Financials Osaka Soda Co., Ltd.

Equities

4046

JP3485900009

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
9,330 ^JPY	+2.08%		+2.87%	-3.62%

Mar. 18	Osaka Soda Co., Ltd.(TSE:4046) added to S&P Japan 500	CI
Feb. 16	Tranche Update on Osaka Soda Co., Ltd.'s Equity Buyback Plan announced on February 9, 2024.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	62,532	61,078	61,513	72,912	111,543	236,732	-	-
Enterprise Value (EV) ¹	58,523	50,507	46,473	52,709	83,203	236,732	236,732	236,732
P/E ratio	9.13 x	9.32 x	10.2 x	7.72 x	10.2 x	29.8 x	19.7 x	16.8 x
Yield	2.39%	2.53%	2.46%	2.56%	2.07%	0.96%	1.17%	1.26%
Capitalization / Revenue	0.58 x	0.58 x	0.63 x	0.83 x	1.07 x	2.38 x	2.2 x	2.04 x
EV / Revenue	0.58 x	0.58 x	0.63 x	0.83 x	1.07 x	2.38 x	2.2 x	2.04 x
EV / EBITDA	-	-	-	4.47 x	5.81 x	16.3 x	11.4 x	10.3 x
EV / FCF	8.43 x	9.4 x	8.84 x	11.4 x	23.4 x	40.4 x	33.4 x	26.4 x
FCF Yield	11.9%	10.6%	11.3%	8.8%	4.27%	2.47%	2.99%	3.79%
Price to Book	0.97 x	0.88 x	0.8 x	0.87 x	1.11 x	2.26 x	2.07 x	1.89 x
Nbr of stocks (in thousands)	23,040	23,729	23,327	23,332	25,613	25,373	-	-
Reference price ²	2,714	2,574	2,637	3,125	4,355	9,330	9,330	9,330
Announcement Date	5/10/19	5/11/20	5/14/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	107,874	105,477	97,266	88,084	104,208	99,350	107,470	116,220
EBITDA ¹	-	-	-	16,314	19,192	14,550	20,800	22,950
EBIT ¹	9,488	9,698	8,341	12,401	15,557	10,550	16,325	19,133
Operating Margin	8.8%	9.19%	8.58%	14.08%	14.93%	10.62%	15.19%	16.46%
Earnings before Tax (EBT) ¹	9,805	9,450	8,680	13,412	16,018	11,300	16,750	20,550
Net income ¹	6,793	6,506	6,050	9,442	10,570	7,970	12,038	14,090
Net margin	6.3%	6.17%	6.22%	10.72%	10.14%	8.02%	11.2%	12.12%
EPS ²	297.1	276.1	257.4	404.7	428.4	313.2	473.1	553.8
Free Cash Flow ¹	7,420	6,496	6,959	6,417	4,758	5,859	7,088	8,972
FCF margin	6.88%	6.16%	7.15%	7.29%	4.57%	5.9%	6.6%	7.72%
FCF Conversion (EBITDA)	-	-	-	39.33%	24.79%	40.27%	34.08%	39.09%
FCF Conversion (Net income)	109.23%	99.85%	115.02%	67.96%	45.01%	73.51%	58.89%	63.67%
Dividend per Share ²	65.00	65.00	65.00	80.00	90.00	90.00	109.5	118.0
Announcement Date	5/10/19	5/11/20	5/14/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	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
Net sales ¹	53,026	45,178	42,157	23,163	22,764	45,927	25,738	26,177	51,915	25,790	26,503	52,293	23,193	23,429	46,622	23,593	27,482	48,878
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,952	3,497	5,694	4,146	2,561	-	5,149	4,573	9,722	4,229	1,606	5,835	2,807	2,110	4,917	2,682	2,844	5,583
Operating Margin	9.34%	7.74%	13.51%	17.9%	11.25%	-	20.01%	17.47%	18.73%	16.4%	6.06%	11.16%	12.1%	9.01%	10.55%	11.37%	10.35%	11.42%
Earnings before Tax (EBT)	4,655	3,606	6,398	4,446	-	-	5,881	-	10,730	4,084	-	-	3,463	-	5,925	2,191	-	-
Net income	3,191	2,474	4,421	3,129	1,892	-	4,149	-	7,505	2,829	236	-	2,404	-	4,042	1,253	-	-
Net margin	6.02%	5.48%	10.49%	13.51%	8.31%	-	16.12%	-	14.46%	10.97%	0.89%	-	10.37%	-	8.67%	5.31%	-	-
EPS	136.2	104.6	189.6	134.1	-	-	178.1	-	314.7	108.2	-	-	94.50	-	158.9	49.25	-	-
Dividend per Share	32.50	32.50	35.00	-	-	-	-	-	45.00	-	-	-	-	-	45.00	-	-	-
Announcement Date	11/6/19	11/6/20	11/5/21	2/8/22	5/12/22	5/12/22	8/5/22	11/7/22	11/7/22	2/10/23	5/11/23	5/11/23	8/8/23	11/9/23	11/9/23	2/9/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	4,009	10,571	15,040	20,203	28,340	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	7,420	6,496	6,959	6,417	4,758	5,859	7,088	8,972
ROE (net income / shareholders' equity)	10.8%	9.7%	8.3%	11.7%	11.5%	7.84%	11.1%	11.7%
ROA (Net income/ Total Assets)	8.81%	9.24%	7.68%	10.8%	12.8%	5.7%	8.3%	8.5%
Assets ¹	77,117	70,447	78,799	87,333	82,270	139,825	145,030	165,765
Book Value Per Share ²	2,796	2,913	3,311	3,595	3,912	4,137	4,499	4,936
Cash Flow per Share ²	455.0	430.0	423.0	565.0	576.0	472.0	680.0	-
Capex ¹	2,434	3,840	2,388	6,790	5,353	6,000	5,750	5,750
Capex / Sales	2.26%	3.64%	2.46%	7.71%	5.14%	6.04%	5.35%	4.95%
Announcement Date	5/10/19	5/11/20	5/14/21	5/12/22	5/11/23	-	-	-

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 Soda Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

9,330 JPY

Average target price

12,465 JPY

Spread / Average Target

+33.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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