Financials Osaka Gas Company., Ltd.

Equities

9532

JP3180400008

Natural Gas Utilities

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,422 ^JPY	-0.23%		+6.31%	+16.20%

Apr. 25	Enechain Corporation announced that it has received ¥6 billion in funding from a group of investors	CI
Apr. 25	Nikkei says Soros Fund Among Investors In Japan Electricity Exchange Startup	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	908,147	846,545	896,804	869,831	906,604	1,399,429	-	-
Enterprise Value (EV) ¹	1,387,150	1,353,094	1,502,199	1,537,955	1,716,568	1,983,438	2,061,149	2,111,021
P/E ratio	27 x	20.3 x	11.1 x	6.78 x	15.9 x	11.1 x	12.6 x	12.3 x
Yield	2.29%	2.46%	2.43%	2.75%	2.75%	2.12%	2.6%	2.72%
Capitalization / Revenue	0.66 x	0.62 x	0.66 x	0.55 x	0.4 x	0.66 x	0.67 x	0.67 x
EV / Revenue	1.01 x	0.99 x	1.1 x	0.97 x	0.75 x	0.93 x	0.99 x	1.02 x
EV / EBITDA	8.28 x	7.7 x	6.6 x	7.1 x	8.91 x	7.3 x	8.03 x	8.06 x
EV / FCF	-9.97 x	20.7 x	29.9 x	-226 x	-10.1 x	48.1 x	-164 x	1,979 x
FCF Yield	-10%	4.83%	3.34%	-0.44%	-9.92%	2.08%	-0.61%	0.05%
Price to Book	0.9 x	0.85 x	0.83 x	0.69 x	0.65 x	0.93 x	0.89 x	0.85 x
Nbr of stocks (in thousands)	415,818	415,788	415,765	415,789	415,683	408,951	-	-
Reference price ²	2,184	2,036	2,157	2,092	2,181	3,422	3,422	3,422
Announcement Date	4/24/19	5/11/20	4/27/21	4/26/22	5/8/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,371,863	1,368,689	1,364,100	1,586,800	2,275,100	2,124,160	2,077,320	2,074,725
EBITDA ¹	167,600	175,717	227,500	216,600	192,700	271,667	256,733	262,067
EBIT ¹	67,900	83,792	112,400	94,900	60,000	147,700	128,600	133,725
Operating Margin	4.95%	6.12%	8.24%	5.98%	2.64%	6.95%	6.19%	6.45%
Earnings before Tax (EBT) ¹	52,064	70,449	108,735	115,941	83,710	170,300	151,850	157,033
Net income ¹	33,600	41,788	80,800	128,200	57,100	127,300	110,400	114,025
Net margin	2.45%	3.05%	5.92%	8.08%	2.51%	5.99%	5.31%	5.5%
EPS ²	80.80	100.5	194.5	308.5	137.4	308.7	271.8	278.0
Free Cash Flow ¹	-139,076	65,318	50,190	-6,800	-170,300	41,200	-12,600	1,067
FCF margin	-10.14%	4.77%	3.68%	-0.43%	-7.49%	1.94%	-0.61%	0.05%
FCF Conversion (EBITDA)	-	37.17%	22.06%	-	-	15.17%	-	0.41%
FCF Conversion (Net income)	-	156.31%	62.12%	-	-	32.36%	-	0.94%
Dividend per Share ²	50.00	50.00	52.50	57.50	60.00	72.62	89.00	93.00
Announcement Date	4/24/19	5/11/20	4/27/21	4/26/22	5/8/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2021 S2	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	652,987	638,912	-	336,068	650,421	393,347	543,032	467,100	514,400	981,560	614,965	678,575	512,611	482,989	995,693	514,454	623,167	452,300	465,250	533,500	644,300
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	44,317	51,915	-	2,990	40,539	2,137	52,224	7,300	-45,100	-45,690	30,764	74,926	73,664	23,036	96,731	43,961	8,350	37,300	13,350	26,300	41,850
Operating Margin	6.79%	8.13%	-	0.89%	6.23%	0.54%	9.62%	1.56%	-8.77%	-4.65%	5%	11.04%	14.37%	4.77%	9.71%	8.55%	1.34%	8.25%	2.87%	4.93%	6.5%
Earnings before Tax (EBT)	49,881	54,818	-	5,235	47,392	9,900	58,649	13,413	-54,872	-41,459	41,172	-	82,672	41,179	123,851	50,720	-	45,300	25,900	33,250	39,300
Net income ¹	33,449	36,799	-	5,271	36,794	8,022	83,384	11,200	-40,900	-29,744	28,348	58,496	60,560	28,740	89,351	37,054	-450	32,650	18,750	23,900	27,950
Net margin	5.12%	5.76%	-	1.57%	5.66%	2.04%	15.36%	2.4%	-7.95%	-3.03%	4.61%	8.62%	11.81%	5.95%	8.97%	7.2%	-0.07%	7.22%	4.03%	4.48%	4.34%
EPS ²	80.44	88.51	-	12.68	88.50	19.29	200.7	26.90	-98.50	-71.56	68.20	140.8	145.7	69.21	214.9	89.56	-6.200	96.80	68.40	69.30	40.00
Dividend per Share	25.00	25.00	27.50	-	27.50	-	-	-	-	30.00	-	-	-	-	32.50	-	-	-	-	-	-
Announcement Date	10/29/19	10/29/20	4/27/21	10/27/21	10/27/21	1/31/22	4/26/22	8/1/22	10/31/22	10/31/22	2/6/23	5/8/23	7/31/23	10/27/23	10/27/23	1/30/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	479,003	506,549	605,395	668,124	809,964	584,008	661,720	711,592
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.858 x	2.883 x	2.661 x	3.085 x	4.203 x	2.15 x	2.577 x	2.715 x
Free Cash Flow ¹	-139,076	65,318	50,190	-6,800	-170,300	41,200	-12,600	1,067
ROE (net income / shareholders' equity)	3.4%	4.2%	7.8%	11%	4.3%	8.41%	7.18%	6.93%
ROA (Net income/ Total Assets)	1.7%	4.13%	5.74%	4.52%	2.81%	4.87%	3.5%	3.25%
Assets ¹	1,976,471	1,012,954	1,408,473	2,833,606	2,033,968	2,615,752	3,154,286	3,508,462
Book Value Per Share ²	2,415	2,399	2,602	3,031	3,347	3,695	3,849	4,043
Cash Flow per Share	305.0	334.0	451.0	583.0	439.0	-	-	-
Capex ¹	107,200	131,010	169,607	189,317	195,330	197,000	232,000	214,500
Capex / Sales	7.81%	9.57%	12.43%	11.93%	8.59%	9.27%	11.17%	10.34%
Announcement Date	4/24/19	5/11/20	4/27/21	4/26/22	5/8/23	-	-	-

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 Osaka Gas Company., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,422 JPY

Average target price

3,708 JPY

Spread / Average Target

+8.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Natural Gas Utilities

	1st Jan change	Capi.
OSAKA GAS COMPANY., LTD.	+16.20%	8.89B
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%	9.16B
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
NATIONAL FUEL GAS COMPANY	+7.30%	4.96B

Other Natural Gas Utilities