MARUBENI CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,706 JPY | +1.33% |
|
+4.18% | +21.43% |
| Apr. 08 | Rheinmetall to Supply Japan With Autonomous Unmanned Ground Vehicles | DJ |
| Apr. 05 | Japan's Mitsui OSK starts FSRU operations for Indonesian gas-fired power plant | RE |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,327,544 | 935,426 | 1,598,872 | 2,455,679 | 3,044,997 | 4,552,725 | - | - |
| Enterprise Value (EV) 1 | 3,186,232 | 2,478,623 | 2,944,823 | 4,315,630 | 4,781,553 | 6,224,599 | 6,185,739 | 6,164,500 |
| P/E ratio | 5.85 x | -4.65 x | 7.22 x | 5.87 x | 5.68 x | 9.82 x | 9.49 x | 9.12 x |
| Yield | 4.44% | 6.49% | 3.58% | 4.35% | 4.34% | 3.07% | 3.17% | 3.3% |
| Capitalization / Revenue | 0.18 x | 0.14 x | 0.25 x | 0.29 x | 0.33 x | 0.57 x | 0.57 x | 0.56 x |
| EV / Revenue | 0.43 x | 0.36 x | 0.47 x | 0.51 x | 0.52 x | 0.78 x | 0.78 x | 0.76 x |
| EV / EBITDA | 11.1 x | 8.24 x | 10.3 x | 10.1 x | 9.61 x | 13.2 x | 13 x | 13.1 x |
| EV / FCF | 10.4 x | 21.2 x | 10.8 x | 18.6 x | 6.27 x | -444 x | 25.4 x | 24.7 x |
| FCF Yield | 9.65% | 4.73% | 9.27% | 5.38% | 16% | -0.23% | 3.94% | 4.04% |
| Price to Book | 0.77 x | 0.74 x | 1.02 x | 1.17 x | 1.11 x | 1.41 x | 1.29 x | 1.18 x |
| Nbr of stocks (in thousands) | 1,735,352 | 1,735,485 | 1,736,394 | 1,722,075 | 1,695,905 | 1,682,456 | - | - |
| Reference price 2 | 765.0 | 539.0 | 920.8 | 1,426 | 1,796 | 2,706 | 2,706 | 2,706 |
| Announcement Date | 5/9/19 | 5/7/20 | 5/6/21 | 5/6/22 | 5/8/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 7,401,256 | 6,827,641 | 6,332,414 | 8,508,591 | 9,190,472 | 7,997,833 | 7,975,970 | 8,112,670 |
| EBITDA 1 | 286,550 | 300,797 | 285,970 | 427,529 | 497,353 | 469,912 | 477,209 | 470,795 |
| EBIT 1 | 173,009 | 133,875 | 141,553 | 284,490 | 340,814 | 298,123 | 306,988 | 314,440 |
| Operating Margin | 2.34% | 1.96% | 2.24% | 3.34% | 3.71% | 3.73% | 3.85% | 3.88% |
| Earnings before Tax (EBT) 1 | 288,819 | -165,935 | 281,763 | 528,790 | 651,745 | 577,909 | 588,373 | 610,888 |
| Net income 1 | 230,891 | -197,450 | 225,343 | 424,320 | 543,001 | 467,523 | 477,416 | 492,991 |
| Net margin | 3.12% | -2.89% | 3.56% | 4.99% | 5.91% | 5.85% | 5.99% | 6.08% |
| EPS 2 | 130.7 | -116.0 | 127.5 | 242.9 | 316.1 | 275.5 | 285.1 | 296.8 |
| Free Cash Flow 1 | 307,423 | 117,191 | 272,979 | 232,259 | 763,139 | -14,034 | 243,790 | 249,291 |
| FCF margin | 4.15% | 1.72% | 4.31% | 2.73% | 8.3% | -0.18% | 3.06% | 3.07% |
| FCF Conversion (EBITDA) | 107.28% | 38.96% | 95.46% | 54.33% | 153.44% | - | 51.09% | 52.95% |
| FCF Conversion (Net income) | 133.15% | - | 121.14% | 54.74% | 140.54% | - | 51.06% | 50.57% |
| Dividend per Share 2 | 34.00 | 35.00 | 33.00 | 62.00 | 78.00 | 83.00 | 85.86 | 89.30 |
| Announcement Date | 5/9/19 | 5/7/20 | 5/6/21 | 5/6/22 | 5/8/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,651,002 | 3,046,029 | 1,558,368 | 1,728,017 | 2,134,021 | 1,941,767 | 4,075,788 | 2,142,523 | 2,290,280 | - | 2,910,368 | 2,684,766 | 5,595,134 | 1,778,062 | 1,817,276 | 2,019,739 | 2,026,990 | 3,750,610 | 1,986,389 | 1,915,042 | 2,074,324 |
