Financials Sekisui Chemical Co., Ltd.

Equities

4204

JP3419400001

Homebuilding

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-05 am EDT			5-day change	1st Jan Change
2,202 ^JPY	-0.81%		-1.10%	+8.31%

Jun. 06	Sekisui Chemical Repurchases 200 Shares in First Week of June	MT
Jun. 05	Tranche Update on Sekisui Chemical Co., Ltd.'s Equity Buyback Plan announced on April 26, 2024.	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	654,503	953,990	781,130	805,171	939,691	918,874	-	-
Enterprise Value (EV) ¹	695,348	985,021	738,982	824,548	921,842	902,795	879,179	850,162
P/E ratio	11.2 x	23.1 x	21.1 x	11.8 x	12.2 x	11.7 x	11.3 x	10.5 x
Yield	3.21%	2.21%	2.79%	3.14%	3.32%	3.42%	3.52%	3.8%
Capitalization / Revenue	0.58 x	0.9 x	0.67 x	0.65 x	0.75 x	0.7 x	0.68 x	0.65 x
EV / Revenue	0.62 x	0.93 x	0.64 x	0.66 x	0.73 x	0.69 x	0.65 x	0.6 x
EV / EBITDA	5.22 x	8.44 x	5.37 x	5.72 x	6.27 x	5.68 x	5.14 x	4.67 x
EV / FCF	17.4 x	49.5 x	6.86 x	68.1 x	21.8 x	16.3 x	17.9 x	13.3 x
FCF Yield	5.75%	2.02%	14.6%	1.47%	4.59%	6.15%	5.57%	7.53%
Price to Book	1.07 x	1.43 x	1.16 x	1.14 x	1.19 x	1.11 x	1.05 x	0.99 x
Nbr of stocks (in thousands)	456,736	448,937	444,076	429,196	421,386	417,386	-	-
Reference price ²	1,433	2,125	1,759	1,876	2,230	2,202	2,202	2,202
Announcement Date	4/27/20	4/27/21	4/27/22	4/28/23	4/26/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,129,254	1,056,560	1,157,945	1,242,521	1,256,538	1,313,275	1,360,575	1,422,000
EBITDA ¹	133,230	116,645	137,583	144,072	147,071	159,069	171,169	182,167
EBIT ¹	87,768	67,300	88,879	91,666	94,399	101,750	111,250	119,000
Operating Margin	7.77%	6.37%	7.68%	7.38%	7.51%	7.75%	8.18%	8.37%
Earnings before Tax (EBT) ¹	83,581	63,179	69,859	99,494	111,479	108,000	117,000	126,000
Net income ¹	58,931	41,544	37,067	69,263	77,930	76,275	81,275	87,067
Net margin	5.22%	3.93%	3.2%	5.57%	6.2%	5.81%	5.97%	6.12%
EPS ²	128.2	91.92	83.17	159.2	183.5	187.6	194.4	210.0
Free Cash Flow ¹	39,964	19,912	107,717	12,113	42,358	55,500	49,000	64,000
FCF margin	3.54%	1.88%	9.3%	0.97%	3.37%	4.23%	3.6%	4.5%
FCF Conversion (EBITDA)	30%	17.07%	78.29%	8.41%	28.8%	34.89%	28.63%	35.13%
FCF Conversion (Net income)	67.81%	47.93%	290.6%	17.49%	54.35%	72.76%	60.29%	73.51%
Dividend per Share ²	46.00	47.00	49.00	59.00	74.00	75.25	77.50	83.67
Announcement Date	4/27/20	4/27/21	4/27/22	4/28/23	4/26/24	-	-	-

