Financials Osaka Soda Co., Ltd.

Equities

4046

JP3485900009

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-05 am EDT			5-day change	1st Jan Change
10,240 ^JPY	-0.58%		-5.80%	+5.79%

Mar. 18	Osaka Soda Co., Ltd.(TSE:4046) added to S&P Japan 500	CI
Feb. 16	Tranche Update on Osaka Soda Co., Ltd.'s Equity Buyback Plan announced on February 9, 2024.	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	61,078	61,513	72,912	111,543	245,105	259,820	-	-
Enterprise Value (EV) ¹	50,507	46,473	52,709	83,203	215,091	259,820	259,820	259,820
P/E ratio	9.32 x	10.2 x	7.72 x	10.2 x	32.1 x	21.5 x	18.4 x	13.9 x
Yield	2.53%	2.46%	2.56%	2.07%	0.93%	1.01%	1.18%	1.27%
Capitalization / Revenue	0.58 x	0.63 x	0.83 x	1.07 x	2.59 x	2.41 x	2.21 x	2.14 x
EV / Revenue	0.58 x	0.63 x	0.83 x	1.07 x	2.59 x	2.41 x	2.21 x	2.14 x
EV / EBITDA	-	-	4.47 x	5.81 x	17.3 x	12.4 x	11 x	-
EV / FCF	9.4 x	8.84 x	11.4 x	23.4 x	56.6 x	40.7 x	32.4 x	16.9 x
FCF Yield	10.6%	11.3%	8.8%	4.27%	1.77%	2.46%	3.09%	5.9%
Price to Book	0.88 x	0.8 x	0.87 x	1.11 x	2.23 x	2.17 x	2.05 x	1.76 x
Nbr of stocks (in thousands)	23,729	23,327	23,332	25,613	25,373	25,373	-	-
Reference price ²	2,574	2,637	3,125	4,355	9,660	10,240	10,240	10,240
Announcement Date	5/11/20	5/14/21	5/12/22	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	105,477	97,266	88,084	104,208	94,557	107,646	117,515	121,500
EBITDA ¹	-	-	16,314	19,192	14,176	20,900	23,600	-
EBIT ¹	9,698	8,341	12,401	15,557	10,492	16,767	19,350	26,000
Operating Margin	9.19%	8.58%	14.08%	14.93%	11.1%	15.58%	16.47%	21.4%
Earnings before Tax (EBT) ¹	9,450	8,680	13,412	16,018	11,391	16,900	20,400	26,700
Net income ¹	6,506	6,050	9,442	10,570	7,650	12,112	14,118	18,700
Net margin	6.17%	6.22%	10.72%	10.14%	8.09%	11.25%	12.01%	15.39%
EPS ²	276.1	257.4	404.7	428.4	300.8	476.4	555.2	737.0
Free Cash Flow ¹	6,496	6,959	6,417	4,758	4,334	6,383	8,020	15,334
FCF margin	6.16%	7.15%	7.29%	4.57%	4.58%	5.93%	6.82%	12.62%
FCF Conversion (EBITDA)	-	-	39.33%	24.79%	30.57%	30.54%	33.98%	-
FCF Conversion (Net income)	99.85%	115.02%	67.96%	45.01%	56.65%	52.7%	56.81%	82%
Dividend per Share ²	65.00	65.00	80.00	90.00	90.00	103.2	121.0	130.0
Announcement Date	5/11/20	5/14/21	5/12/22	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	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	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	45,178	42,157	23,163	22,764	45,927	25,738	26,177	51,915	25,790	26,503	52,293	23,193	23,429	46,622	23,593	24,342	47,935	24,200	25,700	49,900	26,900	26,700	53,600
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,497	5,694	4,146	2,561	-	5,149	4,573	9,722	4,229	1,606	5,835	2,807	2,110	4,917	2,682	2,893	5,575	3,000	4,100	7,100	4,800	4,900	9,700
Operating Margin	7.74%	13.51%	17.9%	11.25%	-	20.01%	17.47%	18.73%	16.4%	6.06%	11.16%	12.1%	9.01%	10.55%	11.37%	11.88%	11.63%	12.4%	15.95%	14.23%	17.84%	18.35%	18.1%
Earnings before Tax (EBT)	3,606	6,398	4,446	-	-	5,881	-	10,730	4,084	-	-	3,463	-	5,925	2,191	-	-	-	-	-	-	-	-
Net income	2,474	4,421	3,129	1,892	-	4,149	-	7,505	2,829	236	-	2,404	-	4,042	1,253	-	-	-	-	-	-	-	-
Net margin	5.48%	10.49%	13.51%	8.31%	-	16.12%	-	14.46%	10.97%	0.89%	-	10.37%	-	8.67%	5.31%	-	-	-	-	-	-	-	-
EPS	104.6	189.6	134.1	-	-	178.1	-	314.7	108.2	-	-	94.50	-	158.9	49.25	-	-	-	-	-	-	-	-
Dividend per Share	32.50	35.00	-	-	-	-	-	45.00	-	-	-	-	-	45.00	-	-	-	-	-	-	-	-	-
Announcement Date	11/6/20	11/5/21	2/8/22	5/12/22	5/12/22	8/5/22	11/7/22	11/7/22	2/10/23	5/11/23	5/11/23	8/8/23	11/9/23	11/9/23	2/9/24	5/10/24	5/10/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	10,571	15,040	20,203	28,340	30,014	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	6,496	6,959	6,417	4,758	4,334	6,383	8,020	15,334
ROE (net income / shareholders' equity)	9.7%	8.3%	11.7%	11.5%	7.3%	10.9%	11.4%	13.4%
ROA (Net income/ Total Assets)	9.24%	7.68%	10.8%	12.8%	8.32%	8.3%	8.5%	-
Assets ¹	70,447	78,799	87,333	82,270	91,920	145,934	166,088	-
Book Value Per Share ²	2,913	3,311	3,595	3,912	4,326	4,712	4,999	5,816
Cash Flow per Share ²	430.0	423.0	565.0	576.0	446.0	640.0	758.0	-
Capex ¹	3,840	2,388	6,790	5,353	7,190	6,000	6,500	4,500
Capex / Sales	3.64%	2.46%	7.71%	5.14%	7.6%	5.57%	5.53%	3.7%
Announcement Date	5/11/20	5/14/21	5/12/22	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 Osaka Soda Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10,240 JPY

Average target price

12,490 JPY

Spread / Average Target

+21.97%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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