KAO CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 6,385 JPY | -0.34% |
|
+1.79% | +10.09% |
| Apr. 08 | Oasis Management Submits Shareholder Proposal to Kao Corporation | CI |
| Apr. 08 | Activist Oasis says it owns over 3% of Japanese cosmetics firm Kao | RE |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 4,340,252 | 3,833,082 | 2,852,283 | 2,442,686 | 2,696,205 | 2,968,164 | - | - |
| Enterprise Value (EV) 1 | 4,338,803 | 3,754,112 | 2,643,951 | 2,302,274 | 2,543,022 | 2,841,671 | 2,846,833 | 2,806,923 |
| P/E ratio | 29.4 x | 30.4 x | 26.1 x | 28.7 x | 61.5 x | 28.9 x | 25 x | 22.7 x |
| Yield | 1.44% | 1.76% | 2.39% | 2.82% | 2.59% | 2.39% | 2.43% | 2.44% |
| Capitalization / Revenue | 2.89 x | 2.77 x | 2.01 x | 1.57 x | 1.76 x | 1.88 x | 1.83 x | 1.79 x |
| EV / Revenue | 2.89 x | 2.72 x | 1.86 x | 1.48 x | 1.66 x | 1.8 x | 1.76 x | 1.69 x |
| EV / EBITDA | 14.7 x | 14.3 x | 11.5 x | 11.5 x | 17 x | 12.6 x | 11.5 x | 10.8 x |
| EV / FCF | 33.1 x | 24.6 x | 24.4 x | - | 23.3 x | 29.7 x | 25.5 x | 22.9 x |
| FCF Yield | 3.02% | 4.07% | 4.1% | - | 4.3% | 3.37% | 3.92% | 4.37% |
| Price to Book | 5.06 x | 4.15 x | 2.96 x | 2.51 x | 2.74 x | 2.95 x | 2.84 x | 2.71 x |
| Nbr of stocks (in thousands) | 480,914 | 480,939 | 473,880 | 464,831 | 464,863 | 464,865 | - | - |
| Reference price 2 | 9,025 | 7,970 | 6,019 | 5,255 | 5,800 | 6,385 | 6,385 | 6,385 |
| Announcement Date | 2/4/20 | 2/3/21 | 2/3/22 | 2/2/23 | 2/7/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,502,241 | 1,381,997 | 1,418,768 | 1,551,059 | 1,532,579 | 1,582,170 | 1,619,919 | 1,656,015 |
| EBITDA 1 | 295,092 | 261,643 | 230,851 | 199,809 | 149,630 | 225,489 | 247,672 | 259,270 |
| EBIT 1 | 211,723 | 175,563 | 143,510 | 110,071 | 60,035 | 135,141 | 157,822 | 173,234 |
| Operating Margin | 14.09% | 12.7% | 10.12% | 7.1% | 3.92% | 8.54% | 9.74% | 10.46% |
| Earnings before Tax (EBT) 1 | 210,645 | 173,971 | 150,002 | 115,848 | 63,842 | 139,025 | 162,013 | 178,044 |
| Net income 1 | 148,213 | 126,142 | 109,636 | 86,038 | 43,870 | 102,463 | 118,310 | 130,072 |
| Net margin | 9.87% | 9.13% | 7.73% | 5.55% | 2.86% | 6.48% | 7.3% | 7.85% |
| EPS 2 | 306.7 | 262.3 | 230.6 | 183.3 | 94.37 | 220.7 | 255.1 | 281.5 |
| Free Cash Flow 1 | 131,136 | 152,777 | 108,292 | - | 109,303 | 95,752 | 111,494 | 122,692 |
| FCF margin | 8.73% | 11.05% | 7.63% | - | 7.13% | 6.05% | 6.88% | 7.41% |
| FCF Conversion (EBITDA) | 44.44% | 58.39% | 46.91% | - | 73.05% | 42.46% | 45.02% | 47.32% |
| FCF Conversion (Net income) | 88.48% | 121.12% | 98.77% | - | 249.15% | 93.45% | 94.24% | 94.33% |
| Dividend per Share 2 | 130.0 | 140.0 | 144.0 | 148.0 | 150.0 | 152.4 | 154.9 | 155.8 |
| Announcement Date | 2/4/20 | 2/3/21 | 2/3/22 | 2/2/23 | 2/7/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2021 S2 | 2022 Q1 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 780,842 | 667,158 | 714,839 | 675,179 | 345,780 | 397,809 | 743,589 | 346,795 | 387,106 | 733,901 | 393,799 | 423,349 | 817,158 | 347,794 | 390,734 | 738,528 | 387,355 | 406,696 | 794,051 | 357,562 | 406,000 | 773,600 | 402,100 | 425,133 | 822,000 | - | - | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 125,337 | 74,484 | 101,079 | 70,551 | 38,443 | 34,516 | 72,959 | 22,952 | 30,709 | 53,661 | 23,239 | 33,154 | 56,410 | 7,287 | 18,613 | 25,900 | 24,805 | 9,330 | 34,135 | 18,780 | 32,475 | 53,500 | 39,450 | 48,475 | 87,700 | - | - | - |
