Financials Kureha Corporation

Equities

4023

JP3271600003

Commodity Chemicals

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,779 ^JPY	+2.36%		+4.04%	-3.51%

Mar. 28	Yen Intervention Worries Push Japanese Shares into Red	MT
Mar. 28	Kureha Sees Loss of 4 Billion Yen After Scrapping China Expansion, Withdrawing from Heat Shrink Multilayer Film Business	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	125,847	86,110	149,117	191,467	164,923	152,937	-	-
Enterprise Value (EV) ¹	158,410	113,039	158,138	187,006	154,712	178,109	206,042	243,541
P/E ratio	9.14 x	6.36 x	11.1 x	13.5 x	9.78 x	16.4 x	12.3 x	10.8 x
Yield	2.66%	3.86%	2.23%	2.14%	3.2%	3.12%	3.17%	3.33%
Capitalization / Revenue	0.85 x	0.6 x	1.03 x	1.14 x	0.86 x	0.85 x	0.83 x	0.79 x
EV / Revenue	1.07 x	0.79 x	1.09 x	1.11 x	0.81 x	1 x	1.11 x	1.26 x
EV / EBITDA	5.76 x	3.75 x	5.47 x	5.9 x	4.56 x	7.03 x	6.92 x	7.48 x
EV / FCF	10.6 x	11.7 x	6.93 x	10.6 x	13.3 x	12.5 x	37.6 x	34.3 x
FCF Yield	9.48%	8.55%	14.4%	9.41%	7.5%	8.03%	2.66%	2.91%
Price to Book	0.78 x	0.52 x	0.81 x	0.96 x	0.77 x	0.72 x	0.69 x	0.66 x
Nbr of stocks (in thousands)	60,796	58,645	58,554	58,552	58,553	55,033	-	-
Reference price ²	2,070	1,468	2,547	3,270	2,817	2,779	2,779	2,779
Announcement Date	5/14/19	5/13/20	5/12/21	5/12/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	148,265	142,398	144,575	168,341	191,277	179,000	185,320	192,900
EBITDA ¹	27,482	30,151	28,935	31,700	33,965	25,320	29,780	32,575
EBIT ¹	17,172	18,041	17,263	20,142	22,350	12,900	16,900	19,225
Operating Margin	11.58%	12.67%	11.94%	11.96%	11.68%	7.21%	9.12%	9.97%
Earnings before Tax (EBT) ¹	17,435	17,944	17,748	20,398	22,992	15,067	17,733	19,967
Net income ¹	13,933	13,719	13,493	14,164	16,868	9,920	12,506	13,815
Net margin	9.4%	9.63%	9.33%	8.41%	8.82%	5.54%	6.75%	7.16%
EPS ²	226.5	230.9	230.4	241.9	288.1	169.8	225.9	257.4
Free Cash Flow ¹	15,014	9,667	22,828	17,600	11,600	14,300	5,485	7,092
FCF margin	10.13%	6.79%	15.79%	10.45%	6.06%	7.99%	2.96%	3.68%
FCF Conversion (EBITDA)	54.63%	32.06%	78.89%	55.52%	34.15%	56.48%	18.42%	21.77%
FCF Conversion (Net income)	107.76%	70.46%	169.18%	124.26%	68.77%	144.15%	43.86%	51.33%
Dividend per Share ²	55.00	56.67	56.67	70.00	90.00	86.60	88.18	92.42
Announcement Date	5/14/19	5/13/20	5/12/21	5/12/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	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 Q3	2025 Q4
Net sales ¹	69,578	66,038	41,221	79,069	44,042	45,230	49,280	52,475	101,755	47,225	42,297	43,759	44,731	88,490	44,364	44,500	45,200	46,200	48,500	45,200
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	10,230	6,177	7,110	11,364	6,808	1,970	8,145	8,592	16,737	7,746	-2,133	4,937	4,211	9,148	6,309	1,100	4,700	4,700	5,800	4,400
Operating Margin	14.7%	9.35%	17.25%	14.37%	15.46%	4.36%	16.53%	16.37%	16.45%	16.4%	-5.04%	11.28%	9.41%	10.34%	14.22%	2.47%	10.4%	10.17%	11.96%	9.73%
Earnings before Tax (EBT) ¹	10,141	6,390	7,090	11,450	7,036	1,912	8,519	8,858	17,377	7,676	-	5,602	4,257	9,859	6,464	1,250	4,950	4,950	6,050	4,650
Net income ¹	8,357	4,813	5,025	8,328	4,992	844	5,460	6,730	12,190	5,467	-	3,237	3,560	6,797	3,441	900	3,500	3,500	4,250	3,250
Net margin	12.01%	7.29%	12.19%	10.53%	11.33%	1.87%	11.08%	12.83%	11.98%	11.58%	-	7.4%	7.96%	7.68%	7.76%	2.02%	7.74%	7.58%	8.76%	7.19%
EPS	139.1	82.21	-	142.2	85.25	-	93.26	-	208.2	93.36	-	55.75	-	118.4	62.24	-	-	-	-	-
Dividend per Share	28.33	28.33	-	28.33	-	-	-	-	-	-	-	-	-	43.33	-	-	-	-	-	-
Announcement Date	11/11/19	11/10/20	11/9/21	11/9/21	2/4/22	5/12/22	8/9/22	11/9/22	11/9/22	2/7/23	5/12/23	8/8/23	11/9/23	11/9/23	2/7/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	32,563	26,929	9,021	-	-	25,173	53,106	90,604
Net Cash position ¹	-	-	-	4,461	10,211	-	-	-
Leverage (Debt/EBITDA)	1.185 x	0.8931 x	0.3118 x	-	-	0.9942 x	1.783 x	2.781 x
Free Cash Flow ¹	15,014	9,667	22,828	17,600	11,600	14,300	5,485	7,092
ROE (net income / shareholders' equity)	9%	8.4%	7.7%	7.4%	8.1%	4.54%	5.87%	6.43%
ROA (Net income/ Total Assets)	7.12%	7.26%	7.05%	7.56%	7.94%	4.45%	5.15%	5.45%
Assets ¹	195,643	188,935	191,513	187,331	212,406	222,921	242,835	253,486
Book Value Per Share ²	2,641	2,818	3,140	3,402	3,675	3,864	4,018	4,204
Cash Flow per Share ²	394.0	435.0	430.0	439.0	486.0	391.0	483.0	533.0
Capex ¹	13,438	13,649	12,878	14,300	16,457	30,450	31,550	33,250
Capex / Sales	9.06%	9.59%	8.91%	8.49%	8.6%	17.01%	17.02%	17.24%
Announcement Date	5/14/19	5/13/20	5/12/21	5/12/22	5/12/23	-	-	-

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 Kureha Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,779 JPY

Average target price

2,944 JPY

Spread / Average Target

+5.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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