Financials Calbee, Inc.

Equities

2229

JP3220580009

Food Processing

Delayed Japan Exchange Other stock markets 10:18:35 2024-06-03 pm EDT			5-day change	1st Jan Change
3,095 ^JPY	+0.62%		+0.29%	+9.23%

May. 09	Calbee, Inc. Announces Dividend for the Fiscal Year Ended March 31, 2024, Payable on June 26, 2024 and Provides Dividend Guidance for the Fiscal Year Ended March 31, 2025	CI
May. 09	Calbee, Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	398,550	390,466	377,134	305,175	346,148	384,268	-	-
Enterprise Value (EV) ¹	344,040	318,234	299,336	248,153	315,830	428,366	367,268	370,749
P/E ratio	20.5 x	22.3 x	21.3 x	17.3 x	24.1 x	21.5 x	19.3 x	18.5 x
Yield	1.61%	1.71%	1.77%	2.21%	1.88%	1.63%	1.96%	2.03%
Capitalization / Revenue	1.6 x	1.53 x	1.41 x	1.24 x	1.24 x	1.41 x	1.2 x	1.17 x
EV / Revenue	1.38 x	1.24 x	1.12 x	1.01 x	1.13 x	1.41 x	1.15 x	1.13 x
EV / EBITDA	9.62 x	8.64 x	7.9 x	6.87 x	9.22 x	10.7 x	8.38 x	7.9 x
EV / FCF	-473 x	11.8 x	15.2 x	25.2 x	-42.6 x	184 x	-167 x	20.4 x
FCF Yield	-0.21%	8.48%	6.59%	3.96%	-2.34%	0.54%	-0.6%	4.91%
Price to Book	2.59 x	2.39 x	2.15 x	1.73 x	1.99 x	2.23 x	1.9 x	1.87 x
Nbr of stocks (in thousands)	133,652	133,675	133,641	129,586	124,918	124,925	-	-
Reference price ²	2,982	2,921	2,822	2,355	2,771	3,076	3,076	3,076
Announcement Date	5/14/19	5/14/20	5/13/21	5/10/22	5/9/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	248,655	255,938	266,745	245,419	279,315	303,027	318,933	327,200
EBITDA ¹	35,745	36,827	37,868	36,143	34,259	39,979	43,850	46,916
EBIT ¹	26,964	27,664	27,064	25,135	22,233	27,304	29,900	31,160
Operating Margin	10.84%	10.81%	10.15%	10.24%	7.96%	9.01%	9.38%	9.52%
Earnings before Tax (EBT) ¹	28,469	25,743	26,381	26,748	22,641	30,204	31,000	31,925
Net income ¹	19,429	17,539	17,682	18,053	14,772	19,886	19,860	20,640
Net margin	7.81%	6.85%	6.63%	7.36%	5.29%	6.56%	6.23%	6.31%
EPS ²	145.4	131.2	132.3	136.2	115.2	159.2	159.0	166.4
Free Cash Flow ¹	-727	26,987	19,735	9,836	-7,406	1,982	-2,200	18,200
FCF margin	-0.29%	10.54%	7.4%	4.01%	-2.65%	0.66%	-0.69%	5.56%
FCF Conversion (EBITDA)	-	73.28%	52.12%	27.21%	-	4.91%	-	38.79%
FCF Conversion (Net income)	-	153.87%	111.61%	54.48%	-	10.11%	-	88.18%
Dividend per Share ²	48.00	50.00	50.00	52.00	52.00	56.00	60.25	62.40
Announcement Date	5/14/19	5/14/20	5/13/21	5/10/22	5/9/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	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	2026 S1	2026 S2
