Financials Sakata INX Corporation

Equities

4633

JP3314800008

Specialty Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,571 ^JPY	+1.68%		+3.42%	+15.68%

Feb. 28	Maoming Huacai Ink Co., Ltd. agreed to acquire remaining 63.26% stake in Maoming Sakata Inx Co., Ltd. from Sakata INX Corporation for CNY 69.5 million.	CI
Feb. 14	Sakata INX Corporation Provides Dividend Guidance for the Fiscal Year Ended December 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	69,378	67,649	58,086	52,531	67,961	78,620	-	-
Enterprise Value (EV) ¹	76,238	72,950	63,180	67,664	76,849	91,764	90,226	88,288
P/E ratio	16.9 x	12.8 x	11.8 x	12.3 x	9.1 x	8.82 x	7.78 x	7.11 x
Yield	2.53%	2.59%	3.02%	2.86%	2.58%	2.55%	3.02%	3.5%
Capitalization / Revenue	0.41 x	0.42 x	0.32 x	0.24 x	0.3 x	0.33 x	0.32 x	0.31 x
EV / Revenue	0.46 x	0.45 x	0.35 x	0.31 x	0.34 x	0.38 x	0.36 x	0.35 x
EV / EBITDA	-	-	-	-	-	5.06 x	4.62 x	4.3 x
EV / FCF	15.4 x	12 x	27.7 x	529 x	-	16.3 x	13.5 x	11.4 x
FCF Yield	6.48%	8.35%	3.61%	0.19%	-	6.15%	7.43%	8.78%
Price to Book	0.9 x	0.89 x	0.67 x	0.61 x	0.69 x	0.75 x	0.7 x	0.66 x
Nbr of stocks (in thousands)	58,399	58,419	58,437	50,029	50,045	50,045	-	-
Reference price ²	1,188	1,158	994.0	1,050	1,358	1,571	1,571	1,571
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	167,237	161,507	181,487	215,531	228,311	241,800	248,900	255,750
EBITDA ¹	-	-	-	-	-	18,118	19,518	20,518
EBIT ¹	6,225	7,212	7,414	4,125	11,398	12,300	13,900	14,950
Operating Margin	3.72%	4.47%	4.09%	1.91%	4.99%	5.09%	5.58%	5.85%
Earnings before Tax (EBT) ¹	7,181	7,755	7,784	6,284	11,111	12,850	14,450	15,500
Net income ¹	4,114	5,275	4,933	4,555	7,466	8,850	9,900	10,700
Net margin	2.46%	3.27%	2.72%	2.11%	3.27%	3.66%	3.98%	4.18%
EPS ²	70.46	90.32	84.43	85.52	149.2	178.1	201.9	221.1
Free Cash Flow ¹	4,942	6,090	2,280	128	-	5,646	6,708	7,754
FCF margin	2.96%	3.77%	1.26%	0.06%	-	2.33%	2.69%	3.03%
FCF Conversion (EBITDA)	-	-	-	-	-	31.16%	34.37%	37.79%
FCF Conversion (Net income)	120.13%	115.45%	46.22%	2.81%	-	63.8%	67.75%	72.47%
Dividend per Share ²	30.00	30.00	30.00	30.00	35.00	40.00	47.50	55.00
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	84,070	79,472	82,035	88,676	44,961	47,850	92,811	49,008	54,525	103,533	56,316	55,682	111,998	54,214	55,937	110,151	58,483	59,677	118,160	56,500	58,300	114,800	61,200	62,000	123,200
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,174	3,181	4,031	5,045	1,211	1,158	2,369	1,495	533	2,028	1,242	855	2,097	2,428	2,617	5,045	3,480	2,873	6,353	2,250	2,800	5,050	3,650	3,800	7,450
Operating Margin	3.78%	4%	4.91%	5.69%	2.69%	2.42%	2.55%	3.05%	0.98%	1.96%	2.21%	1.54%	1.87%	4.48%	4.68%	4.58%	5.95%	4.81%	5.38%	3.98%	4.8%	4.4%	5.96%	6.13%	6.05%
Earnings before Tax (EBT)	-	2,522	-	5,901	1,283	-	-	2,252	-	3,945	1,162	-	-	3,094	-	6,147	4,104	-	-	-	-	-	-	-	-
Net income	-	1,497	-	4,039	751	-	-	1,392	1,008	2,400	690	-	-	2,015	-	3,812	2,825	-	-	-	-	-	-	-	-
Net margin	-	1.88%	-	4.55%	1.67%	-	-	2.84%	1.85%	2.32%	1.23%	-	-	3.72%	-	3.46%	4.83%	-	-	-	-	-	-	-	-
EPS	-	25.65	-	69.14	12.84	-	-	23.83	19.01	42.84	14.14	-	-	40.28	-	76.20	56.45	-	-	-	-	-	-	-	-
Dividend per Share	-	15.00	-	15.00	-	-	-	-	-	15.00	-	-	-	-	-	15.00	-	-	-	-	-	-	-	-	-
Announcement Date	2/14/20	8/7/20	2/12/21	8/11/21	11/12/21	2/14/22	2/14/22	5/13/22	8/10/22	8/10/22	11/11/22	2/14/23	2/14/23	5/12/23	8/10/23	8/10/23	11/10/23	2/14/24	2/14/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,860	5,301	5,094	15,133	8,888	13,144	11,606	9,668
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	0.7255 x	0.5946 x	0.4712 x
Free Cash Flow ¹	4,942	6,090	2,280	128	-	5,646	6,708	7,755
ROE (net income / shareholders' equity)	5.5%	6.9%	6.1%	5.3%	8.1%	8.7%	9.35%	9.6%
ROA (Net income/ Total Assets)	4.98%	5.31%	5.45%	2.88%	7.34%	-	-	-
Assets ¹	82,670	99,406	90,521	158,063	101,714	-	-	-
Book Value Per Share ²	1,313	1,307	1,478	1,724	1,974	2,099	2,238	2,386
Cash Flow per Share	145.0	165.0	158.0	176.0	246.0	-	-	-
Capex ¹	4,877	4,509	5,276	6,131	6,510	8,500	7,750	7,750
Capex / Sales	2.92%	2.79%	2.91%	2.84%	2.85%	3.52%	3.11%	3.03%
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 Sakata INX Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,571 JPY

Average target price

2,200 JPY

Spread / Average Target

+40.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Coloring Agent

	1st Jan change	Capi.
SAKATA INX CORPORATION	+15.68%	499M
ZHEJIANG LONGSHENG GROUP CO.,LTD	+9.29%	4B
DIC CORPORATION	+5.18%	1.75B
ZHEJIANG RUNTU CO., LTD.	+3.44%	979M
ARTIENCE CO., LTD.	+9.13%	966M
SHANGHAI ANOKY GROUP CO., LTD	+66.88%	752M
HG TECHNOLOGIES CO., LTD.	-2.47%	692M
SUDARSHAN CHEMICAL INDUSTRIES LIMITED	+31.71%	600M
ANSHAN HIFICHEM CO., LTD.	-1.29%	553M
JIANGSU KUANGSHUN PHOTOSENSITIVITY NEW-MATERIAL STOCK CO., LTD.	-25.28%	405M

Coloring Agent