Financials Fuji Seal International, Inc.

Equities

7864

JP3813800004

Non-Paper Containers & Packaging

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
2,417 ^JPY	+3.42%		+4.81%	+41.02%

May. 30	Gunze Limited in Cooperation with Pietro Co. Ltd. and Fuji Seal Inc., Provides GEOPLAS, A Resource Recycling (Label-To-Label) Shrink Film for Some Pietro Dressing Products	CI
2021	Tranche Update on Fuji Seal International, Inc.'s Equity Buyback Plan announced on November 10, 2020.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	228,205	107,594	136,900	92,148	82,704	132,431	-	-
Enterprise Value (EV) ¹	222,082	100,336	127,040	78,319	72,626	113,638	132,431	132,431
P/E ratio	27.6 x	12.3 x	16.4 x	15.1 x	12 x	11 x	12 x	11.4 x
Yield	0.73%	1.67%	1.29%	2.08%	2.32%	2.89%	2.48%	2.59%
Capitalization / Revenue	1.41 x	0.67 x	0.84 x	0.54 x	0.45 x	0.58 x	0.65 x	0.62 x
EV / Revenue	1.41 x	0.67 x	0.84 x	0.54 x	0.45 x	0.58 x	0.65 x	0.62 x
EV / EBITDA	10.5 x	5.17 x	6.68 x	4.93 x	5.18 x	6.99 x	5.37 x	5.12 x
EV / FCF	77.8 x	9.51 x	10.6 x	14.8 x	-30.1 x	8.81 x	12.7 x	18.7 x
FCF Yield	1.29%	10.5%	9.45%	6.75%	-3.32%	11.4%	7.9%	5.34%
Price to Book	2.38 x	1.09 x	1.32 x	0.84 x	0.69 x	0.85 x	0.96 x	0.91 x
Nbr of stocks (in thousands)	57,051	56,273	55,336	54,752	54,771	54,792	-	-
Reference price ²	4,000	1,912	2,474	1,683	1,510	2,417	2,417	2,417
Announcement Date	5/9/19	5/13/20	5/12/21	5/11/22	5/11/23	5/13/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	162,189	160,925	163,635	170,321	184,035	196,624	204,700	213,290
EBITDA ¹	21,823	20,796	20,484	18,685	15,981	18,940	24,650	25,890
EBIT ¹	12,986	12,634	12,428	10,572	8,194	13,309	15,675	16,745
Operating Margin	8.01%	7.85%	7.59%	6.21%	4.45%	6.77%	7.66%	7.85%
Earnings before Tax (EBT) ¹	11,853	12,573	11,629	9,449	7,733	13,862	15,420	16,560
Net income ¹	8,259	8,808	8,375	6,117	6,869	10,277	10,930	11,530
Net margin	5.09%	5.47%	5.12%	3.59%	3.73%	5.23%	5.34%	5.41%
EPS ²	144.8	155.5	150.9	111.7	125.4	187.8	201.4	212.6
Free Cash Flow ¹	2,935	11,315	12,931	6,217	-2,745	12,898	10,459	7,078
FCF margin	1.81%	7.03%	7.9%	3.65%	-1.49%	6.56%	5.11%	3.32%
FCF Conversion (EBITDA)	13.45%	54.41%	63.13%	33.27%	-	48.9%	42.43%	27.34%
FCF Conversion (Net income)	35.54%	128.46%	154.4%	101.63%	-	125.5%	95.69%	61.39%
Dividend per Share ²	29.00	32.00	32.00	35.00	35.00	60.00	60.00	62.50
Announcement Date	5/9/19	5/13/20	5/12/21	5/11/22	5/11/23	5/13/24	-	-

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 S1	2025 Q3	2025 Q4
Net sales ¹	82,346	82,085	44,651	88,339	39,178	42,804	43,739	47,170	90,909	45,232	47,894	47,015	47,837	94,852	49,878	51,894	51,500	50,850	102,350	51,600	52,450
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7,495	6,757	3,510	7,996	1,516	1,060	2,638	2,091	4,729	1,467	1,943	2,833	2,790	5,623	3,567	4,119	3,680	3,700	7,380	4,000	4,570
Operating Margin	9.1%	8.23%	7.86%	9.05%	3.87%	2.48%	6.03%	4.43%	5.2%	3.24%	4.06%	6.03%	5.83%	5.93%	7.15%	7.94%	7.15%	7.28%	7.21%	7.75%	8.71%
Earnings before Tax (EBT)	7,681	5,705	-	8,075	277	-	2,888	-	5,051	432	-	3,692	-	7,066	3,152	-	-	-	-	-	-
Net income	5,612	3,435	-	5,587	-145	-	1,851	-	3,486	-92	-	2,445	-	5,337	2,265	-	-	-	-	-	-
Net margin	6.82%	4.18%	-	6.32%	-0.37%	-	4.23%	-	3.83%	-0.2%	-	5.2%	-	5.63%	4.54%	-	-	-	-	-	-
EPS	98.53	61.82	-	102.0	-2.650	-	33.82	-	63.68	-1.690	-	44.65	-	97.44	41.33	-	-	-	-	-	-
Dividend per Share	16.00	16.00	-	17.00	-	-	-	-	17.00	-	-	-	-	17.00	-	-	-	-	-	-	-
Announcement Date	11/7/19	11/10/20	11/10/21	11/10/21	2/9/22	5/11/22	8/9/22	11/10/22	11/10/22	2/9/23	5/11/23	8/9/23	11/9/23	11/9/23	2/8/24	5/13/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	6,123	7,258	9,860	13,829	10,078	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,935	11,315	12,931	6,217	-2,745	12,898	10,459	7,078
ROE (net income / shareholders' equity)	8.9%	9.1%	8.3%	5.8%	6%	8.1%	7.8%	-
ROA (Net income/ Total Assets)	8.31%	8.46%	7.76%	6.54%	4.89%	7.91%	-	-
Assets ¹	99,413	104,058	107,961	93,490	140,482	129,993	-	-
Book Value Per Share ²	1,681	1,757	1,870	2,000	2,201	2,436	2,516	2,664
Cash Flow per Share	300.0	300.0	296.0	259.0	267.0	342.0	-	-
Capex ¹	7,965	7,771	5,916	10,503	11,068	7,032	9,500	9,300
Capex / Sales	4.91%	4.83%	3.62%	6.17%	6.01%	3.58%	4.64%	4.36%
Announcement Date	5/9/19	5/13/20	5/12/21	5/11/22	5/11/23	5/13/24	-	-

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 Fuji Seal International, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,417 JPY

Average target price

3,050 JPY

Spread / Average Target

+26.19%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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