Financials Nippon Paint Holdings Co., Ltd.

Equities

4612

JP3749400002

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
982.3 ^JPY	+1.01%		+3.54%	-13.83%

Apr. 04	Transcript : Nippon Paint Holdings Co., Ltd. - Special Call
Feb. 14	Transcript : Nippon Paint Holdings Co., Ltd., Q4 2023 Earnings Call, Feb 14, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,809,015	3,635,044	2,944,605	2,439,972	2,677,377	2,307,037	-	-
Enterprise Value (EV) ¹	2,127,910	3,938,669	3,328,826	2,919,431	3,127,496	2,720,688	2,644,151	2,572,105
P/E ratio	49.3 x	81.4 x	42.6 x	30.7 x	22.6 x	18.3 x	16.8 x	15.5 x
Yield	0.8%	0.4%	0.8%	1.06%	1.23%	1.58%	1.74%	1.93%
Capitalization / Revenue	2.61 x	4.65 x	2.95 x	1.86 x	1.86 x	1.46 x	1.38 x	1.33 x
EV / Revenue	3.07 x	5.04 x	3.33 x	2.23 x	2.17 x	1.72 x	1.58 x	1.48 x
EV / EBITDA	20.5 x	33.8 x	27.4 x	18.4 x	14.2 x	11.5 x	10.4 x	9.52 x
EV / FCF	37.5 x	79.3 x	-95.3 x	-55.3 x	22.4 x	28.2 x	19.5 x	17.3 x
FCF Yield	2.67%	1.26%	-1.05%	-1.81%	4.47%	3.55%	5.12%	5.78%
Price to Book	3.27 x	6.4 x	3.07 x	2.12 x	1.97 x	1.68 x	1.57 x	1.46 x
Nbr of stocks (in thousands)	1,603,736	1,604,168	2,348,170	2,348,385	2,348,576	2,348,607	-	-
Reference price ²	1,128	2,266	1,254	1,039	1,140	982.3	982.3	982.3
Announcement Date	2/13/20	2/10/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	692,009	781,146	998,276	1,309,021	1,442,574	1,584,404	1,677,747	1,739,978
EBITDA ¹	103,829	116,454	121,504	158,998	221,020	237,225	253,572	270,113
EBIT ¹	78,060	86,933	87,615	111,882	168,745	182,147	197,013	210,609
Operating Margin	11.28%	11.13%	8.78%	8.55%	11.7%	11.5%	11.74%	12.1%
Earnings before Tax (EBT) ¹	79,518	88,715	86,467	104,495	161,500	172,811	187,029	203,443
Net income ¹	36,717	44,648	67,569	79,418	118,476	126,189	137,492	148,343
Net margin	5.31%	5.72%	6.77%	6.07%	8.21%	7.96%	8.2%	8.53%
EPS ²	22.90	27.83	29.41	33.82	50.45	53.73	58.55	63.17
Free Cash Flow ¹	56,813	49,657	-34,927	-52,756	139,891	96,624	135,262	148,611
FCF margin	8.21%	6.36%	-3.5%	-4.03%	9.7%	6.1%	8.06%	8.54%
FCF Conversion (EBITDA)	54.72%	42.64%	-	-	63.29%	40.73%	53.34%	55.02%
FCF Conversion (Net income)	154.73%	111.22%	-	-	118.08%	76.57%	98.38%	100.18%
Dividend per Share ²	9.000	9.000	10.00	11.00	14.00	15.51	17.14	19.00
Announcement Date	2/13/20	2/10/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	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	2024 S2	2025 Q1
Net sales ¹	345,440	497,662	238,595	262,019	284,096	337,953	622,049	357,867	329,105	330,213	362,712	692,925	392,953	356,696	366,228	399,620	762,900	425,928	392,890	836,400	404,400
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	34,669	48,655	18,082	20,878	24,335	19,867	44,202	38,226	29,454	34,909	48,829	83,738	47,887	37,120	40,580	46,540	87,200	51,240	40,860	98,800	45,100
