Financials Daio Paper Corporation

Equities

3880

JP3440400004

Paper Products

Market Closed - Japan Exchange Other stock markets 11:30:00 26/04/2024 am IST			5-day change	1st Jan Change
1,122 ^JPY	+0.40%		+1.08%	-0.09%

13/02	Daio Paper Corporation and Hokuetsu Corporation Agree to Begin Concrete Discussions Toward Forming A Strategic Business Alliance	CI
09/02	Daio Paper Corporation Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,03,676	2,18,079	3,14,367	2,62,818	1,71,798	1,86,663	-	-
Enterprise Value (EV) ¹	5,00,989	4,99,144	6,14,416	5,52,295	5,30,823	5,30,636	5,22,336	5,16,536
P/E ratio	42.8 x	11.4 x	13.7 x	11.1 x	-4.95 x	95.9 x	18.2 x	14 x
Yield	0.77%	0.93%	0.9%	1.39%	1.55%	1.43%	1.43%	1.43%
Capitalization / Revenue	0.38 x	0.4 x	0.56 x	0.43 x	0.27 x	0.28 x	0.28 x	0.28 x
EV / Revenue	0.94 x	0.91 x	1.09 x	0.9 x	0.82 x	0.8 x	0.78 x	0.77 x
EV / EBITDA	10.2 x	7.56 x	8.65 x	7.33 x	24.5 x	8.46 x	7.24 x	6.55 x
EV / FCF	-26 x	24.8 x	-15.6 x	61.5 x	-6.31 x	18.9 x	32 x	27.2 x
FCF Yield	-3.85%	4.04%	-6.43%	1.63%	-15.9%	5.3%	3.12%	3.68%
Price to Book	1.1 x	1.1 x	1.32 x	1.01 x	0.73 x	0.79 x	0.77 x	0.73 x
Nbr of stocks (in thousands)	1,50,093	1,50,089	1,65,543	1,66,025	1,66,149	1,66,366	-	-
Reference price ²	1,357	1,453	1,899	1,583	1,034	1,122	1,122	1,122
Announcement Date	17/05/19	15/05/20	14/05/21	13/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,33,890	5,46,433	5,62,928	6,12,314	6,46,213	6,65,900	6,65,800	6,68,550
EBITDA ¹	49,036	66,031	71,010	75,379	21,687	62,752	72,100	78,900
EBIT ¹	12,122	30,629	36,873	37,569	-21,441	14,300	24,600	31,300
Operating Margin	2.27%	5.61%	6.55%	6.14%	-3.32%	2.15%	3.69%	4.68%
Earnings before Tax (EBT) ¹	6,970	31,251	32,717	36,588	-39,201	6,650	17,450	22,350
Net income ¹	4,697	19,199	22,115	23,721	-34,705	1,950	10,250	13,300
Net margin	0.88%	3.51%	3.93%	3.87%	-5.37%	0.29%	1.54%	1.99%
EPS ²	31.70	127.9	138.7	142.9	-209.0	11.71	61.60	79.93
Free Cash Flow ¹	-19,303	20,143	-39,492	8,975	-84,183	28,102	16,300	19,000
FCF margin	-3.62%	3.69%	-7.02%	1.47%	-13.03%	4.22%	2.45%	2.84%
FCF Conversion (EBITDA)	-	30.51%	-	11.91%	-	44.78%	22.61%	24.08%
FCF Conversion (Net income)	-	104.92%	-	37.84%	-	1,441.15%	159.02%	142.86%
Dividend per Share ²	10.50	13.50	17.00	22.00	16.00	16.00	16.00	16.00
Announcement Date	17/05/19	15/05/20	14/05/21	13/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	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
Net sales ¹	2,68,618	2,61,585	1,51,920	2,96,873	1,50,655	1,64,786	1,47,309	1,61,370	3,08,679	1,72,176	1,65,358	1,62,013	1,69,215	3,31,228	1,72,546	1,60,226
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	12,409	14,125	8,255	19,235	8,401	9,933	291	-7,556	-7,265	-10,662	-3,514	2,779	4,649	7,428	3,664	2,908
Operating Margin	4.62%	5.4%	5.43%	6.48%	5.58%	6.03%	0.2%	-4.68%	-2.35%	-6.19%	-2.13%	1.72%	2.75%	2.24%	2.12%	1.81%
Earnings before Tax (EBT)	17,272	13,675	-	18,211	8,183	-	2,414	-	-8,857	-19,704	-	4,925	-	8,668	-718	-
Net income	10,814	9,348	-	11,456	5,559	-	1,361	-	-8,301	-15,740	-	3,308	-	3,926	-1,910	-
Net margin	4.03%	3.57%	-	3.86%	3.69%	-	0.92%	-	-2.69%	-9.14%	-	2.04%	-	1.19%	-1.11%	-
EPS	72.05	60.99	-	69.02	33.49	-	8.200	-	-50.02	-94.81	-	19.90	-	23.62	-11.49	-
Dividend per Share	5.000	7.000	-	10.00	-	-	-	-	7.000	-	-	-	-	7.000	-	-
Announcement Date	13/11/19	11/11/20	12/11/21	12/11/21	10/02/22	13/05/22	12/08/22	11/11/22	11/11/22	10/02/23	12/05/23	10/08/23	10/11/23	10/11/23	09/02/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,97,313	2,81,065	3,00,049	2,89,477	3,59,025	3,43,973	3,35,673	3,29,873
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.063 x	4.257 x	4.225 x	3.84 x	16.55 x	5.481 x	4.656 x	4.181 x
Free Cash Flow ¹	-19,303	20,143	-39,492	8,975	-84,183	28,103	16,300	19,000
ROE (net income / shareholders' equity)	2.6%	10%	10.1%	9.5%	-14%	0.81%	4.27%	5.36%
ROA (Net income/ Total Assets)	1.37%	3.73%	4.28%	4.46%	-2.73%	0.22%	1.11%	1.4%
Assets ¹	3,41,707	5,15,259	5,17,264	5,31,810	12,72,737	9,06,977	9,20,521	9,50,339
Book Value Per Share ²	1,237	1,320	1,440	1,562	1,415	1,421	1,467	1,531
Cash Flow per Share	257.0	340.0	353.0	371.0	50.70	-	-	-
Capex ¹	59,590	49,116	53,411	64,165	47,857	26,600	40,950	42,300
Capex / Sales	11.16%	8.99%	9.49%	10.48%	7.41%	3.99%	6.15%	6.33%
Announcement Date	17/05/19	15/05/20	14/05/21	13/05/22	12/05/23	-	-	-

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

Ratings for Daio Paper Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,122 JPY

Average target price

1,325 JPY

Spread / Average Target

+18.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Paper Products

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DAIO PAPER CORPORATION	-0.09%	1.19B
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HOLMEN AB	-1.67%	6.08B
EMPRESAS CMPC S.A.	+8.82%	4.88B
OJI HOLDINGS CORPORATION	+17.55%	3.98B
THE NAVIGATOR COMPANY	+16.91%	3.15B
CENTURY TEXTILES AND INDUSTRIES LIMITED	+63.21%	2.67B
XIANHE CO.,LTD.	+12.02%	1.76B

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