Financials MEC Company Ltd.

Equities

4971

JP3920890005

Specialty Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-01 EDT			5-day change	1st Jan Change
4,445 ^JPY	-3.37%		-1.88%	+1.14%

06-20	MEC Company Ltd. Announces Notice of Transfer of Operating Officers	CI
05-10	MEC COMPANY LTD. Announces Progress of New Domestic Base Kitakyushu Plant (Tentative Name)	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	28,713	43,079	76,111	39,505	82,296	86,134	-	-
Enterprise Value (EV) ¹	24,406	37,900	68,959	30,062	73,540	78,863	78,659	77,297
P/E ratio	23.2 x	27 x	25.8 x	12.9 x	35.9 x	29.4 x	25.4 x	21.7 x
Yield	1.72%	1.15%	0.87%	2.17%	1.02%	0.98%	1.12%	1.18%
Capitalization / Revenue	2.64 x	3.6 x	5.06 x	2.42 x	5.87 x	4.97 x	4.55 x	4.27 x
EV / Revenue	2.25 x	3.17 x	4.59 x	1.84 x	5.25 x	4.55 x	4.16 x	3.83 x
EV / EBITDA	10.5 x	12 x	14.7 x	6.31 x	18.4 x	15.4 x	13.5 x	11.9 x
EV / FCF	30.5 x	24 x	27.8 x	9.66 x	135 x	-213 x	21.8 x	26 x
FCF Yield	3.28%	4.17%	3.6%	10.4%	0.74%	-0.47%	4.58%	3.84%
Price to Book	1.78 x	2.47 x	3.64 x	1.69 x	3.32 x	3.19 x	2.95 x	2.68 x
Nbr of stocks (in thousands)	18,978	18,978	19,004	19,011	18,725	18,725	-	-
Reference price ²	1,513	2,270	4,005	2,078	4,395	4,600	4,600	4,600
Announcement Date	2/13/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	10,865	11,956	15,038	16,329	14,020	17,335	18,920	20,167
EBITDA ¹	2,330	3,154	4,681	4,764	3,993	5,113	5,817	6,517
EBIT ¹	1,637	2,370	3,939	4,004	2,492	4,070	4,790	5,500
Operating Margin	15.07%	19.82%	26.19%	24.52%	17.77%	23.48%	25.32%	27.27%
Earnings before Tax (EBT)	1,710	2,309	4,092	4,224	3,219	-	4,100	4,900
Net income ¹	1,236	1,595	2,949	3,064	2,304	2,930	3,448	3,970
Net margin	11.38%	13.34%	19.61%	18.76%	16.43%	16.9%	18.22%	19.69%
EPS ²	65.16	84.09	155.3	161.2	122.3	156.5	181.5	211.5
Free Cash Flow ¹	800	1,582	2,484	3,112	543.4	-371	3,602	2,972
FCF margin	7.36%	13.23%	16.52%	19.06%	3.88%	-2.14%	19.04%	14.74%
FCF Conversion (EBITDA)	34.34%	50.16%	53.07%	65.32%	13.61%	-	61.93%	45.61%
FCF Conversion (Net income)	64.72%	99.18%	84.23%	101.57%	23.59%	-	104.46%	74.86%
Dividend per Share ²	26.00	26.00	35.00	45.00	45.00	45.00	51.50	54.33
Announcement Date	2/13/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	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
Net sales ¹	5,889	5,701	6,255	7,024	3,881	8,014	3,955	4,172	8,127	4,237	3,965	8,202	2,765	3,433	6,198	3,783	4,039	7,822	4,354	4,146	8,500	4,500	4,500	9,000
EBITDA	-	-	-	2,307	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,027	1,133	1,237	1,949	787	1,990	1,051	1,033	2,084	1,034	886	1,920	168	670	838	833	820.9	1,654	1,053	947	2,000	1,150	1,150	2,300
Operating Margin	17.44%	19.87%	19.78%	27.75%	20.28%	24.83%	26.57%	24.76%	25.64%	24.4%	22.35%	23.41%	6.08%	19.52%	13.52%	22.02%	20.32%	21.15%	24.18%	22.84%	23.53%	25.56%	25.56%	25.56%
Earnings before Tax (EBT)	-	1,075	-	2,015	-	-	1,185	-	2,374	1,036	-	-	219	1,329	1,548	873.6	-	-	1,128	-	-	-	-	-
Net income	-	794	-	1,466	-	-	793	-	1,661	721	-	-	82	994	1,076	631	-	-	779	-	-	-	-	-
Net margin	-	13.93%	-	20.87%	-	-	20.05%	-	20.44%	17.02%	-	-	2.97%	28.95%	17.36%	16.68%	-	-	17.89%	-	-	-	-	-
EPS	-	41.85	-	77.25	-	-	41.76	-	87.40	37.95	-	-	4.320	52.47	56.79	33.60	-	-	41.62	-	-	-	-	-
Dividend per Share	-	12.00	-	14.00	-	-	-	-	20.00	-	-	-	-	20.00	20.00	-	-	-	-	-	-	-	-	-
Announcement Date	2/13/20	8/11/20	2/12/21	8/10/21	2/14/22	2/14/22	5/10/22	8/10/22	8/10/22	11/10/22	2/14/23	2/14/23	5/10/23	8/9/23	8/9/23	11/10/23	2/14/24	2/14/24	5/10/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	4,307	5,179	7,152	9,443	8,756	7,271	7,475	8,837
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	800	1,582	2,484	3,112	543	-371	3,602	2,972
ROE (net income / shareholders' equity)	7.9%	9.5%	15.4%	13.8%	9.6%	9.73%	12%	12.7%
ROA (Net income/ Total Assets)	8.86%	11.5%	17.5%	16.1%	9.55%	8.1%	9.2%	10.2%
Assets ¹	13,956	13,860	16,820	19,052	24,115	36,173	37,479	38,921
Book Value Per Share ²	848.0	921.0	1,101	1,227	1,323	1,444	1,560	1,719
Cash Flow per Share	102.0	125.0	194.0	201.0	163.0	-	-	-
Capex ¹	1,362	847	529	698	1,870	3,107	2,000	1,500
Capex / Sales	12.54%	7.08%	3.52%	4.27%	13.34%	17.92%	10.57%	7.44%
Announcement Date	2/13/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

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 MEC Company Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,600 JPY

Average target price

4,033 JPY

Spread / Average Target

-12.32%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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