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    5020   JP3386450005

ENEOS HOLDINGS, INC.

(5020)
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ENEOS : Refiner Eneos to buy Japan Renewable Energy for $1.8 bln

10/11/2021 | 03:12am EST

TOKYO, Oct 11 (Reuters) - Japan's biggest refiner, Eneos Holdings Inc, said on Monday it would buy Japan Renewable Energy (JRE) for about 200 billion yen ($1.8 billion) to expand its low-carbon business, joining a list of major global companies moving away from climate-changing fossil fuels.

Eneos, which aims to have net-zero emissions by 2040, will buy JRE from Goldman Sachs and Singaporean sovereign wealth fund GIC.

It said the deal, which marks the first big purchase of a renewables firm by a top Japanese oil company, would help it meet its target of having over 1,000 megawatts (MW) of renewables in Japan and abroad by March 2023.

Japan's oil companies have ventured more into the renewables sector, much like their overseas peers such as Royal Dutch Shell , especially after Tokyo vowed to cut down more emissions earlier this year.

"As the world moves toward a decarbonized and circular society, this acquisition will mark a key turning point to fundamentally transform our business structure," Keitaro Inoue, Eneos' senior vice president, told a news conference.

The price tag is "appropriate", given JRE's asset size and ability to develop a wide range of renewables including solar, wind, and biomass, Inoue said, adding the deal also buys the company time to boost its renewable assets portfolio.

Founded in 2012, JRE has 708 MW in renewable energy assets including those under construction on an equity basis. After the deal, Eneos' renewable assets will reach 1,220 MW.

Given its comparatively small capacity, JRE will be unlikely to make much of an immediate contribution to Eneos' typical annual sales of around 10 trillion yen ($90 billion).

However, the deal points to Eneos' intent to start switching out of fossil fuels. Japan is set to nearly double official targets for renewable supplies in the energy mix of the world's third-largest economy.

Eneos controls half the market for gasoline and other fuels in Japan, but has for many years seen its customer base shrink due to a declining population. (Reporting by Chang-Ran Kim, Aaron Sheldrick and Yuka Obayashi; Editing by Ramakrishnan M. and Bernadette Baum)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ENEOS HOLDINGS, INC. -0.35% 423.4 End-of-day quote.14.31%
ROYAL DUTCH SHELL PLC -1.45% 18.58 Real-time Quote.27.14%
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Analyst Recommendations on ENEOS HOLDINGS, INC.
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Financials
Sales 2022 9 903 B 87 187 M 87 187 M
Net income 2022 265 B 2 329 M 2 329 M
Net Debt 2022 2 091 B 18 410 M 18 410 M
P/E ratio 2022 5,14x
Yield 2022 5,29%
Capitalization 1 360 B 11 990 M 11 970 M
EV / Sales 2022 0,35x
EV / Sales 2023 0,35x
Nbr of Employees 40 753
Free-Float 95,6%
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Mean consensus BUY
Number of Analysts 9
Last Close Price 423,40 JPY
Average target price 577,00 JPY
Spread / Average Target 36,3%
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Managers and Directors
Tsutomu Sugimori Chairman & Chief Executive Officer
Katsuyuki Ohta President & Representative Director
Yasushi Yatabe Secretary, Director, EVP, Head-Finance & Personnel
Hiroko Ota Independent Outside Director
Yoshiiku Miyata Independent Outside Director
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