Financials Fuji Oil Holdings Inc.

Equities

2607

JP3816400000

Food Processing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,302 ^JPY	+0.22%		+1.52%	-5.15%

Apr. 17	Idemitsu Kosan Acquires 8.75% Stake in Fuji Oil in Capital and Business Alliance Deal	MT
Mar. 20	Idemitsu Kosan Agrees to Boost Fuji Oil Stake to 13%	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	325,781	224,178	253,832	170,205	165,310	197,933	-	-
Enterprise Value (EV) ¹	465,018	351,820	364,678	303,048	324,514	328,107	320,739	312,211
P/E ratio	28.1 x	13.7 x	23 x	14.8 x	27 x	21.7 x	16.8 x	14.3 x
Yield	1.32%	2.15%	1.76%	2.63%	2.7%	2.26%	2.28%	2.41%
Capitalization / Revenue	1.08 x	0.54 x	0.7 x	0.39 x	0.3 x	0.35 x	0.35 x	0.35 x
EV / Revenue	1.55 x	0.85 x	1 x	0.7 x	0.58 x	0.59 x	0.57 x	0.55 x
EV / EBITDA	15.2 x	8.99 x	10.6 x	9.34 x	10.4 x	9.04 x	8.28 x	7.42 x
EV / FCF	-8.24 x	20.8 x	22.2 x	-19.8 x	-36.5 x	10.5 x	19.1 x	20 x
FCF Yield	-12.1%	4.81%	4.5%	-5.04%	-2.74%	9.54%	5.24%	4.99%
Price to Book	2.08 x	1.44 x	1.59 x	0.91 x	0.82 x	0.94 x	0.91 x	0.87 x
Nbr of stocks (in thousands)	85,958	85,958	85,957	85,962	85,965	85,965	-	-
Reference price ²	3,790	2,608	2,953	1,980	1,923	2,302	2,302	2,302
Announcement Date	5/8/19	5/12/20	5/11/21	5/10/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	300,844	414,727	364,779	433,831	557,410	558,960	558,700	566,260
EBITDA ¹	30,514	39,135	34,318	32,453	31,240	36,286	38,746	42,086
EBIT ¹	18,525	23,598	17,911	15,008	10,940	17,340	20,040	22,860
Operating Margin	6.16%	5.69%	4.91%	3.46%	1.96%	3.1%	3.59%	4.04%
Earnings before Tax (EBT) ¹	16,538	23,279	17,020	16,289	9,903	20,850	18,125	21,500
Net income ¹	11,582	16,375	11,014	11,504	6,126	9,425	11,600	14,000
Net margin	3.85%	3.95%	3.02%	2.65%	1.1%	1.69%	2.08%	2.47%
EPS ²	134.8	190.5	128.1	133.8	71.27	106.3	137.0	160.8
Free Cash Flow ¹	-56,467	16,923	16,413	-15,269	-8,893	31,299	16,816	15,575
FCF margin	-18.77%	4.08%	4.5%	-3.52%	-1.6%	5.6%	3.01%	2.75%
FCF Conversion (EBITDA)	-	43.24%	47.83%	-	-	86.26%	43.4%	37.01%
FCF Conversion (Net income)	-	103.35%	149.02%	-	-	332.09%	144.97%	111.25%
Dividend per Share ²	50.00	56.00	52.00	52.00	52.00	52.00	52.60	55.40
Announcement Date	5/8/19	5/12/20	5/11/21	5/10/22	5/10/23	-	-	-

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 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	191,585	223,142	172,589	192,190	105,824	204,503	115,433	113,895	-	127,928	140,470	268,398	148,289	140,723	-	131,053	139,985	271,038	150,500	137,433	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,050	14,548	7,338	10,573	3,795	7,913	4,010	3,085	-	2,374	2,691	5,065	3,711	2,164	5,875	3,584	5,216	8,800	4,097	4,500	-	-	-	-	-
Operating Margin	4.72%	6.52%	4.25%	5.5%	3.59%	3.87%	3.47%	2.71%	-	1.86%	1.92%	1.89%	2.5%	1.54%	-	2.73%	3.73%	3.25%	2.72%	3.27%	-	-	-	-	-
Earnings before Tax (EBT)	8,325	-	6,613	-	-	8,843	4,041	-	-	3,438	-	5,372	2,968	-	-	15,461	-	20,740	-6,631	-	-	-	-	-	-
Net income ¹	5,979	10,396	4,318	6,696	2,480	6,015	3,353	2,136	-	1,858	1,369	3,227	1,835	1,064	-	9,070	3,295	12,365	-7,393	1,750	-	-	-	-	-
Net margin	3.12%	4.66%	2.5%	3.48%	2.34%	2.94%	2.9%	1.88%	-	1.45%	0.97%	1.2%	1.24%	0.76%	-	6.92%	2.35%	4.56%	-4.91%	1.27%	-	-	-	-	-
EPS ²	69.56	-	50.24	-	28.85	69.98	39.00	24.86	-	21.62	15.93	37.55	21.34	12.38	-	105.5	-	143.8	-86.00	20.36	-	-	-	-	-
Dividend per Share	27.00	29.00	26.00	26.00	-	26.00	-	-	26.00	-	-	26.00	-	-	26.00	-	-	26.00	-	-	26.00	26.00	26.00	26.00	32.00
Announcement Date	11/5/19	5/12/20	11/6/20	5/11/21	11/9/21	11/9/21	2/8/22	5/10/22	5/10/22	8/4/22	11/9/22	11/9/22	2/8/23	5/10/23	5/10/23	8/8/23	11/7/23	11/7/23	2/8/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	139,237	127,642	110,846	132,843	159,204	130,174	122,806	114,278
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.563 x	3.262 x	3.23 x	4.093 x	5.096 x	3.587 x	3.17 x	2.715 x
Free Cash Flow ¹	-56,467	16,923	16,413	-15,269	-8,893	31,299	16,816	15,575
ROE (net income / shareholders' equity)	7.3%	10.5%	7%	6.6%	3.1%	4.36%	5.99%	6.69%
ROA (Net income/ Total Assets)	5.55%	5.96%	4.84%	3.71%	2.19%	3.03%	3.93%	4.5%
Assets ¹	208,822	274,914	227,578	310,483	279,876	310,715	294,916	311,111
Book Value Per Share ²	1,820	1,809	1,862	2,168	2,359	2,446	2,528	2,637
Cash Flow per Share ²	274.0	371.0	295.0	312.0	277.0	297.0	368.0	419.0
Capex ¹	18,063	20,135	21,792	18,176	22,831	20,500	20,667	20,333
Capex / Sales	6%	4.86%	5.97%	4.19%	4.1%	3.67%	3.7%	3.59%
Announcement Date	5/8/19	5/12/20	5/11/21	5/10/22	5/10/23	-	-	-

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 Fuji Oil Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,302 JPY

Average target price

2,720 JPY

Spread / Average Target

+18.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
FUJI OIL HOLDINGS INC.	-5.15%	1.26B
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