Financials Inpex Corporation

Equities

1605

JP3294460005

Oil & Gas Exploration and Production

Market Closed - Japan Exchange Other stock markets 11:30:00 30/04/2024 am IST			5-day change	1st Jan Change
2,392 ^JPY	+0.82%		-0.13%	+25.62%

17/04	Kazakhstan claims against Kashagan oil firms top $150 bln, Bloomberg reports	RE
11/04	Kyoto Fusioneering Ltd. announced that it has received ¥12.06 billion in funding from a group of investors	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	14,33,478	16,59,519	8,11,874	13,89,291	18,23,168	30,10,350	30,10,350	-
Enterprise Value (EV) ¹	18,55,952	26,03,500	18,63,742	23,67,740	28,65,586	32,52,157	39,32,650	36,24,850
P/E ratio	35.5 x	13.4 x	-7.27 x	6.51 x	4.35 x	7.66 x	6.95 x	6.8 x
Yield	1.83%	2.64%	4.32%	4.79%	4.44%	3.89%	3.33%	3.46%
Capitalization / Revenue	1.54 x	1.66 x	1.05 x	1.12 x	0.78 x	1.11 x	1.31 x	1.33 x
EV / Revenue	1.99 x	2.6 x	2.42 x	1.9 x	1.23 x	1.5 x	1.71 x	1.6 x
EV / EBITDA	4.12 x	4.1 x	4.41 x	2.98 x	1.86 x	2.37 x	5.82 x	5.61 x
EV / FCF	-16.5 x	-186 x	14.5 x	8.64 x	12.7 x	7.18 x	11.8 x	13.3 x
FCF Yield	-6.05%	-0.54%	6.87%	11.6%	7.88%	13.9%	8.44%	7.51%
Price to Book	0.49 x	0.55 x	0.3 x	0.44 x	0.48 x	0.57 x	0.66 x	0.6 x
Nbr of stocks (in thousands)	14,60,200	14,60,202	14,60,205	13,86,518	13,05,994	12,58,245	12,58,245	-
Reference price ²	981.7	1,136	556.0	1,002	1,396	2,373	2,373	2,373
Announcement Date	10/05/18	12/02/20	10/02/21	09/02/22	09/02/23	13/02/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	9,33,701	10,00,005	7,71,046	12,44,369	23,24,660	21,64,516	23,02,550	22,67,750
EBITDA ¹	4,50,168	6,34,270	4,22,569	7,93,841	15,38,968	13,74,129	6,75,200	6,45,900
EBIT ¹	3,57,363	4,98,641	2,48,471	5,90,657	12,46,408	11,14,189	12,44,750	11,98,750
Operating Margin	38.27%	49.86%	32.23%	47.47%	53.62%	51.48%	54.06%	52.86%
Earnings before Tax (EBT) ¹	3,07,299	5,10,292	67,394	6,43,457	14,12,443	12,53,384	13,65,800	12,74,000
Net income ¹	40,362	1,23,550	-1,11,699	2,23,048	4,38,276	3,21,708	4,18,850	4,06,250
Net margin	4.32%	12.35%	-14.49%	17.92%	18.85%	14.86%	18.19%	17.91%
EPS ²	27.64	84.61	-76.50	153.9	320.7	248.6	341.4	348.8
Free Cash Flow ¹	-1,12,367	-14,010	1,28,131	2,74,175	2,25,710	4,53,030	3,32,100	2,72,250
FCF margin	-12.03%	-1.4%	16.62%	22.03%	9.71%	20.93%	14.42%	12.01%
FCF Conversion (EBITDA)	-	-	30.32%	34.54%	14.67%	32.97%	49.19%	42.15%
FCF Conversion (Net income)	-	-	-	122.92%	51.5%	140.82%	79.29%	67.02%
Dividend per Share ²	18.00	30.00	24.00	48.00	62.00	74.00	79.00	82.00
Announcement Date	10/05/18	12/02/20	10/02/21	09/02/22	09/02/23	13/02/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2020 S1	2021 Q2	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	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	-	3,91,683	2,54,700	4,98,397	3,50,817	3,95,155	4,85,391	6,13,085	10,98,476	6,00,267	6,25,917	5,78,476	5,00,313	10,78,789	5,23,046	5,63,867	5,97,100	5,02,700	-	5,02,700	6,39,800