| EBITDA 1 | - | - | - | 70,435 | 106,968 | 85,448 | - | 119,974 | 116,005 | - | 188,145 | 123,793 | - | 95,348 | 93,829 | 139,832 | 110,624 | - | 72,297 | 125,610 | 160,771 |
| EBIT 1 | 78,774 | 74,023 | 35,964 | 31,566 | 69,187 | 49,691 | 118,878 | 85,573 | 80,039 | - | 147,320 | 82,742 | 230,062 | 55,586 | 55,166 | 95,105 | 68,334 | 151,479 | - | - | - |
| Operating Margin | 2.16% | 2.43% | 2.31% | 1.83% | 3.24% | 2.56% | 2.92% | 3.99% | 3.49% | - | 5.06% | 3.08% | 4.11% | 3.13% | 3.04% | 4.71% | 3.37% | 4.04% | - | - | - |
| Earnings before Tax (EBT) 1 | 138,758 | 132,959 | 70,442 | - | 139,372 | 117,711 | 257,083 | 145,437 | 126,270 | - | 247,870 | 142,767 | 390,637 | 173,437 | 87,671 | 172,709 | 188,695 | 306,288 | 156,022 | 121,596 | 134,130 |
| Net income 1 | 111,780 | 101,686 | 62,071 | 61,586 | 112,132 | 93,702 | 205,834 | 121,604 | 96,882 | 218,486 | 201,629 | 113,022 | 314,651 | 148,805 | 79,545 | 141,277 | 119,225 | 251,304 | 112,464 | 98,187 | 110,215 |
| Net margin | 3.06% | 3.34% | 3.98% | 3.56% | 5.25% | 4.83% | 5.05% | 5.68% | 4.23% | - | 6.93% | 4.21% | 5.62% | 8.37% | 4.38% | 6.99% | 5.88% | 6.7% | 5.66% | 5.13% | 5.31% |
| EPS 2 | 63.27 | 57.43 | 35.18 | 34.91 | 64.02 | 53.50 | 117.5 | 69.67 | 55.70 | - | 117.0 | 65.58 | 182.6 | 86.78 | 46.78 | 83.16 | 91.94 | 148.3 | 76.65 | 57.34 | 65.56 |
| Dividend per Share 2 | 17.50 | 11.00 | - | 22.00 | - | 25.50 | 25.50 | - | 36.50 | - | - | 37.50 | 37.50 | - | 40.50 | - | 40.00 | 41.50 | - | 41.50 | - |
| Announcement Date | 11/5/19 | 11/4/20 | 2/3/21 | 5/6/21 | 8/3/21 | 11/2/21 | 11/2/21 | 2/3/22 | 5/6/22 | 5/6/22 | 8/5/22 | 11/4/22 | 11/4/22 | 2/3/23 | 5/8/23 | 8/4/23 | - | 11/2/23 | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,858,688 | 1,543,197 | 1,345,951 | 1,859,951 | 1,736,556 | 1,671,874 | 1,633,014 | 1,611,775 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 6.486 x | 5.13 x | 4.707 x | 4.35 x | 3.492 x | 3.558 x | 3.422 x | 3.424 x |
| Free Cash Flow 1 | 307,423 | 117,191 | 272,979 | 232,259 | 763,139 | -14,034 | 243,790 | 249,291 |
| ROE (net income / shareholders' equity) | 13.9% | -13.4% | 15.6% | 23% | 22.4% | 15.4% | 14.1% | 13.4% |
| ROA (Net income/ Total Assets) | 4.22% | -2.53% | 4.25% | 6.96% | 8.04% | 5.38% | 5.46% | 5.63% |
| Assets 1 | 5,470,586 | 7,811,326 | 5,302,014 | 6,096,324 | 6,752,341 | 8,689,037 | 8,737,831 | 8,763,438 |
| Book Value Per Share 2 | 998.0 | 732.0 | 906.0 | 1,217 | 1,611 | 1,920 | 2,090 | 2,291 |
| Cash Flow per Share 2 | 198.0 | -17.60 | 213.0 | 327.0 | 409.0 | 336.0 | 328.0 | 330.0 |
| Capex 1 | 86,778 | 109,878 | 124,090 | 101,805 | 104,260 | 319,165 | 212,511 | 213,263 |
| Capex / Sales | 1.17% | 1.61% | 1.96% | 1.2% | 1.13% | 3.99% | 2.66% | 2.63% |
| Announcement Date | 5/9/19 | 5/7/20 | 5/6/21 | 5/6/22 | 5/8/23 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
2,706
JPY
Average target price
2,831
JPY
Spread / Average Target
+4.62%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +21.43% | 28.92B | |
| +56.60% | 91.85B | |
| +41.92% | 71.52B | |
| +19.61% | 63.05B | |
| +8.10% | 42.1B | |
| +27.08% | 30.34B | |
| +16.39% | 21.62B | |
| +16.68% | 17.92B | |
| -3.76% | 12.84B | |
| +2.43% | 5.92B |
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