Financials Nippon Carbon Co., Ltd.

Equities

5302

JP3690400001

Electrical Components & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 EDT			5-day change	1st Jan Change
5,420 ^JPY	-1.81%		-2.52%	+23.60%

02-28	Nippon Carbon's Attributable Profit Jumps 26.8% in 2023	MT
2023	Nippon Carbon Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	45,415	43,656	43,767	46,438	48,428	59,859	-	-
Enterprise Value (EV) ¹	39,590	32,041	36,469	37,208	42,755	59,859	59,859	59,859
P/E ratio	4.68 x	24.1 x	16.9 x	14.5 x	12 x	14.3 x	12 x	10.7 x
Yield	4.87%	5.07%	4.8%	4.76%	4.56%	3.69%	3.69%	3.69%
Capitalization / Revenue	1.01 x	1.63 x	1.39 x	1.3 x	1.28 x	1.39 x	1.3 x	1.22 x
EV / Revenue	1.01 x	1.63 x	1.39 x	1.3 x	1.28 x	1.39 x	1.3 x	1.22 x
EV / EBITDA	2.72 x	8.38 x	7.19 x	6.38 x	5.24 x	5.87 x	5.21 x	4.79 x
EV / FCF	159 x	-52 x	6.3 x	11.1 x	-39.1 x	26 x	13.9 x	20.6 x
FCF Yield	0.63%	-1.92%	15.9%	9.03%	-2.55%	3.84%	7.18%	4.84%
Price to Book	1.01 x	0.99 x	1.02 x	1.02 x	0.98 x	1.17 x	1.11 x	1.04 x
Nbr of stocks (in thousands)	11,063	11,066	10,496	11,044	11,044	11,044	-	-
Reference price ²	4,105	3,945	4,170	4,205	4,385	5,420	5,420	5,420
Announcement Date	20-02-10	21-02-10	22-02-10	23-02-10	24-02-09	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	44,931	26,802	31,578	35,799	37,867	43,000	46,000	49,000
EBITDA ¹	16,710	5,208	6,091	7,275	9,239	10,200	11,500	12,500
EBIT ¹	14,827	3,015	3,706	4,791	6,573	7,400	8,600	9,600
Operating Margin	33%	11.25%	11.74%	13.38%	17.36%	17.21%	18.7%	19.59%
Earnings before Tax (EBT) ¹	14,450	3,260	4,431	5,225	6,979	7,300	8,500	9,500
Net income ¹	9,700	1,810	2,729	3,194	4,050	4,200	5,000	5,600
Net margin	21.59%	6.75%	8.64%	8.92%	10.7%	9.77%	10.87%	11.43%
EPS ²	876.8	163.6	247.0	289.2	366.8	380.3	452.7	507.1
Free Cash Flow ¹	286	-840	6,943	4,193	-1,237	2,300	4,300	2,900
FCF margin	0.64%	-3.13%	21.99%	11.71%	-3.27%	5.35%	9.35%	5.92%
FCF Conversion (EBITDA)	1.71%	-	113.99%	57.64%	-	22.55%	37.39%	23.2%
FCF Conversion (Net income)	2.95%	-	254.42%	131.28%	-	54.76%	86%	51.79%
Dividend per Share ²	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0
Announcement Date	20-02-10	21-02-10	22-02-10	23-02-10	24-02-09	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	13,710	14,543	7,715	9,320	7,812	10,564	18,376	8,307	9,116	7,695	10,401	18,096	8,744	11,027	8,438	11,352	10,062	12,298
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,248	1,424	773	1,509	1,018	1,846	2,864	1,468	459	1,252	1,919	3,171	1,127	2,275	1,621	1,954	1,732	2,116
Operating Margin	16.4%	9.79%	10.02%	16.19%	13.03%	17.47%	15.59%	17.67%	5.04%	16.27%	18.45%	17.52%	12.89%	20.63%	19.21%	17.21%	17.21%	17.21%
Earnings before Tax (EBT)	1,952	1,596	791	-	1,127	-	3,088	1,597	-	1,284	-	3,312	1,132	-	1,760	-	-	-
Net income	1,174	889	562	-	766	-	1,885	1,066	-	752	-	1,957	674	-	969	-	-	-
Net margin	8.56%	6.11%	7.28%	-	9.81%	-	10.26%	12.83%	-	9.77%	-	10.81%	7.71%	-	11.48%	-	-	-
EPS	106.2	80.49	50.85	115.7	69.36	-	170.8	96.46	-	68.16	-	177.3	60.98	-	87.77	-	-	-
Dividend per Share	100.0	100.0	-	-	-	-	100.0	-	-	-	-	100.0	-	-	-	-	-	-
Announcement Date	20-08-07	21-08-10	21-11-10	22-02-10	22-05-10	22-08-10	22-08-10	22-11-10	23-02-10	23-05-10	23-08-10	23-08-10	23-11-10	24-02-09	24-05-10	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	5,825	11,616	7,298	9,230	5,673	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	286	-840	6,943	4,193	-1,237	2,300	4,300	2,900
ROE (net income / shareholders' equity)	23.8%	4.1%	6.1%	7.1%	8.5%	8.3%	9.5%	10%
ROA (Net income/ Total Assets)	19.9%	4.82%	6.17%	6.87%	9.32%	5.2%	6%	6.4%
Assets ¹	48,769	37,560	44,198	46,520	43,445	80,769	83,333	87,500
Book Value Per Share ²	4,080	3,989	4,074	4,126	4,478	4,645	4,899	5,207
Cash Flow per Share	1,047	362.0	463.0	514.0	608.0	-	-	-
Capex	4,456	3,572	1,812	2,796	2,754	-	-	-
Capex / Sales	9.92%	13.33%	5.74%	7.81%	7.27%	-	-	-
Announcement Date	20-02-10	21-02-10	22-02-10	23-02-10	24-02-09	-	-	-

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 Nippon Carbon Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

5,420 JPY

Average target price

5,500 JPY

Spread / Average Target

+1.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electrical Components & Equipment

	1st Jan change	Capi.
NIPPON CARBON CO., LTD.	+23.60%	384M
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AMETEK, INC.	+3.58%	39.54B
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ROCKWELL AUTOMATION, INC.	-11.88%	31.19B
LEGRAND	+9.83%	29.1B

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