Financials Nippon Paint Holdings Co., Ltd.

Equities

4612

JP3749400002

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-05 am EDT			5-day change	1st Jan Change
1,050 ^JPY	-1.04%		+0.19%	-7.89%

May. 16	Japanese Shares Lead Gains in Asia Pacific on Tech Boost After US Inflation Data	MT
May. 16	Nippon Paint Holdings' Attributable Profit Gains 20% in March Quarter	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,809,015	3,635,044	2,944,605	2,439,972	2,677,377	2,466,098	-	-
Enterprise Value (EV) ¹	2,127,910	3,938,669	3,328,826	2,919,431	3,127,496	2,849,625	2,777,265	2,707,573
P/E ratio	49.3 x	81.4 x	42.6 x	30.7 x	22.6 x	19.3 x	17.9 x	16.7 x
Yield	0.8%	0.4%	0.8%	1.06%	1.23%	1.5%	1.63%	1.8%
Capitalization / Revenue	2.61 x	4.65 x	2.95 x	1.86 x	1.86 x	1.56 x	1.47 x	1.41 x
EV / Revenue	3.07 x	5.04 x	3.33 x	2.23 x	2.17 x	1.8 x	1.65 x	1.55 x
EV / EBITDA	20.5 x	33.8 x	27.4 x	18.4 x	14.2 x	11.7 x	10.8 x	9.78 x
EV / FCF	37.5 x	79.3 x	-95.3 x	-55.3 x	22.4 x	25.7 x	20.7 x	18.4 x
FCF Yield	2.67%	1.26%	-1.05%	-1.81%	4.47%	3.9%	4.83%	5.44%
Price to Book	3.27 x	6.4 x	3.07 x	2.12 x	1.97 x	1.8 x	1.68 x	1.56 x
Nbr of stocks (in thousands)	1,603,736	1,604,168	2,348,170	2,348,385	2,348,576	2,348,665	-	-
Reference price ²	1,128	2,266	1,254	1,039	1,140	1,050	1,050	1,050
Announcement Date	2/13/20	2/10/21	2/14/22	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	692,009	781,146	998,276	1,309,021	1,442,574	1,585,059	1,682,674	1,745,988
EBITDA ¹	103,829	116,454	121,504	158,998	221,020	242,555	257,558	276,707
EBIT ¹	78,060	86,933	87,615	111,882	168,745	184,232	197,825	210,085
Operating Margin	11.28%	11.13%	8.78%	8.55%	11.7%	11.62%	11.76%	12.03%
Earnings before Tax (EBT) ¹	79,518	88,715	86,467	104,495	161,500	175,051	187,671	202,919
Net income ¹	36,717	44,648	67,569	79,418	118,476	127,787	138,116	147,985
Net margin	5.31%	5.72%	6.77%	6.07%	8.21%	8.06%	8.21%	8.48%
EPS ²	22.90	27.83	29.41	33.82	50.45	54.41	58.81	63.02
Free Cash Flow ¹	56,813	49,657	-34,927	-52,756	139,891	111,030	134,117	147,194
FCF margin	8.21%	6.36%	-3.5%	-4.03%	9.7%	7%	7.97%	8.43%
FCF Conversion (EBITDA)	54.72%	42.64%	-	-	63.29%	45.78%	52.07%	53.2%
FCF Conversion (Net income)	154.73%	111.22%	-	-	118.08%	86.89%	97.1%	99.47%
Dividend per Share ²	9.000	9.000	10.00	11.00	14.00	15.79	17.11	18.92
Announcement Date	2/13/20	2/10/21	2/14/22	2/14/23	2/14/24	-	-	-

