Financials Adeka Corporation

Equities

4401

JP3114800000

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,222 ^JPY	+2.12%		+2.58%	+12.26%

2023	Transcript : Adeka Corporation, Q2 2024 Earnings Call, Nov 27, 2023
2023	Adeka Seeks M&A	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	167,055	139,216	224,316	278,533	231,588	329,064	-	-
Enterprise Value (EV) ¹	159,855	130,161	195,536	247,842	201,823	281,064	278,164	269,664
P/E ratio	9.79 x	9.15 x	13.7 x	11.7 x	13.8 x	15.4 x	13.6 x	12 x
Yield	2.77%	3.55%	2.21%	2.59%	3.1%	2.48%	2.89%	3.25%
Capitalization / Revenue	0.56 x	0.46 x	0.69 x	0.77 x	0.57 x	0.82 x	0.78 x	0.75 x
EV / Revenue	0.53 x	0.43 x	0.6 x	0.68 x	0.5 x	0.7 x	0.66 x	0.61 x
EV / EBITDA	-	3.54 x	4.44 x	4.9 x	4.17 x	5.39 x	4.92 x	4.45 x
EV / FCF	175 x	12.9 x	8.67 x	24.7 x	-89 x	9.54 x	14.8 x	11.3 x
FCF Yield	0.57%	7.77%	11.5%	4.05%	-1.12%	10.5%	6.74%	8.82%
Price to Book	0.82 x	0.66 x	0.98 x	1.11 x	0.89 x	1.19 x	1.13 x	1.07 x
Nbr of stocks (in thousands)	102,930	103,047	103,276	103,008	102,564	102,130	-	-
Reference price ²	1,623	1,351	2,172	2,704	2,258	3,222	3,222	3,222
Announcement Date	5/14/19	7/10/20	5/13/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	299,354	304,131	327,080	363,034	403,343	402,643	422,923	440,833
EBITDA ¹	-	36,765	44,048	50,547	48,372	52,143	56,503	60,578
EBIT ¹	26,638	22,517	28,979	34,927	32,369	34,357	38,400	43,367
Operating Margin	8.9%	7.4%	8.86%	9.62%	8.03%	8.53%	9.08%	9.84%
Earnings before Tax (EBT) ¹	26,539	22,947	27,721	37,042	29,192	35,075	38,325	43,125
Net income ¹	17,055	15,216	16,419	23,744	16,778	21,829	24,276	27,310
Net margin	5.7%	5%	5.02%	6.54%	4.16%	5.42%	5.74%	6.2%
EPS ²	165.8	147.7	159.0	230.2	163.3	209.5	237.2	267.4
Free Cash Flow ¹	912	10,117	22,552	10,050	-2,267	29,457	18,747	23,789
FCF margin	0.3%	3.33%	6.89%	2.77%	-0.56%	7.32%	4.43%	5.4%
FCF Conversion (EBITDA)	-	27.52%	51.2%	19.88%	-	56.49%	33.18%	39.27%
FCF Conversion (Net income)	5.35%	66.49%	137.35%	42.33%	-	134.95%	77.22%	87.11%
Dividend per Share ²	45.00	48.00	48.00	70.00	70.00	80.00	93.14	104.8
Announcement Date	5/14/19	7/10/20	5/13/21	5/13/22	5/12/23	-	-	-

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 Q3	2025 Q4
Net sales ¹	146,172	157,959	138,631	188,449	84,342	168,400	92,623	102,011	194,634	101,718	94,761	196,479	99,705	107,159	206,864	94,596	93,064	187,660	98,831	111,839	209,340	98,400	97,700	104,800	117,100
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,021	13,496	8,961	20,018	6,966	15,918	9,670	9,339	19,009	9,060	6,052	15,112	8,648	8,609	17,257	7,422	7,376	14,798	9,248	10,537	19,702	8,200	7,800	10,500	11,300
Operating Margin	6.17%	8.54%	6.46%	10.62%	8.26%	9.45%	10.44%	9.15%	9.77%	8.91%	6.39%	7.69%	8.67%	8.03%	8.34%	7.85%	7.93%	7.89%	9.36%	9.42%	9.41%	8.33%	7.98%	10.02%	9.65%
Earnings before Tax (EBT)	8,363	-	8,213	-	6,803	16,166	11,922	8,954	-	10,267	-	16,221	7,638	-	-	8,057	-	15,842	8,993	-	-	-	-	-	-
Net income	5,918	-	5,723	-	4,733	10,687	8,433	4,624	-	6,137	3,843	9,980	4,704	2,094	-	5,120	5,430	10,550	5,905	-	-	-	-	-	-
Net margin	4.05%	-	4.13%	-	5.61%	6.35%	9.1%	4.53%	-	6.03%	4.06%	5.08%	4.72%	1.95%	-	5.41%	5.83%	5.62%	5.97%	-	-	-	-	-	-
EPS	57.46	-	55.44	-	-	103.5	81.82	-	-	59.58	-	96.97	45.87	-	-	50.03	-	103.2	57.81	-	-	-	-	-	-
Dividend per Share	24.00	-	24.00	-	-	28.00	-	-	-	-	-	35.00	-	-	-	-	-	40.00	-	-	-	-	-	-	-
Announcement Date	11/13/19	7/10/20	11/13/20	5/13/21	11/12/21	11/12/21	2/10/22	5/13/22	5/13/22	8/10/22	11/11/22	11/11/22	2/10/23	5/12/23	5/12/23	8/9/23	11/10/23	11/10/23	2/9/24	-	-	-	-	-	-

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	7,200	9,055	28,780	30,691	29,765	48,000	50,900	59,400
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	912	10,117	22,552	10,050	-2,267	29,457	18,747	23,789
ROE (net income / shareholders' equity)	8.5%	7.3%	7.5%	9.9%	6.6%	8.15%	8.64%	9.2%
ROA (Net income/ Total Assets)	7.31%	5.33%	6.91%	7.84%	6.68%	5.85%	6.2%	6.85%
Assets ¹	233,196	285,266	237,593	303,010	251,156	373,138	391,544	398,686
Book Value Per Share ²	1,987	2,037	2,208	2,427	2,544	2,697	2,844	3,010
Cash Flow per Share ²	279.0	286.0	305.0	382.0	319.0	387.0	408.0	446.0
Capex ¹	17,419	17,281	14,320	14,627	20,434	15,625	19,325	18,950
Capex / Sales	5.82%	5.68%	4.38%	4.03%	5.07%	3.88%	4.57%	4.3%
Announcement Date	5/14/19	7/10/20	5/13/21	5/13/22	5/12/23	-	-	-

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

Ratings for Adeka Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,222 JPY

Average target price

3,689 JPY

Spread / Average Target

+14.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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