Operating Margin	10.04%	9.78%	7.58%	7.97%	8.57%	5.88%	7.11%	10.68%	8.95%	10.57%	13.46%	12.08%	12.19%	10.41%	11.08%	11.65%	11.43%	12.03%	10.4%	11.81%	11.15%
Earnings before Tax (EBT) ¹	33,991	48,195	17,793	20,479	24,913	17,085	41,998	38,226	24,271	33,441	48,513	81,954	45,088	34,458	40,367	41,300	83,400	51,300	41,233	-	48,600
Net income ¹	16,890	33,731	16,577	17,261	18,072	10,485	28,557	26,628	24,233	25,340	35,558	60,898	32,546	25,032	28,400	29,367	57,500	37,433	29,267	-	34,800
Net margin	4.89%	6.78%	6.95%	6.59%	6.36%	3.1%	4.59%	7.44%	7.36%	7.67%	9.8%	8.79%	8.28%	7.02%	7.75%	7.35%	7.54%	8.79%	7.45%	-	8.61%
EPS ²	10.53	15.02	7.040	7.350	7.700	4.460	12.16	11.34	10.32	10.79	15.14	25.93	13.86	10.66	12.70	12.96	-	14.85	11.44	-	14.82
Dividend per Share ²	4.400	5.000	-	-	-	-	5.000	-	-	-	-	6.000	-	8.000	-	7.000	-	-	7.000	-	-
Announcement Date	8/14/20	8/10/21	11/12/21	2/14/22	5/13/22	8/10/22	8/10/22	11/14/22	2/14/23	5/15/23	8/10/23	8/10/23	11/14/23	2/14/24	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	318,895	303,625	384,221	479,459	450,119	413,652	337,114	265,068
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.071 x	2.607 x	3.162 x	3.016 x	2.037 x	1.744 x	1.329 x	0.9813 x
Free Cash Flow ¹	56,813	49,657	-34,927	-52,756	139,891	96,624	135,262	148,611
ROE (net income / shareholders' equity)	6.8%	8%	8.8%	7.5%	9.5%	9.3%	9.68%	9.82%
ROA (Net income/ Total Assets)	6.54%	5.73%	3.79%	4.75%	6.26%	5.38%	5.66%	5.9%
Assets ¹	561,628	778,572	1,784,848	1,671,057	1,891,099	2,345,525	2,429,187	2,514,282
Book Value Per Share ²	345.0	354.0	409.0	489.0	578.0	584.0	625.0	675.0
Cash Flow per Share ²	39.00	46.20	38.40	53.90	72.70	75.70	88.80	86.40
Capex ¹	35,263	38,904	34,928	49,820	49,864	46,860	48,520	49,750
Capex / Sales	5.1%	4.98%	3.5%	3.81%	3.46%	2.96%	2.89%	2.86%
Announcement Date	2/13/20	2/10/21	2/14/22	2/14/23	2/14/24	-	-	-

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

Ratings for Nippon Paint Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

982.3 JPY

Average target price

1,206 JPY

Spread / Average Target

+22.73%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Paint & Coating

	1st Jan change	Capi.
NIPPON PAINT HOLDINGS CO., LTD.	-13.83%	14.66B
THE SHERWIN-WILLIAMS COMPANY	-1.75%	77.87B
ASIAN PAINTS LIMITED	-16.41%	32.71B
PPG INDUSTRIES, INC.	-12.97%	30.63B
RPM INTERNATIONAL INC.	-3.81%	13.83B
BERGER PAINTS INDIA LIMITED	-16.71%	7.04B
AXALTA COATING SYSTEMS LTD.	-8.10%	6.89B
KANSAI PAINT CO., LTD.	-14.49%	2.75B
KANSAI NEROLAC PAINTS LIMITED	-15.90%	2.71B
SKSHU PAINT CO.,LTD.	-30.96%	2.39B

Paint & Coating