Financials Calbee, Inc.

Equities

2229

JP3220580009

Food Processing

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,422 ^JPY	+1.39%		+2.36%	+20.77%

Feb. 06	Calbee's Nine-Month Profit Jumps 37%	MT
Feb. 06	Calbee, Inc. Provides Year End Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	398,550	390,466	377,134	305,175	346,148	427,492	-	-
Enterprise Value (EV) ¹	344,040	318,234	299,336	248,153	315,830	406,963	414,811	413,973
P/E ratio	20.5 x	22.3 x	21.3 x	17.3 x	24.1 x	21.8 x	21.6 x	20.5 x
Yield	1.61%	1.71%	1.77%	2.21%	1.88%	1.65%	1.73%	1.82%
Capitalization / Revenue	1.6 x	1.53 x	1.41 x	1.24 x	1.24 x	1.42 x	1.36 x	1.32 x
EV / Revenue	1.38 x	1.24 x	1.12 x	1.01 x	1.13 x	1.35 x	1.32 x	1.28 x
EV / EBITDA	9.62 x	8.64 x	7.9 x	6.87 x	9.22 x	10.1 x	9.49 x	8.82 x
EV / FCF	-473 x	11.8 x	15.2 x	25.2 x	-42.6 x	205 x	-691 x	22.6 x
FCF Yield	-0.21%	8.48%	6.59%	3.96%	-2.34%	0.49%	-0.14%	4.43%
Price to Book	2.59 x	2.39 x	2.15 x	1.73 x	1.99 x	2.34 x	2.18 x	2.1 x
Nbr of stocks (in thousands)	133,652	133,675	133,641	129,586	124,918	124,925	-	-
Reference price ²	2,982	2,921	2,822	2,355	2,771	3,422	3,422	3,422
Announcement Date	5/14/19	5/14/20	5/13/21	5/10/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	248,655	255,938	266,745	245,419	279,315	301,240	314,820	324,400
EBITDA ¹	35,745	36,827	37,868	36,143	34,259	40,396	43,716	46,956
EBIT ¹	26,964	27,664	27,064	25,135	22,233	28,080	29,900	31,160
Operating Margin	10.84%	10.81%	10.15%	10.24%	7.96%	9.32%	9.5%	9.61%
Earnings before Tax (EBT) ¹	28,469	25,743	26,381	26,748	22,641	29,975	30,650	31,925
Net income ¹	19,429	17,539	17,682	18,053	14,772	19,600	19,820	20,680
Net margin	7.81%	6.85%	6.63%	7.36%	5.29%	6.51%	6.3%	6.37%
EPS ²	145.4	131.2	132.3	136.2	115.2	156.9	158.7	166.8
Free Cash Flow ¹	-727	26,987	19,735	9,836	-7,406	1,982	-600.3	18,354
FCF margin	-0.29%	10.54%	7.4%	4.01%	-2.65%	0.66%	-0.19%	5.66%
FCF Conversion (EBITDA)	-	73.28%	52.12%	27.21%	-	4.91%	-	39.09%
FCF Conversion (Net income)	-	153.87%	111.61%	54.48%	-	10.11%	-	88.75%
Dividend per Share ²	48.00	50.00	50.00	52.00	52.00	56.40	59.20	62.20
Announcement Date	5/14/19	5/14/20	5/13/21	5/10/22	5/9/23	-	-	-

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 S1	2025 Q3	2025 Q4	2025 S2	2026 S1	2026 S2
Net sales ¹	125,246	130,692	130,947	135,798	60,544	120,440	65,030	59,949	124,979	65,323	67,889	133,212	75,287	70,816	146,103	73,156	73,915	147,071	80,268	73,507	152,134	75,950	74,550	-	86,700	78,500	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	13,258	-	13,013	14,051	6,364	13,302	7,583	4,250	11,833	5,363	4,883	10,246	7,817	4,170	11,987	7,244	6,270	13,514	10,201	4,590	14,986	7,450	7,350	-	10,650	4,400	-	-	-
Operating Margin	10.59%	-	9.94%	10.35%	10.51%	11.04%	11.66%	7.09%	9.47%	8.21%	7.19%	7.69%	10.38%	5.89%	8.2%	9.9%	8.48%	9.19%	12.71%	6.24%	9.85%	9.81%	9.86%	-	12.28%	5.61%	-	-	-
Earnings before Tax (EBT)	12,757	-	12,671	-	-	13,410	8,306	-	-	6,916	-	12,704	6,247	-	-	9,401	-	16,671	9,259	-	-	-	-	-	-	-	-	-	-
Net income	8,820	-	8,223	9,459	4,225	9,178	5,523	3,352	-	4,553	-	8,311	4,220	2,241	-	6,252	4,612	10,864	6,301	-	-	-	-	-	-	-	-	-	-
Net margin	7.04%	-	6.28%	6.97%	6.98%	7.62%	8.49%	5.59%	-	6.97%	-	6.24%	5.61%	3.16%	-	8.55%	6.24%	7.39%	7.85%	-	-	-	-	-	-	-	-	-	-
EPS ²	65.99	-	61.52	-	31.61	68.68	41.55	26.02	-	35.26	29.11	64.37	32.82	17.97	-	50.05	36.92	86.97	50.46	17.06	-	37.38	33.30	-	53.79	-	-	-	-
Dividend per Share	-	50.00	-	50.00	-	-	-	-	-	-	-	-	-	-	52.00	-	-	-	-	-	56.00	-	-	-	-	-	62.00	-	66.00
Announcement Date	10/29/19	5/14/20	11/2/20	5/13/21	10/29/21	10/29/21	2/1/22	5/10/22	5/10/22	8/2/22	11/7/22	11/7/22	2/6/23	5/9/23	5/9/23	8/3/23	10/31/23	10/31/23	2/6/24	-	-	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	54,510	72,232	77,798	57,022	30,318	20,529	12,681	13,519
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-727	26,987	19,735	9,836	-7,406	1,982	-600	18,354
ROE (net income / shareholders' equity)	13.2%	11.1%	10.4%	10.3%	8.5%	11%	10.7%	10.7%
ROA (Net income/ Total Assets)	13.9%	13.1%	12.1%	11.3%	9.86%	9%	8.67%	8.87%
Assets ¹	139,841	133,736	145,823	159,358	149,764	217,778	228,692	233,233
Book Value Per Share ²	1,152	1,221	1,312	1,358	1,394	1,464	1,568	1,633
Cash Flow per Share ²	205.0	194.0	200.0	206.0	193.0	240.0	271.0	308.0
Capex ¹	9,390	8,392	10,715	12,491	26,716	33,000	30,000	16,000
Capex / Sales	3.78%	3.28%	4.02%	5.09%	9.56%	10.95%	9.53%	4.93%
Announcement Date	5/14/19	5/14/20	5/13/21	5/10/22	5/9/23	-	-	-

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 Calbee, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,422 JPY

Average target price

3,470 JPY

Spread / Average Target

+1.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
CALBEE, INC.	+20.77%	2.72B
NESTLÉ S.A.	-4.93%	266B
MONDELEZ INTERNATIONAL, INC.	-2.51%	94.98B
KRAFT HEINZ	+3.19%	46.39B
GENERAL MILLS, INC.	+8.74%	39.99B
DANONE	-0.65%	39.95B
THE HERSHEY COMPANY	-0.15%	38.02B
ARCHER-DANIELS-MIDLAND COMPANY	-16.78%	30.16B
NESTLÉ INDIA LIMITED	-6.61%	28.72B
ASSOCIATED BRITISH FOODS PLC	+11.32%	24.54B

Other Food Processing