	18,944	39,216	13,884	20,576	21,840	23,945	26,260
Net income ¹	10,824	13,405	27,773	10,059	15,154	15,377	16,719	18,527
Net margin	5.18%	6.7%	15.32%	5.18%	7.1%	6.85%	7.09%	7.28%
EPS ²	107.6	133.3	276.3	104.4	165.6	172.7	191.7	215.1
Free Cash Flow ¹	10,333	-7,735	34,137	-17,175	24,829	10,300	10,084	11,542
FCF margin	4.95%	-3.87%	18.83%	-8.84%	11.64%	4.59%	4.27%	4.53%
FCF Conversion (EBITDA)	37.63%	-	122.73%	-	83.42%	32.59%	29.81%	31.33%
FCF Conversion (Net income)	95.46%	-	122.91%	-	163.84%	66.98%	60.32%	62.3%
Dividend per Share ²	36.00	40.00	45.00	50.00	55.00	60.00	65.00	72.50
Announcement Date	5/14/20	5/13/21	5/13/22	5/11/23	5/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	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 S1	2025 Q3	2025 Q4
Net sales ¹	101,090	93,422	45,241	42,588	46,803	51,631	98,434	49,435	46,504	51,092	58,516	109,608	54,189	49,571	54,900	63,000	117,900	57,400	51,800
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	11,541	13,188	4,095	402	4,640	5,591	10,231	3,519	1,485	5,803	8,364	14,167	5,524	582	6,700	9,000	15,700	5,700	-
Operating Margin	11.42%	14.12%	9.05%	0.94%	9.91%	10.83%	10.39%	7.12%	3.19%	11.36%	14.29%	12.93%	10.19%	1.17%	12.2%	14.29%	13.32%	9.93%	-
Earnings before Tax (EBT)	11,776	13,511	4,014	21,691	4,926	4,527	9,453	3,184	1,247	5,989	8,468	14,457	5,126	993	-	-	-	-	-
Net income ¹	8,315	9,544	2,971	15,258	3,408	3,176	6,584	2,273	1,202	4,322	5,938	10,260	3,725	1,169	4,800	6,200	11,000	4,000	-
Net margin	8.23%	10.22%	6.57%	35.83%	7.28%	6.15%	6.69%	4.6%	2.58%	8.46%	10.15%	9.36%	6.87%	2.36%	8.74%	9.84%	9.33%	6.97%	-
EPS	82.66	94.88	29.55	-	34.63	-	67.42	23.96	-	46.68	64.60	111.3	41.05	13.27	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	55.00	-	-	-	-	60.00
Announcement Date	11/11/20	11/10/21	2/9/22	5/13/22	8/10/22	11/10/22	11/10/22	2/10/23	5/11/23	8/8/23	11/10/23	11/10/23	2/8/24	5/10/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	32,515	20,651	45,669	15,922	29,578	15,600	18,300	25,800
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	10,333	-7,735	34,137	-17,175	24,829	10,300	10,085	11,543
ROE (net income / shareholders' equity)	10.8%	11.8%	22%	7.9%	11.8%	11.7%	12%	12.4%
ROA (Net income/ Total Assets)	12.1%	10.1%	8.77%	7.51%	9.81%	6.7%	7.2%	7.6%
Assets ¹	89,723	132,231	316,752	133,909	154,454	229,507	232,213	243,776
Book Value Per Share ²	1,040	1,223	1,302	1,323	1,448	1,509	1,647	1,810
Cash Flow per Share ²	170.0	212.0	376.0	209.0	269.0	280.0	298.0	321.0
Capex ¹	10,661	20,404	20,411	9,995	14,998	12,550	14,167	16,250
Capex / Sales	5.1%	10.2%	11.26%	5.14%	7.03%	5.59%	6%	6.38%
Announcement Date	5/14/20	5/13/21	5/13/22	5/11/23	5/10/24	-	-	-

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 Morinaga&Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,651 JPY

Average target price

3,303 JPY

Spread / Average Target

+24.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Chocolate & Confectionery

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DELFI LIMITED	-22.77%	394M
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Chocolate & Confectionery