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	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 S2
Net sales ¹	490,041	547,942	290,708	319,294	282,271	325,494	607,765	304,466	330,290	285,393	325,901	611,294	312,636	332,608	645,244	290,000	344,600	634,600	692,100
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	22,149	35,520	21,933	31,426	13,844	26,500	40,344	22,122	29,200	15,285	25,870	41,155	24,678	28,566	53,244	16,000	26,800	42,800	59,200
Operating Margin	4.52%	6.48%	7.54%	9.84%	4.9%	8.14%	6.64%	7.27%	8.84%	5.36%	7.94%	6.73%	7.89%	8.59%	8.25%	5.52%	7.78%	6.74%	8.55%
Earnings before Tax (EBT) ¹	19,194	12,414	25,158	32,287	20,911	32,619	53,530	19,598	26,366	35,590	29,350	64,940	20,926	25,613	-	18,500	28,500	47,000	61,000
Net income ¹	12,690	-3,914	16,648	24,333	14,578	24,523	39,101	13,700	16,462	24,129	20,321	44,450	13,982	19,498	33,480	12,500	19,500	32,000	43,000
Net margin	2.59%	-0.71%	5.73%	7.62%	5.16%	7.53%	6.43%	4.5%	4.98%	8.45%	6.24%	7.27%	4.47%	5.86%	5.19%	4.31%	5.66%	5.04%	6.21%
EPS ²	27.93	-8.760	37.30	54.63	33.08	56.10	89.18	31.70	38.31	56.40	47.78	104.2	33.04	46.26	-	29.80	46.70	76.50	103.0
Dividend per Share ²	23.00	24.00	-	25.00	-	29.00	29.00	-	30.00	-	35.00	35.00	-	39.00	-	-	35.00	35.00	38.00
Announcement Date	10/29/20	10/28/21	1/31/22	4/27/22	7/28/22	10/27/22	10/27/22	1/30/23	4/28/23	7/28/23	10/30/23	10/30/23	1/30/24	4/26/24	4/26/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	40,845	31,031	-	19,377	-	-	-	-
Net Cash position ¹	-	-	42,148	-	17,849	16,080	39,695	68,712
Leverage (Debt/EBITDA)	0.3066 x	0.266 x	-	0.1345 x	-	-	-	-
Free Cash Flow ¹	39,964	19,912	107,717	12,113	42,358	55,500	49,000	64,000
ROE (net income / shareholders' equity)	10.1%	6.5%	5.5%	10%	10.4%	9.76%	9.64%	9.8%
ROA (Net income/ Total Assets)	8.18%	5.56%	8.26%	8.59%	8.3%	7%	7.1%	7.4%
Assets ¹	720,095	746,841	448,824	806,328	938,570	1,089,643	1,144,718	1,176,577
Book Value Per Share ²	1,334	1,486	1,519	1,643	1,880	1,982	2,099	2,228
Cash Flow per Share ²	220.0	191.0	186.0	272.0	304.0	321.0	329.0	-
Capex ¹	52,683	55,359	53,923	59,349	64,274	75,000	75,000	75,000
Capex / Sales	4.67%	5.24%	4.66%	4.78%	5.12%	5.71%	5.51%	5.27%
Announcement Date	4/27/20	4/27/21	4/27/22	4/28/23	4/26/24	-	-	-

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 Sekisui Chemical Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,202 JPY

Average target price

2,402 JPY

Spread / Average Target

+9.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Homebuilding

	1st Jan change	Capi.
SEKISUI CHEMICAL CO., LTD.	+8.31%	5.72B
DR HORTON	-10.80%	44.64B
PULTEGROUP, INC.	+0.71%	21.87B
DAIWA HOUSE INDUSTRY CO., LTD.	-3.77%	16.37B
TOLL BROTHERS, INC.	+6.20%	11.21B
TAYLOR WIMPEY PLC	+4.05%	6.94B
SUMITOMO FORESTRY CO., LTD.	+26.74%	6.78B
THE BERKELEY GROUP HOLDINGS PLC	+2.94%	6.53B
BARRATT DEVELOPMENTS PLC	-10.42%	6.26B
PERSIMMON PLC	+5.40%	5.99B

Other Homebuilding