AIR WATER INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,340 JPY | +1.56% |
|
+2.77% | +21.44% |
| 28/03 | Air Water Inc. agreed to acquire a 4.7% stake in SHINMEI Holdings Co.,LTD. | CI |
| 20/02 | Air Water's Attributable Profit Soars 42.5% in Fiscal Nine Months | MT |
Valuation
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 3,13,665 | 3,37,462 | 4,32,322 | 3,85,138 | 3,77,181 | 5,33,648 | - | - |
| Enterprise Value (EV) 1 | 5,44,206 | 5,96,635 | 6,93,851 | 6,72,084 | 7,01,450 | 8,64,140 | 8,30,847 | 8,06,615 |
| P/E ratio | 11.9 x | 10.1 x | 16 x | 9 x | 9.39 x | 12.2 x | 10.7 x | 9.77 x |
| Yield | 2.49% | 2.96% | 2.27% | 3.26% | 3.61% | 2.58% | 2.76% | 2.98% |
| Capitalization / Revenue | 0.39 x | 0.42 x | 0.54 x | 0.43 x | 0.38 x | 0.51 x | 0.49 x | 0.46 x |
| EV / Revenue | 0.68 x | 0.74 x | 0.86 x | 0.76 x | 0.7 x | 0.83 x | 0.76 x | 0.7 x |
| EV / EBITDA | 7.37 x | 6.97 x | 7.69 x | 6.19 x | 6.86 x | 7.45 x | 6.52 x | 5.87 x |
| EV / FCF | -16.9 x | -31.2 x | 28.2 x | 36.5 x | -49.4 x | -28.8 x | 165 x | 64.4 x |
| FCF Yield | -5.9% | -3.2% | 3.55% | 2.74% | -2.02% | -3.47% | 0.61% | 1.55% |
| Price to Book | 1.08 x | 1.02 x | 1.22 x | 0.99 x | 0.88 x | 1.16 x | 1.07 x | 0.99 x |
| Nbr of stocks (in thousands) | 1,95,552 | 2,27,094 | 2,22,847 | 2,23,918 | 2,27,218 | 2,28,104 | - | - |
| Reference price 2 | 1,604 | 1,486 | 1,940 | 1,720 | 1,660 | 2,340 | 2,340 | 2,340 |
| Announcement Date | 14/05/19 | 28/05/20 | 12/05/21 | 12/05/22 | 10/05/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 8,01,493 | 8,09,083 | 8,06,630 | 8,88,668 | 10,04,914 | 10,44,250 | 10,94,417 | 11,52,780 |
| EBITDA 1 | 73,876 | 85,610 | 90,231 | 1,08,600 | 1,02,318 | 1,16,020 | 1,27,480 | 1,37,325 |
| EBIT 1 | 43,580 | 50,616 | 51,231 | 65,174 | 62,181 | 68,517 | 77,317 | 84,040 |
| Operating Margin | 5.44% | 6.26% | 6.35% | 7.33% | 6.19% | 6.56% | 7.06% | 7.29% |
| Earnings before Tax (EBT) 1 | 39,838 | 49,830 | 49,651 | 64,230 | 60,978 | 68,025 | 76,850 | 83,300 |
| Net income 1 | 26,468 | 30,430 | 27,367 | 43,214 | 40,137 | 43,570 | 49,880 | 54,544 |
| Net margin | 3.3% | 3.76% | 3.39% | 4.86% | 3.99% | 4.17% | 4.56% | 4.73% |
| EPS 2 | 135.3 | 147.4 | 121.0 | 191.1 | 176.8 | 191.4 | 219.1 | 239.5 |
| Free Cash Flow 1 | -32,114 | -19,116 | 24,629 | 18,400 | -14,200 | -30,000 | 5,034 | 12,519 |
| FCF margin | -4.01% | -2.36% | 3.05% | 2.07% | -1.41% | -2.87% | 0.46% | 1.09% |
| FCF Conversion (EBITDA) | - | - | 27.3% | 16.94% | - | - | 3.95% | 9.12% |
| FCF Conversion (Net income) | - | - | 90% | 42.58% | - | - | 10.09% | 22.95% |
| Dividend per Share 2 | 40.00 | 44.00 | 44.00 | 56.00 | 60.00 | 60.33 | 64.60 | 69.75 |
| Announcement Date | 14/05/19 | 28/05/20 | 12/05/21 | 12/05/22 | 10/05/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: Marzo | 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 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,85,351 | 4,23,732 | 3,74,423 | 4,32,207 | 2,13,204 | 4,19,604 | 2,27,413 | 2,41,651 | 4,69,064 | 2,24,720 | 2,38,946 | 4,63,666 | 2,61,103 | 2,80,145 | 5,41,248 | 2,30,039 | 2,46,936 | 4,76,975 | 2,67,693 | 2,86,908 | 5,77,000 | 2,38,500 | 2,56,500 | 2,81,500 | 2,92,000 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 22,133 | 28,483 | 19,561 | 31,670 | 15,525 | 31,639 | 17,947 | 15,588 | 33,535 | 12,984 | 12,941 | 25,925 | 15,504 | 20,752 | 36,256 | 11,263 | 17,112 | 28,375 | 21,457 | 21,867 | 41,000 | 15,400 | 18,300 | 22,000 | 21,300 |
