Financials Aica Kogyo Company, Limited

Equities

4206

JP3100800006

Specialty Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-03 am EDT			5-day change	1st Jan Change
3,471 ^JPY	+0.43%		+2.06%	+1.73%

May. 03	Aica Kogyo Ups Final Dividend as Attributable Profit Climbs in Fiscal Year Ended March	MT
May. 01	Aica Kogyo Company, Limited Announces Dividend for the Fiscal Year Ending March 31,2024, Payable on June 26, 2024; Provides Dividend Guidance for the Second Quarter of March 31,2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	240,938	202,085	260,521	195,185	194,128	222,043	-	-
Enterprise Value (EV) ¹	200,339	168,256	225,371	164,642	172,728	237,972	186,843	183,843
P/E ratio	18.1 x	15.9 x	24.2 x	14.9 x	19.3 x	15.7 x	13.5 x	12.4 x
Yield	2.79%	3.42%	2.68%	3.61%	3.59%	3.01%	3.48%	3.71%
Capitalization / Revenue	1.26 x	1.06 x	1.49 x	0.91 x	0.8 x	1.01 x	0.88 x	0.83 x
EV / Revenue	1.05 x	0.88 x	1.29 x	0.77 x	0.71 x	1.01 x	0.74 x	0.69 x
EV / EBITDA	8 x	6.59 x	9.48 x	6.14 x	6.23 x	7.35 x	5.41 x	5 x
EV / FCF	37.2 x	117 x	16.6 x	49.2 x	16 x	12.6 x	14.2 x	14.4 x
FCF Yield	2.68%	0.86%	6.03%	2.03%	6.25%	7.94%	7.03%	6.94%
Price to Book	1.91 x	1.55 x	1.93 x	1.34 x	1.34 x	1.47 x	1.31 x	1.24 x
Nbr of stocks (in thousands)	65,295	65,294	65,293	65,301	63,963	63,971	-	-
Reference price ²	3,690	3,095	3,990	2,989	3,035	3,471	3,471	3,471
Announcement Date	4/25/19	4/30/20	4/30/21	5/9/22	4/28/23	4/30/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	191,363	191,501	174,628	214,514	242,055	236,625	252,200	266,367
EBITDA ¹	25,041	25,514	23,764	26,835	27,706	32,356	34,563	36,750
EBIT ¹	20,834	20,850	17,991	20,348	20,557	25,286	27,463	29,583
Operating Margin	10.89%	10.89%	10.3%	9.49%	8.49%	10.69%	10.89%	11.11%
Earnings before Tax (EBT) ¹	21,310	21,355	18,159	21,616	18,556	25,784	27,884	30,064
Net income ¹	13,316	12,732	10,759	13,117	10,059	15,135	16,472	17,876
Net margin	6.96%	6.65%	6.16%	6.11%	4.16%	6.4%	6.53%	6.71%
EPS ²	204.0	195.0	164.8	200.9	157.3	236.6	257.5	279.4
Free Cash Flow ¹	5,379	1,442	13,600	3,343	10,791	18,903	13,140	12,758
FCF margin	2.81%	0.75%	7.79%	1.56%	4.46%	7.99%	5.21%	4.79%
FCF Conversion (EBITDA)	21.48%	5.65%	57.23%	12.46%	38.95%	58.42%	38.02%	34.72%
FCF Conversion (Net income)	40.4%	11.33%	126.41%	25.49%	107.28%	124.9%	79.77%	71.37%
Dividend per Share ²	103.0	106.0	107.0	108.0	109.0	112.0	120.7	128.7
Announcement Date	4/25/19	4/30/20	4/30/21	5/9/22	4/28/23	4/30/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	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 Q3	2025 Q4
Net sales ¹	91,848	77,927	53,163	98,650	54,121	61,743	55,620	62,084	117,704	63,114	61,237	54,497	58,810	113,307	61,568	61,750	123,318	59,000	63,000	64,700	64,400
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	10,005	6,077	5,306	9,426	4,787	6,135	4,164	5,273	9,437	5,358	5,762	5,230	6,176	11,406	8,097	5,783	13,880	6,000	6,700	7,500	7,490
Operating Margin	10.89%	7.8%	9.98%	9.55%	8.84%	9.94%	7.49%	8.49%	8.02%	8.49%	9.41%	9.6%	10.5%	10.07%	13.15%	9.37%	11.26%	10.17%	10.63%	11.59%	11.63%
Earnings before Tax (EBT)	10,484	6,521	5,715	10,156	4,987	6,473	4,592	5,702	10,294	5,386	-	5,609	6,438	12,047	8,525	-	-	-	-	-	-
Net income	6,582	3,792	3,616	6,261	3,258	3,598	2,860	3,576	6,436	3,286	-	3,137	4,253	7,390	4,871	-	-	-	-	-	-
Net margin	7.17%	4.87%	6.8%	6.35%	6.02%	5.83%	5.14%	5.76%	5.47%	5.21%	-	5.76%	7.23%	6.52%	7.91%	-	-	-	-	-	-
EPS	100.8	58.08	-	95.90	49.88	-	44.72	-	100.6	51.39	-	49.06	-	115.5	76.15	-	-	-	-	-	-
Dividend per Share	49.00	49.00	-	50.00	-	-	-	-	50.00	-	-	-	-	52.00	-	-	-	-	-	-	-
Announcement Date	11/1/19	10/29/20	10/27/21	10/27/21	1/27/22	5/9/22	7/29/22	10/28/22	10/28/22	2/10/23	4/28/23	7/27/23	10/30/23	10/30/23	1/31/24	4/30/24	4/30/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	40,599	33,829	35,150	30,543	21,400	19,600	35,200	38,200
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,379	1,442	13,600	3,343	10,791	18,903	13,141	12,758
ROE (net income / shareholders' equity)	10.7%	9.9%	8.1%	9.4%	6.9%	9.9%	10.1%	10.4%
ROA (Net income/ Total Assets)	11.1%	10.8%	8.97%	9.76%	9.01%	9.96%	5.9%	6.1%
Assets ¹	119,540	117,768	119,911	134,459	111,674	151,955	279,192	293,044
Book Value Per Share ²	1,937	1,994	2,064	2,224	2,270	2,529	2,656	2,807
Cash Flow per Share	268.0	266.0	253.0	300.0	269.0	347.0	-	-
Capex ¹	7,896	8,487	6,113	7,353	9,327	9,579	10,000	10,000
Capex / Sales	4.13%	4.43%	3.5%	3.43%	3.85%	4.05%	3.97%	3.75%
Announcement Date	4/25/19	4/30/20	4/30/21	5/9/22	4/28/23	4/30/24	-	-

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 Aica Kogyo Company, Limited

Trading Rating

Investor Rating

ESG Refinitiv

D-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,471 JPY

Average target price

4,277 JPY

Spread / Average Target

+23.21%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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