Financials Taiheiyo Cement Corporation

Equities

5233

JP3449020001

Construction Materials

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-16 am EDT			5-day change	1st Jan Change
3,715 ^JPY	-1.82%		+0.73%	+27.84%

2023	Tranche Update on Taiheiyo Cement Corporation's Equity Buyback Plan announced on November 9, 2023.	CI
2023	Taiheiyo Cement Corporation's Equity Buyback announced on November 9, 2023, has closed with 1,812,000 shares, representing 1.54% for ¥4,999.84 million .	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	456,579	226,413	345,192	235,462	291,121	437,362	-	-
Enterprise Value (EV) ¹	675,632	440,887	520,220	445,777	604,763	406,733	758,704	734,307
P/E ratio	10.5 x	5.78 x	7.51 x	8.21 x	-8.77 x	9.48 x	8.61 x	7.78 x
Yield	2.17%	3.24%	2.06%	3.47%	2.81%	1.99%	2.31%	2.51%
Capitalization / Revenue	0.5 x	0.26 x	0.4 x	0.33 x	0.36 x	0.46 x	0.48 x	0.47 x
EV / Revenue	0.74 x	0.5 x	0.6 x	0.63 x	0.75 x	0.46 x	0.83 x	0.79 x
EV / EBITDA	6.11 x	4.01 x	4.47 x	4.34 x	8.77 x	6.1 x	5.29 x	4.93 x
EV / FCF	22.9 x	33.3 x	11.7 x	-35 x	-6.46 x	60 x	23.8 x	23.3 x
FCF Yield	4.36%	3%	8.53%	-2.86%	-15.5%	1.67%	4.21%	4.29%
Price to Book	1.09 x	0.52 x	0.73 x	0.46 x	0.59 x	0.72 x	0.76 x	0.72 x
Nbr of stocks (in thousands)	123,734	122,385	118,582	116,623	117,057	115,582	-	-
Reference price ²	3,690	1,850	2,911	2,019	2,487	3,784	3,784	3,784
Announcement Date	5/14/19	5/20/20	5/13/21	5/12/22	5/11/23	5/14/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	916,071	884,350	863,903	708,201	809,542	886,275	912,633	930,750
EBITDA ¹	110,510	109,960	116,346	102,765	68,921	126,398	143,400	148,798
EBIT ¹	66,012	61,008	63,610	46,701	4,456	56,470	75,925	81,133
Operating Margin	7.21%	6.9%	7.36%	6.59%	0.55%	6.37%	8.32%	8.72%
Earnings before Tax (EBT) ¹	59,174	51,777	65,105	42,820	-16,366	58,034	72,975	79,610
Net income ¹	43,452	39,151	46,800	28,971	-33,206	43,272	50,500	55,562
Net margin	4.74%	4.43%	5.42%	4.09%	-4.1%	4.88%	5.53%	5.97%
EPS ²	351.7	319.9	387.8	245.8	-283.7	371.1	439.3	486.6
Free Cash Flow ¹	29,487	13,225	44,400	-12,728	-93,612	12,845	31,928	31,510
FCF margin	3.22%	1.5%	5.14%	-1.8%	-11.56%	1.44%	3.5%	3.39%
FCF Conversion (EBITDA)	26.68%	12.03%	38.16%	-	-	10.16%	22.27%	21.18%
FCF Conversion (Net income)	67.86%	33.78%	94.87%	-	-	29.98%	63.22%	56.71%
Dividend per Share ²	80.00	60.00	60.00	70.00	70.00	70.00	87.50	95.00
Announcement Date	5/14/19	5/20/20	5/13/21	5/12/22	5/11/23	5/14/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	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	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	431,389	452,961	420,627	443,276	180,186	339,798	188,092	180,311	-	176,516	199,466	375,982	224,366	209,194	-	193,534	225,020	418,554	241,620	226,101	467,721	206,422	224,200	442,245	239,300	230,778	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	22,463	38,545	26,126	37,484	15,893	25,812	13,829	7,060	20,889	1,208	-1,521	-313	3,705	1,064	4,769	1,862	15,890	17,752	24,110	14,608	38,718	13,620	17,943	36,026	26,780	21,657	-
