Financials Showa Sangyo Co., Ltd.

Equities

2004

JP3366400004

Food Processing

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,475 ^JPY	+0.58%		+2.21%	+9.79%

Feb. 09	Showa Sangyo Co., Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024	CI
2023	Showa Sangyo Co., Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	94,713	99,897	99,091	87,518	84,854	116,216	-	-
Enterprise Value (EV) ¹	121,219	123,208	135,473	131,271	141,886	158,936	146,303	139,235
P/E ratio	13.1 x	14.8 x	9.71 x	21.7 x	10.9 x	9.62 x	8.85 x	9.12 x
Yield	2%	2.02%	2.09%	2.29%	2.56%	2.3%	2.5%	2.56%
Capitalization / Revenue	0.37 x	0.39 x	0.39 x	0.3 x	0.25 x	0.33 x	0.33 x	0.32 x
EV / Revenue	0.47 x	0.49 x	0.53 x	0.46 x	0.42 x	0.46 x	0.41 x	0.39 x
EV / EBITDA	-	-	8.26 x	8.44 x	10.1 x	6.55 x	5.75 x	5.25 x
EV / FCF	11.5 x	20.9 x	109 x	-13.3 x	-15.6 x	49 x	23.6 x	23 x
FCF Yield	8.73%	4.77%	0.92%	-7.51%	-6.4%	2.04%	4.24%	4.35%
Price to Book	1.14 x	1.17 x	1.01 x	0.83 x	0.75 x	0.95 x	0.88 x	0.82 x
Nbr of stocks (in thousands)	31,592	31,121	31,913	33,429	33,447	33,443	-	-
Reference price ²	2,998	3,210	3,105	2,618	2,537	3,475	3,475	3,475
Announcement Date	5/9/19	5/14/20	5/14/21	5/13/22	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	255,905	254,017	255,997	287,635	335,053	349,258	352,716	359,804
EBITDA ¹	-	-	16,410	15,554	14,090	24,279	25,439	26,506
EBIT ¹	8,443	8,808	7,594	5,564	4,184	13,476	14,186	14,902
Operating Margin	3.3%	3.47%	2.97%	1.93%	1.25%	3.86%	4.02%	4.14%
Earnings before Tax (EBT) ¹	9,430	9,355	11,422	5,832	10,908	16,250	17,710	17,177
Net income ¹	7,254	6,764	10,115	4,006	7,776	12,075	13,133	12,745
Net margin	2.83%	2.66%	3.95%	1.39%	2.32%	3.46%	3.72%	3.54%
EPS ²	229.6	216.4	319.7	120.6	232.6	361.0	392.6	381.1
Free Cash Flow ¹	10,586	5,883	1,245	-9,853	-9,085	3,245	6,202	6,052
FCF margin	4.14%	2.32%	0.49%	-3.43%	-2.71%	0.93%	1.76%	1.68%
FCF Conversion (EBITDA)	-	-	7.59%	-	-	13.37%	24.38%	22.83%
FCF Conversion (Net income)	145.93%	86.98%	12.31%	-	-	26.87%	47.22%	47.49%
Dividend per Share ²	60.00	65.00	65.00	60.00	65.00	80.00	87.00	89.00
Announcement Date	5/9/19	5/14/20	5/14/21	5/13/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	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
Net sales ¹	128,151	124,180	71,039	139,914	75,341	72,380	80,688	82,722	163,410	89,736	81,907	89,799	85,783	175,582	89,973	82,445
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,056	4,177	1,364	2,406	2,011	1,147	1,815	502	2,317	2,245	-378	3,313	4,039	7,352	3,967	1,681
Operating Margin	3.95%	3.36%	1.92%	1.72%	2.67%	1.58%	2.25%	0.61%	1.42%	2.5%	-0.46%	3.69%	4.71%	4.19%	4.41%	2.04%
Earnings before Tax (EBT)	6,149	8,204	1,477	2,761	2,161	910	2,129	-	2,755	3,121	-	3,992	-	8,259	6,191	-
Net income ¹	4,503	6,918	979	1,802	1,480	724	1,426	521	1,947	2,096	3,733	2,783	2,947	5,730	4,632	1,638
Net margin	3.51%	5.57%	1.38%	1.29%	1.96%	1%	1.77%	0.63%	1.19%	2.34%	4.56%	3.1%	3.44%	3.26%	5.15%	1.99%
EPS	143.6	220.7	-	54.61	44.38	-	42.70	-	58.28	62.67	-	83.23	-	171.3	138.4	-
Dividend per Share	30.00	30.00	-	30.00	-	-	-	-	30.00	-	-	-	-	30.00	-	-
Announcement Date	11/8/19	11/16/20	11/5/21	11/5/21	2/7/22	5/13/22	8/5/22	11/11/22	11/11/22	2/10/23	5/11/23	8/7/23	11/10/23	11/10/23	2/9/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	26,506	23,311	36,382	43,753	57,032	42,720	30,087	23,019
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	2.217 x	2.813 x	4.048 x	1.76 x	1.183 x	0.8685 x
Free Cash Flow ¹	10,586	5,883	1,245	-9,853	-9,085	3,245	6,202	6,053
ROE (net income / shareholders' equity)	9%	8%	10.9%	3.9%	7.1%	10.3%	10.3%	9.25%
ROA (Net income/ Total Assets)	5.66%	5.84%	4.76%	2.96%	2.72%	6.4%	6.7%	7%
Assets ¹	128,180	115,894	212,313	135,427	285,464	188,672	196,015	182,071
Book Value Per Share ²	2,623	2,738	3,080	3,162	3,378	3,660	3,966	4,258
Cash Flow per Share ²	501.0	477.0	598.0	421.0	529.0	686.0	702.0	718.0
Capex ¹	8,004	9,751	12,524	9,884	9,452	14,400	14,500	14,500
Capex / Sales	3.13%	3.84%	4.89%	3.44%	2.82%	4.12%	4.11%	4.03%
Announcement Date	5/9/19	5/14/20	5/14/21	5/13/22	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 Showa Sangyo Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,475 JPY

Average target price

4,735 JPY

Spread / Average Target

+36.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Flour Milling

	1st Jan change	Capi.
SHOWA SANGYO CO., LTD.	+9.79%	738M
LIEN HWA INDUSTRIAL HOLDINGS CORPORATION	-1.80%	3.17B
MODERN MILLS COMPANY	0.00%	1.2B
NIPPN CORPORATION	+8.46%	1.19B
NITTO FUJI FLOUR MILLING CO.,LTD.	+8.71%	303M
SÖKE DEGIRMENCILIK SANAYI VE TICARET	+9.06%	209M
RFM CORPORATION	+7.00%	187M
OMAN FLOUR MILLS COMPANY SAOG	-11.76%	184M
MALAYAN FLOUR MILLS	+3.91%	173M
GRUPO MINSA, S.A.B. DE C.V.	+1.29%	172M

Flour Milling