ASAHI KASEI CORPORATION |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,108 JPY | +0.73% |
|
+0.96% | +6.79% |
| 25/04 | Honda and Partners to Invest C$15 Billion in EV Production and EV Batteries in Canada --Update | DJ |
| 25/04 | Federal Government and Ontario Announce $15 Billion Honda EV Deal | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 15,94,391 | 10,61,155 | 17,68,418 | 14,73,999 | 12,83,917 | 15,25,485 | - | - |
| Enterprise Value (EV) 1 | 18,25,372 | 15,61,553 | 22,10,415 | 20,06,573 | 20,07,484 | 21,90,038 | 21,79,434 | 21,44,942 |
| P/E ratio | 10.8 x | 10.2 x | 22.2 x | 9.11 x | -14.1 x | 19 x | 13.8 x | 12.3 x |
| Yield | 2.98% | 4.45% | 2.67% | 3.2% | 3.89% | 3.27% | 3.29% | 3.39% |
| Capitalization / Revenue | 0.73 x | 0.49 x | 0.84 x | 0.6 x | 0.47 x | 0.55 x | 0.53 x | 0.51 x |
| EV / Revenue | 0.84 x | 0.73 x | 1.05 x | 0.82 x | 0.74 x | 0.79 x | 0.75 x | 0.71 x |
| EV / EBITDA | 5.82 x | 5.28 x | 7.89 x | 5.72 x | 6.58 x | 7.63 x | 6.62 x | 6.16 x |
| EV / FCF | 24.1 x | -52.6 x | 22.1 x | -53.2 x | -16.4 x | -73.9 x | 55.9 x | 22.4 x |
| FCF Yield | 4.16% | -1.9% | 4.52% | -1.88% | -6.12% | -1.35% | 1.79% | 4.47% |
| Price to Book | 1.15 x | 0.78 x | 1.21 x | 0.87 x | 0.77 x | 0.87 x | 0.84 x | 0.8 x |
| Nbr of stocks (in thousands) | 13,96,139 | 13,87,493 | 13,87,539 | 13,87,294 | 13,86,070 | 13,86,174 | - | - |
| Reference price 2 | 1,142 | 764.8 | 1,274 | 1,062 | 926.3 | 1,100 | 1,100 | 1,100 |
| Announcement Date | 10/05/19 | 12/05/20 | 13/05/21 | 13/05/22 | 10/05/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 21,70,403 | 21,51,646 | 21,06,100 | 24,61,317 | 27,26,485 | 27,75,304 | 28,99,902 | 30,01,923 |
| EBITDA 1 | 3,13,474 | 2,95,489 | 2,80,200 | 3,50,776 | 3,05,003 | 2,86,958 | 3,29,095 | 3,48,397 |
| EBIT 1 | 2,09,587 | 1,77,264 | 1,71,800 | 2,02,647 | 1,28,352 | 1,30,621 | 1,65,727 | 1,82,875 |
| Operating Margin | 9.66% | 8.24% | 8.16% | 8.23% | 4.71% | 4.71% | 5.71% | 6.09% |
| Earnings before Tax (EBT) 1 | 2,10,397 | 1,55,934 | 1,50,900 | 2,15,121 | -61,906 | 1,23,450 | 1,66,417 | 1,83,933 |
| Net income 1 | 1,47,512 | 1,03,931 | 79,800 | 1,61,880 | -91,312 | 80,298 | 1,10,917 | 1,24,094 |
| Net margin | 6.8% | 4.83% | 3.79% | 6.58% | -3.35% | 2.89% | 3.82% | 4.13% |
| EPS 2 | 105.7 | 74.85 | 57.49 | 116.7 | -65.84 | 57.89 | 79.98 | 89.47 |
| Free Cash Flow 1 | 75,856 | -29,662 | 1,00,020 | -37,748 | -1,22,780 | -29,650 | 38,967 | 95,950 |
| FCF margin | 3.5% | -1.38% | 4.75% | -1.53% | -4.5% | -1.07% | 1.34% | 3.2% |
| FCF Conversion (EBITDA) | 24.2% | - | 35.7% | - | - | - | 11.84% | 27.54% |
| FCF Conversion (Net income) | 51.42% | - | 125.34% | - | - | - | 35.13% | 77.32% |
| Dividend per Share 2 | 34.00 | 34.00 | 34.00 | 34.00 | 36.00 | 36.00 | 36.20 | 37.33 |
| Announcement Date | 10/05/19 | 12/05/20 | 13/05/21 | 13/05/22 | 10/05/23 | - | - | - |
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 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 10,68,642 | 10,83,004 | 9,89,387 | 11,16,700 | 5,97,567 | 11,81,000 | 6,43,702 | 6,36,566 | 12,80,268 | 6,70,441 | 6,80,790 | 13,51,231 | 6,89,186 | 6,86,068 | 13,75,254 | 6,50,739 | 6,95,160 | 13,45,900 | 7,18,222 | 7,22,169 | 14,35,800 | 7,12,800 | 7,30,350 | 7,37,800 | 7,57,000 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 1,01,694 | 75,570 | 76,769 | 95,000 | 52,590 | 1,13,100 | 60,912 | 28,591 | 89,503 | 49,361 | 36,447 | 85,808 | 30,514 | 12,030 | 42,544 | 21,791 | 34,109 | 55,900 | 42,612 | 33,667 | 74,100 | 38,700 | 42,000 | 46,150 | 46,900 |
