Financials Tri Chemical Laboratories Inc.

Equities

4369

JP3636000006

Specialty Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-02 am EDT			5-day change	1st Jan Change
4,310 ^JPY	+0.23%		-0.12%	+19.39%

Mar. 20	Tri Chemical's Attributable Profit Nearly Halves in Fiscal Year Ended January	MT
Mar. 15	Tri Chemical Laboratories Inc. Provides Consolidated Earnings Guidance for the First Half and Full Year of Fiscal Year Ending January 31, 2025	CI

Valuation

Fiscal Period: January	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	83,040	134,988	99,603	75,815	119,914	140,062	-	-
Enterprise Value (EV) ¹	84,291	138,334	94,891	67,920	111,815	133,405	132,450	140,062
P/E ratio	28.2 x	40 x	24.3 x	15.7 x	48.5 x	33.4 x	23.6 x	18.4 x
Yield	0.55%	0.39%	0.65%	1.29%	0.81%	0.75%	0.77%	0.7%
Capitalization / Revenue	10 x	13.8 x	8.61 x	5.49 x	10.7 x	8.81 x	6.51 x	5.19 x
EV / Revenue	10.2 x	14.1 x	8.2 x	4.92 x	9.94 x	8.39 x	6.16 x	5.19 x
EV / EBITDA	28.4 x	39.5 x	23.8 x	14.4 x	34.4 x	27.2 x	18.9 x	-
EV / FCF	343 x	-158 x	22.7 x	14 x	110 x	-88.8 x	-42.7 x	82.1 x
FCF Yield	0.29%	-0.63%	4.41%	7.12%	0.91%	-1.13%	-2.34%	1.22%
Price to Book	8.67 x	10.7 x	4.67 x	2.93 x	4.35 x	4.72 x	4.14 x	-
Nbr of stocks (in thousands)	31,247	31,247	32,497	32,497	32,497	32,497	-	-
Reference price ²	2,658	4,320	3,065	2,333	3,690	4,310	4,310	4,310
Announcement Date	3/13/20	3/15/21	3/15/22	3/15/23	3/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Gennaio	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	8,267	9,801	11,574	13,803	11,246	15,900	21,500	27,000
EBITDA ¹	2,969	3,506	3,995	4,714	3,253	4,900	7,000	-
EBIT ¹	2,326	2,691	2,976	3,504	1,947	3,800	5,700	7,500
Operating Margin	28.14%	27.46%	25.71%	25.39%	17.31%	23.9%	26.51%	27.78%
Earnings before Tax (EBT) ¹	3,744	4,323	5,294	6,186	3,276	5,600	8,500	10,100
Net income ¹	2,939	3,377	4,095	4,832	2,470	4,200	5,923	7,600
Net margin	35.55%	34.46%	35.38%	35.01%	21.96%	26.42%	27.55%	28.15%
EPS ²	94.08	108.1	126.3	148.7	76.03	129.2	182.3	233.9
Free Cash Flow ¹	245.6	-873.4	4,183	4,834	1,012	-1,502	-3,105	1,705
FCF margin	2.97%	-8.91%	36.14%	35.02%	9%	-9.45%	-14.44%	6.31%
FCF Conversion (EBITDA)	8.27%	-	104.69%	102.55%	31.11%	-	-	-
FCF Conversion (Net income)	8.36%	-	102.14%	100.05%	40.97%	-	-	22.43%
Dividend per Share ²	14.50	17.00	20.00	30.00	30.00	32.50	33.33	30.00
Announcement Date	3/13/20	3/15/21	3/15/22	3/15/23	3/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: January	2020 S2	2021 S1	2021 S2	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	4,115	4,812	4,989	5,367	3,160	3,047	6,207	3,119	3,429	6,548	3,591	3,664	7,255	3,228	2,394	5,622	2,593	3,031	5,624	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,173	1,547	1,144	1,457	893	626	1,519	986	925	1,911	910	683	1,593	874	226	1,100	266	581	847	770	970	1,740	1,100	1,260	2,360
Operating Margin	28.51%	32.15%	22.93%	27.15%	28.26%	20.54%	24.47%	31.61%	26.98%	29.18%	25.34%	18.64%	21.96%	27.08%	9.44%	19.57%	10.26%	19.17%	15.06%	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,967	2,296	2,027	2,448	1,626	1,220	2,846	1,718	1,790	3,508	2,105	573	2,678	1,298	-	1,906	533	837	1,370	1,000	1,300	2,300	1,530	1,770	3,300
Net income ¹	1,561	1,796	1,581	1,881	1,278	936	2,214	1,293	1,410	2,703	1,671	458	2,129	992	461	1,453	395	622	1,017	720	980	1,700	1,090	1,410	2,500
Net margin	37.93%	37.32%	31.69%	35.05%	40.44%	30.72%	35.67%	41.46%	41.12%	41.28%	46.53%	12.5%	29.35%	30.73%	19.26%	25.84%	15.23%	20.52%	18.08%	-	-	-	-	-	-
EPS	49.96	57.49	50.59	58.20	39.34	-	-	39.80	43.40	83.20	51.42	14.08	65.50	30.54	14.18	44.72	12.16	-	-	-	-	-	-	-	-
Dividend per Share	14.50	-	68.00	-	-	-	20.00	-	-	-	-	-	30.00	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/13/20	8/31/20	3/15/21	8/31/21	11/30/21	3/15/22	3/15/22	5/31/22	8/31/22	8/31/22	11/30/22	3/15/23	3/15/23	5/31/23	8/31/23	8/31/23	11/30/23	3/15/24	3/15/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: January	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,251	3,346	-	-	-	-	-	-
Net Cash position ¹	-	-	4,712	7,895	8,099	6,657	7,612	-
Leverage (Debt/EBITDA)	0.4213 x	0.9544 x	-	-	-	-	-	-
Free Cash Flow ¹	246	-873	4,183	4,834	1,012	-1,502	-3,105	1,705
ROE (net income / shareholders' equity)	35.4%	30.4%	24.1%	20.5%	9.2%	14.9%	17.4%	-
ROA (Net income/ Total Assets)	28.5%	24.7%	22%	20.5%	10.2%	-	-	-
Assets ¹	10,305	13,675	18,624	23,591	24,119	-	-	-
Book Value Per Share ²	307.0	403.0	656.0	796.0	848.0	912.0	1,041	-
Cash Flow per Share	115.0	134.0	158.0	186.0	116.0	-	-	-
Capex ¹	1,405	2,925	881	1,426	1,960	3,300	6,700	3,500
Capex / Sales	17%	29.85%	7.62%	10.33%	17.43%	20.75%	31.16%	12.96%
Announcement Date	3/13/20	3/15/21	3/15/22	3/15/23	3/15/24	-	-	-

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 Tri Chemical Laboratories Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,310 JPY

Average target price

6,000 JPY

Spread / Average Target

+39.21%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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