Financials Nippon Yakin Kogyo Co., Ltd.

Equities

5480

JP3752600001

Iron & Steel

Delayed Japan Exchange Other stock markets 02:00:00 2024-07-11 am EDT			5-day change	1st Jan Change
5,350 ^JPY	+2.69%		+2.88%	+26.93%

Jun. 24	Tranche Update on Nippon Yakin Kogyo Co., Ltd.'s Equity Buyback Plan announced on May 9, 2024.	CI
Jun. 21	Nippon Yakin Kogyo Co., Ltd.'s Equity Buyback announced on May 9, 2024, has closed with 391,700 shares, representing 2.71% for ¥1,849.87 million.	CI

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	25,562	31,220	42,395	63,622	69,379	73,342	-	-
Enterprise Value (EV) ¹	71,946	80,671	107,017	141,990	134,367	73,342	73,342	73,342
P/E ratio	4.81 x	8.29 x	5.01 x	3.23 x	5.14 x	5.07 x	4.37 x	3.94 x
Yield	3.57%	2.19%	4.27%	4.7%	4.17%	3.84%	3.84%	3.84%
Capitalization / Revenue	0.19 x	0.28 x	0.28 x	0.32 x	0.38 x	0.39 x	0.38 x	0.38 x
EV / Revenue	0.19 x	0.28 x	0.28 x	0.32 x	0.38 x	0.39 x	0.38 x	0.38 x
EV / EBITDA	2.18 x	3.08 x	2.34 x	1.86 x	2.71 x	2.69 x	2.49 x	2.43 x
EV / FCF	10.4 x	7.09 x	-3.18 x	-	3.75 x	13.6 x	6.43 x	6.22 x
FCF Yield	9.65%	14.1%	-31.4%	-	26.7%	7.36%	15.5%	16.1%
Price to Book	0.5 x	0.57 x	0.68 x	0.8 x	0.78 x	0.74 x	0.63 x	0.54 x
Nbr of stocks (in thousands)	15,188	15,192	15,087	14,952	14,469	14,077	-	-
Reference price ²	1,683	2,055	2,810	4,255	4,795	5,210	5,210	5,210
Announcement Date	5/8/20	5/7/21	5/9/22	5/9/23	5/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	136,373	112,482	148,925	199,324	180,341	185,800	191,000	195,000
EBITDA ¹	11,730	10,120	18,089	34,285	25,605	27,300	29,500	30,200
EBIT ¹	7,838	6,145	13,966	29,256	20,010	21,100	23,000	23,700
Operating Margin	5.75%	5.46%	9.38%	14.68%	11.1%	11.36%	12.04%	12.15%
Earnings before Tax (EBT) ¹	6,144	4,740	7,058	27,831	19,161	20,400	22,400	23,100
Net income ¹	5,325	3,764	8,471	19,703	13,565	14,300	15,700	16,200
Net margin	3.9%	3.35%	5.69%	9.88%	7.52%	7.7%	8.22%	8.31%
EPS ²	350.1	247.8	561.2	1,317	933.6	1,027	1,192	1,323
Free Cash Flow ¹	2,468	4,406	-13,333	-	18,523	5,400	11,400	11,800
FCF margin	1.81%	3.92%	-8.95%	-	10.27%	2.91%	5.97%	6.05%
FCF Conversion (EBITDA)	21.04%	43.54%	-	-	72.34%	19.78%	38.64%	39.07%
FCF Conversion (Net income)	46.35%	117.06%	-	-	136.55%	37.76%	72.61%	72.84%
Dividend per Share ²	60.00	45.00	120.0	200.0	200.0	200.0	200.0	200.0
Announcement Date	5/8/20	5/7/21	5/9/22	5/9/23	5/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2021 S1	2022 S1	2022 Q3	2023 Q1	2023 S1	2023 Q3	2024 Q1	2024 S1	2024 Q3
Net sales ¹	56,202	64,161	39,260	46,905	96,366	53,650	48,524	93,907	43,880
EBITDA	-	-	-	-	-	-	-	-	-
EBIT ¹	2,954	6,623	4,742	4,352	12,651	10,443	6,727	12,901	3,004
Operating Margin	5.26%	10.32%	12.08%	9.28%	13.13%	19.47%	13.86%	13.74%	6.85%
Earnings before Tax (EBT) ¹	2,264	6,245	4,334	4,024	12,344	9,710	7,054	12,862	2,483
Net income ¹	1,415	5,707	3,663	2,537	8,665	6,884	4,672	9,032	1,780
Net margin	2.52%	8.89%	9.33%	5.41%	8.99%	12.83%	9.63%	9.62%	4.06%
EPS ²	93.21	377.9	242.8	169.2	578.8	460.2	317.6	619.1	124.1
Dividend per Share	15.00	40.00	-	-	70.00	-	-	100.0	-
Announcement Date	10/30/20	10/29/21	2/3/22	8/5/22	10/31/22	2/3/23	7/31/23	10/31/23	2/5/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	46,384	49,451	64,622	78,368	64,988	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.954 x	4.886 x	3.572 x	2.286 x	2.538 x	-	-	-
Free Cash Flow ¹	2,468	4,406	-13,333	-	18,523	5,400	11,400	11,800
ROE (net income / shareholders' equity)	10.8%	7.1%	14.4%	27.8%	16%	15.2%	15.2%	14.3%
ROA (Net income/ Total Assets)	4.11%	3.12%	7.35%	13.5%	8.65%	6.4%	6.8%	6.9%
Assets ¹	129,591	120,613	115,329	145,541	156,826	223,438	230,882	234,783
Book Value Per Share ²	3,368	3,629	4,121	5,325	6,185	7,077	8,216	9,617
Cash Flow per Share	606.0	510.0	834.0	1,653	1,319	-	-	-
Capex	5,505	6,652	12,636	9,289	8,301	-	-	-
Capex / Sales	4.04%	5.91%	8.48%	4.66%	4.6%	-	-	-
Announcement Date	5/8/20	5/7/21	5/9/22	5/9/23	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 Nippon Yakin Kogyo Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5,210 JPY

Average target price

5,600 JPY

Spread / Average Target

+7.49%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
NIPPON YAKIN KOGYO CO., LTD.	+26.93%	453M
JSW STEEL LIMITED	+4.25%	26.99B
BAOSHAN IRON & STEEL CO., LTD.	+16.69%	20.64B
JINDAL STEEL & POWER LIMITED	+35.45%	12.31B
CHINA STEEL CORPORATION	-14.63%	10.78B
BHARAT FORGE LIMITED	+33.97%	9.25B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	-8.19%	8.94B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	-3.42%	8.8B
JINDAL STAINLESS LIMITED	+37.50%	7.83B
TERNIUM S.A.	-13.09%	7.25B

Iron, Steel Mills & Foundries