Financials Krosaki Harima Corporation

Equities

5352

JP3272400007

Construction Materials

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-28 am EDT			5-day change	1st Jan Change
3,080 ^JPY	-0.96%		-3.75%	+4.94%

2023	Bajoria Financial Services Pvt Ltd acquired an additional 15.51% stake in IFGL Refractories Limited from Krosaki Harima Corporation for INR 1.1 billion	CI
2023	Krosaki Harima Corporation Reports Earnings Results for the Full Year Ended March 31, 2023	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	46,682	34,414	41,231	34,782	55,917	104,747	-	-
Enterprise Value (EV) ¹	77,253	65,346	68,713	63,967	90,874	118,051	104,747	104,747
P/E ratio	5.93 x	5.34 x	9.51 x	6.34 x	6.75 x	9.51 x	9.7 x	8.86 x
Yield	5.05%	5.39%	3.06%	4.84%	4.37%	2.85%	3.26%	3.42%
Capitalization / Revenue	0.33 x	0.25 x	0.36 x	0.26 x	0.34 x	0.67 x	0.58 x	0.56 x
EV / Revenue	0.33 x	0.25 x	0.36 x	0.26 x	0.34 x	0.67 x	0.58 x	0.56 x
EV / EBITDA	3.52 x	2.74 x	5.01 x	3.22 x	3.68 x	5.68 x	5.29 x	4.95 x
EV / FCF	12 x	17.8 x	7.69 x	67.9 x	10.1 x	14.7 x	18.1 x	16.4 x
FCF Yield	8.33%	5.62%	13%	1.47%	9.86%	6.81%	5.53%	6.09%
Price to Book	0.88 x	0.63 x	0.69 x	0.53 x	0.76 x	1.35 x	1.15 x	1.06 x
Nbr of stocks (in thousands)	33,705	33,698	33,693	33,687	33,685	33,681	-	-
Reference price ²	1,385	1,021	1,224	1,032	1,660	3,110	3,110	3,110
Announcement Date	5/10/19	5/11/20	5/12/21	5/13/22	5/12/23	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	142,347	137,395	113,661	133,778	165,202	177,029	181,000	187,295
EBITDA ¹	13,274	12,545	8,222	10,813	15,182	18,435	19,800	21,140
EBIT ¹	10,543	9,387	4,949	7,566	11,173	14,692	15,360	16,590
Operating Margin	7.41%	6.83%	4.35%	5.66%	6.76%	8.3%	8.49%	8.86%
Earnings before Tax (EBT) ¹	12,319	9,487	6,539	8,578	12,209	18,385	16,035	17,485
Net income ¹	7,868	6,444	4,334	5,490	8,282	12,416	10,800	11,825
Net margin	5.53%	4.69%	3.81%	4.1%	5.01%	7.01%	5.97%	6.31%
EPS ²	233.4	191.3	128.7	163.0	245.9	368.6	320.6	351.1
Free Cash Flow ¹	3,887	1,933	5,365	512	5,515	8,037	5,790	6,381
FCF margin	2.73%	1.41%	4.72%	0.38%	3.34%	4.54%	3.2%	3.41%
FCF Conversion (EBITDA)	29.28%	15.41%	65.25%	4.74%	36.33%	42.12%	29.24%	30.18%
FCF Conversion (Net income)	49.4%	30%	123.79%	9.33%	66.59%	64.73%	53.61%	53.96%
Dividend per Share ²	70.00	55.00	37.50	50.00	72.50	100.0	101.2	106.2
Announcement Date	5/10/19	5/11/20	5/12/21	5/13/22	5/12/23	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
Net sales ¹	70,839	55,671	33,391	65,112	33,798	34,868	40,292	40,299	80,591	41,890	42,721	45,357	44,042	89,399	44,950	42,680	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,889	1,459	1,935	4,209	2,064	1,293	2,940	1,974	4,914	2,399	3,860	4,133	3,463	7,596	4,349	2,747	3,700	3,715	3,895	3,910
Operating Margin	6.9%	2.62%	5.79%	6.46%	6.11%	3.71%	7.3%	4.9%	6.1%	5.73%	9.04%	9.11%	7.86%	8.5%	9.68%	6.44%	-	-	-	-
Earnings before Tax (EBT)	4,705	2,440	-	4,596	2,255	-	3,423	-	5,683	2,642	-	4,728	-	10,041	4,432	-	-	-	-	-
Net income ¹	3,166	1,688	-	3,017	1,439	-	2,148	-	3,576	1,733	-	3,078	-	6,619	2,913	2,884	-	-	-	-
Net margin	4.47%	3.03%	-	4.63%	4.26%	-	5.33%	-	4.44%	4.14%	-	6.79%	-	7.4%	6.48%	6.76%	-	-	-	-
EPS	93.97	50.12	-	89.57	42.72	-	63.76	-	106.2	51.43	-	91.38	-	196.5	86.49	-	-	-	-	-
Dividend per Share	25.00	10.00	-	25.00	-	-	-	-	27.50	-	-	-	-	40.00	-	-	-	-	-	-
Announcement Date	10/30/19	10/30/20	10/29/21	10/29/21	1/31/22	5/13/22	7/29/22	10/31/22	10/31/22	1/30/23	5/12/23	7/28/23	10/31/23	10/31/23	1/31/24	5/13/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	30,571	30,932	27,482	29,185	34,957	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.303 x	2.466 x	3.342 x	2.699 x	2.303 x	-	-	-
Free Cash Flow ¹	3,887	1,933	5,365	512	5,515	8,037	5,790	6,381
ROE (net income / shareholders' equity)	14.8%	12%	7.6%	8.8%	11.9%	15.5%	12.1%	12.4%
ROA (Net income/ Total Assets)	8.45%	7.44%	4.94%	6.36%	7.9%	9.57%	6%	6.6%
Assets ¹	93,166	86,577	87,653	86,360	104,882	129,682	180,000	179,167
Book Value Per Share ²	1,574	1,609	1,783	1,940	2,183	2,588	2,696	2,948
Cash Flow per Share	314.0	285.0	212.0	259.0	350.0	484.0	-	-
Capex ¹	6,383	7,135	4,715	3,465	6,074	5,687	8,750	8,750
Capex / Sales	4.48%	5.19%	4.15%	2.59%	3.68%	3.21%	4.83%	4.67%
Announcement Date	5/10/19	5/11/20	5/12/21	5/13/22	5/12/23	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 Krosaki Harima Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,110 JPY

Average target price

3,804 JPY

Spread / Average Target

+22.31%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction Materials

	1st Jan change	Capi.
KROSAKI HARIMA CORPORATION	+4.94%	668M
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MARTIN MARIETTA MATERIALS, INC.	+16.09%	35.7B
ULTRATECH CEMENT LIMITED	-2.58%	35.46B
VULCAN MATERIALS COMPANY	+14.20%	34.29B
GRASIM INDUSTRIES LIMITED	+13.47%	19.52B
HEIDELBERG MATERIALS AG	+23.15%	19.74B
AMBUJA CEMENTS	+21.15%	18.74B
CEMEX, S.A.B. DE C.V.	-3.78%	11.07B
SUMMIT MATERIALS, INC.	+2.60%	6.92B

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