Financials Zeon Corporation

Equities

4205

JP3725400000

Commodity Chemicals

Delayed Japan Exchange Other stock markets 02:00:00 2024-07-10 am EDT			5-day change	1st Jan Change
1,377 ^JPY	-0.51%		-1.15%	+5.07%

Jul. 02	Tranche Update on Zeon Corporation's Equity Buyback Plan announced on April 25, 2024.	CI
Jun. 12	Zeon Corporation signed a letter of intent to acquire 40% stake in ZS Elastomers Co., Ltd. from Sumitomo Chemical Company, Limited.	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	177,908	386,945	294,341	295,579	279,148	291,650	-	-
Enterprise Value (EV) ¹	166,839	353,935	266,030	293,457	245,324	263,550	264,158	260,718
P/E ratio	8.81 x	14 x	8.9 x	28 x	8.97 x	13.1 x	11.4 x	10.5 x
Yield	2.58%	1.24%	2.05%	2.57%	3.41%	3.4%	3.58%	3.83%
Capitalization / Revenue	0.55 x	1.28 x	0.81 x	0.76 x	0.73 x	0.73 x	0.71 x	0.68 x
EV / Revenue	0.52 x	1.17 x	0.74 x	0.76 x	0.64 x	0.66 x	0.64 x	0.61 x
EV / EBITDA	3.84 x	6.86 x	4.04 x	6.17 x	6.04 x	5.38 x	4.77 x	4.38 x
EV / FCF	43.2 x	9.71 x	39.7 x	-14.9 x	16.1 x	11.9 x	14 x	11 x
FCF Yield	2.31%	10.3%	2.52%	-6.71%	6.23%	8.4%	7.12%	9.12%
Price to Book	0.69 x	1.31 x	0.92 x	0.88 x	0.77 x	0.79 x	0.76 x	0.72 x
Nbr of stocks (in thousands)	218,560	218,737	215,793	211,279	211,316	210,959	-	-
Reference price ²	814.0	1,769	1,364	1,399	1,321	1,384	1,384	1,384
Announcement Date	4/28/20	4/28/21	4/27/22	4/26/23	4/25/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	321,966	301,961	361,730	388,614	382,279	397,798	412,379	428,191
EBITDA ¹	43,500	51,608	65,901	47,561	40,623	48,956	55,387	59,472
EBIT ¹	26,104	33,408	44,432	27,179	20,500	27,182	31,559	34,540
Operating Margin	8.11%	11.06%	12.28%	6.99%	5.36%	6.83%	7.65%	8.07%
Earnings before Tax (EBT) ¹	27,480	38,158	46,226	14,467	43,849	31,099	34,649	37,072
Net income ¹	20,201	27,716	33,413	10,569	31,101	22,076	24,943	26,682
Net margin	6.27%	9.18%	9.24%	2.72%	8.14%	5.55%	6.05%	6.23%
EPS ²	92.44	126.7	153.2	49.94	147.2	106.0	121.7	132.2
Free Cash Flow ¹	3,860	36,435	6,704	-19,687	15,278	22,151	18,805	23,790
FCF margin	1.2%	12.07%	1.85%	-5.07%	4%	5.57%	4.56%	5.56%
FCF Conversion (EBITDA)	8.87%	70.6%	10.17%	-	37.61%	45.25%	33.95%	40%
FCF Conversion (Net income)	19.11%	131.46%	20.06%	-	49.12%	100.34%	75.39%	89.16%
Dividend per Share ²	21.00	22.00	28.00	36.00	45.00	47.00	49.50	53.00
Announcement Date	4/28/20	4/28/21	4/27/22	4/26/23	4/25/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	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	158,608	137,415	164,546	179,075	89,681	92,974	182,655	97,576	99,841	197,417	96,788	94,409	191,197	91,927	93,515	185,442	98,364	98,473	196,837	98,575	101,300	199,200	102,950	99,725	203,600
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	11,084	9,913	23,495	24,951	11,454	8,027	19,481	10,726	9,458	20,184	7,651	-656	6,995	6,114	3,347	9,461	6,525	4,514	11,039	5,675	6,150	11,850	7,775	6,950	15,900
Operating Margin	6.99%	7.21%	14.28%	13.93%	12.77%	8.63%	10.67%	10.99%	9.47%	10.22%	7.9%	-0.69%	3.66%	6.65%	3.58%	5.1%	6.63%	4.58%	5.61%	5.76%	6.07%	5.95%	7.55%	6.97%	7.81%
Earnings before Tax (EBT)	-	10,941	27,217	25,901	12,395	-	20,325	12,141	-	24,005	1,137	-	-	7,951	7,036	14,987	13,729	15,133	-	-	-	-	-	-	-
Net income ¹	8,651	8,182	19,534	18,394	8,970	6,049	15,019	8,706	8,713	17,419	864	-7,714	-6,850	5,836	4,523	10,359	10,549	10,193	20,742	4,467	5,000	9,900	6,433	5,667	10,700
Net margin	5.45%	5.95%	11.87%	10.27%	10%	6.51%	8.22%	8.92%	8.73%	8.82%	0.89%	-8.17%	-3.58%	6.35%	4.84%	5.59%	10.72%	10.35%	10.54%	4.53%	4.94%	4.97%	6.25%	5.68%	5.26%
EPS ²	-	37.42	-	84.09	41.00	28.13	-	40.98	41.21	82.19	4.160	-36.41	-	27.62	21.41	49.03	49.92	48.24	-	23.65	22.91	-	25.13	17.74	-
Dividend per Share	-	11.00	-	13.00	-	-	-	-	-	18.00	-	-	-	-	-	20.00	-	-	-	-	-	-	-	-	-
Announcement Date	4/28/20	10/30/20	4/28/21	10/29/21	1/31/22	4/27/22	4/27/22	7/28/22	10/31/22	10/31/22	1/31/23	4/26/23	4/26/23	7/27/23	10/27/23	10/27/23	1/31/24	4/25/24	4/25/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	11,069	33,010	28,311	2,122	33,824	28,100	27,493	30,932
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,860	36,435	6,704	-19,687	15,278	22,151	18,805	23,790
ROE (net income / shareholders' equity)	7.9%	10%	10.9%	3.2%	8.9%	6.55%	7.09%	7.43%
ROA (Net income/ Total Assets)	6.93%	9.06%	10.6%	6.23%	5.1%	4.5%	4.81%	5.24%
Assets ¹	291,682	306,043	315,258	169,601	609,815	490,415	518,994	508,927
Book Value Per Share ²	1,177	1,350	1,487	1,592	1,715	1,743	1,831	1,924
Cash Flow per Share ²	172.0	210.0	252.0	146.0	242.0	286.0	287.0	313.0
Capex ¹	29,088	19,645	22,902	34,045	32,135	35,831	32,664	36,581
Capex / Sales	9.03%	6.51%	6.33%	8.76%	8.41%	9.01%	7.92%	8.54%
Announcement Date	4/28/20	4/28/21	4/27/22	4/26/23	4/25/24	-	-	-

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 Zeon Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,384 JPY

Average target price

1,547 JPY

Spread / Average Target

+11.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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