Financials Ezaki Glico Co., Ltd.

Equities

2206

JP3161200005

Food Processing

Market Closed - Japan Exchange Other stock markets 11:30:00 10/05/2024 am IST			5-day change	1st Jan Change
4,145 ^JPY	+0.61%		+0.10%	-0.72%

13/02	Ezaki Glico's Profit Up 75% in Fiscal 2023	MT
13/02	Ezaki Glico Opposes Shareholder Proposal	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,15,718	2,93,903	2,37,428	2,30,200	2,65,489	2,63,580	-	-
Enterprise Value (EV) ¹	2,40,441	2,25,911	1,65,536	1,68,292	1,98,291	1,61,897	1,66,401	1,58,930
P/E ratio	26.3 x	24.9 x	17.6 x	28.6 x	18.8 x	23.2 x	18.5 x	17.3 x
Yield	1.23%	1.43%	1.91%	2.21%	1.92%	2.17%	2.2%	2.35%
Capitalization / Revenue	1.1 x	0.85 x	0.7 x	0.76 x	0.8 x	0.81 x	0.75 x	0.74 x
EV / Revenue	0.83 x	0.66 x	0.49 x	0.55 x	0.6 x	0.5 x	0.48 x	0.45 x
EV / EBITDA	13.4 x	6.83 x	4.93 x	6.29 x	6.08 x	5.18 x	4.65 x	4.23 x
EV / FCF	28.9 x	35.8 x	13.7 x	-50.4 x	24.6 x	15.6 x	10.1 x	9.02 x
FCF Yield	3.46%	2.8%	7.31%	-1.98%	4.06%	6.39%	9.87%	11.1%
Price to Book	1.48 x	1.33 x	0.99 x	0.94 x	1.01 x	0.98 x	0.94 x	0.91 x
Nbr of stocks (in thousands)	64,896	64,808	64,871	63,591	63,590	63,590	-	-
Reference price ²	4,865	4,535	3,660	3,620	4,175	4,145	4,145	4,145
Announcement Date	14/02/20	12/02/21	14/02/22	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	2,88,187	3,44,048	3,38,571	3,03,921	3,32,590	3,25,654	3,49,220	3,56,966
EBITDA ¹	17,959	33,100	33,556	26,741	32,638	31,265	35,809	37,563
EBIT ¹	15,605	18,523	19,307	12,845	18,622	14,265	18,593	19,947
Operating Margin	5.41%	5.38%	5.7%	4.23%	5.6%	4.38%	5.32%	5.59%
Earnings before Tax (EBT) ¹	20,183	19,683	20,806	13,936	19,943	16,265	20,618	22,022
Net income ¹	12,047	11,836	13,519	8,099	14,133	11,365	14,224	15,211
Net margin	4.18%	3.44%	3.99%	2.66%	4.25%	3.49%	4.07%	4.26%
EPS ²	185.3	182.5	208.4	126.6	222.2	178.7	223.7	239.2
Free Cash Flow ¹	8,322	6,318	12,097	-3,338	8,047	10,351	16,422	17,623
FCF margin	2.89%	1.84%	3.57%	-1.1%	2.42%	3.18%	4.7%	4.94%
FCF Conversion (EBITDA)	46.34%	19.09%	36.05%	-	24.66%	33.11%	45.86%	46.92%
FCF Conversion (Net income)	69.08%	53.38%	89.48%	-	56.94%	91.08%	115.45%	115.86%
Dividend per Share ²	60.00	65.00	70.00	80.00	80.00	90.00	91.25	97.50
Announcement Date	14/02/20	12/02/21	14/02/22	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	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	1,65,975	1,60,300	92,180	86,091	65,420	73,727	1,39,147	86,786	77,988	71,075	82,060	1,53,135	93,406	86,049	78,986
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,731	9,971	6,221	3,115	4,076	2,801	6,877	5,293	675	3,900	4,186	8,086	7,824	2,712	7,266
Operating Margin	5.26%	6.22%	6.75%	3.62%	6.23%	3.8%	4.94%	6.1%	0.87%	5.49%	5.1%	5.28%	8.38%	3.15%	9.2%
Earnings before Tax (EBT) ¹	9,309	11,885	6,565	2,356	4,815	2,695	7,510	8,436	-2,010	5,272	4,926	10,198	7,898	1,847	7,996
Net income ¹	6,283	7,880	4,649	990	3,332	1,391	4,723	5,689	-2,313	4,230	3,587	7,817	5,175	1,141	5,119
Net margin	3.79%	4.92%	5.04%	1.15%	5.09%	1.89%	3.39%	6.56%	-2.97%	5.95%	4.37%	5.1%	5.54%	1.33%	6.48%
EPS	96.79	121.5	71.67	15.23	51.34	22.02	73.36	89.03	-35.80	66.52	56.41	122.9	81.38	17.94	80.51
Dividend per Share	30.00	35.00	-	-	-	-	40.00	-	-	-	-	40.00	-	-	-
Announcement Date	06/08/20	05/08/21	05/11/21	14/02/22	09/05/22	04/08/22	04/08/22	04/11/22	14/02/23	09/05/23	03/08/23	03/08/23	02/11/23	13/02/24	08/05/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	75,277	67,992	71,892	61,908	67,198	1,01,682	97,179	1,04,650
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8,322	6,318	12,097	-3,338	8,047	10,351	16,422	17,623
ROE (net income / shareholders' equity)	5.6%	5.4%	5.8%	3.3%	5.6%	4.3%	5.17%	5.36%
ROA (Net income/ Total Assets)	3.48%	3.46%	6.23%	3.76%	5.57%	2.5%	4.6%	4.77%
Assets ¹	3,46,128	3,41,943	2,16,980	2,15,384	2,53,909	4,54,600	3,09,223	3,19,106
Book Value Per Share ²	3,284	3,421	3,711	3,842	4,129	4,218	4,393	4,534
Cash Flow per Share ²	267.0	407.0	428.0	344.0	443.0	438.0	511.0	531.0
Capex ¹	16,274	17,814	16,500	26,712	20,016	18,032	14,000	14,000
Capex / Sales	5.65%	5.18%	4.87%	8.79%	6.02%	5.54%	4.01%	3.92%
Announcement Date	14/02/20	12/02/21	14/02/22	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 Ezaki Glico Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

4,145 JPY

Average target price

4,130 JPY

Spread / Average Target

-0.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
EZAKI GLICO CO., LTD.	-0.72%	1.69B
NESTLÉ S.A.	-2.39%	275B
MONDELEZ INTERNATIONAL, INC.	-1.70%	95.5B
KRAFT HEINZ	-2.00%	44.01B
THE HERSHEY COMPANY	+9.84%	41.41B
DANONE	+1.40%	41.13B
GENERAL MILLS, INC.	+8.54%	39.91B
ARCHER-DANIELS-MIDLAND COMPANY	-12.79%	31.14B
NESTLÉ INDIA LIMITED	-4.77%	29.23B
ASSOCIATED BRITISH FOODS PLC	+14.15%	25.26B

Other Food Processing