Financials Kewpie Corporation

Equities

2809

JP3244800003

Food Processing

Delayed Japan Exchange Other stock markets 11:53:13 2024-05-13 pm EDT			5-day change	1st Jan Change
3,177 ^JPY	-0.50%		-0.59%	+27.79%

Apr. 05	Kewpie's Profit Balloons 377% in Fiscal Q1	MT
Apr. 05	Kewpie Corporation Provides Dividend Guidance for the Second Quarter and Fiscal Year Ending November 30, 2024	CI

Valuation

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	348,022	310,972	301,337	340,143	358,628	443,836	-	-
Enterprise Value (EV) ¹	355,814	324,235	274,721	304,783	321,809	398,128	398,052	388,340
P/E ratio	18.6 x	27.3 x	18 x	21.2 x	27.2 x	23.5 x	20.7 x	19.4 x
Yield	1.85%	1.84%	2.04%	1.92%	1.94%	1.63%	1.78%	1.87%
Capitalization / Revenue	0.64 x	0.59 x	0.74 x	0.79 x	0.79 x	0.92 x	0.9 x	0.87 x
EV / Revenue	0.65 x	0.61 x	0.67 x	0.71 x	0.71 x	0.83 x	0.8 x	0.76 x
EV / EBITDA	6.98 x	6.67 x	6.31 x	7.31 x	8.74 x	8.12 x	7.72 x	7.23 x
EV / FCF	25.1 x	36.6 x	10.4 x	27.7 x	54.7 x	22.3 x	20.9 x	17.3 x
FCF Yield	3.99%	2.73%	9.62%	3.61%	1.83%	4.49%	4.79%	5.77%
Price to Book	1.48 x	1.3 x	1.31 x	1.27 x	1.27 x	1.51 x	1.46 x	1.39 x
Nbr of stocks (in thousands)	143,042	143,041	130,505	139,004	139,003	139,003	-	-
Reference price ²	2,433	2,174	2,309	2,447	2,580	3,193	3,193	3,193
Announcement Date	1/9/20	1/7/21	1/11/22	1/10/23	1/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	545,723	531,103	407,039	430,304	455,086	480,183	495,133	509,583
EBITDA ¹	50,941	48,594	43,506	41,682	36,811	49,033	51,567	53,733
EBIT ¹	32,048	28,303	27,972	25,433	19,694	31,767	33,900	35,800
Operating Margin	5.87%	5.33%	6.87%	5.91%	4.33%	6.62%	6.85%	7.03%
Earnings before Tax (EBT) ¹	32,487	22,825	28,860	26,630	22,075	32,425	35,800	37,925
Net income ¹	18,698	11,378	18,014	16,033	13,174	18,867	21,283	22,517
Net margin	3.43%	2.14%	4.43%	3.73%	2.89%	3.93%	4.3%	4.42%
EPS ²	130.7	79.55	128.2	115.3	94.78	135.7	154.2	164.4
Free Cash Flow ¹	14,196	8,853	26,433	11,000	5,879	17,886	19,060	22,393
FCF margin	2.6%	1.67%	6.49%	2.56%	1.29%	3.72%	3.85%	4.39%
FCF Conversion (EBITDA)	27.87%	18.22%	60.76%	26.39%	15.97%	36.48%	36.96%	41.67%
FCF Conversion (Net income)	75.92%	77.81%	146.74%	68.61%	44.63%	94.8%	89.56%	99.45%
Dividend per Share ²	45.00	40.00	47.00	47.00	50.00	52.00	56.83	59.67
Announcement Date	1/9/20	1/7/21	1/11/22	1/10/23	1/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: November	2019 S2	2020 S1	2021 S1	2021 Q4	2021 S2	2022 Q1	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