Operating Margin	5.21%	8.51%	6.21%	8.46%	8.82%	7.6%	7.35%	3.92%	-	0.68%	-0.76%	-0.08%	1.65%	0.51%	-	0.96%	7.06%	4.24%	9.98%	6.46%	8.28%	6.6%	8%	8.15%	11.19%	9.38%	-
Earnings before Tax (EBT)	23,733	-	26,507	-	-	29,179	12,941	-	-	1,821	-	-1,382	2,476	-	-	2,268	-	19,690	23,058	-	-	-	-	-	-	-	-
Net income ¹	16,202	22,949	18,461	28,339	12,908	19,485	10,100	-	-	-220	-	-16,455	-1,210	-	-	365	13,252	13,617	15,179	14,476	-	-	-	-	-	-	-
Net margin	3.76%	5.07%	4.39%	6.39%	7.16%	5.73%	5.37%	-	-	-0.12%	-	-4.38%	-0.54%	-	-	0.19%	5.89%	3.25%	6.28%	6.4%	-	-	-	-	-	-	-
EPS	132.4	187.5	152.2	235.6	109.0	163.9	86.38	-	-	-1.880	-	-140.6	-10.34	-	-	3.120	-	116.2	130.0	-	-	-	-	-	-	-	-
Dividend per Share	30.00	-	30.00	30.00	-	35.00	-	-	35.00	-	-	35.00	-	35.00	35.00	-	-	35.00	-	-	35.00	-	-	35.00	-	-	35.00
Announcement Date	11/12/19	5/20/20	11/10/20	5/13/21	11/11/21	11/11/21	2/8/22	5/12/22	5/12/22	8/9/22	11/10/22	11/10/22	2/9/23	5/11/23	5/11/23	8/8/23	11/9/23	11/9/23	2/8/24	5/14/24	5/14/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	219,053	214,474	175,028	210,315	313,642	333,910	321,342	296,945
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.982 x	1.95 x	1.504 x	2.047 x	4.551 x	2.642 x	2.241 x	1.996 x
Free Cash Flow ¹	29,487	13,225	44,400	-12,728	-93,612	12,845	31,928	31,510
ROE (net income / shareholders' equity)	10.7%	9.2%	10.3%	5.9%	-6.6%	8.2%	8.65%	9.41%
ROA (Net income/ Total Assets)	6.25%	5.86%	6.33%	4.68%	0.09%	4.56%	3.6%	4.08%
Assets ¹	694,820	668,463	739,312	619,683	-38,796,588	948,471	1,402,778	1,363,481
Book Value Per Share ²	3,388	3,568	3,971	4,362	4,228	4,873	5,006	5,282
Cash Flow per Share ²	708.0	719.0	824.0	721.0	267.0	940.0	1,052	1,119
Capex ¹	67,796	77,677	66,003	73,373	105,095	88,800	85,800	84,800
Capex / Sales	7.4%	8.78%	7.64%	10.36%	12.98%	9.98%	9.4%	9.11%
Announcement Date	5/14/19	5/20/20	5/13/21	5/12/22	5/11/23	5/14/24	-	-

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 Taiheiyo Cement Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,784 JPY

Average target price

3,882 JPY

Spread / Average Target

+2.58%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction Materials

	1st Jan change	Capi.
TAIHEIYO CEMENT CORPORATION	+27.63%	2.82B
CRH PLC	+23.83%	58.46B
MARTIN MARIETTA MATERIALS, INC.	+22.80%	37.77B
VULCAN MATERIALS COMPANY	+19.16%	35.77B
ULTRATECH CEMENT LIMITED	-8.46%	33.22B
HEIDELBERG MATERIALS AG	+26.76%	20.3B
GRASIM INDUSTRIES LIMITED	+11.00%	19.27B
AMBUJA CEMENTS	+17.67%	18.1B
SUMMIT MATERIALS, INC.	+9.54%	7.39B
KNIFE RIVER CORPORATION	+18.98%	4.46B

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