Financials Central Glass Co., Ltd.

Equities

4044

JP3425000001

Diversified Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-15 EDT			5-day change	1st Jan Change
3,410 ^JPY	-0.87%		+25.83%	+27.95%

2023	Tinci Materials Ties Up with Japan's Central Glass to Set Up Chemical Manufacturing JV	MT
2023	Central Glass Co., Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	98,345	76,166	95,345	84,457	72,780	84,500	-	-
Enterprise Value (EV) ¹	149,963	111,019	130,073	101,088	120,029	71,912	84,500	84,500
P/E ratio	13 x	11.9 x	77.5 x	-2.12 x	2.4 x	5.76 x	8.89 x	6.59 x
Yield	3.09%	3.99%	3.18%	3.59%	3.92%	5.48%	3.45%	3.74%
Capitalization / Revenue	0.43 x	0.34 x	0.5 x	0.41 x	0.43 x	0.45 x	0.53 x	0.46 x
EV / Revenue	0.43 x	0.34 x	0.5 x	0.41 x	0.43 x	0.45 x	0.53 x	0.46 x
EV / EBITDA	4.34 x	3.64 x	-	4.34 x	2.82 x	3.67 x	3.16 x	2.93 x
EV / FCF	-13.1 x	14.4 x	9.28 x	6.48 x	1.99 x	4.47 x	10.1 x	9.11 x
FCF Yield	-7.65%	6.95%	10.8%	15.4%	50.2%	22.4%	9.94%	11%
Price to Book	0.6 x	0.47 x	0.58 x	0.67 x	0.7 x	0.63 x	0.7 x	0.64 x
Nbr of stocks (in thousands)	40,471	40,471	40,469	40,468	24,780	24,780	-	-
Reference price ²	2,430	1,882	2,356	2,087	2,937	3,410	3,410	3,410
Announcement Date	5/13/19	5/12/20	5/11/21	5/11/22	5/11/23	5/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	229,291	222,469	190,673	206,184	169,309	160,339	160,000	183,500
EBITDA ¹	22,685	20,911	-	19,444	25,786	23,000	26,700	28,800
EBIT ¹	10,098	7,975	4,064	7,262	16,757	14,526	13,000	16,650
Operating Margin	4.4%	3.58%	2.13%	3.52%	9.9%	9.06%	8.12%	9.07%
Earnings before Tax (EBT)	10,999	8,976	4,858	-38,630	44,618	16,553	-	19,800
Net income ¹	7,545	6,418	1,230	-39,844	42,494	12,478	9,500	12,820
Net margin	3.29%	2.88%	0.65%	-19.32%	25.1%	7.78%	5.94%	6.99%
EPS ²	186.4	158.6	30.40	-984.6	1,222	503.6	383.4	517.4
Free Cash Flow ¹	-7,520	5,291	10,269	13,033	36,557	16,089	8,401	9,274
FCF margin	-3.28%	2.38%	5.39%	6.32%	21.59%	10.03%	5.25%	5.05%
FCF Conversion (EBITDA)	-	25.3%	-	67.03%	141.77%	55.65%	31.46%	32.2%
FCF Conversion (Net income)	-	82.44%	834.88%	-	86.03%	128.94%	88.43%	72.34%
Dividend per Share ²	75.00	75.00	75.00	75.00	115.0	159.0	117.5	127.5
Announcement Date	5/13/19	5/12/20	5/11/21	5/11/22	5/11/23	5/10/24	-	-

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 S1	2025 S2
Net sales ¹	109,618	112,851	84,030	106,643	47,502	98,105	53,652	54,427	108,079	37,331	40,937	78,268	46,828	44,213	-	39,010	40,105	79,115	41,754	39,470	81,224	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,675	4,300	-732	4,796	694	2,599	1,419	3,244	4,663	3,635	3,791	7,426	5,071	4,260	9,331	2,845	3,165	6,010	4,548	3,968	8,516	-	-
Operating Margin	3.35%	3.81%	-0.87%	4.5%	1.46%	2.65%	2.64%	5.96%	4.31%	9.74%	9.26%	9.49%	10.83%	9.64%	-	7.29%	7.89%	7.6%	10.89%	10.05%	10.48%	-	-
Earnings before Tax (EBT)	3,903	-	-1,104	-	-	4,627	1,946	-	-	7,027	-	18,681	5,525	-	-	3,837	-	8,174	4,606	-	-	-	-
Net income	2,577	-	-1,990	-	-	2,936	1,290	-	-	6,229	-	16,863	4,874	-	-	2,831	-	5,672	3,628	-	-	-	-
Net margin	2.35%	-	-2.37%	-	-	2.99%	2.4%	-	-	16.69%	-	21.55%	10.41%	-	-	7.26%	-	7.17%	8.69%	-	-	-	-
EPS	63.68	-	-49.20	-	-	72.55	31.89	-	-	154.3	-	421.6	148.9	-	-	114.2	-	228.9	146.4	-	-	-	-
Dividend per Share	37.50	-	37.50	37.50	-	37.50	-	-	37.50	-	-	37.50	-	-	77.50	-	-	57.50	-	-	101.5	57.50	57.50
Announcement Date	10/31/19	5/12/20	10/30/20	5/11/21	11/1/21	11/1/21	2/1/22	5/11/22	5/11/22	8/1/22	11/1/22	11/1/22	2/1/23	5/11/23	5/11/23	8/4/23	11/6/23	11/6/23	2/5/24	5/10/24	5/10/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	51,618	34,853	34,728	16,631	47,249	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.275 x	1.667 x	-	0.8553 x	1.832 x	-	-	-
Free Cash Flow ¹	-7,520	5,291	10,269	13,033	36,557	16,089	8,401	9,274
ROE (net income / shareholders' equity)	4.5%	3.9%	0.8%	-27.3%	37%	11.4%	8.1%	8.4%
ROA (Net income/ Total Assets)	3.56%	2.84%	1.63%	4.15%	7.67%	7.47%	6.5%	-
Assets ¹	212,027	226,121	75,283	-960,719	553,746	167,008	146,154	-
Book Value Per Share ²	4,084	3,978	4,091	3,116	4,176	4,637	4,866	5,360
Cash Flow per Share ²	497.0	478.0	348.0	-684.0	1,482	871.0	747.0	787.0
Capex ¹	20,125	11,935	7,649	9,514	7,061	6,147	9,750	9,750
Capex / Sales	8.78%	5.36%	4.01%	4.61%	4.17%	3.83%	6.09%	5.31%
Announcement Date	5/13/19	5/12/20	5/11/21	5/11/22	5/11/23	5/10/24	-	-

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 Central Glass Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,410 JPY

Average target price

4,215 JPY

Spread / Average Target

+23.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Diversified Chemicals

	1st Jan change	Capi.
CENTRAL GLASS CO., LTD.	+27.95%	545M
SHIN-ETSU CHEMICAL CO., LTD.	-0.96%	74.01B
BASF SE	+1.76%	47.66B
DUPONT DE NEMOURS, INC.	+1.68%	32.76B
PIDILITE INDUSTRIES LIMITED	+10.03%	18.17B
EASTMAN CHEMICAL COMPANY	+12.24%	11.85B
BRENNTAG SE	-14.66%	11.16B
SYENSQO SA/NV	+2.04%	10.89B
ASAHI KASEI CORPORATION	+0.72%	9.49B
MITSUBISHI CHEMICAL GROUP CORPORATION	-2.13%	8.35B

Diversified Chemicals