NIPPON STEEL CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3,444 JPY | +0.44% |
|
+0.94% | +6.63% |
| Apr. 25 | Top deals in the global mining sector | RE |
| Apr. 23 | Materials Decline After Earnings -- Materials Roundup | DJ |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,724,588 | 852,007 | 1,737,026 | 1,998,946 | 2,873,054 | 3,172,078 | - | - |
| Enterprise Value (EV) 1 | 3,913,728 | 3,051,289 | 3,936,792 | 4,101,246 | 4,901,994 | 5,411,272 | 5,245,656 | 4,937,161 |
| P/E ratio | 6.93 x | -1.97 x | -53.6 x | 3.14 x | 4.14 x | 6.71 x | 6.62 x | 5.39 x |
| Yield | 4.09% | 1.08% | 0.53% | 7.37% | 5.77% | 4.65% | 4.63% | 5.32% |
| Capitalization / Revenue | 0.28 x | 0.14 x | 0.36 x | 0.29 x | 0.36 x | 0.35 x | 0.34 x | 0.32 x |
| EV / Revenue | 0.63 x | 0.52 x | 0.82 x | 0.6 x | 0.61 x | 0.6 x | 0.57 x | 0.5 x |
| EV / EBITDA | 5.81 x | 272 x | 9.82 x | 3.18 x | 4.01 x | 4.77 x | 4.53 x | 3.62 x |
| EV / FCF | 55.5 x | 20.5 x | 278 x | 17.3 x | 25.6 x | -64.5 x | -9.03 x | 11.4 x |
| FCF Yield | 1.8% | 4.87% | 0.36% | 5.77% | 3.9% | -1.55% | -11.1% | 8.8% |
| Price to Book | 0.56 x | 0.32 x | 0.63 x | 0.58 x | 0.69 x | 0.7 x | 0.66 x | 0.61 x |
| Nbr of stocks (in thousands) | 882,594 | 920,690 | 920,767 | 920,749 | 920,851 | 921,045 | - | - |
| Reference price 2 | 1,954 | 925.4 | 1,886 | 2,171 | 3,120 | 3,444 | 3,444 | 3,444 |
| Announcement Date | 5/9/19 | 5/8/20 | 5/7/21 | 5/10/22 | 5/10/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 6,177,947 | 5,921,525 | 4,829,272 | 6,808,890 | 7,975,586 | 9,004,170 | 9,262,313 | 9,863,705 |
| EBITDA 1 | 673,727 | 11,220 | 400,900 | 1,290,200 | 1,223,817 | 1,135,382 | 1,158,615 | 1,364,981 |
| EBIT 1 | 265,111 | -406,119 | 11,381 | 840,901 | 883,646 | 730,653 | 741,100 | 907,420 |
| Operating Margin | 4.29% | -6.86% | 0.24% | 12.35% | 11.08% | 8.11% | 8% | 9.2% |
| Earnings before Tax (EBT) 1 | 248,769 | -423,572 | -8,656 | 816,583 | 866,849 | 692,320 | 708,036 | 843,761 |
| Net income 1 | 251,169 | -431,513 | -32,432 | 637,321 | 694,016 | 470,754 | 487,381 | 579,219 |
| Net margin | 4.07% | -7.29% | -0.67% | 9.36% | 8.7% | 5.23% | 5.26% | 5.87% |
| EPS 2 | 281.8 | -468.7 | -35.22 | 692.2 | 753.7 | 513.5 | 520.6 | 638.5 |
| Free Cash Flow 1 | 70,536 | 148,703 | 14,150 | 236,700 | 191,256 | -83,916 | -580,760 | 434,540 |
| FCF margin | 1.14% | 2.51% | 0.29% | 3.48% | 2.4% | -0.93% | -6.27% | 4.41% |
| FCF Conversion (EBITDA) | 10.47% | 1,325.34% | 3.53% | 18.35% | 15.63% | - | - | 31.83% |
| FCF Conversion (Net income) | 28.08% | - | - | 37.14% | 27.56% | - | - | 75.02% |
| Dividend per Share 2 | 80.00 | 10.00 | 10.00 | 160.0 | 180.0 | 160.0 | 159.5 | 183.3 |
| Announcement Date | 5/9/19 | 5/8/20 | 5/7/21 | 5/10/22 | 5/10/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: März | 2020 S1 | 2021 S1 | 2021 S2 | 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 Q1 | 2025 Q2 | 2025 S1 | 2025 Q3 | 2025 Q4 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,047,183 | 2,241,992 | 2,587,280 | 1,660,792 | 3,163,943 | 1,778,538 | 1,866,409 | 3,644,947 | 1,919,181 | 1,955,225 | 3,874,406 | 2,087,276 | 2,013,904 | 4,101,180 | 2,199,786 | 2,212,635 | 4,412,421 | 2,229,395 | 2,428,884 | 4,862,600 | 2,242,660 | 2,424,726 | 4,906,500 | 2,326,735 | 2,638,545 | 5,572,500 |
| EBITDA 1 | - | - | - | 342,200 | - | 350,100 | 300,800 | - | 420,432 | 286,500 | - | 305,900 | 210,957 | - | 335,998 | - | - | 290,200 | 472,368 | - | 338,285 | 347,605 | - | 350,434 | 162,387 | - |
