Financials Earth Corporation

Equities

4985

JP3100190002

Household Products

Market Closed - Japan Exchange Other stock markets 11:30:00 03/07/2024 am IST			5-day change	1st Jan Change
4,835 ^JPY	+0.62%		+1.36%	+5.80%

08:00am	Tranche Update on Earth Corporation's Equity Buyback Plan announced on March 8, 2024.	CI
06/06	Earth Buys Back Shares in May	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,15,326	1,28,346	1,35,232	1,11,643	1,01,120	1,06,173	-	-
Enterprise Value (EV) ¹	1,28,630	1,09,918	1,17,903	99,071	93,615	98,438	94,055	95,355
P/E ratio	92.2 x	34.1 x	18.9 x	21 x	24.6 x	49 x	51.8 x	24.3 x
Yield	1.75%	1.98%	1.92%	2.33%	2.58%	2.5%	2.48%	2.48%
Capitalization / Revenue	0.61 x	0.65 x	0.66 x	0.73 x	0.64 x	0.66 x	0.64 x	0.62 x
EV / Revenue	0.68 x	0.56 x	0.58 x	0.65 x	0.59 x	0.61 x	0.57 x	0.56 x
EV / EBITDA	12.2 x	6.25 x	8.3 x	8.78 x	8.93 x	12.6 x	12 x	8.59 x
EV / FCF	21.3 x	5.23 x	74 x	-41.9 x	114 x	-2,163 x	28.9 x	28.6 x
FCF Yield	4.69%	19.1%	1.35%	-2.39%	0.88%	-0.05%	3.46%	3.49%
Price to Book	2.88 x	2.32 x	2.25 x	1.78 x	1.52 x	1.62 x	1.64 x	1.61 x
Nbr of stocks (in thousands)	20,233	22,052	22,061	22,064	22,127	22,096	-	-
Reference price ²	5,700	5,820	6,130	5,060	4,570	4,805	4,805	4,805
Announcement Date	13/02/20	10/02/21	14/02/22	13/02/23	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	1,89,527	1,96,045	2,03,785	1,52,339	1,58,344	1,61,800	1,65,800	1,70,200
EBITDA ¹	10,504	17,599	14,203	11,286	10,488	7,841	7,845	11,095
EBIT ¹	3,916	11,416	10,667	7,434	6,370	3,500	3,550	6,750
Operating Margin	2.07%	5.82%	5.23%	4.88%	4.02%	2.16%	2.14%	3.97%
Earnings before Tax (EBT)	3,372	7,278	10,963	8,057	6,563	-	-	-
Net income ¹	1,250	3,547	7,142	5,303	4,102	2,170	2,050	4,370
Net margin	0.66%	1.81%	3.5%	3.48%	2.59%	1.34%	1.24%	2.57%
EPS ²	61.80	170.6	323.8	240.5	185.6	98.11	92.68	197.6
Free Cash Flow ¹	6,032	20,999	1,594	-2,365	824	-45.5	3,258	3,332
FCF margin	3.18%	10.71%	0.78%	-1.55%	0.52%	-0.03%	1.96%	1.96%
FCF Conversion (EBITDA)	57.43%	119.32%	11.22%	-	7.86%	-	41.52%	30.04%
FCF Conversion (Net income)	482.56%	592.02%	22.32%	-	20.09%	-	158.9%	76.26%
Dividend per Share ²	100.0	115.0	118.0	118.0	118.0	120.0	119.3	119.3
Announcement Date	13/02/20	10/02/21	14/02/22	13/02/23	13/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	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 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	1,10,634	1,15,821	38,618	38,603	50,702	89,305	35,140	27,894	40,819	49,510	90,329	36,440	31,575	68,015	42,049	51,000	93,000	36,900	30,700	67,600
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	16,024	18,566	-9,686	5,323	6,618	11,941	72	-4,579	5,532	4,389	9,921	-704	-2,847	-3,551	4,978	4,300	9,300	-1,200	-4,900	-6,100
Operating Margin	14.48%	16.03%	-25.08%	13.79%	13.05%	13.37%	0.2%	-16.42%	13.55%	8.86%	10.98%	-1.93%	-9.02%	-5.22%	11.84%	8.43%	10%	-3.25%	-15.96%	-9.02%
Earnings before Tax (EBT)	16,074	18,895	-	5,617	-	12,668	177	-4,788	5,636	-	10,364	-597	-	-	5,149	-	-	-	-	-
Net income	10,949	12,759	-6,696	3,766	4,821	8,587	48	-3,332	3,889	3,151	7,040	-592	-	-	3,530	-	-	-	-	-
Net margin	9.9%	11.02%	-17.34%	9.76%	9.51%	9.62%	0.14%	-11.95%	9.53%	6.36%	7.79%	-1.62%	-	-	8.39%	-	-	-	-	-
EPS	541.0	578.4	-303.4	170.9	218.6	389.5	2.040	-151.1	176.3	142.5	318.8	-26.99	-	-	159.5	-	-	-	-	-
Dividend per Share	-	-	118.0	-	-	-	-	118.0	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	06/08/20	06/08/21	14/02/22	11/05/22	05/08/22	05/08/22	08/11/22	13/02/23	11/05/23	08/08/23	08/08/23	09/11/23	13/02/24	13/02/24	10/05/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	13,304	-	-	-	-	-	-	-
Net Cash position ¹	-	18,428	17,329	12,572	7,505	7,735	12,118	10,818
Leverage (Debt/EBITDA)	1.267 x	-	-	-	-	-	-	-
Free Cash Flow ¹	6,032	20,999	1,594	-2,365	824	-45.5	3,258	3,333
ROE (net income / shareholders' equity)	3.1%	7.4%	12.4%	8.6%	6.3%	3.4%	3.11%	6.71%
ROA (Net income/ Total Assets)	3.99%	10.3%	9.45%	6.63%	5.29%	1.7%	1.55%	3.2%
Assets ¹	31,313	34,569	75,614	79,941	77,587	1,27,647	1,32,258	1,36,562
Book Value Per Share ²	1,979	2,508	2,720	2,846	3,008	2,969	2,926	2,988
Cash Flow per Share	227.0	331.0	484.0	415.0	372.0	-	-	-
Capex ¹	2,705	3,591	3,090	5,997	6,700	5,550	4,800	4,850
Capex / Sales	1.43%	1.83%	1.52%	3.94%	4.23%	3.43%	2.9%	2.85%
Announcement Date	13/02/20	10/02/21	14/02/22	13/02/23	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 Earth Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4,805 JPY

Average target price

4,093 JPY

Spread / Average Target

-14.81%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Household Products

	1st Jan change	Capi.
EARTH CORPORATION	+5.80%	66Cr
RECKITT BENCKISER GROUP PLC	-21.64%	3.77TCr
CHURCH & DWIGHT CO., INC.	+11.51%	2.58TCr
PT UNILEVER INDONESIA TBK	-15.86%	691.44Cr
REYNOLDS CONSUMER PRODUCTS INC.	+2.65%	578.93Cr
WD-40 COMPANY	-8.87%	295.27Cr
LION CORPORATION	-2.71%	216.53Cr
JYOTHY LABS LIMITED	-0.11%	210.01Cr
SANO BRUNO'S ENTERPRISES LTD	+20.06%	89Cr
UNILEVER CONSUMER CARE LIMITED	+35.79%	45Cr

Other Household Products