Financials Sanyo Special Steel Co., Ltd.

Equities

5481

JP3342000001

Iron & Steel

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-30 am EDT			5-day change	1st Jan Change
2,144 ^JPY	+5.41%		+6.14%	-18.66%

Feb. 02	Sanyo Special Steel Co., Ltd. Provides Non-Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024	CI
Feb. 02	Sanyo Special Steel Co., Ltd. Revises Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	127,576	52,751	88,984	115,678	133,600	116,814	-	-
Enterprise Value (EV) ¹	196,533	99,236	148,362	180,193	208,249	122,480	190,492	184,701
P/E ratio	9.54 x	-14.4 x	-13 x	7.58 x	6.44 x	13.5 x	12.2 x	10.4 x
Yield	3.04%	1.6%	-	4.24%	4.08%	2.89%	2.66%	3.85%
Capitalization / Revenue	0.69 x	0.2 x	0.42 x	0.32 x	0.34 x	0.35 x	0.31 x	0.29 x
EV / Revenue	1.06 x	0.38 x	0.7 x	0.5 x	0.53 x	0.35 x	0.51 x	0.46 x
EV / EBITDA	10.1 x	5.56 x	17.1 x	4.83 x	4.93 x	6.62 x	6.25 x	5.3 x
EV / FCF	-3.37 x	3.68 x	51.1 x	-26.7 x	-341 x	8.56 x	-10.1 x	22.1 x
FCF Yield	-29.6%	27.2%	1.96%	-3.74%	-0.29%	11.7%	-9.91%	4.53%
Price to Book	0.65 x	0.3 x	0.5 x	0.59 x	0.62 x	0.54 x	0.52 x	0.5 x
Nbr of stocks (in thousands)	56,226	54,495	54,491	54,488	54,486	54,484	-	-
Reference price ²	2,269	968.0	1,633	2,123	2,452	2,144	2,144	2,144
Announcement Date	5/8/19	4/30/20	4/30/21	4/28/22	4/28/23	4/30/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	185,818	262,452	210,721	363,278	393,843	353,810	375,000	399,000
EBITDA ¹	19,416	17,847	8,694	37,319	42,256	27,320	30,500	34,850
EBIT ¹	10,123	-1,417	-5,493	21,416	28,492	11,366	15,500	17,750
Operating Margin	5.45%	-0.54%	-2.61%	5.9%	7.23%	3.21%	4.13%	4.45%
Earnings before Tax (EBT) ¹	10,375	-3,298	-9,519	20,973	28,045	13,024	13,900	16,250
Net income ¹	7,721	-3,717	-6,870	15,267	20,743	9,056	9,600	11,250
Net margin	4.16%	-1.42%	-3.26%	4.2%	5.27%	2.56%	2.56%	2.82%
EPS ²	237.8	-67.14	-126.1	280.2	380.7	166.2	176.2	206.4
Free Cash Flow ¹	-58,254	26,962	2,901	-6,746	-611	21,130	-18,884	8,374
FCF margin	-31.35%	10.27%	1.38%	-1.86%	-0.16%	5.96%	-5.04%	2.1%
FCF Conversion (EBITDA)	-	151.07%	33.37%	-	-	77.34%	-	24.03%
FCF Conversion (Net income)	-	-	-	-	-	264.12%	-	74.44%
Dividend per Share ²	69.00	15.50	-	90.00	100.0	65.00	57.00	82.50
Announcement Date	5/8/19	4/30/20	4/30/21	4/28/22	4/28/23	4/30/24	-	-

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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	146,091	97,161	72,689	183,294	86,043	93,941	104,052	91,356	195,408	98,984	99,451	99,863	85,387	185,250	83,712	84,848	87,000	82,000	92,000	99,000
EBITDA ¹	-	-	-	-	-	-	-	8,550	-	11,418	12,268	9,745	5,874	-	-	7,280	-	-	-	-
EBIT ¹	2,617	-3,890	1,926	10,397	4,014	7,005	8,783	4,391	13,174	7,258	8,060	5,500	1,819	7,319	1,501	2,546	-	-	-	-
Operating Margin	1.79%	-4%	2.65%	5.67%	4.67%	7.46%	8.44%	4.81%	6.74%	7.33%	8.1%	5.51%	2.13%	3.95%	1.79%	3%	-	-	-	-
Earnings before Tax (EBT) ¹	2,101	-4,123	1,931	10,517	3,940	6,516	9,198	4,603	13,801	6,829	7,415	5,995	1,642	7,637	1,613	3,774	-	-	-	-
Net income ¹	1,379	-3,310	1,209	7,290	2,866	5,111	6,880	2,990	9,870	4,890	5,983	4,308	927	5,235	1,080	2,741	-	-	-	-
Net margin	0.94%	-3.41%	1.66%	3.98%	3.33%	5.44%	6.61%	3.27%	5.05%	4.94%	6.02%	4.31%	1.09%	2.83%	1.29%	3.23%	-	-	-	-
EPS ²	24.62	-60.75	22.18	133.8	52.61	93.79	126.3	54.87	181.2	89.76	109.8	79.07	17.03	96.10	19.81	50.30	-	-	-	-
Dividend per Share	15.50	-	-	45.00	-	-	-	-	55.00	-	-	-	-	35.00	-	-	-	-	-	-
Announcement Date	10/30/19	10/29/20	10/29/21	10/29/21	1/27/22	4/28/22	7/28/22	10/31/22	10/31/22	2/1/23	4/28/23	7/28/23	10/31/23	10/31/23	2/2/24	4/30/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	68,957	46,485	59,378	64,515	74,649	64,156	73,678	67,887
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.552 x	2.605 x	6.83 x	1.729 x	1.767 x	2.348 x	2.416 x	1.948 x
Free Cash Flow ¹	-58,254	26,962	2,901	-6,746	-611	21,130	-18,885	8,374
ROE (net income / shareholders' equity)	4.8%	-2%	-3.9%	8.1%	10.1%	4.1%	4.3%	4.9%
ROA (Net income/ Total Assets)	3.23%	-0.43%	-1.47%	6.21%	7.41%	3.03%	2.4%	3%
Assets ¹	239,122	858,033	466,937	245,690	280,036	298,874	400,000	375,000
Book Value Per Share ²	3,481	3,273	3,274	3,615	3,935	4,160	4,122	4,301
Cash Flow per Share	525.0	204.0	134.0	572.0	633.0	418.0	-	-
Capex ¹	9,162	18,571	19,175	13,832	13,594	16,500	16,850	17,000
Capex / Sales	4.93%	7.08%	9.1%	3.81%	3.45%	4.65%	4.49%	4.26%
Announcement Date	5/8/19	4/30/20	4/30/21	4/28/22	4/28/23	4/30/24	-	-

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 Sanyo Special Steel Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,144 JPY

Average target price

2,685 JPY

Spread / Average Target

+25.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
SANYO SPECIAL STEEL CO., LTD.	-18.66%	707M
JSW STEEL LIMITED	+0.25%	26.12B
BAOSHAN IRON & STEEL CO., LTD.	+17.20%	21.07B
CHINA STEEL CORPORATION	-7.96%	11.96B
JINDAL STEEL & POWER LIMITED	+24.27%	11.32B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+10.90%	10.83B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+9.59%	10.16B
TERNIUM S.A.	-0.54%	8.46B
BHARAT FORGE LIMITED	+2.61%	7.16B
JINDAL STAINLESS LIMITED	+23.57%	6.91B

Iron, Steel Mills & Foundries