| Operating Margin | 9.52% | 6.98% | 7.76% | 8.51% | 8.8% | 9.58% | 9.46% | 4.49% | 6.99% | 7.36% | 5.35% | 6.35% | 4.43% | 1.75% | 3.09% | 3.35% | 4.91% | 4.15% | 5.93% | 4.66% | 5.16% | 5.43% | 5.75% | 6.26% | 6.2% |
| Earnings before Tax (EBT) | 1,10,816 | - | 71,429 | - | - | 1,19,198 | 66,604 | 29,319 | - | 49,596 | 31,129 | 80,725 | 22,309 | - | - | 18,981 | - | 53,967 | 41,054 | - | - | - | - | - | - |
| Net income 1 | 77,863 | 26,068 | 46,781 | 33,019 | 44,872 | 91,300 | 49,372 | 21,218 | - | 29,831 | 21,889 | 51,720 | 14,323 | -1,57,355 | -1,43,032 | 9,591 | 21,209 | 30,800 | 27,724 | 21,567 | 58,500 | 25,550 | 29,750 | 33,050 | 32,400 |
| Net margin | 7.29% | 2.41% | 4.73% | 2.96% | 7.51% | 7.73% | 7.67% | 3.33% | - | 4.45% | 3.22% | 3.83% | 2.08% | -22.94% | -10.4% | 1.47% | 3.05% | 2.29% | 3.86% | 2.99% | 4.07% | 3.58% | 4.07% | 4.48% | 4.28% |
| EPS 2 | 56.03 | - | 33.72 | - | 32.33 | 65.79 | 35.59 | 15.30 | - | 21.50 | 15.78 | 37.28 | 10.33 | -113.4 | - | 6.920 | 15.33 | 22.25 | 20.00 | 16.94 | - | 17.66 | 20.54 | 23.78 | 20.69 |
| Dividend per Share 2 | 18.00 | - | 17.00 | - | 17.00 | 17.00 | - | 17.00 | - | - | 18.00 | 18.00 | - | 18.00 | - | - | 18.00 | 18.00 | - | 18.00 | - | - | 18.00 | - | 18.00 |
| Announcement Date | 06/11/19 | 12/05/20 | 06/11/20 | 13/05/21 | 05/11/21 | 05/11/21 | 09/02/22 | 13/05/22 | 13/05/22 | 04/08/22 | 09/11/22 | 09/11/22 | 08/02/23 | 10/05/23 | 10/05/23 | 03/08/23 | 07/11/23 | 07/11/23 | 07/02/24 | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,30,981 | 5,00,398 | 4,41,997 | 5,32,574 | 7,23,567 | 6,64,553 | 6,53,949 | 6,19,457 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.7368 x | 1.693 x | 1.577 x | 1.518 x | 2.372 x | 2.316 x | 1.987 x | 1.778 x |
| Free Cash Flow 1 | 75,856 | -29,662 | 1,00,020 | -37,748 | -1,22,780 | -29,650 | 38,967 | 95,950 |
| ROE (net income / shareholders' equity) | 11.1% | 7.6% | 5.6% | 10.3% | -5.5% | 4.71% | 6.42% | 6.89% |
| ROA (Net income/ Total Assets) | 8.99% | 6.85% | 6.23% | 6.77% | 3.57% | 3.07% | 3.98% | 4.34% |
| Assets 1 | 16,40,023 | 15,17,434 | 12,81,230 | 23,92,494 | -25,55,848 | 26,15,987 | 27,86,507 | 28,60,619 |
| Book Value Per Share 2 | 990.0 | 980.0 | 1,058 | 1,216 | 1,198 | 1,262 | 1,313 | 1,371 |
| Cash Flow per Share 2 | 166.0 | 144.0 | 136.0 | 203.0 | 34.40 | 176.0 | 191.0 | 199.0 |
| Capex 1 | 1,36,206 | 1,54,122 | 1,53,656 | 1,67,009 | 1,74,873 | 2,22,800 | 2,19,000 | 2,19,000 |
| Capex / Sales | 6.28% | 7.16% | 7.3% | 6.79% | 6.41% | 8.03% | 7.55% | 7.3% |
| Announcement Date | 10/05/19 | 12/05/20 | 13/05/21 | 13/05/22 | 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
A-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
1,100
JPY
Average target price
1,113
JPY
Spread / Average Target
+1.14%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +6.79% | 9.45B | |
| +3.94% | 75.24B | |
| +0.77% | 46.91B | |
| -5.76% | 30.9B | |
| +12.30% | 18.41B | |
| -10.05% | 11.65B | |
| +5.14% | 11.45B | |
| -7.50% | 9.85B | |
| +5.61% | 9.37B | |
| +6.34% | 8.15B |
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