AJINOMOTO CO., INC. |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5,866 JPY | -0.68% |
|
+4.23% | +7.83% |
| 27/03 | Transcript : Ajinomoto Co., Inc. - Analyst/Investor Day | |
| 27/03 | TechMagic, Inc. announced that it has received funding from a group of investors | 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 | 30,15,228 | - | - |
| Enterprise Value (EV) 1 | 11,46,579 | 13,17,349 | 14,11,444 | 20,26,607 | 25,68,507 | 32,80,652 | 32,65,808 | 32,34,287 |
| P/E ratio | 33 x | 58.5 x | 20.9 x | 24.9 x | 26.2 x | 31.8 x | 28.2 x | 24.6 x |
| Yield | 1.81% | 1.59% | 1.85% | 1.5% | 1.48% | 1.26% | 1.43% | 1.61% |
| Capitalization / Revenue | 0.86 x | 1 x | 1.16 x | 1.62 x | 1.79 x | 2.1 x | 1.99 x | 1.89 x |
| EV / Revenue | 1.02 x | 1.2 x | 1.32 x | 1.76 x | 1.89 x | 2.28 x | 2.15 x | 2.02 x |
| EV / EBITDA | 10.9 x | 8.17 x | 8.6 x | 10.9 x | 12.7 x | 14.7 x | 13.5 x | 12.3 x |
| EV / FCF | 22.8 x | 27.3 x | 14.2 x | 24.1 x | 29.3 x | 42.5 x | 33.7 x | 28.9 x |
| FCF Yield | 4.39% | 3.66% | 7.04% | 4.15% | 3.41% | 2.36% | 2.97% | 3.46% |
| Price to Book | 1.59 x | 2.04 x | 2 x | 2.71 x | 3.17 x | 3.82 x | 3.66 x | 3.43 x |
| Nbr of stocks (in thousands) | 5,48,101 | 5,48,190 | 5,48,501 | 5,36,447 | 5,29,292 | 5,14,018 | - | - |
| Reference price 2 | 1,769 | 2,010 | 2,266 | 3,475 | 4,606 | 5,866 | 5,866 | 5,866 |
| Announcement Date | 10/05/19 | 25/05/20 | 10/05/21 | 11/05/22 | 11/05/23 | - | - | - |
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 | 14,38,924 | 15,18,947 | 15,97,722 |
| EBITDA 1 | 1,05,634 | 1,61,222 | 1,64,166 | 1,86,165 | 2,02,835 | 2,22,893 | 2,41,118 | 2,61,886 |
| EBIT 1 | 93,152 | 1,01,682 | 1,11,820 | 1,19,931 | 1,31,015 | 1,48,374 | 1,64,736 | 1,84,293 |
| Operating Margin | 8.26% | 9.24% | 10.44% | 10.43% | 9.64% | 10.31% | 10.85% | 11.53% |
| Earnings before Tax (EBT) 1 | 54,202 | 48,795 | 98,320 | 1,22,472 | 1,40,033 | 1,44,483 | 1,60,143 | 1,80,575 |
| Net income 1 | 29,698 | 18,837 | 59,416 | 75,725 | 94,065 | 96,529 | 1,06,725 | 1,21,530 |
| Net margin | 2.63% | 1.71% | 5.55% | 6.59% | 6.92% | 6.71% | 7.03% | 7.61% |
| EPS 2 | 53.62 | 34.37 | 108.4 | 139.4 | 176.0 | 184.6 | 208.2 | 238.9 |
| Free Cash Flow 1 | 50,333 | 48,205 | 99,403 | 84,009 | 87,553 | 77,277 | 97,036 | 1,11,888 |
| FCF margin | 4.46% | 4.38% | 9.28% | 7.31% | 6.44% | 5.37% | 6.39% | 7% |
| FCF Conversion (EBITDA) | 47.65% | 29.9% | 60.55% | 45.13% | 43.16% | 34.67% | 40.24% | 42.72% |
| FCF Conversion (Net income) | 169.48% | 255.91% | 167.3% | 110.94% | 93.08% | 80.06% | 90.92% | 92.07% |
| Dividend per Share 2 | 32.00 | 32.00 | 42.00 | 52.00 | 68.00 | 74.13 | 83.72 | 94.16 |
| Announcement Date | 10/05/19 | 25/05/20 | 10/05/21 | 11/05/22 | 11/05/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: März | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 3,67,057 | 7,60,929 | 3,64,900 | 3,77,000 | 4,11,400 |
| 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 | 21,902 | - | 41,600 | 36,500 | 50,400 |
| 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% | 5.97% | - | 11.4% | 9.68% | 12.25% |
| 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 | 28,702 | 76,168 | - | - | - |
| 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 | 16,464 | 49,888 | - | - | - |
| 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% | 4.49% | 6.56% | - | - | - |
| 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 | 46.90 | - | 51.20 | 45.04 | 62.17 |
| Dividend per Share | 16.00 | 16.00 | 16.00 | 26.00 | 24.00 | 24.00 | - | - | - | - | - | 31.00 | - | - | - | - | - | 37.00 | - | - | - | - | - | - |
| 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 | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: März | 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 | 2,65,424 | 2,50,581 | 2,19,060 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.675 x | 1.335 x | 1.028 x | 0.8726 x | 0.6438 x | 1.191 x | 1.039 x | 0.8365 x |
| Free Cash Flow 1 | 50,333 | 48,205 | 99,403 | 84,009 | 87,553 | 77,277 | 97,036 | 1,11,888 |
| ROE (net income / shareholders' equity) | 4.7% | 3.3% | 10.3% | 11.6% | 12.9% | 12.2% | 13.4% | 14.5% |
| ROA (Net income/ Total Assets) | 2.11% | 3.55% | 7.06% | 8.48% | 9.43% | 6.34% | 7.21% | 7.91% |
| Assets 1 | 14,10,028 | 5,30,324 | 8,41,477 | 8,92,939 | 9,97,121 | 15,23,312 | 14,79,522 | 15,35,992 |
| Book Value Per Share 2 | 1,114 | 983.0 | 1,131 | 1,281 | 1,452 | 1,534 | 1,605 | 1,711 |
| Cash Flow per Share 2 | 148.0 | 147.0 | 223.0 | 261.0 | 310.0 | 324.0 | 338.0 | 368.0 |
| Capex 1 | 70,185 | 73,703 | 86,037 | 80,719 | 73,046 | 80,474 | 81,498 | 81,498 |
| Capex / Sales | 6.22% | 6.7% | 8.03% | 7.02% | 5.37% | 5.59% | 5.37% | 5.1% |
| Announcement Date | 10/05/19 | 25/05/20 | 10/05/21 | 11/05/22 | 11/05/23 | - | - | - |
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
A
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
5,866
JPY
Average target price
5,989
JPY
Spread / Average Target
+2.10%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +7.83% | 19.6B | |
| -5.84% | 264B | |
| -2.66% | 94.57B | |
| -0.78% | 44.59B | |
| +1.33% | 40.83B | |
| +5.06% | 40B | |
| +8.46% | 39.89B | |
| -6.53% | 29.01B | |
| -17.82% | 29.34B | |
| +11.66% | 24.68B |
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