Financials Sumitomo Bakelite Company Limited

Equities

4203

JP3409400003

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-12 am EDT			5-day change	1st Jan Change
4,544 ^JPY	-1.96%		-2.01%	+22.76%

Jun. 26	Sumitomo Bakelite Issues Shares as Restricted Compensation to Directors and Executive Officers	MT
Feb. 29	Sumitomo Bakelite Company Limited Provides Consolidated Earnings Guidance for the Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	108,001	212,937	234,810	242,803	431,011	423,180	-	-
Enterprise Value (EV) ¹	87,816	181,578	184,168	185,281	356,457	343,555	330,302	315,430
P/E ratio	12 x	16.1 x	12.8 x	12 x	19.8 x	16.5 x	14.6 x	13.4 x
Yield	3.27%	1.66%	2.2%	2.52%	1.62%	2.17%	2.53%	2.77%
Capitalization / Revenue	0.52 x	1.02 x	0.89 x	0.85 x	1.5 x	1.37 x	1.29 x	1.23 x
EV / Revenue	0.43 x	0.87 x	0.7 x	0.65 x	1.24 x	1.11 x	1.01 x	0.92 x
EV / EBITDA	4.07 x	5.64 x	4.83 x	4.8 x	8.73 x	7.39 x	6.38 x	5.68 x
EV / FCF	7.68 x	11.2 x	10.6 x	23.2 x	20.7 x	25.1 x	15.6 x	12.3 x
FCF Yield	13%	8.96%	9.48%	4.3%	4.84%	3.99%	6.41%	8.14%
Price to Book	0.61 x	1.06 x	1.02 x	0.95 x	1.43 x	1.33 x	1.25 x	1.18 x
Nbr of stocks (in thousands)	94,118	94,116	94,112	94,110	93,131	93,130	-	-
Reference price ²	1,148	2,262	2,495	2,580	4,628	4,544	4,544	4,544
Announcement Date	5/18/20	5/17/21	5/16/22	5/15/23	5/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	206,620	209,002	263,114	284,939	287,300	309,083	328,199	344,481
EBITDA ¹	21,563	32,173	38,108	38,597	40,840	46,493	51,793	55,488
EBIT ¹	10,285	19,914	24,887	24,823	27,200	31,211	35,990	39,485
Operating Margin	4.98%	9.53%	9.46%	8.71%	9.47%	10.1%	10.97%	11.46%
Earnings before Tax (EBT) ¹	11,499	16,139	25,880	26,736	31,489	34,084	38,774	43,127
Net income ¹	8,986	13,198	18,299	20,289	21,800	25,636	29,151	31,532
Net margin	4.35%	6.31%	6.95%	7.12%	7.59%	8.29%	8.88%	9.15%
EPS ²	95.48	140.2	194.4	215.6	233.7	274.7	312.3	338.5
Free Cash Flow ¹	11,433	16,267	17,452	7,970	17,237	13,709	21,168	25,668
FCF margin	5.53%	7.78%	6.63%	2.8%	6%	4.44%	6.45%	7.45%
FCF Conversion (EBITDA)	53.02%	50.56%	45.8%	20.65%	42.21%	29.49%	40.87%	46.26%
FCF Conversion (Net income)	127.23%	123.25%	95.37%	39.28%	79.07%	53.48%	72.62%	81.4%
Dividend per Share ²	37.50	37.50	55.00	65.00	75.00	98.48	114.8	126.0
Announcement Date	5/18/20	5/17/21	5/16/22	5/15/23	5/13/24	-	-	-

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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	90,201	128,315	67,613	67,186	71,733	71,737	143,470	73,179	68,290	70,254	71,688	141,942	73,512	71,846	75,650	76,450	80,050	78,300
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	3,938	13,522	7,462	3,903	6,732	5,750	12,482	7,531	4,810	6,499	6,105	12,604	7,936	-	-	-	-	-
Operating Margin	4.37%	10.54%	11.04%	5.81%	9.38%	8.02%	8.7%	10.29%	7.04%	9.25%	8.52%	8.88%	10.8%	-	-	-	-	-
Earnings before Tax (EBT) ¹	4,264	13,957	7,829	4,094	6,348	6,131	12,479	8,774	5,483	7,564	7,154	14,718	8,843	7,928	8,000	8,400	10,200	8,900
Net income ¹	3,164	10,277	5,860	2,162	4,711	4,519	9,230	6,925	4,134	5,712	5,362	11,074	6,955	3,771	5,700	5,900	7,200	6,300
Net margin	3.51%	8.01%	8.67%	3.22%	6.57%	6.3%	6.43%	9.46%	6.05%	8.13%	7.48%	7.8%	9.46%	5.25%	7.53%	7.72%	8.99%	8.05%
EPS	33.62	109.2	62.28	-	50.06	-	98.08	73.58	-	60.78	-	118.2	74.58	-	-	-	-	-
Dividend per Share	15.00	25.00	-	-	-	-	30.00	-	-	-	-	35.00	-	-	-	-	-	-
Announcement Date	11/9/20	11/8/21	2/7/22	5/16/22	8/8/22	11/7/22	11/7/22	2/5/23	5/15/23	8/7/23	11/6/23	11/6/23	2/5/24	5/13/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	20,185	31,359	50,642	57,522	74,554	79,625	92,878	107,750
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	11,433	16,267	17,452	7,970	17,237	13,709	21,168	25,668
ROE (net income / shareholders' equity)	5%	7%	8.5%	8.4%	7.8%	8.27%	8.72%	9.01%
ROA (Net income/ Total Assets)	4.05%	5.13%	7.22%	7.14%	7.68%	6.5%	7.5%	7.95%
Assets ¹	222,020	257,224	253,343	284,306	283,713	394,400	388,676	396,626
Book Value Per Share ²	1,882	2,127	2,442	2,713	3,234	3,424	3,633	3,852
Cash Flow per Share ²	215.0	270.0	335.0	362.0	380.0	393.0	456.0	476.0
Capex ¹	10,773	11,138	14,408	18,313	22,980	19,000	17,500	17,500
Capex / Sales	5.21%	5.33%	5.48%	6.43%	8%	6.15%	5.33%	5.08%
Announcement Date	5/18/20	5/17/21	5/16/22	5/15/23	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

Ratings for Sumitomo Bakelite Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,544 JPY

Average target price

4,875 JPY

Spread / Average Target

+7.28%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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