Financials Kaneka Corporation

Equities

4118

JP3215800008

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,990 ^JPY	+1.40%		+2.57%	+11.39%

Apr. 22	Sony Corporation Adopts Kaneka Corporation's Foam Molded Product Made from Kaneka Biodegradable Polymer Green Planet as A Cushioning Material for Its Large-Screen Televisions	CI
Apr. 01	Tranche Update on Kaneka Corporation's Equity Buyback Plan announced on February 8, 2024.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	272,002	168,935	296,832	231,272	224,812	257,696	-	-
Enterprise Value (EV) ¹	353,655	262,125	368,253	317,939	358,887	385,053	391,032	386,359
P/E ratio	12.2 x	12.1 x	18.7 x	8.73 x	9.87 x	11.4 x	10.3 x	9.13 x
Yield	2.41%	3.86%	2.2%	3.1%	3.19%	2.76%	2.93%	3.2%
Capitalization / Revenue	0.44 x	0.28 x	0.51 x	0.33 x	0.3 x	0.34 x	0.32 x	0.31 x
EV / Revenue	0.57 x	0.44 x	0.64 x	0.46 x	0.47 x	0.5 x	0.49 x	0.47 x
EV / EBITDA	5.19 x	4.34 x	5.77 x	3.9 x	4.81 x	5.17 x	4.79 x	4.43 x
EV / FCF	-57.8 x	-144 x	12 x	-57.9 x	-27.1 x	26.5 x	166 x	45.9 x
FCF Yield	-1.73%	-0.7%	8.37%	-1.73%	-3.69%	3.77%	0.6%	2.18%
Price to Book	0.8 x	0.51 x	0.83 x	0.6 x	0.54 x	0.6 x	0.57 x	0.55 x
Nbr of stocks (in thousands)	65,622	65,226	65,238	65,239	65,163	64,585	-	-
Reference price ²	4,145	2,590	4,550	3,545	3,450	3,990	3,990	3,990
Announcement Date	5/14/19	5/14/20	5/13/21	5/12/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	621,043	601,514	577,426	691,530	755,821	767,800	801,057	829,356
EBITDA ¹	68,191	60,354	63,806	81,515	74,543	74,457	81,600	87,208
EBIT ¹	36,041	26,014	27,544	43,562	35,087	33,529	38,786	43,592
Operating Margin	5.8%	4.32%	4.77%	6.3%	4.64%	4.37%	4.84%	5.26%
Earnings before Tax (EBT) ¹	31,909	19,797	22,201	36,405	32,373	34,415	36,620	41,462
Net income ¹	22,238	14,003	15,831	26,487	23,008	22,722	24,727	27,990
Net margin	3.58%	2.33%	2.74%	3.83%	3.04%	2.96%	3.09%	3.37%
EPS ²	339.2	214.7	242.7	406.0	349.6	351.4	385.5	437.1
Free Cash Flow ¹	-6,116	-1,824	30,811	-5,489	-13,260	14,533	2,350	8,413
FCF margin	-0.98%	-0.3%	5.34%	-0.79%	-1.75%	1.89%	0.29%	1.01%
FCF Conversion (EBITDA)	-	-	48.29%	-	-	19.52%	2.88%	9.65%
FCF Conversion (Net income)	-	-	194.62%	-	-	63.96%	9.5%	30.06%
Dividend per Share ²	100.0	100.0	100.0	110.0	110.0	110.0	116.9	127.7
Announcement Date	5/14/19	5/14/20	5/13/21	5/12/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	299,855	-	266,714	166,161	330,267	178,449	182,814	192,739	187,863	380,602	186,541	188,678	182,740	187,376	370,116	194,612	199,924	202,300	208,300	213,300	212,300
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	12,817	13,197	7,034	11,167	23,015	10,302	10,245	12,212	8,601	20,813	6,808	7,466	5,603	7,003	12,606	9,005	10,663	-	10,450	11,350	11,150
Operating Margin	4.27%	-	2.64%	6.72%	6.97%	5.77%	5.6%	6.34%	4.58%	5.47%	3.65%	3.96%	3.07%	3.74%	3.41%	4.63%	5.33%	-	5.02%	5.32%	5.25%
Earnings before Tax (EBT) ¹	9,058	-	3,881	10,126	20,891	10,397	5,117	14,756	-	22,518	4,083	5,772	6,674	7,723	14,397	7,919	9,800	-	-	-	-
Net income ¹	6,046	-	2,476	7,009	14,766	7,255	4,466	10,518	6,050	16,568	2,322	4,118	4,241	4,656	8,897	4,541	8,231	-	6,755	7,385	7,815
Net margin	2.02%	-	0.93%	4.22%	4.47%	4.07%	2.44%	5.46%	3.22%	4.35%	1.24%	2.18%	2.32%	2.48%	2.4%	2.33%	4.12%	-	3.24%	3.46%	3.68%
EPS	92.70	-	37.97	-	226.4	111.2	-	161.2	-	252.7	33.94	-	65.35	-	137.1	69.95	-	-	-	-	-
Dividend per Share	50.00	-	50.00	-	50.00	-	-	-	-	55.00	-	-	-	-	55.00	-	-	-	-	-	-
Announcement Date	11/12/19	5/14/20	11/10/20	11/9/21	11/9/21	2/8/22	5/12/22	8/10/22	11/9/22	11/9/22	2/8/23	5/12/23	8/9/23	11/9/23	11/9/23	2/8/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	81,653	93,190	71,421	86,667	134,075	127,357	133,337	128,664
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.197 x	1.544 x	1.119 x	1.063 x	1.799 x	1.71 x	1.634 x	1.475 x
Free Cash Flow ¹	-6,116	-1,824	30,811	-5,489	-13,260	14,533	2,350	8,413
ROE (net income / shareholders' equity)	6.7%	4.2%	4.31%	7.1%	5.7%	5.34%	5.45%	5.99%
ROA (Net income/ Total Assets)	4.81%	3.07%	3.34%	5.85%	4.29%	3.48%	3.55%	4.09%
Assets ¹	462,496	455,812	473,755	452,435	535,819	653,503	696,787	685,022
Book Value Per Share ²	5,167	5,082	5,474	5,934	6,432	6,692	6,974	7,296
Cash Flow per Share ²	829.0	741.0	799.0	988.0	949.0	1,045	1,148	1,252
Capex ¹	53,594	47,809	39,431	37,982	44,348	45,200	50,275	49,825
Capex / Sales	8.63%	7.95%	6.83%	5.49%	5.87%	5.89%	6.28%	6.01%
Announcement Date	5/14/19	5/14/20	5/13/21	5/12/22	5/12/23	-	-	-

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 Kaneka Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,990 JPY

Average target price

4,091 JPY

Spread / Average Target

+2.54%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Commodity Chemicals

	1st Jan change	Capi.
KANEKA CORPORATION	+11.39%	1.64B
AIR LIQUIDE	+5.14%	103B
SAUDI BASIC INDUSTRIES CORPORATION	-5.63%	63.04B
PT CHANDRA ASRI PACIFIC TBK	+39.52%	39.06B
WANHUA CHEMICAL GROUP CO., LTD.	+12.91%	37.58B
LYONDELLBASELL INDUSTRIES N.V.	+7.41%	33.26B
WESTLAKE CORPORATION	+6.85%	19.22B
NINGXIA BAOFENG ENERGY GROUP CO., LTD.	+12.86%	16.83B
RONGSHENG PETROCHEMICAL CO., LTD.	+7.73%	15.03B
HENGLI PETROCHEMICAL CO.,LTD.	+16.93%	14.96B

Other Commodity Chemicals