IDEMITSU KOSAN CO., LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,048 JPY | +2.49% |
|
+2.34% | +36.55% |
| Apr. 17 | Idemitsu Kosan Partners Zen-Noh Grain for Sustainable Aviation Fuel Production | MT |
| Apr. 17 | Japan oil refiners to tap reserves in case of Middle East disruption | RE |
Valuation
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 731,153 | 742,038 | 848,414 | 1,003,408 | 857,766 | 1,445,234 | - | - |
| Enterprise Value (EV) 1 | 1,589,186 | 1,913,489 | 1,996,853 | 2,199,937 | 2,210,490 | 2,554,943 | 2,495,902 | 2,558,664 |
| P/E ratio | 9.22 x | -32.5 x | 24.3 x | 3.59 x | 3.4 x | 7.48 x | 8.68 x | 8.43 x |
| Yield | 2.7% | 6.46% | 4.2% | 3.56% | 4.14% | 3.05% | 3.11% | 3.05% |
| Capitalization / Revenue | 0.17 x | 0.12 x | 0.19 x | 0.15 x | 0.09 x | 0.17 x | 0.17 x | 0.17 x |
| EV / Revenue | 0.36 x | 0.32 x | 0.44 x | 0.33 x | 0.23 x | 0.3 x | 0.3 x | 0.31 x |
| EV / EBITDA | 6.57 x | 19 x | 8.06 x | 4.01 x | 5.58 x | 6.53 x | 6.92 x | 7.18 x |
| EV / FCF | 55.3 x | -11.4 x | 32.9 x | 80.5 x | 59.4 x | 13.9 x | 18.6 x | 25.8 x |
| FCF Yield | 1.81% | -8.74% | 3.04% | 1.24% | 1.68% | 7.19% | 5.37% | 3.87% |
| Price to Book | 0.87 x | 0.64 x | 0.74 x | 0.71 x | 0.53 x | 0.84 x | 0.77 x | 0.72 x |
| Nbr of stocks (in thousands) | 986,711 | 1,497,253 | 1,486,359 | 1,486,530 | 1,478,907 | 1,379,040 | - | - |
| Reference price 2 | 741.0 | 495.6 | 570.8 | 675.0 | 580.0 | 1,048 | 1,048 | 1,048 |
| Announcement Date | 5/15/19 | 5/26/20 | 5/11/21 | 5/10/22 | 5/9/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 4,425,144 | 6,045,850 | 4,556,620 | 6,686,761 | 9,456,281 | 8,632,031 | 8,296,966 | 8,274,012 |
| EBITDA 1 | 242,028 | 100,752 | 247,849 | 548,730 | 396,354 | 391,484 | 360,422 | 356,156 |
| EBIT 1 | 179,319 | -3,860 | 140,062 | 434,453 | 282,442 | 276,709 | 219,423 | 209,794 |
| Operating Margin | 4.05% | -0.06% | 3.07% | 6.5% | 2.99% | 3.21% | 2.64% | 2.54% |
| Earnings before Tax (EBT) 1 | 144,701 | -17,226 | 64,582 | 388,062 | 348,270 | 288,651 | 231,511 | 230,878 |
| Net income 1 | 81,450 | -22,935 | 34,920 | 279,498 | 253,646 | 200,852 | 164,485 | 161,905 |
| Net margin | 1.84% | -0.38% | 0.77% | 4.18% | 2.68% | 2.33% | 1.98% | 1.96% |
| EPS 2 | 80.33 | -15.26 | 23.49 | 188.0 | 170.7 | 140.2 | 120.7 | 124.3 |
| Free Cash Flow 1 | 28,731 | -167,175 | 60,615 | 27,313 | 37,235 | 183,620 | 133,960 | 99,020 |
| FCF margin | 0.65% | -2.77% | 1.33% | 0.41% | 0.39% | 2.13% | 1.61% | 1.2% |
| FCF Conversion (EBITDA) | 11.87% | - | 24.46% | 4.98% | 9.39% | 46.9% | 37.17% | 27.8% |
| FCF Conversion (Net income) | 35.27% | - | 173.58% | 9.77% | 14.68% | 91.42% | 81.44% | 61.16% |
| Dividend per Share 2 | 20.00 | 32.00 | 24.00 | 24.00 | 24.00 | 32.00 | 32.57 | 32.00 |
| Announcement Date | 5/15/19 | 5/26/20 | 5/11/21 | 5/10/22 | 5/9/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: März | 2020 S1 | 2021 S1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 S1 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,000,031 | 2,015,717 | 1,564,745 | 2,867,008 | 1,780,177 | 2,039,576 | 3,819,753 | 2,204,695 | 2,609,393 | 4,814,088 | 2,397,206 | 2,244,987 | 1,818,922 | 2,205,540 | 4,024,462 | 2,377,802 | 2,384,567 | 1,701,050 | 2,081,800 | 4,100,900 | 2,264,450 | 2,468,950 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 60,301 | 3,129 | 67,992 | 179,297 | 99,743 | 155,413 | 255,156 | 233,633 | 120,444 | 354,077 | -55,211 | -16,424 | 44,871 | 158,050 | 202,921 | 90,779 | -10,167 | 52,000 | 74,600 | 132,700 | 43,700 | 69,100 |