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,29,082	3,50,654	3,74,591	-	-	-	-
EBIT ¹	-	1,23,799	1,17,619	2,23,673	1,78,703	1,88,281	2,28,315	3,56,178	5,84,493	3,31,399	3,30,516	3,06,300	2,64,234	5,70,534	2,68,838	2,82,472	2,97,600	2,21,700	-	2,21,700	3,57,600
Operating Margin	-	31.61%	46.18%	44.88%	50.94%	47.65%	47.04%	58.1%	53.21%	55.21%	52.81%	52.95%	52.81%	52.89%	51.4%	50.1%	49.84%	44.1%	-	44.1%	55.89%
Earnings before Tax (EBT) ¹	-	-43,173	1,13,802	2,19,845	2,07,424	2,16,188	2,77,865	3,48,329	6,26,194	3,83,193	4,03,056	3,67,995	3,28,490	6,96,485	2,23,477	3,41,438	3,21,500	2,39,500	-	2,39,500	3,86,300
Net income ¹	-	-1,20,799	13,799	51,982	85,740	85,326	94,087	90,375	1,84,462	82,967	1,70,847	1,51,475	1,02,780	2,54,255	26,137	91,139	93,000	1,05,000	1,86,000	1,08,100	97,000
Net margin	-	-30.84%	5.42%	10.43%	24.44%	21.59%	19.38%	14.74%	16.79%	13.82%	27.3%	26.19%	20.54%	23.57%	5%	16.16%	15.58%	20.89%	-	21.5%	15.16%
EPS ²	-	-82.73	9.450	35.60	58.72	59.55	67.86	65.20	133.1	60.60	127.0	116.0	78.70	194.7	20.47	71.90	80.20	85.20	-	87.70	78.60
Dividend per Share	12.00	12.00	-	20.00	-	-	-	-	30.00	-	-	-	-	37.00	-	-	-	-	-	-	-
Announcement Date	08/08/19	06/08/20	10/08/21	10/08/21	05/11/21	09/02/22	11/05/22	08/08/22	08/08/22	08/11/22	09/02/23	10/05/23	09/08/23	09/08/23	09/11/23	13/02/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	4,22,474	9,43,981	10,51,868	9,78,449	10,42,418	8,55,832	9,22,300	6,14,500
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9385 x	1.488 x	2.489 x	1.233 x	0.6773 x	0.6228 x	1.366 x	0.9514 x
Free Cash Flow ¹	-1,12,367	-14,010	1,28,131	2,74,175	2,25,710	4,53,030	3,32,100	2,72,250
ROE (net income / shareholders' equity)	1.4%	3.77%	-3.9%	7.6%	12.7%	8%	9.53%	9.1%
ROA (Net income/ Total Assets)	9.04%	2.56%	-3.56%	4.56%	25.2%	19.3%	20.2%	5.35%
Assets ¹	4,46,474	48,21,840	31,37,850	48,96,343	17,40,087	16,68,594	20,73,515	75,91,684
Book Value Per Share ²	1,997	2,082	1,874	2,253	2,892	3,345	3,593	3,934
Cash Flow per Share ²	91.20	177.0	201.0	294.0	535.0	495.0	502.0	517.0
Capex ¹	3,90,906	1,09,737	1,64,784	1,71,282	3,14,870	3,35,100	3,88,800	3,68,800
Capex / Sales	41.87%	10.97%	21.37%	13.76%	13.54%	15.48%	16.89%	16.26%
Announcement Date	10/05/18	12/02/20	10/02/21	09/02/22	09/02/23	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 Inpex Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,373 JPY

Average target price

2,483 JPY

Spread / Average Target

+4.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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