Financials Kumiai Chemical Industry Co., Ltd.

Equities

4996

JP3267600009

Agricultural Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
802 ^JPY	+2.17%		+1.26%	-0.62%

2023	Kumiai Chemical Industry Co., Ltd. acquired a 65% stake in GRA Inc. for ¥100 million.	CI
2022	Kumiai Chemical Industry Co., Ltd. completed the acquisition of 80% stake in Agricore Corporation.	CI

Valuation

Fiscal Period: Oktober	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	126,749	124,925	105,962	117,516	131,397	96,500	-	-
Enterprise Value (EV) ¹	126,749	125,278	108,299	130,149	150,076	96,500	96,500	96,500
P/E ratio	18.6 x	18.9 x	11.7 x	7.22 x	7.29 x	8.93 x	7.63 x	6.84 x
Yield	1.09%	1.2%	1.77%	2.25%	4.12%	3.49%	3.91%	4.43%
Capitalization / Revenue	1.23 x	1.16 x	0.9 x	0.81 x	0.82 x	0.58 x	0.56 x	0.54 x
EV / Revenue	1.23 x	1.16 x	0.9 x	0.81 x	0.82 x	0.58 x	0.56 x	0.54 x
EV / EBITDA	11.8 x	10.4 x	8.3 x	6.71 x	6.85 x	5.53 x	5.11 x	5.08 x
EV / FCF	-17.3 x	-168 x	-49.3 x	-13.1 x	-24.6 x	346 x	43.5 x	25.5 x
FCF Yield	-5.78%	-0.59%	-2.03%	-7.64%	-4.06%	0.29%	2.3%	3.92%
Price to Book	1.34 x	1.27 x	1.02 x	1.02 x	0.99 x	0.7 x	0.65 x	0.61 x
Nbr of stocks (in thousands)	125,743	125,050	125,102	120,159	120,327	120,324	-	-
Reference price ²	1,008	999.0	847.0	978.0	1,092	802.0	802.0	802.0
Announcement Date	12/13/19	12/14/20	12/14/21	12/14/22	12/14/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Oktober	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	103,400	107,280	118,176	145,302	161,002	165,915	173,767	180,250
EBITDA ¹	10,741	12,051	12,774	17,510	19,177	17,442	18,900	19,000
EBIT ¹	7,639	8,283	8,456	12,673	14,089	11,947	14,067	15,500
Operating Margin	7.39%	7.72%	7.16%	8.72%	8.75%	7.2%	8.1%	8.6%
Earnings before Tax (EBT) ¹	9,767	9,009	12,419	23,119	23,320	14,750	17,000	19,000
Net income ¹	6,789	6,618	9,023	16,329	18,024	11,186	13,094	14,100
Net margin	6.57%	6.17%	7.64%	11.24%	11.19%	6.74%	7.54%	7.82%
EPS ²	54.10	52.92	72.13	135.4	149.9	89.78	105.0	117.2
Free Cash Flow ¹	-7,323	-742	-2,149	-8,982	-5,337	279	2,216	3,784
FCF margin	-7.08%	-0.69%	-1.82%	-6.18%	-3.31%	0.17%	1.28%	2.1%
FCF Conversion (EBITDA)	-	-	-	-	-	1.6%	11.73%	19.91%
FCF Conversion (Net income)	-	-	-	-	-	2.49%	16.93%	26.83%
Dividend per Share ²	11.00	12.00	15.00	22.00	45.00	28.00	31.33	35.50
Announcement Date	12/13/19	12/14/20	12/14/21	12/14/22	12/14/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: October	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	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
