Financials DOWA HOLDINGS CO., LTD.

Equities

5714

JP3638600001

Specialty Mining & Metals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
5,802 ^JPY	+2.87%		+2.24%	+12.62%

Mar. 25	Toronto Stocks Advance; Taseko Mines Up on Acquisition of Remaining Stake in Gibraltar Mine	DJ
Mar. 25	Taseko Mines to Acquire Remaining Stake in Gibraltar Mine	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	215,434	167,433	272,543	333,808	252,660	345,428	-	-
Enterprise Value (EV) ¹	330,556	269,789	408,217	428,585	338,609	381,697	384,665	390,274
P/E ratio	14.4 x	9.63 x	12.5 x	6.54 x	10.1 x	12.8 x	12.4 x	11.6 x
Yield	2.47%	3.18%	2.06%	2.32%	3.06%	2.2%	2.27%	2.3%
Capitalization / Revenue	0.48 x	0.35 x	0.46 x	0.4 x	0.32 x	0.47 x	0.47 x	0.45 x
EV / Revenue	0.73 x	0.56 x	0.69 x	0.52 x	0.43 x	0.52 x	0.52 x	0.51 x
EV / EBITDA	8.74 x	5.9 x	7.04 x	4.93 x	4.94 x	7.2 x	6.75 x	6.35 x
EV / FCF	24.5 x	15.5 x	-10.1 x	8.82 x	16.6 x	5.07 x	41.6 x	43.4 x
FCF Yield	4.07%	6.45%	-9.9%	11.3%	6.02%	19.7%	2.4%	2.31%
Price to Book	0.91 x	0.68 x	1.03 x	1.06 x	0.73 x	0.94 x	0.9 x	0.85 x
Nbr of stocks (in thousands)	59,185	59,185	59,184	59,502	59,520	59,536	-	-
Reference price ²	3,640	2,829	4,605	5,610	4,245	5,802	5,802	5,802
Announcement Date	5/13/19	5/26/20	5/14/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	452,928	485,130	588,003	831,794	780,060	729,400	737,259	767,334
EBITDA ¹	37,808	45,728	57,979	86,909	68,565	53,025	57,003	61,455
EBIT ¹	18,671	25,955	37,454	63,824	44,610	27,909	30,607	33,721
Operating Margin	4.12%	5.35%	6.37%	7.67%	5.72%	3.83%	4.15%	4.39%
Earnings before Tax (EBT) ¹	23,499	28,762	38,860	77,090	45,930	44,933	40,781	43,112
Net income ¹	14,986	17,395	21,824	51,012	25,041	26,667	27,778	29,825
Net margin	3.31%	3.59%	3.71%	6.13%	3.21%	3.66%	3.77%	3.89%
EPS ²	253.2	293.9	368.4	857.3	420.8	452.0	466.7	501.0
Free Cash Flow ¹	13,468	17,390	-40,426	48,572	20,382	75,350	9,250	9,000
FCF margin	2.97%	3.58%	-6.88%	5.84%	2.61%	10.33%	1.25%	1.17%
FCF Conversion (EBITDA)	35.62%	38.03%	-	55.89%	29.73%	142.1%	16.23%	14.64%
FCF Conversion (Net income)	89.87%	99.97%	-	95.22%	81.39%	282.56%	33.3%	30.18%
Dividend per Share ²	90.00	90.00	95.00	130.0	130.0	127.9	131.4	133.6
Announcement Date	5/13/19	5/26/20	5/14/21	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 S1	2025 Q3	2025 Q4
Net sales ¹	230,782	254,348	252,479	335,524	215,343	423,263	188,669	219,862	408,531	209,933	191,893	401,826	191,107	187,127	378,234	190,961	179,798	370,759	180,916	172,313	354,200	196,856	180,678	-	182,542	175,925
EBITDA ¹	-	-	-	-	-	-	20,148	17,910	-	-	16,661	-	13,008	14,526	-	13,105	13,131	-	-	10,336	-	16,749	14,808	-	15,300	14,255
EBIT ¹	11,078	14,877	12,619	24,835	18,291	37,969	14,302	11,553	25,855	19,320	10,724	30,044	6,672	7,894	14,566	7,346	6,917	14,263	8,390	5,062	12,700	8,223	6,252	-	7,337	6,637
Operating Margin	4.8%	5.85%	5%	7.4%	8.49%	8.97%	7.58%	5.25%	6.33%	9.2%	5.59%	7.48%	3.49%	4.22%	3.85%	3.85%	3.85%	3.85%	4.64%	2.94%	3.59%	4.18%	3.46%	-	4.02%	3.77%
Earnings before Tax (EBT)	12,444	-	8,777	-	20,219	48,319	18,137	10,634	-	23,073	13,372	36,445	8,197	1,288	-	12,488	8,891	21,379	15,934	-	-	13,317	9,908	-	12,010	7,765
Net income ¹	7,924	-	1,616	-	12,651	32,597	11,506	6,909	-	13,063	9,673	22,736	4,535	-2,230	-	7,853	5,332	13,185	10,835	2,800	-	7,945	5,871	-	7,533	5,196
Net margin	3.43%	-	0.64%	-	5.87%	7.7%	6.1%	3.14%	-	6.22%	5.04%	5.66%	2.37%	-1.19%	-	4.11%	2.97%	3.56%	5.99%	1.62%	-	4.04%	3.25%	-	4.13%	2.95%
EPS	133.9	-	27.31	-	-	547.8	193.4	116.1	-	219.6	162.5	382.1	76.19	-37.49	-	132.0	89.57	221.5	182.0	-	-	140.9	104.8	-	127.1	82.16
Dividend per Share ²	-	-	-	95.00	-	-	-	130.0	-	-	-	-	-	130.0	130.0	-	-	-	-	130.0	130.0	-	-	130.0	-	135.0
Announcement Date	11/12/19	5/26/20	11/10/20	5/14/21	11/12/21	11/12/21	2/14/22	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 Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	115,122	102,356	135,674	94,777	85,949	36,269	39,237	44,846
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.045 x	2.238 x	2.34 x	1.091 x	1.254 x	0.684 x	0.6883 x	0.7297 x
Free Cash Flow ¹	13,468	17,390	-40,426	48,572	20,382	75,350	9,250	9,000
ROE (net income / shareholders' equity)	6.3%	7.2%	8.5%	17.6%	7.6%	7.86%	7.46%	7.6%
ROA (Net income/ Total Assets)	5.1%	5.76%	6.7%	12.1%	8.46%	5.2%	4.7%	4.7%
Assets ¹	293,606	302,108	325,884	421,033	296,102	512,818	591,031	634,584
Book Value Per Share ²	4,008	4,191	4,465	5,268	5,795	6,186	6,480	6,803
Cash Flow per Share ²	568.0	620.0	707.0	1,237	823.0	907.0	941.0	1,016
Capex ¹	24,087	37,723	37,338	32,546	34,153	43,189	41,775	42,584
Capex / Sales	5.32%	7.78%	6.35%	3.91%	4.38%	5.92%	5.67%	5.55%
Announcement Date	5/13/19	5/26/20	5/14/21	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 DOWA HOLDINGS CO., LTD.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

5,802 JPY

Average target price

4,900 JPY

Spread / Average Target

-15.55%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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