Net sales ¹	125,246	130,692	130,947	135,798	60,544	120,440	65,030	59,949	124,979	65,323	67,889	133,212	75,287	70,816	146,103	73,156	73,915	147,071	80,268	75,688	155,956	75,800	76,500	-	84,300	78,500	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	13,258	-	13,013	14,051	6,364	13,302	7,583	4,250	11,833	5,363	4,883	10,246	7,817	4,170	11,987	7,244	6,270	13,514	10,201	3,589	13,790	7,450	7,350	-	10,650	4,400	-	-	-
Operating Margin	10.59%	-	9.94%	10.35%	10.51%	11.04%	11.66%	7.09%	9.47%	8.21%	7.19%	7.69%	10.38%	5.89%	8.2%	9.9%	8.48%	9.19%	12.71%	4.74%	8.84%	9.83%	9.61%	-	12.63%	5.61%	-	-	-
Earnings before Tax (EBT)	12,757	-	12,671	-	-	13,410	8,306	-	-	6,916	-	12,704	6,247	-	-	9,401	-	16,671	9,259	-	-	-	-	-	-	-	-	-	-
Net income	8,820	-	8,223	9,459	4,225	9,178	5,523	3,352	-	4,553	-	8,311	4,220	2,241	-	6,252	4,612	10,864	6,301	-	-	-	-	-	-	-	-	-	-
Net margin	7.04%	-	6.28%	6.97%	6.98%	7.62%	8.49%	5.59%	-	6.97%	-	6.24%	5.61%	3.16%	-	8.55%	6.24%	7.39%	7.85%	-	-	-	-	-	-	-	-	-	-
EPS ²	65.99	-	61.52	-	31.61	68.68	41.55	26.02	-	35.26	29.11	64.37	32.82	17.97	-	50.05	36.92	86.97	50.46	21.79	-	37.38	33.30	-	53.79	-	-	-	-
Dividend per Share	-	50.00	-	50.00	-	-	-	-	-	-	-	-	-	-	52.00	-	-	-	-	-	56.00	-	-	-	-	-	62.00	-	66.00
Announcement Date	10/29/19	5/14/20	11/2/20	5/13/21	10/29/21	10/29/21	2/1/22	5/10/22	5/10/22	8/2/22	11/7/22	11/7/22	2/6/23	5/9/23	5/9/23	8/3/23	10/31/23	10/31/23	2/6/24	5/9/24	5/9/24	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	54,510	72,232	77,798	57,022	30,318	20,529	17,000	13,519
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-727	26,987	19,735	9,836	-7,406	1,982	-2,200	18,200
ROE (net income / shareholders' equity)	13.2%	11.1%	10.4%	10.3%	8.5%	10.9%	10.3%	10.7%
ROA (Net income/ Total Assets)	13.9%	13.1%	12.1%	11.3%	9.86%	11.7%	8.65%	8.57%
Assets ¹	139,841	133,736	145,823	159,358	149,764	169,547	229,595	240,934
Book Value Per Share ²	1,152	1,221	1,312	1,358	1,394	1,535	1,622	1,642
Cash Flow per Share ²	205.0	194.0	200.0	206.0	193.0	244.0	271.0	308.0
Capex ¹	9,390	8,392	10,715	12,491	26,716	33,000	34,000	16,000
Capex / Sales	3.78%	3.28%	4.02%	5.09%	9.56%	10.95%	10.66%	4.89%
Announcement Date	5/14/19	5/14/20	5/13/21	5/10/22	5/9/23	5/9/24	-	-

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 Calbee, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,076 JPY

Average target price

3,470 JPY

Spread / Average Target

+12.81%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
CALBEE, INC.	+9.23%	2.46B
NESTLÉ S.A.	-1.08%	277B
MONDELEZ INTERNATIONAL, INC.	-7.01%	91.92B
KRAFT HEINZ	-5.08%	42.95B
DANONE	+0.95%	41.25B
THE HERSHEY COMPANY	+5.35%	40.01B
GENERAL MILLS, INC.	+4.01%	38.81B
ARCHER-DANIELS-MIDLAND COMPANY	-14.17%	30.87B
NESTLÉ INDIA LIMITED	-11.47%	27.21B
ASSOCIATED BRITISH FOODS PLC	+8.20%	24.19B

Other Food Processing