SHIN-ETSU CHEMICAL CO., LTD. |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5,989 JPY | -1.40% |
|
-3.53% | +1.22% |
| 04-30 | Japan's Nikkei tracks Wall Street higher; Fed policy meeting in focus | RE |
| 04-30 | Japan's Nikkei tracks Wall Street higher; Fed policy meeting in focus | RE |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 3,867,912 | 4,461,143 | 7,731,342 | 7,805,404 | 8,621,051 | 11,954,369 | - | - |
| Enterprise Value (EV) 1 | 2,840,420 | 3,396,737 | 6,892,214 | 6,399,725 | 7,050,213 | 13,137,294 | 10,041,659 | 9,950,189 |
| P/E ratio | 12.8 x | 14.2 x | 26.3 x | 15.6 x | 12.3 x | 25.4 x | 20.4 x | 17.4 x |
| Yield | 2.16% | 2.05% | 1.34% | 2.13% | 2.34% | 1.52% | 1.93% | 2.17% |
| Capitalization / Revenue | 2.43 x | 2.89 x | 5.16 x | 3.76 x | 3.07 x | 5.44 x | 4.57 x | 4.24 x |
| EV / Revenue | 1.78 x | 2.2 x | 4.6 x | 3.09 x | 2.51 x | 5.44 x | 3.84 x | 3.53 x |
| EV / EBITDA | 5.25 x | 6.32 x | 12.9 x | 7.57 x | 5.82 x | 14.1 x | 9.64 x | 8.34 x |
| EV / FCF | 13 x | 190 x | 40 x | 21.3 x | 11.7 x | 37.7 x | 15.7 x | 14.8 x |
| FCF Yield | 7.71% | 0.53% | 2.5% | 4.68% | 8.53% | 2.65% | 6.37% | 6.77% |
| Price to Book | 1.57 x | 1.68 x | 2.75 x | 2.35 x | 2.23 x | 3.09 x | 2.62 x | 2.43 x |
| Nbr of stocks (in thousands) | 2,084,005 | 2,078,818 | 2,077,201 | 2,077,010 | 2,016,620 | 1,996,054 | - | - |
| Reference price 2 | 1,856 | 2,146 | 3,722 | 3,758 | 4,275 | 5,989 | 5,989 | 5,989 |
| Announcement Date | 19-04-26 | 20-04-28 | 21-04-28 | 22-04-27 | 23-04-27 | 24-04-25 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,594,036 | 1,543,525 | 1,496,906 | 2,074,428 | 2,808,824 | 2,414,937 | 2,615,814 | 2,820,036 |
| EBITDA 1 | 541,275 | 537,213 | 536,020 | 845,110 | 1,211,834 | 928,657 | 1,041,927 | 1,193,460 |
| EBIT 1 | 403,705 | 406,041 | 392,213 | 676,322 | 998,202 | 701,038 | 784,696 | 911,518 |
| Operating Margin | 25.33% | 26.31% | 26.2% | 32.6% | 35.54% | 29.03% | 30% | 32.32% |
| Earnings before Tax (EBT) 1 | 415,311 | 426,017 | 402,145 | 696,137 | 1,020,211 | 795,673 | 823,290 | 975,120 |
| Net income 1 | 309,125 | 314,027 | 293,732 | 500,117 | 708,238 | 520,140 | 587,265 | 678,489 |
| Net margin | 19.39% | 20.34% | 19.62% | 24.11% | 25.21% | 21.54% | 22.45% | 24.06% |
| EPS 2 | 145.2 | 151.0 | 141.4 | 240.8 | 347.8 | 259.4 | 294.0 | 345.1 |
| Free Cash Flow 1 | 219,134 | 17,837 | 172,375 | 299,805 | 601,525 | 348,297 | 639,476 | 673,225 |
| FCF margin | 13.75% | 1.16% | 11.52% | 14.45% | 21.42% | 14.42% | 24.45% | 23.87% |
| FCF Conversion (EBITDA) | 40.48% | 3.32% | 32.16% | 35.48% | 49.64% | 37.51% | 61.37% | 56.41% |
| FCF Conversion (Net income) | 70.89% | 5.68% | 58.68% | 59.95% | 84.93% | 66.96% | 108.89% | 99.22% |
| Dividend per Share 2 | 40.00 | 44.00 | 50.00 | 80.00 | 100.0 | 100.0 | 115.7 | 130.1 |
| Announcement Date | 19-04-26 | 20-04-28 | 21-04-28 | 22-04-27 | 23-04-27 | 24-04-25 | - | - |
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 Q1 | 2025 Q2 | 2025 S1 | 2025 Q3 | 2025 Q4 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 786,542 | 756,983 | 710,526 | 786,380 | 507,102 | 941,341 | 542,362 | 590,700 | 1,133,087 | 656,707 | 752,629 | 1,409,336 | 753,901 | 645,587 | 1,399,488 | 599,201 | 596,701 | 1,195,902 | 627,501 | 591,534 | 1,219,035 | 621,967 | 652,700 | 1,287,000 | 707,200 | 663,200 | 1,343,000 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 210,532 | 195,509 | 184,317 | 207,896 | 169,585 | 298,403 | 181,709 | 196,200 | 377,919 | 249,620 | 286,617 | 536,237 | 271,990 | 189,975 | 461,965 | 190,820 | 191,099 | 381,919 | 177,609 | 141,510 | 319,119 | 167,425 | 189,480 | 361,000 | 204,950 | 198,661 | 407,000 |