Net sales ¹	276,737	263,057	198,879	103,188	208,160	100,536	106,987	207,523	110,691	112,090	222,781	107,674	112,708	220,382	115,515	119,189	234,704	114,632	120,492	234,900	122,275	125,200	244,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	15,960	11,194	14,499	6,058	13,473	6,732	7,509	14,241	7,166	4,026	11,192	1,656	5,190	6,846	6,495	6,353	12,848	8,149	8,813	17,400	8,750	6,900	15,900
Operating Margin	5.77%	4.26%	7.29%	5.87%	6.47%	6.7%	7.02%	6.86%	6.47%	3.59%	5.02%	1.54%	4.6%	3.11%	5.62%	5.33%	5.47%	7.11%	7.31%	7.41%	7.16%	5.51%	6.52%
Earnings before Tax (EBT)	-	10,421	15,533	-	-	7,124	-	14,628	9,042	-	-	1,851	5,801	7,652	9,300	-	-	8,951	-	-	-	-	-
Net income ¹	9,142	5,643	9,617	3,492	-	4,455	4,434	8,889	5,652	1,492	-	1,267	3,530	4,797	6,284	2,093	-	6,038	5,362	-	5,400	2,400	-
Net margin	3.3%	2.15%	4.84%	3.38%	-	4.43%	4.14%	4.28%	5.11%	1.33%	-	1.18%	3.13%	2.18%	5.44%	1.76%	-	5.27%	4.45%	-	4.42%	1.92%	-
EPS ²	-	39.45	67.83	25.19	-	32.05	31.90	63.95	40.66	10.73	-	9.120	25.39	34.51	45.21	15.06	-	43.44	25.39	-	45.21	58.41	-
Dividend per Share	25.00	20.00	20.00	27.00	-	-	-	20.00	-	-	-	-	-	23.00	-	-	-	-	-	-	-	-	-
Announcement Date	1/9/20	7/2/20	7/6/21	1/11/22	1/11/22	4/8/22	7/7/22	7/7/22	10/7/22	1/10/23	1/10/23	4/6/23	7/5/23	7/5/23	10/5/23	1/10/24	1/10/24	4/5/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,792	13,263	-	-	-	-	-	-
Net Cash position ¹	-	-	26,616	35,360	36,819	45,708	45,784	55,496
Leverage (Debt/EBITDA)	0.153 x	0.2729 x	-	-	-	-	-	-
Free Cash Flow ¹	14,196	8,853	26,433	11,000	5,879	17,886	19,060	22,393
ROE (net income / shareholders' equity)	8.1%	4.8%	7.4%	6.2%	4.8%	6.59%	7.14%	7.34%
ROA (Net income/ Total Assets)	7.69%	6.47%	7.1%	6.95%	4.94%	7.05%	7.35%	7.6%
Assets ¹	243,223	175,843	253,718	230,762	266,627	267,612	289,569	296,272
Book Value Per Share ²	1,647	1,675	1,767	1,926	2,028	2,115	2,189	2,290
Cash Flow per Share ²	261.0	220.0	237.0	231.0	217.0	271.0	286.0	295.0
Capex ¹	30,678	26,102	12,100	17,227	17,846	20,467	19,333	18,333
Capex / Sales	5.62%	4.91%	2.97%	4%	3.92%	4.26%	3.9%	3.6%
Announcement Date	1/9/20	1/7/21	1/11/22	1/10/23	1/10/24	-	-	-

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 Kewpie Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,193 JPY

Average target price

3,267 JPY

Spread / Average Target

+2.31%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Food Ingredients

	1st Jan change	Capi.
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KIKKOMAN CORPORATION	+6.01%	11.19B
LANCASTER COLONY CORPORATION	+17.15%	5.44B
MEIHUA HOLDINGS GROUP CO.,LTD	+20.00%	4.54B
ANGEL YEAST CO., LTD	-7.50%	3.79B
TATE & LYLE PLC	+3.26%	3.36B
JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO.,LTD	+1.25%	3.12B
ANHUI HUAHENG BIOTECHNOLOGY CO., LTD.	-5.66%	2.63B

Food Ingredients