Financials Pola Orbis Holdings Inc.

Equities

4927

JP3855900001

Personal Products

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,426 ^JPY	+0.11%		+2.74%	-9.97%

Mar. 22	Pola Orbis Holdings Inc Announces Executive Changes	CI
Feb. 14	Pola Orbis Holdings Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	578,267	463,236	424,095	411,491	350,441	315,486	-	-
Enterprise Value (EV) ¹	490,192	380,576	333,801	332,057	286,991	260,059	259,965	261,894
P/E ratio	29.4 x	100 x	36.1 x	35.9 x	36.3 x	25.4 x	21.5 x	19.5 x
Yield	4.44%	2.39%	2.66%	2.8%	3.28%	3.67%	3.75%	3.87%
Capitalization / Revenue	2.63 x	2.63 x	2.37 x	2.47 x	2.02 x	1.75 x	1.69 x	1.63 x
EV / Revenue	2.23 x	2.16 x	1.87 x	2 x	1.66 x	1.45 x	1.39 x	1.35 x
EV / EBITDA	12.7 x	18.1 x	13.7 x	15.5 x	11.2 x	9.34 x	8.27 x	7.7 x
EV / FCF	44.4 x	25.5 x	15.4 x	110 x	-93.9 x	34.2 x	22.6 x	19.6 x
FCF Yield	2.25%	3.92%	6.49%	0.91%	-1.06%	2.92%	4.42%	5.1%
Price to Book	3.03 x	2.73 x	2.45 x	2.41 x	2.09 x	1.89 x	1.87 x	1.83 x
Nbr of stocks (in thousands)	221,219	221,221	221,229	221,232	221,238	221,238	-	-
Reference price ²	2,614	2,094	1,917	1,860	1,584	1,426	1,426	1,426
Announcement Date	2/14/20	2/12/21	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	219,920	176,311	178,642	166,307	173,304	179,816	186,937	193,843
EBITDA ¹	38,514	21,007	24,281	21,441	25,605	27,840	31,448	34,033
EBIT ¹	31,137	13,752	16,888	12,581	16,080	18,568	21,768	23,902
Operating Margin	14.16%	7.8%	9.45%	7.56%	9.28%	10.33%	11.64%	12.33%
Earnings before Tax (EBT) ¹	29,813	9,169	17,612	12,311	15,360	18,491	21,834	23,974
Net income ¹	19,694	4,632	11,734	11,446	9,665	12,431	14,686	16,152
Net margin	8.96%	2.63%	6.57%	6.88%	5.58%	6.91%	7.86%	8.33%
EPS ²	89.04	20.94	53.04	51.74	43.69	56.20	66.37	72.99
Free Cash Flow ¹	11,036	14,930	21,656	3,016	-3,055	7,606	11,482	13,348
FCF margin	5.02%	8.47%	12.12%	1.81%	-1.76%	4.23%	6.14%	6.89%
FCF Conversion (EBITDA)	28.65%	71.07%	89.19%	14.07%	-	27.32%	36.51%	39.22%
FCF Conversion (Net income)	56.04%	322.32%	184.56%	26.35%	-	61.19%	78.18%	82.64%
Dividend per Share ²	116.0	50.00	51.00	52.00	52.00	52.38	53.43	55.14
Announcement Date	2/14/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	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
Net sales ¹	109,673	83,802	92,509	89,055	42,109	47,478	89,587	37,662	41,086	78,748	40,906	46,653	87,559	42,136	43,700	85,836	40,903	46,565	87,468	42,453	45,111	86,500	43,603	47,917	91,900
EBITDA	-	-	-	-	-	-	-	-	4,854	-	4,599	-	-	6,354	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,901	5,881	7,871	9,095	3,146	4,647	7,793	1,912	3,005	4,917	2,751	4,913	7,664	4,549	4,417	8,966	2,947	4,167	7,114	4,121	4,511	8,800	4,392	5,864	9,300
Operating Margin	13.59%	7.02%	8.51%	10.21%	7.47%	9.79%	8.7%	5.08%	7.31%	6.24%	6.73%	10.53%	8.75%	10.8%	10.11%	10.45%	7.2%	8.95%	8.13%	9.71%	10%	10.17%	10.07%	12.24%	10.12%
Earnings before Tax (EBT)	-	2,509	-	10,365	2,716	-	-	3,908	4,346	8,254	3,087	970	-	4,211	6,509	10,720	3,097	4,640	-	-	-	-	-	-	-
Net income ¹	9,756	916	3,716	7,086	1,575	3,073	4,648	7,180	3,724	10,904	2,131	-1,589	-	2,743	4,661	7,404	1,880	2,261	-	2,300	-	-	-	-	-
Net margin	8.9%	1.09%	4.02%	7.96%	3.74%	6.47%	5.19%	19.06%	9.06%	13.85%	5.21%	-3.41%	-	6.51%	10.67%	8.63%	4.6%	4.86%	-	5.42%	-	-	-	-	-
EPS ²	44.11	4.140	16.80	32.00	7.150	13.89	21.04	32.46	16.83	49.29	9.630	-7.180	-	12.40	21.07	33.47	8.500	-	-	11.71	13.29	-	13.92	19.39	-
Dividend per Share	-	35.00	-	20.00	-	31.00	-	-	21.00	21.00	-	31.00	-	-	21.00	21.00	-	-	-	-	-	-	-	-	-
Announcement Date	2/14/20	7/30/20	2/12/21	7/30/21	11/1/21	2/14/22	2/14/22	4/28/22	7/29/22	7/29/22	10/31/22	2/14/23	2/14/23	4/28/23	7/31/23	7/31/23	10/30/23	2/14/24	2/14/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	88,075	82,660	90,294	79,434	63,450	55,427	55,521	53,592
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	11,036	14,930	21,656	3,016	-3,055	7,606	11,482	13,348
ROE (net income / shareholders' equity)	10.4%	2.6%	6.9%	6.7%	5.7%	7.37%	8.69%	9.51%
ROA (Net income/ Total Assets)	13%	5.84%	9.21%	7.21%	9.07%	6.22%	7.4%	8%
Assets ¹	151,692	79,354	127,368	158,707	106,531	199,859	198,465	201,898
Book Value Per Share ²	862.0	766.0	781.0	773.0	758.0	755.0	763.0	778.0
Cash Flow per Share ²	122.0	53.70	85.20	90.10	78.50	110.0	126.0	134.0
Capex ¹	10,091	8,464	8,945	12,532	17,478	12,596	11,300	11,300
Capex / Sales	4.59%	4.8%	5.01%	7.54%	10.09%	7%	6.04%	5.83%
Announcement Date	2/14/20	2/12/21	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 Pola Orbis Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,426 JPY

Average target price

1,584 JPY

Spread / Average Target

+11.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Personal Products

	1st Jan change	Capi.
POLA ORBIS HOLDINGS INC.	-9.97%	2B
PROCTER & GAMBLE COMPANY	+10.07%	381B
COLGATE-PALMOLIVE COMPANY	+14.18%	74.67B
HINDUSTAN UNILEVER LIMITED	-16.59%	62.59B
ESTEE LAUDER	+0.82%	52.86B
KENVUE INC.	-12.40%	36.11B
BEIERSDORF	+3.54%	33.57B
ESSITY AB	+7.92%	17.29B
GODREJ CONSUMER PRODUCTS LIMITED	+6.30%	14.75B
DABUR INDIA LIMITED	-8.65%	10.82B

Other Personal Products