Stock AJINY AJINOMOTO CO., INC.
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Financials Ajinomoto Co., Inc. OTC Markets

Equities

AJINY

US0097071007

Food Processing

Market Closed - OTC Markets
Other stock markets
 01:30:01 22/06/2024 am IST 		5-day change 1st Jan Change
34.82 USD -0.29% Intraday chart for Ajinomoto Co., Inc. -3.28% -9.25%
09/05 Transcript : Ajinomoto Co., Inc., 2024 Earnings Call, May 09, 2024
09/05 Ajinomoto Co., Inc. announces an Equity Buyback for 12,500,000 shares, representing 2.44% for ¥50,000 million. CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 9,69,590 11,02,136 12,42,629 18,64,153 24,37,918 28,41,549 - -
Enterprise Value (EV) 1 11,46,579 13,17,349 14,11,444 20,26,607 25,68,507 31,84,953 31,30,549 31,12,934
P/E ratio 33 x 58.5 x 20.9 x 24.9 x 26.2 x 33.8 x 27.7 x 23.5 x
Yield 1.81% 1.59% 1.85% 1.5% 1.48% 1.31% 1.48% 1.7%
Capitalization / Revenue 0.86 x 1 x 1.16 x 1.62 x 1.79 x 2.02 x 1.84 x 1.76 x
EV / Revenue 1.02 x 1.2 x 1.32 x 1.76 x 1.89 x 2.21 x 2.03 x 1.93 x
EV / EBITDA 10.9 x 8.17 x 8.6 x 10.9 x 12.7 x 14.4 x 12.8 x 11.6 x
EV / FCF 22.8 x 27.3 x 14.2 x 24.1 x 29.3 x 89.4 x 43 x 28.2 x
FCF Yield 4.39% 3.66% 7.04% 4.15% 3.41% 1.12% 2.32% 3.55%
Price to Book 1.59 x 2.04 x 2 x 2.71 x 3.17 x 3.56 x 3.35 x 3.19 x
Nbr of stocks (in thousands) 5,48,101 5,48,190 5,48,501 5,36,447 5,29,292 5,09,969 - -
Reference price 2 1,769 2,010 2,266 3,475 4,606 5,572 5,572 5,572
Announcement Date 10/05/19 25/05/20 10/05/21 11/05/22 11/05/23 09/05/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 11,27,483 11,00,039 10,71,453 11,49,370 13,59,115 14,39,231 15,41,036 16,15,961
EBITDA 1 1,05,634 1,61,222 1,64,166 1,86,165 2,02,835 2,21,250 2,44,890 2,67,574
EBIT 1 93,152 1,01,682 1,11,820 1,19,931 1,31,015 1,42,952 1,61,378 1,84,646
Operating Margin 8.26% 9.24% 10.44% 10.43% 9.64% 9.93% 10.47% 11.43%
Earnings before Tax (EBT) 1 54,202 48,795 98,320 1,22,472 1,40,033 1,42,043 1,55,250 1,79,733
Net income 1 29,698 18,837 59,416 75,725 94,065 87,121 1,01,715 1,18,996
Net margin 2.63% 1.71% 5.55% 6.59% 6.92% 6.05% 6.6% 7.36%
EPS 2 53.62 34.37 108.4 139.4 176.0 167.4 201.2 237.3
Free Cash Flow 1 50,333 48,205 99,403 84,009 87,553 35,640 72,761 1,10,562
FCF margin 4.46% 4.38% 9.28% 7.31% 6.44% 2.48% 4.72% 6.84%
FCF Conversion (EBITDA) 47.65% 29.9% 60.55% 45.13% 43.16% 16.11% 29.71% 41.32%
FCF Conversion (Net income) 169.48% 255.91% 167.3% 110.94% 93.08% 40.91% 71.53% 92.91%
Dividend per Share 2 32.00 32.00 42.00 52.00 68.00 74.00 82.69 94.62
Announcement Date 10/05/19 25/05/20 10/05/21 11/05/22 11/05/23 09/05/24 - -
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 2026 S1 2026 S2
