Financials Shizuoka Gas Co., Ltd.

Equities

9543

JP3351150002

Natural Gas Utilities

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
957 ^JPY	+0.63%		+1.38%	-6.73%

Feb. 07	Shizuoka Gas Co., Ltd. Announces Year-End Dividend for the Year Ended December 31, 2023, Payable on March 28, 2024; Provides Second Quarter-End Dividend Guidance for the Second Quarter of Fiscal Year 2024	CI
Feb. 07	Shizuoka Gas Co., Ltd. Provides Year-End Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	70,383	76,565	72,991	81,787	76,108	71,412	-
Enterprise Value (EV) ¹	54,101	50,918	65,957	86,181	58,799	71,412	71,412
P/E ratio	12.7 x	20.6 x	17.7 x	13.7 x	5.39 x	11.8 x	10.9 x
Yield	1.68%	1.64%	1.83%	1.72%	2.44%	2.19%	2.3%
Capitalization / Revenue	0.5 x	0.63 x	0.55 x	0.39 x	0.36 x	0.4 x	0.39 x
EV / Revenue	0.5 x	0.63 x	0.55 x	0.39 x	0.36 x	0.4 x	0.39 x
EV / EBITDA	4,293,729 x	4,975,333 x	5,426,414 x	4,708,492 x	-	-	-
EV / FCF	4,801,010 x	6,855,785 x	-4,528,802 x	-9,135,095 x	3,115,992 x	-	-
FCF Yield	0%	0%	-0%	-0%	0%	-	-
Price to Book	0.88 x	0.93 x	0.85 x	0.88 x	0.71 x	0.66 x	0.63 x
Nbr of stocks (in thousands)	74,009	74,048	74,102	74,149	74,179	74,620	-
Reference price ²	951.0	1,034	985.0	1,103	1,026	957.0	957.0
Announcement Date	2/5/20	2/10/21	2/8/22	2/9/23	2/7/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	141,544	121,320	132,988	207,325	214,004	178,000	182,000
EBITDA	16,392	15,389	13,451	17,370	-	-	-
EBIT ¹	7,852	6,828	4,989	8,629	18,340	9,000	10,000
Operating Margin	5.55%	5.63%	3.75%	4.16%	8.57%	5.06%	5.49%
Earnings before Tax (EBT)	8,705	7,278	6,506	9,491	20,064	-	-
Net income ¹	5,519	3,709	4,115	5,975	14,107	6,000	6,500
Net margin	3.9%	3.06%	3.09%	2.88%	6.59%	3.37%	3.57%
EPS ²	74.62	50.09	55.55	80.60	190.2	80.90	87.70
Free Cash Flow	14,660	11,168	-16,117	-8,953	24,425	-	-
FCF margin	10.36%	9.21%	-12.12%	-4.32%	11.41%	-	-
FCF Conversion (EBITDA)	89.43%	72.57%	-	-	-	-	-
FCF Conversion (Net income)	265.63%	301.11%	-	-	173.14%	-	-
Dividend per Share ²	16.00	17.00	18.00	19.00	25.00	21.00	22.00
Announcement Date	2/5/20	2/10/21	2/8/22	2/9/23	2/7/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2022 Q1	2022 S1	2022 Q3	2022 S2	2023 Q1	2023 S1	2023 Q3
Net sales ¹	66,645	62,480	32,670	48,429	94,795	49,177	-	73,699	126,216	42,223
EBITDA	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,788	5,500	162	2,934	7,962	-1,194	-	13,801	17,847	1,739
Operating Margin	4.18%	8.8%	0.5%	6.06%	8.4%	-2.43%	-	18.73%	14.14%	4.12%
Earnings before Tax (EBT) ¹	2,927	6,487	285	3,257	8,835	-1,425	-	14,374	19,337	1,861
Net income ¹	828	4,330	23	2,082	5,961	-1,448	-	10,398	13,838	1,067
Net margin	1.24%	6.93%	0.07%	4.3%	6.29%	-2.94%	-	14.11%	10.96%	2.53%
EPS ²	11.18	58.46	0.3000	28.10	80.42	-19.55	-	140.2	186.6	14.36
Dividend per Share	8.500	9.000	-	-	9.500	-	9.500	-	10.00	-
Announcement Date	8/5/20	8/4/21	11/10/21	5/11/22	8/3/22	11/9/22	2/9/23	5/10/23	8/8/23	11/8/23

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	4,394	-	-	-
Net Cash position	16,282	25,647	7,034	-	17,309	-	-
Leverage (Debt/EBITDA)	-	-	-	0.253 x	-	-	-
Free Cash Flow	14,660	11,168	-16,117	-8,953	24,425	-	-
ROE (net income / shareholders' equity)	7.1%	4.6%	4.9%	6.7%	14.1%	5.7%	5.9%
ROA (Net income/ Total Assets)	7.47%	6.34%	5.35%	6.7%	12.8%	-	-
Assets ¹	73,923	58,514	76,965	89,236	110,459	-	-
Book Value Per Share ²	1,086	1,108	1,165	1,252	1,447	1,443	1,511
Cash Flow per Share	190.0	166.0	170.0	199.0	317.0	-	-
Capex	7,261	9,005	9,010	13,069	13,330	-	-
Capex / Sales	5.13%	7.42%	6.78%	6.3%	6.23%	-	-
Announcement Date	2/5/20	2/10/21	2/8/22	2/9/23	2/7/24	-	-

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 Shizuoka Gas Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

957 JPY

Average target price

860 JPY

Spread / Average Target

-10.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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PETRONAS GAS	+3.56%	7.48B
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ALTAGAS LTD.	+8.30%	6.51B
CHINA GAS HOLDINGS LIMITED	-5.97%	5.03B

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