| Operating Margin | 2.01% | 0.16% | 4.35% | 6.25% | 5.6% | 7.62% | 6.68% | 10.6% | 4.62% | 7.36% | -2.3% | -0.73% | 2.47% | 7.17% | 5.04% | 3.82% | -0.43% | 3.06% | 3.58% | 3.24% | 1.93% | 2.8% |
| Earnings before Tax (EBT) | 68,864 | -33,064 | 72,311 | 203,372 | 93,194 | 91,496 | 184,690 | 253,862 | 144,708 | 398,570 | -44,916 | - | 59,273 | - | 227,807 | 97,518 | - | - | - | - | - | - |
| Net income 1 | 45,347 | -32,115 | 54,322 | 142,702 | 57,226 | 79,570 | 136,796 | 179,321 | 101,477 | 280,798 | -31,169 | 4,017 | 45,406 | 119,540 | 164,946 | 74,139 | -36,150 | 39,200 | 57,650 | 102,800 | 34,400 | 46,000 |
| Net margin | 1.51% | -1.59% | 3.47% | 4.98% | 3.21% | 3.9% | 3.58% | 8.13% | 3.89% | 5.83% | -1.3% | 0.18% | 2.5% | 5.42% | 4.1% | 3.12% | -1.52% | 2.3% | 2.77% | 2.51% | 1.52% | 1.86% |
| EPS | 30.06 | -21.61 | 36.54 | 96.01 | 38.50 | 53.53 | 92.02 | 120.6 | 68.26 | 188.9 | -20.98 | - | 31.30 | 83.59 | 114.9 | 52.87 | - | - | - | - | - | - |
| Dividend per Share | 16.00 | 12.00 | - | 12.00 | - | - | - | - | - | 12.00 | - | - | - | - | 16.00 | - | - | - | - | - | - | - |
| Announcement Date | 11/14/19 | 11/10/20 | 11/9/21 | 11/9/21 | 2/8/22 | 5/10/22 | 5/10/22 | 8/9/22 | 11/8/22 | 11/8/22 | 2/14/23 | 5/9/23 | 8/8/23 | 11/14/23 | 11/14/23 | 2/13/24 | - | - | - | - | - | - |
1JPY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 858,033 | 1,171,451 | 1,148,439 | 1,196,529 | 1,352,724 | 1,109,709 | 1,050,667 | 1,113,430 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.545 x | 11.63 x | 4.634 x | 2.181 x | 3.413 x | 2.835 x | 2.915 x | 3.126 x |
| Free Cash Flow 1 | 28,731 | -167,175 | 60,615 | 27,313 | 37,235 | 183,620 | 133,960 | 99,020 |
| ROE (net income / shareholders' equity) | 9.5% | -2.3% | 3% | 21.8% | 16.8% | 12.1% | 9.2% | 8.81% |
| ROA (Net income/ Total Assets) | 5.82% | -0.41% | 2.76% | 10.7% | 6.79% | 4.91% | 3.61% | 3.6% |
| Assets 1 | 1,399,208 | 5,561,213 | 1,263,341 | 2,603,321 | 3,734,009 | 4,093,587 | 4,557,204 | 4,501,512 |
| Book Value Per Share 2 | 853.0 | 774.0 | 774.0 | 950.0 | 1,102 | 1,255 | 1,358 | 1,457 |
| Cash Flow per Share 2 | 141.0 | 47.90 | 89.50 | 299.0 | 241.0 | 205.0 | 206.0 | - |
| Capex 1 | 78,347 | 143,036 | 151,414 | 118,798 | 98,688 | 156,640 | 169,040 | 169,040 |
| Capex / Sales | 1.77% | 2.37% | 3.32% | 1.78% | 1.04% | 1.81% | 2.04% | 2.04% |
| Announcement Date | 5/15/19 | 5/26/20 | 5/11/21 | 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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
1,048
JPY
Average target price
1,041
JPY
Spread / Average Target
-0.64%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +36.55% | 9.18B | |
| +3.35% | 11.3B | |
| +34.34% | 11.4B | |
| +0.35% | 7.4B | |
| +88.44% | 5.28B | |
| +9.64% | 3.34B | |
| -1.77% | 3.33B | |
| +12.04% | 3.08B | |
| +15.04% | 2.73B | |
| +215.41% | 2.37B |
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