Net sales 1 5,38,717 5,61,322 5,11,382 5,60,071 2,73,892 5,50,230 3,03,998 2,95,142 5,99,140 3,21,619 3,38,234 6,59,853 3,66,868 3,32,394 6,99,262 3,39,521 3,48,483 6,88,004 3,79,641 3,71,586 7,51,227 3,64,800 3,73,675 7,36,700 4,03,900 3,92,933 - - -
EBITDA - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
EBIT 1 49,870 - 60,155 - 29,850 66,799 39,465 13,667 - 38,356 33,175 71,531 43,690 15,794 - 42,105 33,165 75,270 46,503 21,179 - 43,000 37,000 80,000 49,000 28,000 - - -
Operating Margin 9.26% - 11.76% - 10.9% 12.14% 12.98% 4.63% - 11.93% 9.81% 10.84% 11.91% 4.75% - 12.4% 9.52% 10.94% 12.25% 5.7% - 11.79% 9.9% 10.86% 12.13% 7.13% - - -
Earnings before Tax (EBT) 1 21,386 - 59,954 38,366 44,753 79,693 39,270 3,509 42,779 38,147 30,022 68,169 43,077 28,787 - 39,596 30,529 70,125 44,319 27,599 71,918 - - - - - - - -
Net income 1 7,088 - 36,661 22,755 32,086 54,152 27,387 -5,814 21,573 27,738 19,287 47,025 29,397 17,643 - 27,220 19,237 46,457 31,145 9,519 40,664 29,400 21,010 - 34,143 12,648 - - -
Net margin 1.32% - 7.17% 4.06% 11.71% 9.84% 9.01% -1.97% 3.6% 8.62% 5.7% 7.13% 8.01% 5.31% - 8.02% 5.52% 6.75% 8.2% 2.56% 5.41% 8.06% 5.62% - 8.45% 3.22% - - -
EPS 2 12.93 - 66.87 - 58.70 98.93 50.65 -10.16 - 51.71 35.95 87.66 54.93 33.38 - 51.77 37.03 88.80 59.84 18.80 - 56.50 40.38 - 67.60 25.04 - - -
Dividend per Share 16.00 16.00 16.00 26.00 24.00 24.00 - - - - - 31.00 - - - - - 37.00 - - - - 40.00 40.00 - 40.00 41.00 44.00 46.50
Announcement Date 06/11/19 25/05/20 04/11/20 10/05/21 04/11/21 04/11/21 31/01/22 11/05/22 11/05/22 29/07/22 07/11/22 07/11/22 31/01/23 11/05/23 11/05/23 04/08/23 06/11/23 06/11/23 06/02/24 09/05/24 09/05/24 - - - - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,76,989 2,15,213 1,68,815 1,62,454 1,30,589 2,70,957 2,89,000 2,71,386
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.675 x 1.335 x 1.028 x 0.8726 x 0.6438 x 1.225 x 1.18 x 1.014 x
Free Cash Flow 1 50,333 48,205 99,403 84,009 87,553 35,640 72,761 1,10,562
ROE (net income / shareholders' equity) 4.7% 3.3% 10.3% 11.6% 12.9% 11% 12.3% 14%
ROA (Net income/ Total Assets) 2.11% 3.55% 7.06% 8.48% 9.43% 8.64% 5.97% 6.6%
Assets 1 14,10,028 5,30,324 8,41,477 8,92,939 9,97,121 10,07,792 17,04,712 18,02,970
Book Value Per Share 2 1,114 983.0 1,131 1,281 1,452 1,589 1,662 1,748
Cash Flow per Share 2 148.0 147.0 223.0 261.0 310.0 318.0 360.0 372.0
Capex 1 70,185 73,703 86,037 80,719 73,046 72,022 97,034 84,814
Capex / Sales 6.22% 6.7% 8.03% 7.02% 5.37% 5% 6.3% 5.25%
Announcement Date 10/05/19 25/05/20 10/05/21 11/05/22 11/05/23 09/05/24 - -
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 Ajinomoto Co., Inc.

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
5,572 JPY
Average target price
6,194 JPY
Spread / Average Target
+11.16%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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