Net sales ¹	44,929	58,383	48,897	58,765	29,673	32,787	39,424	72,211	34,123	38,968	73,091	42,750	52,695	95,445	34,950	30,607	65,557	39,298	57,702	97,000	36,000	32,500	68,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,032	4,971	3,312	4,796	1,573	3,430	4,445	7,875	2,467	2,331	4,798	5,808	6,858	12,666	1,443	-20	1,423	2,942	4,458	7,400	1,700	2,400	4,100
Operating Margin	4.52%	8.51%	6.77%	8.16%	5.3%	10.46%	11.27%	10.91%	7.23%	5.98%	6.56%	13.59%	13.01%	13.27%	4.13%	-0.07%	2.17%	7.49%	7.73%	7.63%	4.72%	7.38%	5.99%
Earnings before Tax (EBT)	-	5,400	-	6,707	-	3,916	-	11,416	4,257	-	-	4,300	-	13,830	5,156	-	-	3,556	-	-	-	-	-
Net income	-	3,805	-	4,720	-	2,637	-	7,968	3,095	-	-	3,445	-	10,246	4,234	-	-	2,488	-	-	-	-	-
Net margin	-	6.52%	-	8.03%	-	8.04%	-	11.03%	9.07%	-	-	8.06%	-	10.73%	12.11%	-	-	6.33%	-	-	-	-	-
EPS	-	30.42	-	37.74	-	21.65	-	65.88	25.79	-	-	28.67	-	85.25	35.19	-	-	20.67	-	-	-	-	-
Dividend per Share	-	4.000	-	5.000	-	-	-	8.000	-	-	-	-	-	18.00	-	-	-	-	-	-	-	-	-
Announcement Date	12/13/19	6/19/20	12/14/20	6/11/21	12/14/21	3/11/22	6/10/22	6/10/22	9/9/22	12/14/22	12/14/22	3/10/23	6/9/23	6/9/23	9/8/23	12/14/23	12/14/23	3/8/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	353	2,337	12,633	18,679	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	0.0293 x	0.1829 x	0.7215 x	0.974 x	-	-	-
Free Cash Flow ¹	-7,323	-742	-2,149	-8,982	-5,337	279	2,217	3,784
ROE (net income / shareholders' equity)	7.4%	6.9%	8.9%	14.9%	14.5%	8.18%	8.75%	9.2%
ROA (Net income/ Total Assets)	7.04%	6.67%	7.92%	12.6%	11.2%	4.8%	5.1%	5.2%
Assets ¹	96,384	99,282	113,949	129,474	161,272	233,049	256,752	271,154
Book Value Per Share ²	750.0	787.0	830.0	961.0	1,106	1,150	1,235	1,319
Cash Flow per Share	78.80	78.70	102.0	170.0	187.0	-	-	-
Capex ¹	4,218	5,274	6,627	7,981	8,818	10,200	9,000	9,000
Capex / Sales	4.08%	4.92%	5.61%	5.49%	5.48%	6.15%	5.18%	4.99%
Announcement Date	12/13/19	12/14/20	12/14/21	12/14/22	12/14/23	-	-	-

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 Kumiai Chemical Industry Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

802 JPY

Average target price

1,033 JPY

Spread / Average Target

+28.84%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Pesticide

	1st Jan change	Capi.
KUMIAI CHEMICAL INDUSTRY CO., LTD.	-0.62%	613M
JIANGSU YANGNONG CHEMICAL CO., LTD.	+1.19%	3.58B
SHANDONG WEIFANG RAINBOW CHEMICAL CO., LTD	-17.77%	2.21B
ADAMA LTD.	-13.26%	1.85B
ANHUI GUANGXIN AGROCHEMICAL CO., LTD.	-0.69%	1.8B
ZHEJIANG XINAN CHEMICAL INDUSTRIAL GROUP CO.,LTD	-5.70%	1.6B
NUFARM LIMITED	-2.11%	1.27B
SHENZHEN NOPOSION CROP SCIENCE CO., LTD.	-2.91%	1.1B
LIER CHEMICAL CO.,LTD.	-22.97%	1.02B
NANTONG JIANGSHAN AGROCHEMICAL & CHEMICALS CO.,LTD.	-8.05%	951M

Pesticide