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 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	345,440	497,662	262,019	284,096	337,953	622,049	357,867	329,105	330,213	362,712	692,925	392,953	356,696	384,319	401,640	794,900	424,748	381,694	822,400	404,400	443,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	34,669	48,655	20,878	24,335	19,867	44,202	38,226	29,454	34,909	48,829	83,738	47,887	37,120	42,664	47,733	89,800	51,850	41,306	98,200	45,100	46,100
Operating Margin	10.04%	9.78%	7.97%	8.57%	5.88%	7.11%	10.68%	8.95%	10.57%	13.46%	12.08%	12.19%	10.41%	11.1%	11.88%	11.3%	12.21%	10.82%	11.94%	11.15%	10.41%
Earnings before Tax (EBT) ¹	33,991	48,195	20,479	24,913	17,085	41,998	38,226	24,271	33,441	48,513	81,954	45,088	34,458	41,344	41,967	86,500	50,833	41,333	-	48,600	39,600
Net income ¹	16,890	33,731	17,261	18,072	10,485	28,557	26,628	24,233	25,340	35,558	60,898	32,546	25,032	30,280	29,967	62,400	36,900	28,600	-	34,800	28,400
Net margin	4.89%	6.78%	6.59%	6.36%	3.1%	4.59%	7.44%	7.36%	7.67%	9.8%	8.79%	8.28%	7.02%	7.88%	7.46%	7.85%	8.69%	7.49%	-	8.61%	6.41%
EPS ²	10.53	15.02	7.350	7.700	4.460	12.16	11.34	10.32	10.79	15.14	25.93	13.86	10.66	12.89	13.46	-	14.89	11.84	-	14.82	12.09
Dividend per Share ²	4.400	5.000	-	-	-	5.000	-	-	-	-	6.000	-	8.000	-	7.000	-	-	7.000	-	-	7.000
Announcement Date	8/14/20	8/10/21	2/14/22	5/13/22	8/10/22	8/10/22	11/14/22	2/14/23	5/15/23	8/10/23	8/10/23	11/14/23	2/14/24	5/15/24	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	318,895	303,625	384,221	479,459	450,119	383,527	311,167	241,475
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.071 x	2.607 x	3.162 x	3.016 x	2.037 x	1.581 x	1.208 x	0.8727 x
Free Cash Flow ¹	56,813	49,657	-34,927	-52,756	139,891	111,031	134,117	147,194
ROE (net income / shareholders' equity)	6.8%	8%	8.8%	7.5%	9.5%	9.42%	9.59%	9.67%
ROA (Net income/ Total Assets)	6.54%	5.73%	3.79%	4.75%	6.26%	5.14%	5.28%	5.5%
Assets ¹	561,628	778,572	1,784,848	1,671,057	1,891,099	2,486,137	2,615,830	2,690,642
Book Value Per Share ²	345.0	354.0	409.0	489.0	578.0	584.0	625.0	675.0
Cash Flow per Share ²	39.00	46.20	38.40	53.90	72.70	75.70	88.80	86.30
Capex ¹	35,263	38,904	34,928	49,820	49,864	45,817	47,383	48,160
Capex / Sales	5.1%	4.98%	3.5%	3.81%	3.46%	2.89%	2.82%	2.76%
Announcement Date	2/13/20	2/10/21	2/14/22	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 Nippon Paint Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,050 JPY

Average target price

1,231 JPY

Spread / Average Target

+17.20%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Paint & Coating

	1st Jan change	Capi.
NIPPON PAINT HOLDINGS CO., LTD.	-7.89%	15.35B
THE SHERWIN-WILLIAMS COMPANY	-5.19%	75B
ASIAN PAINTS LIMITED	-13.71%	33.73B
PPG INDUSTRIES, INC.	-16.26%	29.47B
RPM INTERNATIONAL INC.	-5.14%	13.63B
AXALTA COATING SYSTEMS LTD.	-0.65%	7.45B
BERGER PAINTS INDIA LIMITED	-14.96%	7.18B
KANSAI PAINT CO., LTD.	+4.94%	3.2B
SKSHU PAINT CO.,LTD.	-20.94%	2.73B
KANSAI NEROLAC PAINTS LIMITED	-19.83%	2.58B

Paint & Coating