Financials FP Corporation

Equities

7947

JP3167000003

Non-Paper Containers & Packaging

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,516 ^JPY	-2.39%		-2.23%	-15.31%

Feb. 21	Tranche Update on FP Corporation's Equity Buyback Plan announced on January 31, 2024.	CI
Feb. 21	FP Corporation's Equity Buyback announced on January 31, 2024, has closed with 1,049,400 shares, representing 1.28% for ¥2,999.9 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	270,363	296,407	368,535	238,626	268,461	203,348	-	-
Enterprise Value (EV) ¹	342,612	356,459	424,109	297,046	346,366	257,666	255,663	252,953
P/E ratio	27.3 x	27.5 x	30.5 x	21.3 x	23.3 x	17.2 x	16.2 x	15 x
Yield	1.24%	1.13%	0.99%	1.61%	1.43%	2.27%	2.27%	2.4%
Capitalization / Revenue	1.49 x	1.59 x	1.87 x	1.22 x	1.27 x	0.92 x	0.89 x	0.87 x
EV / Revenue	1.89 x	1.91 x	2.15 x	1.52 x	1.64 x	1.16 x	1.12 x	1.08 x
EV / EBITDA	12.6 x	12.3 x	13.1 x	10.1 x	11.2 x	8.26 x	7.92 x	7.51 x
EV / FCF	40.8 x	21.2 x	33.4 x	1,053 x	-45 x	21.5 x	31.1 x	26.4 x
FCF Yield	2.45%	4.71%	2.99%	0.09%	-2.22%	4.66%	3.21%	3.78%
Price to Book	2.42 x	2.5 x	2.96 x	1.81 x	1.93 x	1.4 x	1.34 x	1.27 x
Nbr of stocks (in thousands)	82,680	82,680	81,806	81,833	81,848	80,822	-	-
Reference price ²	3,270	3,585	4,505	2,916	3,280	2,516	2,516	2,516
Announcement Date	5/8/19	4/30/20	4/28/21	4/28/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	181,171	186,349	196,950	195,700	211,285	221,406	227,579	233,679
EBITDA ¹	27,119	29,039	32,372	29,520	30,883	31,176	32,286	33,664
EBIT ¹	13,949	15,507	18,763	15,884	16,703	17,150	18,200	19,567
Operating Margin	7.7%	8.32%	9.53%	8.12%	7.91%	7.75%	8%	8.37%
Earnings before Tax (EBT) ¹	14,401	15,972	18,060	16,458	16,930	17,850	19,150	20,725
Net income ¹	9,901	10,777	12,211	11,206	11,529	11,950	12,680	13,659
Net margin	5.47%	5.78%	6.2%	5.73%	5.46%	5.4%	5.57%	5.85%
EPS ²	119.8	130.4	147.8	137.0	140.9	146.1	155.4	167.8
Free Cash Flow ¹	8,401	16,781	12,683	282	-7,703	12,000	8,219	9,566
FCF margin	4.64%	9.01%	6.44%	0.14%	-3.65%	5.42%	3.61%	4.09%
FCF Conversion (EBITDA)	30.98%	57.79%	39.18%	0.96%	-	38.49%	25.46%	28.42%
FCF Conversion (Net income)	84.85%	155.71%	103.87%	2.52%	-	100.42%	64.82%	70.04%
Dividend per Share ²	40.50	40.50	44.50	47.00	47.00	57.00	57.00	60.50
Announcement Date	5/8/19	4/30/20	4/28/21	4/28/22	4/28/23	-	-	-

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	92,901	93,448	96,395	100,555	49,720	97,367	53,512	44,821	98,333	49,437	53,125	102,562	60,249	48,474	108,723	53,233	55,493	108,726	62,034	50,342	110,674	54,800	57,100	63,700	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7,094	8,413	8,311	10,452	4,497	8,548	5,417	1,919	7,336	2,765	3,307	6,072	8,101	2,530	10,631	2,980	4,001	6,981	6,544	2,964	9,819	3,100	4,100	6,600	3,700
Operating Margin	7.64%	9%	8.62%	10.39%	9.04%	8.78%	10.12%	4.28%	7.46%	5.59%	6.22%	5.92%	13.45%	5.22%	9.78%	5.6%	7.21%	6.42%	10.55%	5.89%	8.87%	5.66%	7.18%	10.36%	-
Earnings before Tax (EBT) ¹	7,254	-	8,347	-	-	8,554	5,716	-	-	2,951	-	6,137	8,271	-	-	3,349	4,160	7,509	6,622	2,800	-	-	-	-	-
Net income ¹	4,842	-	5,653	-	3,069	5,803	3,856	1,547	-	1,947	2,184	4,131	5,679	1,719	-	2,244	2,878	5,122	4,524	1,811	-	-	-	-	-
Net margin	5.21%	-	5.86%	-	6.17%	5.96%	7.21%	3.45%	-	3.94%	4.11%	4.03%	9.43%	3.55%	-	4.22%	5.19%	4.71%	7.29%	3.6%	-	-	-	-	-
EPS ²	58.57	-	68.37	-	37.50	70.93	47.13	18.90	-	23.80	26.68	50.48	69.39	21.00	-	27.43	35.15	62.58	55.26	21.04	-	-	-	-	-
Dividend per Share ²	20.00	-	20.50	-	21.50	21.50	-	25.50	-	-	21.50	21.50	-	-	-	-	21.50	21.50	-	28.50	-	-	25.00	-	33.00
Announcement Date	10/31/19	4/30/20	10/30/20	4/28/21	10/29/21	10/29/21	1/31/22	4/28/22	4/28/22	7/29/22	10/31/22	10/31/22	1/31/23	4/28/23	4/28/23	7/31/23	10/30/23	10/30/23	1/31/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	72,249	60,052	55,574	58,420	77,905	54,318	52,314	49,604
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.664 x	2.068 x	1.717 x	1.979 x	2.523 x	1.742 x	1.62 x	1.474 x
Free Cash Flow ¹	8,401	16,781	12,683	282	-7,703	12,000	8,219	9,566
ROE (net income / shareholders' equity)	9.1%	9.4%	10%	8.8%	8.5%	8.39%	8.41%	8.66%
ROA (Net income/ Total Assets)	6.02%	6.62%	7.91%	6.55%	6.17%	5%	5.2%	5.5%
Assets ¹	164,405	162,850	154,277	171,055	186,733	238,999	243,845	248,338
Book Value Per Share ²	1,352	1,436	1,520	1,610	1,704	1,792	1,884	1,987
Cash Flow per Share ²	279.0	294.0	313.0	304.0	314.0	338.0	352.0	370.0
Capex ¹	17,444	10,654	17,319	23,246	27,774	13,000	18,200	18,600
Capex / Sales	9.63%	5.72%	8.79%	11.88%	13.15%	5.87%	8%	7.96%
Announcement Date	5/8/19	4/30/20	4/28/21	4/28/22	4/28/23	-	-	-

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 FP Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,516 JPY

Average target price

3,487 JPY

Spread / Average Target

+38.58%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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