Financials DIC Corporation

Equities

4631

JP3493400000

Specialty Chemicals

Market Closed - Japan Exchange Other stock markets 11:30:00 26/04/2024 am IST			5-day change	1st Jan Change
2,915 ^JPY	+1.27%		+2.03%	+5.18%

19/03	Certain Common Stock of Sasatoku Printing Co.,Ltd. are subject to a Lock-Up Agreement Ending on 19-MAR-2024.	CI
13/02	DIC Swings to Fiscal 2023 Loss	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,87,251	2,46,472	2,74,123	2,20,164	2,62,350	2,75,931	-	-
Enterprise Value (EV) ¹	5,23,051	4,68,328	6,14,881	6,66,113	7,03,775	6,96,239	6,90,877	6,83,209
P/E ratio	12.2 x	18.6 x	62.8 x	12.5 x	-6.58 x	22.4 x	10.9 x	9.67 x
Yield	3.29%	3.84%	3.45%	4.3%	2.89%	3.43%	3.43%	3.54%
Capitalization / Revenue	0.37 x	0.35 x	0.32 x	0.21 x	0.25 x	0.26 x	0.25 x	0.25 x
EV / Revenue	0.68 x	0.67 x	0.72 x	0.63 x	0.68 x	0.65 x	0.63 x	0.61 x
EV / EBITDA	7.02 x	6.47 x	7.59 x	7.53 x	9.91 x	8.21 x	7.54 x	7.05 x
EV / FCF	33.4 x	22.9 x	-5.98 x	-16 x	21.5 x	-49.4 x	27.9 x	25.1 x
FCF Yield	3%	4.37%	-16.7%	-6.24%	4.65%	-2.03%	3.59%	3.98%
Price to Book	0.92 x	0.77 x	0.79 x	0.57 x	0.72 x	0.73 x	0.69 x	0.66 x
Nbr of stocks (in thousands)	94,646	94,651	94,656	94,653	94,660	94,659	-	-
Reference price ²	3,035	2,604	2,896	2,326	2,772	2,915	2,915	2,915
Announcement Date	14/02/20	19/02/21	18/02/22	14/02/23	13/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,68,568	7,01,223	8,55,400	10,54,201	10,38,736	10,68,133	10,97,233	11,22,933
EBITDA ¹	74,558	72,387	81,000	88,474	71,040	84,850	91,617	96,950
EBIT ¹	41,332	39,663	42,900	39,682	17,943	30,533	37,500	43,567
Operating Margin	5.38%	5.66%	5.02%	3.76%	1.73%	2.86%	3.42%	3.88%
Earnings before Tax (EBT) ¹	34,676	25,102	32,100	35,179	-26,468	25,867	37,533	41,967
Net income ¹	23,500	13,233	4,400	17,610	-39,857	12,233	24,767	27,833
Net margin	3.06%	1.89%	0.51%	1.67%	-3.84%	1.15%	2.26%	2.48%
EPS ²	248.3	139.8	46.12	186.0	-421.1	130.2	267.6	301.6
Free Cash Flow ¹	15,675	20,463	-1,02,800	-41,554	32,760	-14,102	24,788	27,202
FCF margin	2.04%	2.92%	-12.02%	-3.94%	3.15%	-1.32%	2.26%	2.42%
FCF Conversion (EBITDA)	21.02%	28.27%	-	-	46.11%	-	27.06%	28.06%
FCF Conversion (Net income)	66.7%	154.64%	-	-	-	-	100.09%	97.73%
Dividend per Share ²	100.0	100.0	100.0	100.0	80.00	100.0	100.0	103.3
Announcement Date	14/02/20	19/02/21	18/02/22	14/02/23	13/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	3,43,748	3,91,793	2,24,007	2,39,600	-	2,50,958	2,70,453	5,21,411	2,73,740	2,59,050	2,55,237	2,60,074	5,15,311	2,66,307	2,57,118	5,23,425	2,60,150	2,70,800	2,76,400	2,76,350