| Operating Margin | 16.05% | 11.16% | 14.14% | 10.45% | 11.12% | 8.68% | 9.81% | 6.62% | 7.93% | 7.31% | 5.9% | 7.83% | 6.9% | 2.1% | 4.76% | 3.51% | 6.4% | 2.29% | 4.3% | 5.25% | 8% | 6.92% | 9.81% | 11.4% | 10.67% | - | - | - |
| Earnings before Tax (EBT) 1 | 125,130 | 73,730 | 100,241 | 74,133 | 39,376 | 36,493 | 75,869 | 25,654 | 34,818 | 60,472 | 24,628 | 30,753 | - | 8,439 | 20,200 | 28,639 | 25,943 | 9,260 | 35,203 | 21,500 | - | - | - | - | - | - | - | - |
| Net income 1 | 90,918 | 50,600 | 75,542 | 52,538 | 29,532 | 27,566 | 57,098 | 18,244 | 20,644 | 38,888 | 19,412 | 27,718 | - | 4,817 | 11,807 | 16,624 | 15,918 | 11,328 | 27,246 | 15,000 | - | - | - | - | - | - | - | - |
| Net margin | 11.64% | 7.58% | 10.57% | 7.78% | 8.54% | 6.93% | 7.68% | 5.26% | 5.33% | 5.3% | 4.93% | 6.55% | - | 1.39% | 3.02% | 2.25% | 4.11% | 2.79% | 3.43% | 4.2% | - | - | - | - | - | - | - | - |
| EPS 2 | 188.7 | 105.2 | 157.1 | 110.1 | 62.30 | 58.17 | 120.5 | 38.50 | 43.67 | 82.17 | 41.65 | 59.46 | - | 10.36 | 25.40 | 35.76 | 34.25 | - | - | 27.82 | 48.04 | - | 64.13 | 90.40 | - | - | - | - |
| Dividend per Share | - | 70.00 | 70.00 | 72.00 | - | 72.00 | 72.00 | - | 74.00 | 74.00 | - | 74.00 | - | - | 75.00 | 75.00 | - | - | 75.00 | - | - | 76.00 | - | - | 76.00 | 77.00 | 77.00 | 79.00 |
| Announcement Date | 2/4/20 | 7/29/20 | 2/3/21 | 8/3/21 | 11/2/21 | 2/3/22 | 2/3/22 | 5/11/22 | 8/3/22 | 8/3/22 | 11/1/22 | 2/2/23 | 2/2/23 | 5/10/23 | 8/3/23 | 8/3/23 | 11/8/23 | 2/7/24 | 2/7/24 | - | - | - | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 1,449 | 78,970 | 208,332 | 140,412 | 153,183 | 126,493 | 121,331 | 161,240 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 131,136 | 152,777 | 108,292 | - | 109,303 | 95,752 | 111,494 | 122,692 |
| ROE (net income / shareholders' equity) | 17.6% | 14.2% | 11.6% | 8.9% | 4.5% | 10.3% | 11.6% | 12.2% |
| ROA (Net income/ Total Assets) | 13.5% | 10.5% | 8.9% | 6.75% | 3.65% | 5.54% | 6.24% | 7.01% |
| Assets 1 | 1,097,874 | 1,203,456 | 1,231,424 | 1,273,829 | 1,201,197 | 1,848,004 | 1,897,409 | 1,856,443 |
| Book Value Per Share 2 | 1,783 | 1,921 | 2,037 | 2,091 | 2,116 | 2,161 | 2,246 | 2,352 |
| Cash Flow per Share 2 | 479.0 | 441.0 | 414.0 | 374.0 | 287.0 | 402.0 | 441.0 | 469.0 |
| Capex 1 | 113,387 | 86,149 | 87,766 | 94,567 | 93,178 | 88,570 | 88,500 | 89,167 |
| Capex / Sales | 7.55% | 6.23% | 6.19% | 6.1% | 6.08% | 5.6% | 5.46% | 5.38% |
| Announcement Date | 2/4/20 | 2/3/21 | 2/3/22 | 2/2/23 | 2/7/24 | - | - | - |
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
10
Last Close Price
6,385
JPY
Average target price
6,457
JPY
Spread / Average Target
+1.13%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +10.09% | 18.86B | |
| -3.33% | 249B | |
| 0.00% | 17.37B | |
| -1.32% | 10.65B | |
| -7.73% | 10.26B | |
| +3.86% | 6.72B | |
| +9.76% | 5.94B | |
| -0.06% | 4.55B | |
| -16.98% | 3.83B | |
| -6.25% | 3.48B |
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- Financials Kao Corporation