| Operating Margin | 5.74% | 6.72% | 5.22% | 7.33% | 7.28% | 7.54% | 7.89% | 6.45% | 7.15% | 5.78% | 5.42% | 5.59% | 5.94% | 7.41% | 6.7% | 4.9% | 6.93% | 5.95% | 8.02% | 7.62% | 7.11% | 6.46% | 7.13% | 7.82% | 7.29% |
| Earnings before Tax (EBT) 1 | 21,876 | 27,954 | 18,825 | 30,826 | 15,062 | 31,176 | 17,848 | 15,206 | 33,054 | 12,683 | 12,639 | 25,322 | 15,738 | 19,918 | 35,656 | 11,501 | 16,321 | 27,822 | 21,468 | 22,355 | 40,000 | - | - | - | - |
| Net income 1 | 12,199 | 18,231 | 10,710 | 21,372 | 9,933 | 20,589 | 11,555 | 11,070 | 22,625 | 8,089 | 8,247 | 16,336 | 10,156 | 13,645 | 23,801 | 7,141 | 10,171 | 17,312 | 13,734 | 14,927 | 26,400 | - | - | - | - |
| Net margin | 3.17% | 4.3% | 2.86% | 4.94% | 4.66% | 4.91% | 5.08% | 4.58% | 4.82% | 3.6% | 3.45% | 3.52% | 3.89% | 4.87% | 4.4% | 3.1% | 4.12% | 3.63% | 5.13% | 5.2% | 4.58% | - | - | - | - |
| EPS | 62.27 | - | 47.08 | - | - | 91.11 | 51.07 | 48.88 | - | 35.69 | - | 72.05 | 44.73 | - | - | 31.39 | - | 76.05 | 60.27 | - | - | - | - | - | - |
| Dividend per Share | 20.00 | - | 22.00 | - | - | 27.00 | - | - | - | - | - | - | - | - | - | - | - | 30.00 | - | - | - | - | - | - | - |
| Announcement Date | 07/11/19 | 28/05/20 | 12/11/20 | 12/05/21 | 05/11/21 | 05/11/21 | 10/02/22 | 12/05/22 | 12/05/22 | 04/08/22 | 09/11/22 | 09/11/22 | 08/02/23 | 10/05/23 | 10/05/23 | 03/08/23 | 09/11/23 | 09/11/23 | 09/02/24 | - | - | - | - | - | - |
1JPY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,30,541 | 2,59,173 | 2,61,529 | 2,86,946 | 3,24,269 | 3,30,492 | 2,97,199 | 2,72,966 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.121 x | 3.027 x | 2.898 x | 2.642 x | 3.169 x | 2.849 x | 2.331 x | 1.988 x |
| Free Cash Flow 1 | -32,114 | -19,116 | 24,629 | 18,400 | -14,200 | -30,000 | 5,034 | 12,519 |
| ROE (net income / shareholders' equity) | 9.3% | 10% | 7.9% | 11.5% | 9.7% | 9.84% | 10.7% | 10.7% |
| ROA (Net income/ Total Assets) | 6.36% | 5.92% | 5.44% | 6.59% | 5.77% | 4.9% | 4.2% | 4.3% |
| Assets 1 | 4,16,360 | 5,13,807 | 5,03,377 | 6,55,595 | 6,95,633 | 8,89,184 | 11,87,619 | 12,68,465 |
| Book Value Per Share 2 | 1,488 | 1,460 | 1,585 | 1,744 | 1,892 | 2,022 | 2,180 | 2,352 |
| Cash Flow per Share 2 | 277.0 | 317.0 | 294.0 | 383.0 | 375.0 | 405.0 | 407.0 | - |
| Capex 1 | 78,526 | 62,900 | 51,972 | 45,461 | 66,367 | 80,000 | 80,000 | 80,000 |
| Capex / Sales | 9.8% | 7.77% | 6.44% | 5.12% | 6.6% | 7.66% | 7.31% | 6.94% |
| Announcement Date | 14/05/19 | 28/05/20 | 12/05/21 | 12/05/22 | 10/05/23 | - | - | - |
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
C-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
2,340
JPY
Average target price
2,522
JPY
Spread / Average Target
+7.79%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +21.44% | 3.39B | |
| +7.91% | 213B | |
| -13.78% | 52.48B | |
| +20.42% | 12.5B | |
| +48.18% | 8.54B | |
| -1.75% | 3.9B | |
| +25.90% | 3.39B | |
| +6.68% | 1.71B | |
| -9.74% | 1.87B | |
| -22.62% | 1.23B |
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- Financials Air Water Inc.