| Operating Margin | 26.77% | 25.83% | 25.94% | 26.44% | 33.44% | 31.7% | 33.5% | 33.21% | 33.35% | 38.01% | 38.08% | 38.05% | 36.08% | 29.43% | 33.01% | 31.85% | 32.03% | 31.94% | 28.3% | 23.92% | 26.18% | 26.92% | 29.03% | 28.05% | 28.98% | 29.95% | 30.31% |
| Earnings before Tax (EBT) 1 | 225,315 | 200,702 | 192,243 | 209,902 | 172,691 | 303,522 | 186,782 | 205,833 | 392,615 | 262,633 | 296,393 | 559,026 | 265,191 | 195,994 | 461,185 | 224,229 | 215,628 | 439,857 | 174,714 | 181,102 | 355,816 | 182,650 | 195,450 | 373,000 | 220,900 | 224,650 | 445,000 |
| Net income 1 | 165,025 | 149,002 | 140,306 | 153,426 | 125,179 | 220,904 | 132,231 | 146,900 | 279,213 | 184,124 | 208,200 | 392,324 | 186,195 | 129,719 | 315,914 | 153,633 | 147,806 | 301,439 | 105,090 | 113,611 | 218,701 | 123,500 | 137,900 | - | 151,000 | 153,800 | - |
| Net margin | 20.98% | 19.68% | 19.75% | 19.51% | 24.69% | 23.47% | 24.38% | 24.87% | 24.64% | 28.04% | 27.66% | 27.84% | 24.7% | 20.09% | 22.57% | 25.64% | 24.77% | 25.21% | 16.75% | 19.21% | 17.94% | 19.86% | 21.13% | - | 21.35% | 23.19% | - |
| EPS 2 | 79.36 | - | 67.49 | - | 60.26 | 106.3 | 63.67 | 70.76 | - | 89.26 | 101.9 | 191.2 | 92.10 | 64.55 | - | 76.13 | 73.52 | 149.6 | 52.79 | 56.97 | - | 64.63 | 72.61 | - | 78.34 | 79.80 | - |
| Dividend per Share 2 | 22.00 | - | 22.00 | - | 30.00 | 30.00 | - | 50.00 | - | - | 45.00 | 45.00 | - | 55.00 | - | - | - | 50.00 | - | 50.00 | - | - | 57.00 | - | - | 57.00 | - |
| Announcement Date | 19-10-25 | 20-04-28 | 20-10-27 | 21-04-28 | 21-10-27 | 21-10-27 | 22-01-27 | 22-04-27 | 22-04-27 | 22-07-27 | 22-10-27 | 22-10-27 | 23-01-26 | 23-04-27 | 23-04-27 | 23-07-27 | 23-10-27 | 23-10-27 | 24-01-26 | 24-04-25 | 24-04-25 | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 1,027,492 | 1,064,406 | 839,128 | 1,405,679 | 1,570,838 | 1,710,327 | 1,912,709 | 2,004,180 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 219,134 | 17,837 | 172,375 | 299,805 | 601,525 | 348,297 | 639,476 | 673,225 |
| ROE (net income / shareholders' equity) | 12.8% | 12.3% | 10.7% | 16.3% | 19.7% | 12.8% | 13.3% | 14.4% |
| ROA (Net income/ Total Assets) | 14% | 13.3% | 12.3% | 18.7% | 23.2% | 15.9% | 12.8% | 13.5% |
| Assets 1 | 2,213,257 | 2,353,540 | 2,396,799 | 2,676,916 | 3,048,892 | 3,263,435 | 4,591,798 | 5,018,732 |
| Book Value Per Share 2 | 1,183 | 1,276 | 1,354 | 1,601 | 1,918 | 2,133 | 2,289 | 2,467 |
| Cash Flow per Share 2 | 210.0 | 214.0 | 211.0 | 322.0 | 453.0 | 373.0 | 418.0 | 460.0 |
| Capex 1 | 226,768 | 268,365 | 228,801 | 213,918 | 318,046 | 406,886 | 398,400 | 350,375 |
| Capex / Sales | 14.23% | 17.39% | 15.28% | 10.31% | 11.32% | 16.85% | 15.23% | 12.42% |
| Announcement Date | 19-04-26 | 20-04-28 | 21-04-28 | 22-04-27 | 23-04-27 | 24-04-25 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
5,989
JPY
Average target price
7,053
JPY
Spread / Average Target
+17.77%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +1.22% | 76.93B | |
| -0.28% | 46.86B | |
| +1.07% | 32.74B | |
| +10.05% | 18.58B | |
| -9.81% | 11.54B | |
| +6.79% | 11.14B | |
| -6.33% | 9.8B | |
| +5.97% | 9.72B | |
| +7.57% | 9.3B | |
| +4.24% | 8.3B |
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