Financials Chugoku Marine Paints, Ltd.

Equities

4617

JP3522600000

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
1,983 ^JPY	-1.69%		-3.22%	+19.60%

2023	Chugoku Marine Paints, Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI
2023	Tranche Update on Chugoku Marine Paints, Ltd.'s Equity Buyback Plan announced on October 31, 2022.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	60,155	51,173	54,367	46,068	54,215	98,296	-	-
Enterprise Value (EV) ¹	51,734	45,085	49,163	46,468	56,943	112,373	98,296	98,296
P/E ratio	-87.2 x	-733 x	17.2 x	184 x	14.3 x	11.4 x	10.7 x	12.8 x
Yield	3.43%	3.87%	3.42%	3.87%	3.2%	3.53%	3.78%	3.18%
Capitalization / Revenue	0.68 x	0.58 x	0.66 x	0.55 x	0.54 x	0.97 x	0.86 x	0.85 x
EV / Revenue	0.68 x	0.58 x	0.66 x	0.55 x	0.54 x	0.97 x	0.86 x	0.85 x
EV / EBITDA	52.3 x	9.05 x	6.36 x	16.8 x	9.88 x	7.86 x	8.06 x	7.8 x
EV / FCF	27 x	22.3 x	9.62 x	-555 x	99.8 x	10.6 x	12.6 x	12.9 x
FCF Yield	3.7%	4.48%	10.4%	-0.18%	1%	9.42%	7.96%	7.75%
Price to Book	0.95 x	0.88 x	0.95 x	0.83 x	0.93 x	1.59 x	1.41 x	1.33 x
Nbr of stocks (in thousands)	60,701	58,217	54,640	50,960	49,511	49,569	-	-
Reference price ²	991.0	879.0	995.0	904.0	1,095	1,983	1,983	1,983
Announcement Date	5/9/19	5/11/20	5/11/21	5/11/22	5/10/23	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	88,452	87,729	82,442	84,295	99,481	116,174	114,800	115,600
EBITDA ¹	1,151	5,657	8,549	2,742	5,490	12,500	12,200	12,600
EBIT ¹	-588	3,498	6,506	687	3,887	12,185	10,500	10,900
Operating Margin	-0.66%	3.99%	7.89%	0.81%	3.91%	10.49%	9.15%	9.43%
Earnings before Tax (EBT) ¹	390	1,343	6,235	1,615	5,228	12,601	13,600	11,500
Net income ¹	-710	-71	3,279	257	3,848	9,892	9,100	7,600
Net margin	-0.8%	-0.08%	3.98%	0.3%	3.87%	8.51%	7.93%	6.57%
EPS ²	-11.36	-1.200	57.69	4.920	76.69	199.6	185.8	155.2
Free Cash Flow ¹	2,224	2,292	5,651	-83	543	10,591	7,822	7,617
FCF margin	2.51%	2.61%	6.85%	-0.1%	0.55%	9.12%	6.81%	6.59%
FCF Conversion (EBITDA)	193.22%	40.52%	66.1%	-	9.89%	62.26%	64.11%	60.45%
FCF Conversion (Net income)	-	-	172.34%	-	14.11%	107.07%	85.96%	100.22%
Dividend per Share ²	34.00	34.00	34.00	35.00	35.00	80.00	75.00	63.00
Announcement Date	5/9/19	5/11/20	5/11/21	5/11/22	5/10/23	5/9/24	-	-

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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	44,455	39,857	21,463	40,969	21,174	22,152	21,245	23,223	44,468	26,513	28,500	26,489	28,889	55,378	30,762	30,034	27,900	29,200	28,700	29,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,509	3,283	293	1,092	-230	-175	-450	684	234	1,444	2,209	2,074	3,055	5,129	3,922	3,134	2,300	2,800	2,600	2,800
Operating Margin	3.39%	8.24%	1.37%	2.67%	-1.09%	-0.79%	-2.12%	2.95%	0.53%	5.45%	7.75%	7.83%	10.57%	9.26%	12.75%	10.43%	8.24%	9.59%	9.06%	9.66%
Earnings before Tax (EBT) ¹	1,765	3,305	-	1,615	30	-	-181	942	761	2,695	-	2,448	3,450	5,898	4,379	2,324	-	-	-	-
Net income ¹	943	2,131	140	946	-486	-203	-461	430	-31	2,107	1,772	1,729	2,687	4,416	3,259	2,217	2,800	2,150	2,000	2,150
Net margin	2.12%	5.35%	0.65%	2.31%	-2.3%	-0.92%	-2.17%	1.85%	-0.07%	7.95%	6.22%	6.53%	9.3%	7.97%	10.59%	7.38%	10.04%	7.36%	6.97%	7.41%
EPS	15.68	36.71	-	17.81	-9.070	-	-9.120	-	-0.6200	41.85	-	34.90	-	89.11	65.76	-	-	-	-	-
Dividend per Share	17.00	17.00	-	17.00	-	-	-	-	17.00	-	-	-	-	34.00	-	-	-	-	-	-
Announcement Date	10/31/19	10/30/20	10/29/21	10/29/21	1/31/22	5/11/22	7/29/22	10/31/22	10/31/22	1/31/23	5/10/23	7/31/23	10/31/23	10/31/23	1/31/24	5/9/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	400	2,728	-	-	-
Net Cash position	8,421	6,088	5,204	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.1459 x	0.4969 x	-	-	-
Free Cash Flow ¹	2,224	2,292	5,651	-83	543	10,591	7,822	7,617
ROE (net income / shareholders' equity)	-1%	-0.1%	5.7%	0.5%	6.8%	15.4%	13.8%	10.7%
ROA (Net income/ Total Assets)	-0.14%	3.7%	6.09%	0.97%	4%	10.6%	9.2%	9.1%
Assets ¹	500,953	-1,921	53,860	26,569	96,118	93,092	98,913	83,516
Book Value Per Share ²	1,044	999.0	1,050	1,089	1,174	1,423	1,402	1,488
Cash Flow per Share ²	16.50	35.10	92.70	44.20	109.0	233.0	221.0	190.0
Capex ¹	911	2,320	1,478	1,252	1,703	1,797	1,400	1,400
Capex / Sales	1.03%	2.64%	1.79%	1.49%	1.71%	1.55%	1.22%	1.21%
Announcement Date	5/9/19	5/11/20	5/11/21	5/11/22	5/10/23	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 Chugoku Marine Paints, Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,983 JPY

Average target price

1,800 JPY

Spread / Average Target

-9.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Paint & Coating

	1st Jan change	Capi.
CHUGOKU MARINE PAINTS, LTD.	+19.60%	625M
THE SHERWIN-WILLIAMS COMPANY	-2.60%	77.06B
ASIAN PAINTS LIMITED	-15.32%	33.11B
PPG INDUSTRIES, INC.	-12.13%	30.93B
NIPPON PAINT HOLDINGS CO., LTD.	-7.28%	15.79B
RPM INTERNATIONAL INC.	+0.42%	14.43B
AKZO NOBEL N.V.	-14.27%	11.87B
AXALTA COATING SYSTEMS LTD.	+4.77%	7.85B
BERGER PAINTS INDIA LIMITED	-23.97%	6.42B
KANSAI PAINT CO., LTD.	+8.76%	3.5B

Paint & Coating