Financials Daicel Corporation

Equities

4202

JP3485800001

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-23 am EDT			5-day change	1st Jan Change
1,584 ^JPY	-0.85%		-1.28%	+15.92%

May. 10	Daicel Corporation to Cancel 10 Million Treasury Shares	MT
May. 09	Daicel Corporation Provides Consolidated Earnings Guidance for the Six Months Ending September 30, 2024 and Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	397,739	247,353	256,736	241,595	285,636	436,755	-	-
Enterprise Value (EV) ¹	381,758	255,411	432,798	431,569	509,628	417,587	670,855	631,581
P/E ratio	11.4 x	50.9 x	13.1 x	7.85 x	7.2 x	7.66 x	8.65 x	7.75 x
Yield	2.66%	4.31%	3.76%	4.16%	3.8%	3.3%	3.3%	3.54%
Capitalization / Revenue	0.86 x	0.6 x	0.65 x	0.52 x	0.53 x	0.75 x	0.72 x	0.69 x
EV / Revenue	0.82 x	0.62 x	1.1 x	0.92 x	0.95 x	0.75 x	1.11 x	1 x
EV / EBITDA	4.7 x	4.33 x	7.38 x	5.47 x	6.44 x	6.63 x	5.62 x	5.21 x
EV / FCF	27.6 x	26.5 x	18.3 x	-122 x	-17.3 x	-573 x	27.2 x	18.9 x
FCF Yield	3.62%	3.77%	5.46%	-0.82%	-5.78%	-0.17%	3.68%	5.29%
Price to Book	1 x	0.68 x	1.08 x	0.89 x	0.97 x	1.16 x	1.16 x	1.08 x
Nbr of stocks (in thousands)	330,898	313,502	301,333	295,709	285,636	275,816	-	-
Reference price ²	1,202	789.0	852.0	817.0	1,000	1,584	1,584	1,584
Announcement Date	5/9/19	5/27/20	5/12/21	5/11/22	5/11/23	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	464,859	412,826	393,568	467,937	538,026	558,056	603,522	632,712
EBITDA ¹	81,200	59,040	58,634	78,892	79,083	101,300	119,400	121,242
EBIT ¹	51,171	29,644	31,723	50,697	47,508	62,393	65,980	73,650
Operating Margin	11.01%	7.18%	8.06%	10.83%	8.83%	11.18%	10.93%	11.64%
Earnings before Tax (EBT) ¹	53,734	16,656	33,040	46,283	54,967	76,032	69,500	78,200
Net income ¹	35,301	4,978	19,713	31,254	40,682	55,834	51,575	55,494
Net margin	7.59%	1.21%	5.01%	6.68%	7.56%	10.01%	8.55%	8.77%
EPS ²	105.4	15.49	65.18	104.1	138.9	197.6	183.1	204.3
Free Cash Flow ¹	13,829	9,625	23,649	-3,535	-29,461	-729	24,674	33,441
FCF margin	2.97%	2.33%	6.01%	-0.76%	-5.48%	-0.13%	4.09%	5.29%
FCF Conversion (EBITDA)	17.03%	16.3%	40.33%	-	-	-	20.66%	27.58%
FCF Conversion (Net income)	39.17%	193.35%	119.97%	-	-	-	47.84%	60.26%
Dividend per Share ²	32.00	34.00	32.00	34.00	38.00	50.00	52.25	56.00
Announcement Date	5/9/19	5/27/20	5/12/21	5/11/22	5/11/23	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
Net sales ¹	210,681	202,145	175,346	218,222	113,459	224,817	118,162	124,958	243,120	127,981	138,219	266,200	138,281	133,513	271,794	130,800	140,200	271,000	143,300	143,756	287,056	153,800	156,450	308,500	156,000	156,650	321,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	40,300	-	-	-	-	-	41,900	-	-	-	-	-	-	-	-	-
