Financials Fujimori Kogyo Co., Ltd.

Equities

7917

JP3821000001

Non-Paper Containers & Packaging

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-13 am EDT			5-day change	1st Jan Change
4,270 ^JPY	+0.23%		+0.59%	+12.96%

Feb. 29	Tranche Update on Fujimori Kogyo Co., Ltd.'s Equity Buyback Plan announced on November 8, 2023.	CI
Feb. 28	Fujimori Kogyo Co., Ltd.'s Equity Buyback announced on November 8, 2023, has closed with 250,000 shares, representing 1.33% for ¥973.91 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	57,858	55,669	85,645	71,174	59,916	79,710	-	-
Enterprise Value (EV) ¹	36,547	34,489	64,086	44,999	31,282	50,465	46,100	47,107
P/E ratio	10.5 x	10.4 x	11.8 x	9.27 x	12.5 x	18 x	13 x	10.7 x
Yield	2.17%	2.39%	1.67%	2.19%	2.64%	1.94%	2.95%	2.75%
Capitalization / Revenue	0.52 x	0.49 x	0.73 x	0.56 x	0.46 x	0.59 x	0.54 x	0.52 x
EV / Revenue	0.33 x	0.3 x	0.55 x	0.35 x	0.24 x	0.37 x	0.31 x	0.31 x
EV / EBITDA	2.86 x	2.57 x	4.21 x	2.86 x	2.81 x	3.55 x	2.88 x	2.51 x
EV / FCF	15,070,978 x	-574,820,628 x	27,997,196 x	7,239,172 x	7,111,106 x	18,690,754 x	-	-
FCF Yield	0%	-0%	0%	0%	0%	0%	-	-
Price to Book	0.93 x	0.84 x	1.18 x	0.9 x	0.73 x	0.94 x	0.88 x	0.83 x
Nbr of stocks (in thousands)	19,032	19,032	19,032	19,030	18,812	18,667	-	-
Reference price ²	3,040	2,925	4,500	3,740	3,185	4,270	4,270	4,270
Announcement Date	5/13/19	5/13/20	5/13/21	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	112,216	114,304	117,250	127,819	129,364	136,155	148,000	154,250
EBITDA ¹	12,800	13,429	15,214	15,710	11,129	14,210	16,000	18,800
EBIT ¹	8,126	8,856	10,286	10,341	5,882	8,344	9,600	10,850
Operating Margin	7.24%	7.75%	8.77%	8.09%	4.55%	6.13%	6.49%	7.03%
Earnings before Tax (EBT) ¹	8,528	8,335	10,607	11,116	7,643	7,223	9,700	10,600
Net income ¹	5,532	5,328	7,278	7,693	4,854	4,532	6,100	7,350
Net margin	4.93%	4.66%	6.21%	6.02%	3.75%	3.33%	4.12%	4.76%
EPS ²	290.7	280.0	382.4	403.6	255.7	241.4	328.1	398.8
Free Cash Flow	2,425	-60	2,289	6,216	4,399	2,700	-	-
FCF margin	2.16%	-0.05%	1.95%	4.86%	3.4%	1.98%	-	-
FCF Conversion (EBITDA)	18.95%	-	15.05%	39.57%	39.53%	19%	-	-
FCF Conversion (Net income)	43.84%	-	31.45%	80.8%	90.63%	59.58%	-	-
Dividend per Share ²	66.00	70.00	75.00	82.00	84.00	84.00	126.0	117.5
Announcement Date	5/13/19	5/13/20	5/13/21	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	58,004	56,300	58,465	58,785	30,608	61,828	33,063	32,928	65,991	33,348	32,910	66,258	32,891	30,215	63,106	31,893	34,024	65,917	35,846	34,392	70,238	35,700	36,800	72,500	38,200	37,300	75,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,794	4,062	5,409	4,877	2,365	5,763	2,555	2,023	4,578	2,480	1,362	3,842	1,434	606	2,040	2,064	1,801	3,865	2,514	1,965	4,479	2,050	2,400	4,450	2,750	2,400	5,150
Operating Margin	8.26%	7.21%	9.25%	8.3%	7.73%	9.32%	7.73%	6.14%	6.94%	7.44%	4.14%	5.8%	4.36%	2.01%	3.23%	6.47%	5.29%	5.86%	7.01%	5.71%	6.38%	5.74%	6.52%	6.14%	7.2%	6.43%	6.82%
Earnings before Tax (EBT)	4,782	3,553	5,661	4,946	2,520	6,082	2,652	2,382	5,034	3,769	-	5,443	1,606	594	2,200	3,110	2,085	5,195	460	-	-	-	-	-	-	-	-
Net income	3,140	2,188	3,772	3,506	1,814	4,214	1,766	1,713	3,479	2,496	-	3,629	806	419	1,225	1,952	1,501	3,453	-303	-	-	-	-	-	-	-	-
Net margin	5.41%	3.89%	6.45%	5.96%	5.93%	6.82%	5.34%	5.2%	5.27%	7.48%	-	5.48%	2.45%	1.39%	1.94%	6.12%	4.41%	5.24%	-0.85%	-	-	-	-	-	-	-	-
EPS	165.0	115.0	198.2	184.2	95.11	221.2	92.52	89.89	182.4	131.2	-	190.5	42.51	22.71	65.22	103.8	79.71	183.5	-16.02	-	-	-	-	-	-	-	-
Dividend per Share	35.00	35.00	35.00	40.00	-	40.00	-	-	42.00	-	-	42.00	-	-	42.00	-	-	42.00	-	-	-	-	-	-	-	-	-
Announcement Date	11/8/19	5/13/20	11/10/20	5/13/21	11/10/21	11/10/21	2/9/22	5/11/22	5/11/22	8/4/22	11/8/22	11/8/22	2/8/23	5/11/23	5/11/23	8/4/23	11/8/23	11/8/23	2/7/24	5/9/24	5/9/24	-	-	-	-	-	-

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	21,311	21,180	21,559	26,175	28,634	30,458	33,610	32,602
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	2,425	-60	2,289	6,216	4,399	2,700	-	-
ROE (net income / shareholders' equity)	9.1%	8.3%	10.5%	10.2%	6%	5.4%	6.9%	8.03%
ROA (Net income/ Total Assets)	8.01%	8.38%	9.49%	9.07%	5.34%	6.6%	-	-
Assets ¹	69,066	63,614	76,716	84,803	90,927	68,697	-	-
Book Value Per Share ²	3,275	3,494	3,811	4,145	4,363	4,605	4,848	5,133
Cash Flow per Share	530.0	520.0	641.0	685.0	532.0	554.0	-	-
Capex ¹	5,033	7,958	9,606	5,436	5,083	7,383	15,000	35,000
Capex / Sales	4.49%	6.96%	8.19%	4.25%	3.93%	5.42%	10.14%	22.69%
Announcement Date	5/13/19	5/13/20	5/13/21	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 Fujimori Kogyo Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,270 JPY

Average target price

5,300 JPY

Spread / Average Target

+24.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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