| EBIT 1 | 73,100 | -148,810 | 160,191 | 172,057 | 428,398 | 299,738 | 112,765 | - | 338,873 | 202,879 | 541,752 | 220,092 | 121,802 | 341,894 | 248,700 | 175,094 | 423,794 | 194,889 | 81,659 | - | 224,929 | 219,589 | - | 236,003 | 106,980 | - |
| Operating Margin | 2.4% | -6.64% | 6.19% | 10.36% | 13.54% | 16.85% | 6.04% | - | 17.66% | 10.38% | 13.98% | 10.54% | 6.05% | 8.34% | 11.31% | 7.91% | 9.6% | 8.74% | 3.36% | - | 10.03% | 9.06% | - | 10.14% | 4.05% | - |
| Earnings before Tax (EBT) 1 | 64,471 | -159,678 | 151,022 | 165,518 | 415,900 | 293,875 | 106,808 | - | 334,014 | 198,493 | 532,507 | 215,774 | 118,568 | - | 244,793 | 171,249 | 416,042 | 192,043 | 101,958 | - | 195,000 | 175,000 | - | 205,000 | 135,000 | - |
| Net income 1 | 38,750 | -191,164 | 158,732 | 136,598 | 298,727 | 209,167 | 129,427 | - | 230,972 | 141,400 | 372,372 | 144,772 | 176,872 | - | 177,064 | 123,171 | 300,235 | 140,679 | 39,213 | - | 117,305 | 119,307 | - | 119,898 | 151,042 | - |
| Net margin | 1.27% | -8.53% | 6.14% | 8.22% | 9.44% | 11.76% | 6.93% | - | 12.03% | 7.23% | 9.61% | 6.94% | 8.78% | - | 8.05% | 5.57% | 6.8% | 6.31% | 1.61% | - | 5.23% | 4.92% | - | 5.15% | 5.72% | - |
| EPS 2 | 42.09 | -207.6 | 172.4 | 148.4 | 324.4 | 227.2 | 140.6 | - | 250.8 | 153.6 | 404.4 | 157.2 | 192.1 | - | 192.3 | 133.8 | 326.0 | 152.8 | 32.09 | - | 113.6 | 118.0 | - | 119.2 | 208.6 | - |
| Dividend per Share 2 | 10.00 | - | - | 70.00 | 70.00 | - | 90.00 | - | - | 90.00 | 90.00 | - | 90.00 | - | - | 75.00 | 75.00 | - | 85.00 | - | - | 85.00 | - | - | 85.00 | - |
| Announcement Date | 11/1/19 | 11/6/20 | 5/7/21 | 11/2/21 | 11/2/21 | 2/3/22 | 5/10/22 | 5/10/22 | 8/4/22 | 11/1/22 | 11/1/22 | 2/9/23 | 5/10/23 | 5/10/23 | 8/4/23 | 11/1/23 | 11/1/23 | 2/7/24 | - | - | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,189,140 | 2,199,282 | 2,199,766 | 2,102,300 | 2,028,940 | 2,239,194 | 2,073,578 | 1,765,083 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.249 x | 196 x | 5.487 x | 1.629 x | 1.658 x | 1.972 x | 1.79 x | 1.293 x |
| Free Cash Flow 1 | 70,536 | 148,703 | 14,150 | 236,700 | 191,256 | -83,916 | -580,760 | 434,540 |
| ROE (net income / shareholders' equity) | 7.9% | -14.7% | -1.2% | 20.5% | 18.1% | 10.8% | 10.3% | 11.6% |
| ROA (Net income/ Total Assets) | 3.18% | -5.47% | -0.12% | 10% | 9.46% | 5.27% | 5.13% | 6.43% |
| Assets 1 | 7,896,435 | 7,892,486 | 28,135,681 | 6,371,114 | 7,333,453 | 8,938,365 | 9,494,435 | 9,003,403 |
| Book Value Per Share 2 | 3,510 | 2,869 | 2,998 | 3,765 | 4,541 | 4,889 | 5,250 | 5,692 |
| Cash Flow per Share 2 | 740.0 | -15.40 | 281.0 | 1,051 | 1,123 | 644.0 | 921.0 | 942.0 |
| Capex 1 | 438,758 | 460,555 | 459,811 | 466,902 | 470,018 | 443,598 | 470,731 | 512,284 |
| Capex / Sales | 7.1% | 7.78% | 9.52% | 6.86% | 5.89% | 4.93% | 5.08% | 5.19% |
| Announcement Date | 5/9/19 | 5/8/20 | 5/7/21 | 5/10/22 | 5/10/23 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
3,444
JPY
Average target price
4,160
JPY
Spread / Average Target
+20.79%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +6.63% | 20.15B | |
| +0.79% | 42.1B | |
| +18.89% | 24.83B | |
| -21.02% | 21.75B | |
| +13.50% | 21.17B | |
| -7.50% | 20.77B | |
| +6.81% | 9.44B | |
| -12.44% | 8.5B | |
| -23.08% | 8.41B | |
| +36.31% | 8.35B |
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- Financials Nippon Steel Corporation
