Financials Nippon Steel Corporation

Equities

5401

JP3381000003

Iron & Steel

Market Closed - Japan Exchange 02:00:00 2024-05-24 am EDT 5-day change 1st Jan Change
3,336 JPY +0.54% Intraday chart for Nippon Steel Corporation +1.65% +3.28%

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 3,075,626 - -
Enterprise Value (EV) 1 3,913,728 3,051,289 3,936,792 4,101,246 4,901,994 3,377,556 5,228,157 4,923,614
P/E ratio 6.93 x -1.97 x -53.6 x 3.14 x 4.14 x 6.15 x 6.75 x 5.34 x
Yield 4.09% 1.08% 0.53% 7.37% 5.77% 4.8% 4.8% 5.43%
Capitalization / Revenue 0.28 x 0.14 x 0.36 x 0.29 x 0.36 x 0.38 x 0.34 x 0.32 x
EV / Revenue 0.63 x 0.52 x 0.82 x 0.6 x 0.61 x 0.38 x 0.57 x 0.51 x
EV / EBITDA 5.81 x 272 x 9.82 x 3.18 x 4.01 x 2.96 x 4.7 x 3.66 x
EV / FCF 55.5 x 20.5 x 278 x 17.3 x 25.6 x -63.3 x -9 x 11.3 x
FCF Yield 1.8% 4.87% 0.36% 5.77% 3.9% -1.58% -11.1% 8.83%
Price to Book 0.56 x 0.32 x 0.63 x 0.58 x 0.69 x 0.71 x 0.61 x 0.58 x
Nbr of stocks (in thousands) 882,594 920,690 920,767 920,749 920,851 921,950 - -
Reference price 2 1,954 925.4 1,886 2,171 3,120 3,336 3,336 3,336
Announcement Date 5/9/19 5/8/20 5/7/21 5/10/22 5/10/23 5/9/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo 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 8,868,097 9,160,376 9,726,407
EBITDA 1 673,727 11,220 400,900 1,290,200 1,223,817 1,141,664 1,113,072 1,343,993
EBIT 1 265,111 -406,119 11,381 840,901 883,646 778,662 712,657 898,468
Operating Margin 4.29% -6.86% 0.24% 12.35% 11.08% 8.78% 7.78% 9.24%
Earnings before Tax (EBT) 1 248,769 -423,572 -8,656 816,583 866,849 763,972 642,548 848,235
Net income 1 251,169 -431,513 -32,432 637,321 694,016 549,372 465,573 575,149
Net margin 4.07% -7.29% -0.67% 9.36% 8.7% 6.19% 5.08% 5.91%
EPS 2 281.8 -468.7 -35.22 692.2 753.7 596.6 494.3 625.2
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% -6.34% 4.47%
FCF Conversion (EBITDA) 10.47% 1,325.34% 3.53% 18.35% 15.63% - - 32.33%
FCF Conversion (Net income) 28.08% - - 37.14% 27.56% - - 75.55%
Dividend per Share 2 80.00 10.00 10.00 160.0 180.0 160.0 160.0 181.0
Announcement Date 5/9/19 5/8/20 5/7/21 5/10/22 5/10/23 5/9/24 - -
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 2,226,281 4,455,676 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 - - 290,200 254,344 - 338,285 347,605 - 350,434 162,387 -
EBIT 1 73,100 -148,810 160,191 172,057 428,398 299,738 112,765 - 338,873 202,879 541,752 220,092 121,802 341,894 248,700 175,094 423,794 194,889 159,979 - 200,000 180,000 - 210,000 140,000 -
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% 7.19% - 8.92% 7.42% - 9.03% 5.31% -
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 - 244,793 171,249 416,042 192,043 155,887 - 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 - 177,064 123,171 300,235 140,679 108,458 - 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% 4.87% - 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 - 192.3 133.8 326.0 152.8 117.8 - 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 - - - - - - -
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 5/9/24 5/9/24 - - - - - -
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 2,152,531 1,847,988
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.249 x 196 x 5.487 x 1.629 x 1.658 x 1.972 x 1.934 x 1.375 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% 12.3% 9.19% 11.5%
ROA (Net income/ Total Assets) 3.18% -5.47% -0.12% 10% 9.46% 7.53% 5% 6.27%
Assets 1 7,896,435 7,892,486 28,135,681 6,371,114 7,333,453 7,292,291 9,311,455 9,177,906
Book Value Per Share 2 3,510 2,869 2,998 3,765 4,541 5,187 5,460 5,730
Cash Flow per Share 2 740.0 -15.40 281.0 1,051 1,123 991.0 672.0 1,047
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% 5.14% 5.27%
Announcement Date 5/9/19 5/8/20 5/7/21 5/10/22 5/10/23 5/9/24 - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
3,336 JPY
Average target price
4,130 JPY
Spread / Average Target
+23.80%
Consensus
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