Financials Kao Corporation

Equities

4452

JP3205800000

Personal Products

Market Closed - Japan Exchange 11:30:00 01/05/2024 am IST 5-day change 1st Jan Change
6,592 JPY +1.03% Intraday chart for Kao Corporation +2.15% +13.66%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 43,40,252 38,33,082 28,52,283 24,42,686 26,96,205 30,64,391 - -
Enterprise Value (EV) 1 43,38,803 37,54,112 26,43,951 23,02,274 25,43,022 29,55,122 29,43,060 29,03,150
P/E ratio 29.4 x 30.4 x 26.1 x 28.7 x 61.5 x 29.9 x 25.8 x 23.4 x
Yield 1.44% 1.76% 2.39% 2.82% 2.59% 2.31% 2.35% 2.36%
Capitalization / Revenue 2.89 x 2.77 x 2.01 x 1.57 x 1.76 x 1.94 x 1.89 x 1.85 x
EV / Revenue 2.89 x 2.72 x 1.86 x 1.48 x 1.66 x 1.87 x 1.82 x 1.75 x
EV / EBITDA 14.7 x 14.3 x 11.5 x 11.5 x 17 x 13.1 x 11.9 x 11.2 x
EV / FCF 33.1 x 24.6 x 24.4 x - 23.3 x 30.9 x 26.4 x 23.7 x
FCF Yield 3.02% 4.07% 4.1% - 4.3% 3.24% 3.79% 4.23%
Price to Book 5.06 x 4.15 x 2.96 x 2.51 x 2.74 x 3.05 x 2.93 x 2.8 x
Nbr of stocks (in thousands) 4,80,914 4,80,939 4,73,880 4,64,831 4,64,863 4,64,865 - -
Reference price 2 9,025 7,970 6,019 5,255 5,800 6,592 6,592 6,592
Announcement Date 04/02/20 03/02/21 03/02/22 02/02/23 07/02/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 15,02,241 13,81,997 14,18,768 15,51,059 15,32,579 15,82,170 16,19,919 16,56,015
EBITDA 1 2,95,092 2,61,643 2,30,851 1,99,809 1,49,630 2,25,489 2,47,672 2,59,270
EBIT 1 2,11,723 1,75,563 1,43,510 1,10,071 60,035 1,35,141 1,57,822 1,73,234
Operating Margin 14.09% 12.7% 10.12% 7.1% 3.92% 8.54% 9.74% 10.46%
Earnings before Tax (EBT) 1 2,10,645 1,73,971 1,50,002 1,15,848 63,842 1,39,025 1,62,013 1,78,044
Net income 1 1,48,213 1,26,142 1,09,636 86,038 43,870 1,02,463 1,18,310 1,30,072
Net margin 9.87% 9.13% 7.73% 5.55% 2.86% 6.48% 7.3% 7.85%
EPS 2 306.7 262.3 230.6 183.3 94.37 220.7 255.1 281.5
Free Cash Flow 1 1,31,136 1,52,777 1,08,292 - 1,09,303 95,752 1,11,494 1,22,692
FCF margin 8.73% 11.05% 7.63% - 7.13% 6.05% 6.88% 7.41%
FCF Conversion (EBITDA) 44.44% 58.39% 46.91% - 73.05% 42.46% 45.02% 47.32%
FCF Conversion (Net income) 88.48% 121.12% 98.77% - 249.15% 93.45% 94.24% 94.33%
Dividend per Share 2 130.0 140.0 144.0 148.0 150.0 152.4 154.9 155.8
Announcement Date 04/02/20 03/02/21 03/02/22 02/02/23 07/02/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 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 S1 2025 S2 2026 S1
Net sales 1 7,80,842 6,67,158 7,14,839 6,75,179 3,45,780 3,97,809 7,43,589 3,46,795 3,87,106 7,33,901 3,93,799 4,23,349 8,17,158 3,47,794 3,90,734 7,38,528 3,87,355 4,06,696 7,94,051 3,57,562 4,06,000 7,73,600 4,02,100 4,25,133 8,22,000 - - -
EBITDA - - - - - - - - - - - - - - - - - - - - - - - - - - - -
EBIT 1 1,25,337 74,484 1,01,079 70,551 38,443 34,516 72,959 22,952 30,709 53,661 23,239 33,154 56,410 7,287 18,613 25,900 24,805 9,330 34,135 18,780 32,475 53,500 39,450 48,475 87,700 - - -
Operating Margin 16.05% 11.16% 14.14% 10.45% 11.12% 8.68% 9.81% 6.62% 7.93% 7.31% 5.9% 7.83% 6.9% 2.1% 4.76% 3.51% 6.4% 2.29% 4.3% 5.25% 8% 6.92% 9.81% 11.4% 10.67% - - -
Earnings before Tax (EBT) 1 1,25,130 73,730 1,00,241 74,133 39,376 36,493 75,869 25,654 34,818 60,472 24,628 30,753 - 8,439 20,200 28,639 25,943 9,260 35,203 21,500 - - - - - - - -
Net income 1 90,918 50,600 75,542 52,538 29,532 27,566 57,098 18,244 20,644 38,888 19,412 27,718 - 4,817 11,807 16,624 15,918 11,328 27,246 15,000 - - - - - - - -
Net margin 11.64% 7.58% 10.57% 7.78% 8.54% 6.93% 7.68% 5.26% 5.33% 5.3% 4.93% 6.55% - 1.39% 3.02% 2.25% 4.11% 2.79% 3.43% 4.2% - - - - - - - -
EPS 2 188.7 105.2 157.1 110.1 62.30 58.17 120.5 38.50 43.67 82.17 41.65 59.46 - 10.36 25.40 35.76 34.25 - - 27.82 48.04 - 64.13 90.40 - - - -
Dividend per Share - 70.00 70.00 72.00 - 72.00 72.00 - 74.00 74.00 - 74.00 - - 75.00 75.00 - - 75.00 - - 76.00 - - 76.00 77.00 77.00 79.00
Announcement Date 04/02/20 29/07/20 03/02/21 03/08/21 02/11/21 03/02/22 03/02/22 11/05/22 03/08/22 03/08/22 01/11/22 02/02/23 02/02/23 10/05/23 03/08/23 03/08/23 08/11/23 07/02/24 07/02/24 - - - - - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 1,449 78,970 2,08,332 1,40,412 1,53,183 1,13,911 1,29,671 1,68,840
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,31,136 1,52,777 1,08,292 - 1,09,303 95,752 1,11,494 1,22,692
ROE (net income / shareholders' equity) 17.6% 14.2% 11.6% 8.9% 4.5% 10.3% 11.6% 12.1%
ROA (Net income/ Total Assets) 13.5% 10.5% 8.9% 6.75% 3.65% 5.54% 6.24% 7.01%
Assets 1 10,97,874 12,03,456 12,31,424 12,73,829 12,01,197 18,48,004 18,97,409 18,56,443
Book Value Per Share 2 1,783 1,921 2,037 2,091 2,116 2,172 2,264 2,373
Cash Flow per Share 2 479.0 441.0 414.0 374.0 287.0 402.0 441.0 469.0
Capex 1 1,13,387 86,149 87,766 94,567 93,178 88,570 88,500 89,167
Capex / Sales 7.55% 6.23% 6.19% 6.1% 6.08% 5.6% 5.46% 5.38%
Announcement Date 04/02/20 03/02/21 03/02/22 02/02/23 07/02/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
6,592 JPY
Average target price
6,457 JPY
Spread / Average Target
-2.05%
Consensus
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