Financials Nippon Gas Co., Ltd.

Equities

8174

JP3695600001

Natural Gas Utilities

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,600 ^JPY	+1.48%		+4.46%	+11.71%

Apr. 18	Nippon Gas Completes 3.5 Billion Yen Buyback Program	MT
Apr. 17	Tranche Update on Nippon Gas Co., Ltd.'s Equity Buyback Plan announced on February 1, 2024.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	127,151	142,677	225,340	171,553	219,042	289,766	-	-
Enterprise Value (EV) ¹	154,020	160,700	254,397	200,472	246,573	319,466	322,766	326,366
P/E ratio	30 x	18.8 x	24.4 x	17.3 x	20.7 x	26 x	20.6 x	19.2 x
Yield	2.29%	1.96%	2.16%	3.35%	3.38%	3.08%	3.33%	3.72%
Capitalization / Revenue	1.04 x	1.08 x	1.57 x	1.06 x	1.05 x	1.42 x	1.35 x	1.3 x
EV / Revenue	1.26 x	1.21 x	1.77 x	1.23 x	1.19 x	1.56 x	1.51 x	1.46 x
EV / EBITDA	8.23 x	7.42 x	10.3 x	8.13 x	9.23 x	10.5 x	10.2 x	9.94 x
EV / FCF	-13.2 x	23.9 x	164 x	16.8 x	20.5 x	37.3 x	24.1 x	25.9 x
FCF Yield	-7.59%	4.19%	0.61%	5.94%	4.87%	2.68%	4.15%	3.87%
Price to Book	1.84 x	2.09 x	3.25 x	2.39 x	2.98 x	4.07 x	4.12 x	4.21 x
Nbr of stocks (in thousands)	124,658	119,729	116,999	115,059	113,847	111,448	-	-
Reference price ²	1,020	1,192	1,926	1,491	1,924	2,600	2,600	2,600
Announcement Date	4/25/19	4/30/20	4/27/21	4/27/22	4/27/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	122,600	132,496	143,490	162,552	207,890	204,575	214,275	223,050
EBITDA ¹	18,722	21,660	24,734	24,647	26,708	30,533	31,750	32,833
EBIT ¹	8,900	11,519	13,627	12,786	15,215	18,650	19,800	20,850
Operating Margin	7.26%	8.69%	9.5%	7.87%	7.32%	9.12%	9.24%	9.35%
Earnings before Tax (EBT) ¹	7,186	10,154	13,260	14,456	15,232	16,800	19,800	20,833
Net income ¹	4,300	7,742	9,373	9,972	10,628	11,200	13,775	14,425
Net margin	3.51%	5.84%	6.53%	6.13%	5.11%	5.47%	6.43%	6.47%
EPS ²	34.00	63.33	78.94	86.24	93.13	100.0	126.0	135.5
Free Cash Flow ¹	-11,695	6,734	1,555	11,902	12,013	8,567	13,400	12,625
FCF margin	-9.54%	5.08%	1.08%	7.32%	5.78%	4.19%	6.25%	5.66%
FCF Conversion (EBITDA)	-	31.09%	6.29%	48.29%	44.98%	28.06%	42.2%	38.45%
FCF Conversion (Net income)	-	86.98%	16.59%	119.35%	113.03%	76.49%	97.28%	87.52%
Dividend per Share ²	23.33	23.33	41.67	50.00	65.00	80.00	86.67	96.67
Announcement Date	4/25/19	4/30/20	4/27/21	4/27/22	4/27/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	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	59,294	73,202	61,489	82,001	65,410	41,724	-	44,789	-	85,115	55,307	67,468	47,131	39,690	86,821	47,852	64,442	-	40,200	48,700	74,100
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,210	8,309	3,745	9,882	2,322	3,969	6,495	3,804	-1,067	2,737	3,306	9,172	4,033	950	4,983	4,270	9,916	4,100	1,100	4,900	9,500
Operating Margin	5.41%	11.35%	6.09%	12.05%	3.55%	9.51%	-	8.49%	-	3.22%	5.98%	13.59%	8.56%	2.39%	5.74%	8.92%	15.39%	-	2.74%	10.06%	12.82%
Earnings before Tax (EBT)	2,970	-	3,563	-	3,581	3,984	-	3,823	-	2,771	3,297	9,164	4,087	-	5,099	4,446	-	4,100	1,100	4,900	9,500
Net income ¹	2,013	-	2,421	-	2,448	2,713	-	2,658	-	1,875	2,320	6,433	2,874	696	3,570	3,111	5,000	2,800	700	3,300	6,400
Net margin	3.39%	-	3.94%	-	3.74%	6.5%	-	5.93%	-	2.2%	4.19%	9.53%	6.1%	1.75%	4.11%	6.5%	7.76%	-	1.74%	6.78%	8.64%
EPS ²	16.25	-	20.26	-	21.08	23.48	-	23.18	-	16.40	20.33	56.40	25.25	6.150	31.40	27.49	49.70	-	-	-	-
Dividend per Share	11.67	-	20.83	-	25.00	-	-	-	-	32.50	-	-	-	-	37.50	-	-	-	-	-	-
Announcement Date	10/31/19	4/30/20	11/2/20	4/27/21	10/28/21	1/27/22	4/27/22	8/2/22	11/1/22	11/1/22	1/31/23	4/27/23	7/27/23	10/31/23	10/31/23	2/1/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	26,869	18,023	29,057	28,919	27,531	29,700	33,000	36,600
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.435 x	0.8321 x	1.175 x	1.173 x	1.031 x	0.9727 x	1.039 x	1.115 x
Free Cash Flow ¹	-11,695	6,734	1,555	11,902	12,013	8,567	13,400	12,625
ROE (net income / shareholders' equity)	6.1%	11.3%	13.6%	14.1%	14.6%	16.4%	20.1%	21.9%
ROA (Net income/ Total Assets)	5.28%	7.8%	10.3%	8.8%	10%	8.53%	8.9%	9.23%
Assets ¹	81,400	99,217	90,864	113,344	106,011	131,378	154,775	156,227
Book Value Per Share ²	555.0	571.0	593.0	625.0	646.0	639.0	631.0	618.0
Cash Flow per Share	105.0	139.0	162.0	177.0	183.0	-	-	-
Capex ¹	25,298	9,241	20,203	10,978	9,593	11,250	13,000	13,000
Capex / Sales	20.63%	6.97%	14.08%	6.75%	4.61%	5.5%	6.07%	5.83%
Announcement Date	4/25/19	4/30/20	4/27/21	4/27/22	4/27/23	-	-	-

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 Nippon Gas Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,600 JPY

Average target price

3,162 JPY

Spread / Average Target

+21.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Natural Gas Utilities

	1st Jan change	Capi.
NIPPON GAS CO., LTD.	+11.71%	1.84B
ATMOS ENERGY CORPORATION	+0.89%	17.64B
GAIL INDIA LIMITED	+28.35%	16.4B
ADANI TOTAL GAS LIMITED	-6.96%	12.12B
TOKYO GAS CO., LTD.	+10.84%	9.13B
OSAKA GAS COMPANY., LTD.	+16.20%	8.89B
PETRONAS GAS	+3.56%	7.48B
APA GROUP	-2.58%	6.96B
ALTAGAS LTD.	+8.30%	6.51B
CHINA GAS HOLDINGS LIMITED	-5.97%	5.03B

Other Natural Gas Utilities