Financials Tokai Carbon Co., Ltd.

Equities

5301

JP3560800009

Specialty Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 EDT			5-day change	1st Jan Change
1,037 ^JPY	-0.14%		+1.47%	+1.12%

04-22	Tokai Carbon Completes Payment of Over 30 Million Yen for Shares as Compensation	MT
03-29	Tokai Carbon to Set Aside Over 30,000 Treasury Shares for Directors	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	233,402	274,992	257,523	228,759	218,653	221,105	-	-
Enterprise Value (EV) ¹	328,736	366,460	336,914	329,301	307,830	339,005	327,005	297,605
P/E ratio	7.3 x	270 x	16 x	10.2 x	8.59 x	15.1 x	9.49 x	7.64 x
Yield	4.38%	2.33%	2.48%	2.8%	3.51%	2.89%	2.89%	3.38%
Capitalization / Revenue	0.89 x	1.36 x	0.99 x	0.67 x	0.6 x	0.59 x	0.55 x	0.51 x
EV / Revenue	1.25 x	1.82 x	1.3 x	0.97 x	0.85 x	0.91 x	0.81 x	0.69 x
EV / EBITDA	4.51 x	10.4 x	6.18 x	4.36 x	4.05 x	5.32 x	4.08 x	3.3 x
EV / FCF	-5.72 x	14 x	37 x	-37.9 x	21.3 x	-14.8 x	10.9 x	6.93 x
FCF Yield	-17.5%	7.14%	2.71%	-2.64%	4.69%	-6.76%	9.14%	14.4%
Price to Book	1.1 x	1.37 x	1.12 x	0.85 x	0.67 x	0.67 x	0.64 x	0.6 x
Nbr of stocks (in thousands)	213,153	213,172	213,181	213,196	213,216	213,216	-	-
Reference price ²	1,095	1,290	1,208	1,073	1,026	1,037	1,037	1,037
Announcement Date	20-02-12	21-02-09	22-02-08	23-02-09	24-02-13	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	262,028	201,542	258,874	340,371	363,946	371,833	405,100	430,750
EBITDA ¹	72,847	35,260	54,518	75,570	75,948	63,700	80,200	90,150
EBIT ¹	54,344	7,858	24,647	40,588	38,728	24,467	38,450	46,150
Operating Margin	20.74%	3.9%	9.52%	11.92%	10.64%	6.58%	9.49%	10.71%
Earnings before Tax (EBT) ¹	51,226	6,116	23,354	42,111	41,998	25,000	37,400	46,150
Net income ¹	31,994	1,019	16,105	22,418	25,468	14,733	23,300	28,950
Net margin	12.21%	0.51%	6.22%	6.59%	7%	3.96%	5.75%	6.72%
EPS ²	150.1	4.780	75.55	105.2	119.4	68.45	109.3	135.8
Free Cash Flow ¹	-57,495	26,149	9,117	-8,695	14,442	-22,900	29,900	42,950
FCF margin	-21.94%	12.97%	3.52%	-2.55%	3.97%	-6.16%	7.38%	9.97%
FCF Conversion (EBITDA)	-	74.16%	16.72%	-	19.02%	-	37.28%	47.64%
FCF Conversion (Net income)	-	2,566.14%	56.61%	-	56.71%	-	128.33%	148.36%
Dividend per Share ²	48.00	30.00	30.00	30.00	36.00	30.00	30.00	35.00
Announcement Date	20-02-12	21-02-09	22-02-08	23-02-09	24-02-13	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	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 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	122,852	93,738	117,380	67,715	73,779	69,512	87,558	157,070	89,262	94,039	86,530	91,898	178,428	89,247	96,271	85,975	88,775	180,600	96,925	101,075	190,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	13,903	5,817	10,945	6,724	6,978	7,938	8,779	16,717	11,298	12,573	11,493	10,245	21,738	8,011	8,979	5,106	5,906	10,500	7,069	7,119	13,000
Operating Margin	11.32%	6.21%	9.32%	9.93%	9.46%	11.42%	10.03%	10.64%	12.66%	13.37%	13.28%	11.15%	12.18%	8.98%	9.33%	5.94%	6.65%	5.81%	7.29%	7.04%	6.84%
Earnings before Tax (EBT)	-	5,074	10,782	6,918	-	8,335	-	19,181	12,149	-	11,977	-	24,287	8,822	-	-	-	-	-	-	-
Net income ¹	-	2,158	5,708	3,851	-	4,044	-	9,253	6,868	6,297	7,964	7,940	15,904	5,471	4,093	2,400	3,600	7,500	4,000	3,800	6,000
Net margin	-	2.3%	4.86%	5.69%	-	5.82%	-	5.89%	7.69%	6.7%	9.2%	8.64%	8.91%	6.13%	4.25%	2.79%	4.06%	4.15%	4.13%	3.76%	3.16%
EPS	-	10.13	26.78	18.06	30.71	18.97	-	43.41	32.21	-	37.36	-	74.60	25.66	-	-	-	-	-	-	-
Dividend per Share	-	15.00	15.00	-	-	-	-	15.00	-	-	-	-	18.00	-	-	-	-	-	-	-	-
Announcement Date	20-02-12	20-08-04	21-08-10	21-11-04	22-02-08	22-05-11	22-08-08	22-08-08	22-11-07	23-02-09	23-05-11	23-08-08	23-08-08	23-11-07	24-02-13	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	95,334	91,468	79,391	100,542	89,177	117,900	105,900	76,500
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.309 x	2.594 x	1.456 x	1.33 x	1.174 x	1.851 x	1.32 x	0.8486 x
Free Cash Flow ¹	-57,495	26,149	9,117	-8,695	14,442	-22,900	29,900	42,950
ROE (net income / shareholders' equity)	16%	0.5%	7.5%	9%	8.6%	4.45%	6.95%	8.15%
ROA (Net income/ Total Assets)	13.6%	1.36%	5.1%	7.81%	6.84%	2.2%	3.4%	4.15%
Assets ¹	235,476	75,064	316,057	287,064	372,306	669,697	685,294	697,590
Book Value Per Share ²	994.0	944.0	1,075	1,261	1,522	1,541	1,619	1,719
Cash Flow per Share ²	237.0	103.0	183.0	234.0	256.0	256.0	-	-
Capex ¹	24,341	28,873	30,347	48,150	53,316	80,000	34,500	32,000
Capex / Sales	9.29%	14.33%	11.72%	14.15%	14.65%	21.52%	8.52%	7.43%
Announcement Date	20-02-12	21-02-09	22-02-08	23-02-09	24-02-13	-	-	-

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 Tokai Carbon Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,037 JPY

Average target price

1,220 JPY

Spread / Average Target

+17.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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