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	17,835	27,303	5,997	9,600	15,600	11,723	12,243	23,966	8,889	6,827	5,983	3,979	9,962	3,203	4,778	7,981	5,800	7,650	9,150	8,200
Operating Margin	5.19%	6.97%	2.68%	4.01%	-	4.67%	4.53%	4.6%	3.25%	2.64%	2.34%	1.53%	1.93%	1.2%	1.86%	1.52%	2.23%	2.82%	3.31%	2.97%
Earnings before Tax (EBT)	15,422	22,247	2,752	-	-	11,976	-	23,968	8,192	3,019	3,934	-	5,313	1,675	-	-	-	-	-	-
Net income ¹	10,334	16,028	-728	-10,900	-	7,404	6,986	14,390	3,416	-196	1,897	-900	997	-3,756	-37,098	-	-3,000	-2,400	9,100	7,500
Net margin	3.01%	4.09%	-0.32%	-4.55%	-	2.95%	2.58%	2.76%	1.25%	-0.08%	0.74%	-0.35%	0.19%	-1.41%	-14.43%	-	-1.15%	-0.89%	3.29%	2.71%
EPS	109.2	169.3	-7.850	-	-	78.22	-	152.0	36.09	-	20.04	-	10.53	-39.67	-	-	-	-	-	-
Dividend per Share	50.00	50.00	-	-	-	-	-	50.00	-	-	-	-	50.00	-	-	-	-	-	-	-
Announcement Date	11/08/20	10/08/21	12/11/21	18/02/22	18/02/22	16/05/22	10/08/22	10/08/22	14/11/22	14/02/23	15/05/23	09/08/23	09/08/23	14/11/23	13/02/24	13/02/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,35,800	2,21,856	3,40,758	4,45,949	4,41,425	4,20,308	4,14,946	4,07,278
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.163 x	3.065 x	4.207 x	5.04 x	6.214 x	4.954 x	4.529 x	4.201 x
Free Cash Flow ¹	15,675	20,463	-1,02,800	-41,554	32,760	-14,102	24,788	27,203
ROE (net income / shareholders' equity)	7.7%	4.2%	1.3%	4.8%	-10.6%	3.39%	6.66%	7.19%
ROA (Net income/ Total Assets)	5.14%	4.5%	4.63%	3.42%	0.74%	2.2%	3%	3.8%
Assets ¹	4,57,621	2,94,238	94,994	5,14,272	-54,20,066	5,56,061	8,25,556	7,32,456
Book Value Per Share ²	3,304	3,365	3,655	4,089	3,845	4,010	4,211	4,446
Cash Flow per Share ²	598.0	484.0	441.0	684.0	116.0	688.0	837.0	911.0
Capex ¹	34,962	33,999	38,641	49,489	56,335	63,100	54,250	54,250
Capex / Sales	4.55%	4.85%	4.52%	4.69%	5.42%	5.91%	4.94%	4.83%
Announcement Date	14/02/20	19/02/21	18/02/22	14/02/23	13/02/24	-	-	-

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 DIC Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,915 JPY

Average target price

3,100 JPY

Spread / Average Target

+6.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Coloring Agent

	1st Jan change	Capi.
DIC CORPORATION	+5.18%	1.75B
ZHEJIANG LONGSHENG GROUP CO.,LTD	+9.29%	4B
ZHEJIANG RUNTU CO., LTD.	+3.44%	979M
ARTIENCE CO., LTD.	+9.13%	966M
SHANGHAI ANOKY GROUP CO., LTD	+66.88%	752M
HG TECHNOLOGIES CO., LTD.	-2.47%	692M
SUDARSHAN CHEMICAL INDUSTRIES LIMITED	+31.71%	600M
ANSHAN HIFICHEM CO., LTD.	-1.29%	553M
SAKATA INX CORPORATION	+15.68%	499M
VALHI, INC.	-1.25%	424M

Coloring Agent