Financials Hanwa Co., Ltd.

Equities

8078

JP3777800008

Iron & Steel

Market Closed - Japan Exchange Other stock markets 11:30:00 13/05/2024 am IST			5-day change	1st Jan Change
6,340 ^JPY	+0.32%		+4.11%	+26.93%

10/05	Hanwa Co., Ltd. announces an Equity Buyback for 400,000 shares, representing 0.98% for ¥2,000 million.	CI
10/05	Hanwa Co., Ltd. Resolves to Pay Dividends for Fiscal Year 2023	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,25,361	68,353	1,37,965	1,31,665	1,60,313	2,57,024	-	-
Enterprise Value (EV) ¹	4,26,706	3,29,513	3,86,929	6,46,088	4,24,096	2,41,163	5,39,290	5,62,919
P/E ratio	9.01 x	-5 x	7.03 x	3.02 x	3.11 x	6.28 x	6.44 x	6.15 x
Yield	4.86%	5.95%	1.77%	3.09%	3.3%	3.12%	3.01%	3.52%
Capitalization / Revenue	0.06 x	0.04 x	0.08 x	0.06 x	0.06 x	0.1 x	0.09 x	0.09 x
EV / Revenue	0.21 x	0.17 x	0.22 x	0.3 x	0.16 x	0.1 x	0.2 x	0.2 x
EV / EBITDA	12.8 x	10.1 x	11 x	9.38 x	5.92 x	8.04 x	7.71 x	7.66 x
EV / FCF	-82 x	5.26 x	34.5 x	-2.18 x	1.53 x	-122 x	53.3 x	-252 x
FCF Yield	-1.22%	19%	2.9%	-45.8%	65.5%	-0.82%	1.88%	-0.4%
Price to Book	0.67 x	0.42 x	0.73 x	0.56 x	0.53 x	0.69 x	0.7 x	0.64 x
Nbr of stocks (in thousands)	40,636	40,638	40,638	40,637	40,637	40,668	-	-
Reference price ²	3,085	1,682	3,395	3,240	3,945	6,320	6,320	6,320
Announcement Date	13/05/19	13/05/20	12/05/21	13/05/22	12/05/23	10/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	20,74,600	19,07,493	17,45,501	21,64,049	26,68,228	24,31,980	27,41,531	27,72,626
EBITDA ¹	33,417	32,575	35,179	68,882	71,666	63,464	69,902	73,449
EBIT ¹	28,904	27,330	29,232	62,367	64,105	49,722	62,600	65,420
Operating Margin	1.39%	1.43%	1.67%	2.88%	2.4%	2.04%	2.28%	2.36%
Earnings before Tax (EBT) ¹	20,955	-19,995	28,839	63,138	75,961	53,888	57,033	60,550
Net income ¹	13,914	-13,674	19,617	43,617	51,505	38,417	39,921	41,767
Net margin	0.67%	-0.72%	1.12%	2.02%	1.93%	1.58%	1.46%	1.51%
EPS ²	342.4	-336.5	482.7	1,073	1,267	944.9	982.0	1,027
Free Cash Flow ¹	-5,206	62,664	11,222	-2,95,745	2,77,687	-4,200	10,119	-2,232
FCF margin	-0.25%	3.29%	0.64%	-13.67%	10.41%	-0.17%	0.37%	-0.08%
FCF Conversion (EBITDA)	-	192.37%	31.9%	-	387.47%	-	14.48%	-
FCF Conversion (Net income)	-	-	57.21%	-	539.15%	-	25.35%	-
Dividend per Share ²	150.0	100.0	60.00	100.0	130.0	185.0	190.0	222.5
Announcement Date	13/05/19	13/05/20	12/05/21	13/05/22	12/05/23	10/05/24	-	-

