Financials Osaka Gas Company., Ltd.

Equities

9532

JP3180400008

Natural Gas Utilities

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-12 am EDT			5-day change	1st Jan Change
3,371 ^JPY	-1.09%		-0.15%	+14.47%

Jul. 12	Japan builds gas markets in Asia to boost LNG trading, energy security	RE
Jul. 05	Osaka Gas Repurchases Over 1 Million Shares in June	MT

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	846,545	896,804	869,831	906,604	1,387,161	1,368,152	-	-
Enterprise Value (EV) ¹	1,353,094	1,502,199	1,537,955	1,716,568	2,113,608	2,128,901	2,241,725	2,290,966
P/E ratio	20.3 x	11.1 x	6.78 x	15.9 x	10.6 x	11.7 x	11.4 x	10.9 x
Yield	2.46%	2.43%	2.75%	2.75%	2.43%	2.85%	3.03%	3.17%
Capitalization / Revenue	0.62 x	0.66 x	0.55 x	0.4 x	0.67 x	0.66 x	0.66 x	0.65 x
EV / Revenue	0.99 x	1.1 x	0.97 x	0.75 x	1.01 x	1.03 x	1.08 x	1.1 x
EV / EBITDA	7.7 x	6.6 x	7.1 x	8.91 x	6.99 x	8.26 x	8.44 x	8.39 x
EV / FCF	20.7 x	29.9 x	-226 x	-10.1 x	18.5 x	-333 x	130 x	86.9 x
FCF Yield	4.83%	3.34%	-0.44%	-9.92%	5.4%	-0.3%	0.77%	1.15%
Price to Book	0.85 x	0.83 x	0.69 x	0.65 x	0.88 x	0.84 x	0.8 x	0.76 x
Nbr of stocks (in thousands)	415,788	415,765	415,789	415,683	408,951	405,859	-	-
Reference price ²	2,036	2,157	2,092	2,181	3,392	3,371	3,371	3,371
Announcement Date	5/11/20	4/27/21	4/26/22	5/8/23	5/8/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,368,689	1,364,100	1,586,800	2,275,100	2,083,050	2,064,833	2,074,133	2,090,383
EBITDA ¹	175,717	227,500	216,600	192,700	302,555	257,633	265,500	273,133
EBIT ¹	83,792	112,400	94,900	60,000	172,553	129,833	130,667	135,500
Operating Margin	6.12%	8.24%	5.98%	2.64%	8.28%	6.29%	6.3%	6.48%
Earnings before Tax (EBT) ¹	70,449	108,735	115,941	83,710	196,017	163,060	162,960	167,980
Net income ¹	41,788	80,800	128,200	57,100	132,679	117,133	116,950	120,217
Net margin	3.05%	5.92%	8.08%	2.51%	6.37%	5.67%	5.64%	5.75%
EPS ²	100.5	194.5	308.5	137.4	320.6	288.7	295.1	310.4
Free Cash Flow ¹	65,318	50,190	-6,800	-170,300	114,188	-6,400	17,200	26,367
FCF margin	4.77%	3.68%	-0.43%	-7.49%	5.48%	-0.31%	0.83%	1.26%
FCF Conversion (EBITDA)	37.17%	22.06%	-	-	37.74%	-	6.48%	9.65%
FCF Conversion (Net income)	156.31%	62.12%	-	-	86.06%	-	14.71%	21.93%
Dividend per Share ²	50.00	52.50	57.50	60.00	82.50	96.00	102.0	107.0
Announcement Date	5/11/20	4/27/21	4/26/22	5/8/23	5/8/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2021 S2	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 Q3	2025 Q4
Net sales ¹	638,912	-	650,421	393,347	543,032	467,100	514,400	981,560	614,965	678,575	512,611	482,989	995,693	514,454	572,903	458,750	471,900	540,850	653,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	51,915	-	40,539	2,137	52,224	7,300	-45,100	-45,690	30,764	74,926	73,664	23,036	96,731	43,961	31,861	32,050	17,800	28,050	46,400
Operating Margin	8.13%	-	6.23%	0.54%	9.62%	1.56%	-8.77%	-4.65%	5%	11.04%	14.37%	4.77%	9.71%	8.55%	5.56%	6.99%	3.77%	5.19%	7.11%
Earnings before Tax (EBT) ¹	54,818	-	47,392	9,900	58,649	13,413	-54,872	-41,459	41,172	-	82,672	41,179	123,851	50,720	-	40,250	30,500	35,150	49,300
Net income ¹	36,799	-	36,794	8,022	83,384	11,200	-40,900	-29,744	28,348	58,496	60,560	28,740	89,351	37,054	6,274	29,550	22,400	25,800	36,100
Net margin	5.76%	-	5.66%	2.04%	15.36%	2.4%	-7.95%	-3.03%	4.61%	8.62%	11.81%	5.95%	8.97%	7.2%	1.1%	6.44%	4.75%	4.77%	5.53%
EPS ²	88.51	-	88.50	19.29	200.7	26.90	-98.50	-71.56	68.20	140.8	145.7	69.21	214.9	89.56	16.10	79.20	86.20	77.10	43.80
Dividend per Share	25.00	27.50	27.50	-	-	-	-	30.00	-	-	-	-	32.50	-	-	-	-	-	-
Announcement Date	10/29/20	4/27/21	10/27/21	1/31/22	4/26/22	8/1/22	10/31/22	10/31/22	2/6/23	5/8/23	7/31/23	10/27/23	10/27/23	1/30/24	5/8/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	506,549	605,395	668,124	809,964	726,447	760,748	873,573	922,814
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.883 x	2.661 x	3.085 x	4.203 x	2.401 x	2.953 x	3.29 x	3.379 x
Free Cash Flow ¹	65,318	50,190	-6,800	-170,300	114,188	-6,400	17,200	26,367
ROE (net income / shareholders' equity)	4.2%	7.8%	11%	4.3%	8.9%	7.17%	6.9%	6.88%
ROA (Net income/ Total Assets)	4.13%	5.74%	4.52%	2.81%	7.81%	4.23%	3.5%	3.6%
Assets ¹	1,012,954	1,408,473	2,833,606	2,033,968	1,698,204	2,766,931	3,341,429	3,339,352
Book Value Per Share ²	2,399	2,602	3,031	3,347	3,858	4,029	4,223	4,430
Cash Flow per Share	334.0	451.0	583.0	439.0	635.0	-	-	-
Capex ¹	131,010	169,607	189,317	195,330	198,421	248,000	231,500	231,500
Capex / Sales	9.57%	12.43%	11.93%	8.59%	9.53%	12.01%	11.16%	11.07%
Announcement Date	5/11/20	4/27/21	4/26/22	5/8/23	5/8/24	-	-	-

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 Osaka Gas Company., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,371 JPY

Average target price

3,919 JPY

Spread / Average Target

+16.25%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Natural Gas Utilities

	1st Jan change	Capi.
OSAKA GAS COMPANY., LTD.	+14.47%	8.67B
NATURGY ENERGY GROUP, S.A.	-19.41%	22.8B
ATMOS ENERGY CORPORATION	+4.35%	18.25B
GAIL INDIA LIMITED	+41.09%	18.01B
ADANI TOTAL GAS LIMITED	-9.59%	11.76B
TOKYO GAS CO., LTD.	+5.34%	8.52B
PETRONAS GAS	+4.71%	7.72B
APA GROUP	-6.79%	6.94B
ALTAGAS LTD.	+10.75%	6.73B
CHINA GAS HOLDINGS LIMITED	-2.98%	5.21B

Other Natural Gas Utilities