Financials Shinagawa Refractories Co., Ltd.

Equities

5351

JP3353200003

Construction Materials

Delayed Japan Exchange 10:29:50 2024-07-04 pm EDT 5-day change 1st Jan Change
2,005 JPY -0.89% Intraday chart for Shinagawa Refractories Co., Ltd. +1.01% +16.64%

Valuation

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 20,685 26,955 35,487 42,761 88,179 92,174 -
Enterprise Value (EV) 1 22,432 24,920 41,455 58,741 94,878 92,174 92,174
P/E ratio 3.73 x 12.7 x 6.68 x 5.15 x 5.87 x 8.76 x 8.67 x
Yield 5.87% 3.81% 5.01% 4.38% 3.53% 4% 4.05%
Capitalization / Revenue 0.17 x 0.27 x 0.32 x 0.34 x 0.61 x 0.64 x 0.63 x
EV / Revenue 0.17 x 0.27 x 0.32 x 0.34 x 0.61 x 0.64 x 0.63 x
EV / EBITDA - - - - 5.02 x 5.12 x 5.05 x
EV / FCF 7.38 x 4.57 x 6.99 x 8.38 x 9.61 x 14 x 9.97 x
FCF Yield 13.5% 21.9% 14.3% 11.9% 10.4% 7.16% 10%
Price to Book 0.36 x 0.44 x 0.59 x 0.63 x 1.05 x 1.06 x 0.98 x
Nbr of stocks (in thousands) 46,692 46,733 46,755 46,785 45,760 45,563 -
Reference price 2 443.0 576.8 759.0 914.0 1,927 2,023 2,023
Announcement Date 5/14/20 5/13/21 5/12/22 5/11/23 5/13/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026
Net sales 1 118,973 99,969 110,784 124,963 144,175 144,700 145,200
EBITDA 1 - - - - 17,576 17,990 18,240
EBIT 1 9,597 7,285 10,107 10,844 13,887 14,790 14,940
Operating Margin 8.07% 7.29% 9.12% 8.68% 9.63% 10.22% 10.29%
Earnings before Tax (EBT) 1 8,102 4,413 9,413 12,478 22,611 15,470 15,620
Net income 1 5,550 2,114 5,308 8,307 15,280 10,638 10,746
Net margin 4.66% 2.11% 4.79% 6.65% 10.6% 7.35% 7.4%
EPS 2 118.9 45.26 113.6 177.6 328.5 231.0 233.3
Free Cash Flow 1 2,801 5,901 5,077 5,100 9,176 6,601 9,244
FCF margin 2.35% 5.9% 4.58% 4.08% 6.36% 4.56% 6.37%
FCF Conversion (EBITDA) - - - - 52.21% 36.69% 50.68%
FCF Conversion (Net income) 50.47% 279.14% 95.65% 61.39% 60.05% 62.05% 86.02%
Dividend per Share 2 26.00 22.00 38.00 40.00 68.00 81.00 82.00
Announcement Date 5/14/20 5/13/21 5/12/22 5/11/23 5/13/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 S1 2022 S1 2022 Q3 2023 Q1 2023 S1 2023 Q3 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 S1 2025 Q3 2025 Q4
Net sales 1 47,127 52,453 30,191 29,661 61,064 33,285 36,670 36,034 72,704 36,426 35,045 35,825 36,045 71,870 36,165 36,665
EBITDA - - - - - - - - - - - - - - - -
EBIT 1 2,641 5,095 3,024 2,559 5,401 2,845 3,599 3,500 7,099 3,743 3,045 3,495 3,695 7,190 3,755 3,845
Operating Margin 5.6% 9.71% 10.02% 8.63% 8.84% 8.55% 9.81% 9.71% 9.76% 10.28% 8.69% 9.76% 10.25% 10% 10.38% 10.49%
Earnings before Tax (EBT) -394 5,974 3,209 3,095 6,974 2,859 10,395 - 14,155 4,631 - - - - - -
Net income -581 3,547 1,980 1,919 4,587 1,912 6,941 - 9,436 3,182 - - - - - -
Net margin -1.23% 6.76% 6.56% 6.47% 7.51% 5.74% 18.93% - 12.98% 8.74% - - - - - -
EPS -12.46 75.89 42.35 41.05 98.09 40.87 148.4 - 201.7 69.18 - - - - - -
Dividend per Share 9.000 19.00 - - 20.00 - - - 32.00 - - - - - - -
Announcement Date 11/5/20 11/4/21 2/3/22 8/4/22 11/2/22 2/2/23 8/3/23 11/2/23 11/2/23 2/2/24 5/13/24 - - - - -
1JPY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026
Net Debt 1,747 - 5,968 15,980 6,699 - -
Net Cash position - 2,035 - - - - -
Leverage (Debt/EBITDA) - - - - 0.3811 x - -
Free Cash Flow 1 2,801 5,901 5,077 5,100 9,176 6,601 9,244
ROE (net income / shareholders' equity) 9.9% 3.6% 8.8% 13% 20.2% 12.7% 11.8%
ROA (Net income/ Total Assets) 8.89% 7.46% 9.32% 8.69% 9.97% - -
Assets 1 62,433 28,348 56,942 95,567 153,301 - -
Book Value Per Share 2 1,242 1,298 1,287 1,456 1,831 1,902 2,054
Cash Flow per Share 173.0 100.0 171.0 240.0 408.0 - -
Capex 1 4,968 3,426 4,417 5,181 5,588 5,800 5,800
Capex / Sales 4.18% 3.43% 3.99% 4.15% 3.88% 4.01% 3.99%
Announcement Date 5/14/20 5/13/21 5/12/22 5/11/23 5/13/24 - -
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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
1
Last Close Price
2,023 JPY
Average target price
2,190 JPY
Spread / Average Target
+8.26%
Consensus
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