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	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	9,46,024	8,01,053	5,27,738	9,80,342	5,60,740	6,22,967	6,65,580	6,73,385	13,38,965	6,84,511	6,44,752	-	6,08,742	5,92,534	12,01,276	6,25,324	6,05,380	12,30,704	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	13,618	11,077	16,923	30,426	18,808	13,133	24,143	17,231	41,374	14,694	8,037	-	16,277	10,062	26,339	16,128	7,255	23,383	14,900	15,300	30,200	16,200	15,300	31,500
Operating Margin	1.44%	1.38%	3.21%	3.1%	3.35%	2.11%	3.63%	2.56%	3.09%	2.15%	1.25%	-	2.67%	1.7%	2.19%	2.58%	1.2%	1.9%	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	7,812	10,726	-	30,615	17,586	-	33,853	-	53,450	11,233	11,278	-	16,012	10,809	26,821	16,683	10,384	27,067	-	-	-	-	-	-
Net income ¹	5,157	6,861	11,504	20,996	12,181	10,440	23,917	13,272	37,189	7,735	6,581	-	11,492	7,584	19,076	11,624	7,717	19,341	-	-	-	-	-	-
Net margin	0.55%	0.86%	2.18%	2.14%	2.17%	1.68%	3.59%	1.97%	2.78%	1.13%	1.02%	-	1.89%	1.28%	1.59%	1.86%	1.27%	1.57%	-	-	-	-	-	-
EPS	126.9	168.8	-	516.7	299.7	-	588.6	-	915.2	190.3	-	-	282.8	-	469.3	287.3	-	-	-	-	-	-	-	-
Dividend per Share	75.00	30.00	-	50.00	-	-	-	-	50.00	-	-	80.00	-	-	85.00	-	-	-	-	-	-	-	-	-
Announcement Date	11/11/19	09/11/20	10/11/21	10/11/21	10/02/22	13/05/22	12/08/22	10/11/22	10/11/22	10/02/23	12/05/23	12/05/23	08/08/23	08/11/23	08/11/23	08/02/24	10/05/24	10/05/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,01,345	2,61,160	2,48,964	5,14,423	2,63,783	2,53,522	2,82,266	3,05,895
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	9.018 x	8.017 x	7.077 x	7.468 x	3.681 x	3.995 x	4.038 x	4.165 x
Free Cash Flow ¹	-5,206	62,664	11,222	-2,95,745	2,77,687	-4,200	10,119	-2,233
ROE (net income / shareholders' equity)	7.4%	-7.8%	11.1%	20.5%	19.1%	11.7%	11%	11%
ROA (Net income/ Total Assets)	2.61%	-1.45%	3.55%	4.94%	4.47%	4.15%	-	-
Assets ¹	5,33,862	9,39,826	5,52,358	8,83,211	11,51,210	9,24,986	-	-
Book Value Per Share ²	4,633	4,027	4,656	5,835	7,459	8,636	9,037	9,848
Cash Flow per Share	453.0	-207.0	618.0	1,224	1,449	1,175	-	-
Capex ¹	7,718	11,597	7,782	11,561	22,179	10,000	7,500	8,000
Capex / Sales	0.37%	0.61%	0.45%	0.53%	0.83%	0.4%	0.27%	0.29%
Announcement Date	13/05/19	13/05/20	12/05/21	13/05/22	12/05/23	10/05/24	-	-

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 Hanwa Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6,320 JPY

Average target price

6,038 JPY

Spread / Average Target

-4.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Metallic Rolling & Drawing Products

	1st Jan change	Capi.
HANWA CO., LTD.	+26.93%	164.88Cr
BORUSAN MANNESMANN BORU SANAYI VE TICARET	-7.45%	249.99Cr
SICHUAN FURONG TECHNOLOGY CO., LTD.	+11.78%	139.75Cr
FANGDA SPECIAL STEEL TECHNOLOGY CO., LTD.	-9.54%	134.53Cr
TIANJIN YOU FA STEEL PIPE GROUP STOCK CO., LTD.	-6.34%	112.33Cr
YONGJIN TECHNOLOGY GROUP CO., LTD.	-1.46%	96Cr
JIANGSU CHANGBAO STEELTUBE CO.,LTD	+12.11%	76Cr
PAO TMK	-.--%	68Cr
AL YAMAMAH STEEL INDUSTRIES COMPANY	+61.88%	55Cr
HENAN HENGXING SCIENCE & TECHNOLOGY CO.,LTD.	-14.06%	52Cr

Metallic Rolling & Drawing Products