EBIT ¹	17,858	11,786	9,107	22,616	13,315	27,259	12,022	11,416	23,438	12,989	13,011	26,000	10,540	10,942	21,482	9,100	17,500	26,600	17,900	17,893	35,793	16,150	16,000	33,000	16,500	16,800	35,000
Operating Margin	8.48%	5.83%	5.19%	10.36%	11.74%	12.12%	10.17%	9.14%	9.64%	10.15%	9.41%	9.77%	7.62%	8.2%	7.9%	6.96%	12.48%	9.82%	12.49%	12.45%	12.47%	10.5%	10.23%	10.7%	10.58%	10.72%	10.89%
Earnings before Tax (EBT)	20,434	-	8,397	24,643	14,471	29,592	3,634	-	-	14,603	-	32,471	9,637	12,859	22,496	20,438	-	40,070	18,742	-	-	-	-	-	-	-	-
Net income ¹	11,683	-6,705	3,273	16,440	9,763	22,046	1,456	7,752	9,208	8,903	13,297	22,200	7,338	11,134	18,472	15,000	14,800	29,800	14,400	11,634	26,034	13,050	12,250	25,300	12,850	13,750	28,300
Net margin	5.55%	-3.32%	1.87%	7.53%	8.6%	9.81%	1.23%	6.2%	3.79%	6.96%	9.62%	8.34%	5.31%	8.34%	6.8%	11.47%	10.56%	11%	10.05%	8.09%	9.07%	8.49%	7.83%	8.2%	8.24%	8.78%	8.8%
EPS ²	35.96	-	10.78	-	32.39	73.15	4.870	26.12	-	30.11	44.97	75.08	25.10	38.69	-	52.46	51.67	104.1	51.29	42.14	-	49.00	43.51	-	46.07	44.97	-
Dividend per Share ²	16.00	-	16.00	-	-	16.00	-	-	-	-	-	18.00	-	-	-	-	-	25.00	-	25.00	-	-	25.00	-	-	25.00	-
Announcement Date	11/1/19	5/27/20	11/6/20	5/12/21	11/5/21	11/5/21	2/2/22	5/11/22	5/11/22	8/4/22	11/2/22	11/2/22	2/2/23	5/11/23	5/11/23	8/3/23	11/2/23	11/2/23	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	-	8,058	176,062	189,974	223,992	234,377	234,100	194,826
Net Cash position ¹	15,981	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	0.1365 x	3.003 x	2.408 x	2.832 x	2.314 x	1.961 x	1.607 x
Free Cash Flow ¹	13,829	9,625	23,649	-3,535	-29,461	-729	24,674	33,441
ROE (net income / shareholders' equity)	9.1%	1.3%	6.6%	12.3%	14.3%	17.1%	14%	13.9%
ROA (Net income/ Total Assets)	8.23%	5.07%	5.6%	8.56%	7.11%	8.52%	8.5%	8.21%
Assets ¹	429,055	98,115	351,932	365,293	572,465	655,017	606,765	675,929
Book Value Per Share ²	1,199	1,167	789.0	920.0	1,034	1,301	1,359	1,466
Cash Flow per Share ²	196.0	107.0	152.0	196.0	246.0	317.0	281.0	-
Capex ¹	44,694	47,568	39,555	40,840	56,308	77,458	44,100	54,140
Capex / Sales	9.61%	11.52%	10.05%	8.73%	10.47%	13.88%	7.31%	8.56%
Announcement Date	5/9/19	5/27/20	5/12/21	5/11/22	5/11/23	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 Daicel Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,584 JPY

Average target price

1,732 JPY

Spread / Average Target

+9.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Plastics

	1st Jan change	Capi.
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FORMOSA CHEMICALS & FIBRE CORPORATION	-12.04%	10.18B
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THE SUPREME INDUSTRIES LIMITED	+21.34%	8.34B
HANGZHOU FIRST APPLIED MATERIAL CO., LTD.	+10.22%	7.12B
YUNNAN ENERGY NEW MATERIAL CO., LTD.	-29.87%	5.55B
LOTTE CHEMICAL CORPORATION	-23.43%	3.75B

Plastics