Financials Kikkoman Corporation

Equities

2801

JP3240400006

Food Processing

Delayed Japan Exchange Other stock markets 07:27:17 02/05/2024 am IST			5-day change	1st Jan Change
1,911 ^JPY	+0.45%		-1.57%	+10.67%

29/04	Kikkoman Disposes 885 Million Yen Worth of Shares As Stock Incentive	MT
29/04	Kikkoman Lifts Year-End Dividend as Fiscal 2024 Attributable Profit Jumps 29%	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,42,442	8,84,044	12,65,098	15,57,844	12,90,563	18,10,166	-	-
Enterprise Value (EV) ¹	10,29,509	8,72,869	12,51,082	15,19,533	12,42,199	18,73,442	17,03,542	16,79,671
P/E ratio	40.1 x	33.2 x	40.6 x	40.1 x	29.5 x	33.3 x	30.7 x	29.6 x
Yield	0.76%	0.91%	0.68%	0.75%	1.16%	1.01%	1.14%	1.21%
Capitalization / Revenue	2.3 x	1.89 x	2.88 x	3.02 x	2.09 x	2.83 x	2.6 x	2.49 x
EV / Revenue	2.27 x	1.86 x	2.85 x	2.94 x	2.01 x	2.83 x	2.45 x	2.31 x
EV / EBITDA	19.9 x	16.4 x	20.7 x	21.5 x	16 x	19 x	16.4 x	15.8 x
EV / FCF	119 x	71.6 x	34.5 x	42.2 x	38.1 x	50.2 x	70.7 x	36.3 x
FCF Yield	0.84%	1.4%	2.9%	2.37%	2.62%	1.99%	1.41%	2.76%
Price to Book	3.93 x	3.24 x	4.11 x	4.35 x	3.14 x	3.81 x	3.45 x	3.35 x
Nbr of stocks (in thousands)	9,59,891	9,59,875	9,59,862	9,58,084	9,57,391	9,51,467	-	-
Reference price ²	1,086	921.0	1,318	1,626	1,348	1,902	1,902	1,902
Announcement Date	24/04/19	12/05/20	27/04/21	27/04/22	27/04/23	26/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,53,565	4,68,616	4,39,411	5,16,440	6,18,899	6,60,835	6,96,490	7,26,312
EBITDA ¹	51,675	53,084	60,308	70,712	77,610	91,277	1,03,713	1,05,983
EBIT ¹	38,417	39,826	41,672	50,682	55,370	66,733	75,019	78,189
Operating Margin	8.47%	8.5%	9.48%	9.81%	8.95%	10.1%	10.77%	10.77%
Earnings before Tax (EBT) ¹	37,595	37,930	43,194	54,231	60,797	75,605	81,277	83,089
Net income ¹	25,992	26,595	31,159	38,903	43,733	56,441	58,961	60,992
Net margin	5.73%	5.68%	7.09%	7.53%	7.07%	8.54%	8.47%	8.4%
EPS ²	27.08	27.71	32.46	40.59	45.67	59.19	61.95	64.17
Free Cash Flow ¹	8,677	12,190	36,221	35,988	32,577	37,306	24,100	46,288
FCF margin	1.91%	2.6%	8.24%	6.97%	5.26%	5.65%	3.46%	6.37%
FCF Conversion (EBITDA)	16.79%	22.96%	60.06%	50.89%	41.98%	33.96%	23.24%	43.68%
FCF Conversion (Net income)	33.38%	45.84%	116.25%	92.51%	74.49%	66.1%	40.87%	75.89%
Dividend per Share ²	8.200	8.400	9.000	12.20	15.60	19.12	21.61	22.95
Announcement Date	24/04/19	12/05/20	27/04/21	27/04/22	27/04/23	26/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	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 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2	2026 S1	2026 S2
Net sales ¹	2,31,624	-	2,27,522	2,40,597	1,24,942	2,48,681	1,36,179	1,31,580	2,67,759	1,47,748	1,57,630	3,05,378	1,60,985	1,52,536	3,13,521	1,58,506	1,64,227	3,22,733	1,72,142	1,65,960	-	1,70,211	1,76,476	-	1,82,947	1,72,533	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	20,986	-	21,250	21,363	12,751	27,086	16,098	7,498	-	15,702	14,641	30,343	15,979	9,048	-	13,458	20,026	33,484	19,861	13,388	-	20,374	21,179	-	21,384	13,039	-	-	-
Operating Margin	9.06%	-	9.34%	8.88%	10.21%	10.89%	11.82%	5.7%	-	10.63%	9.29%	9.94%	9.93%	5.93%	-	8.49%	12.19%	10.38%	11.54%	8.07%	-	11.97%	12%	-	11.69%	7.56%	-	-	-
Earnings before Tax (EBT) ¹	21,540	16,390	20,757	19,762	13,575	29,651	16,860	7,720	-	16,979	15,480	32,459	18,181	10,157	-	15,806	22,048	37,854	22,800	14,951	-	22,174	25,698	-	25,537	7,549	-	-	-
Net income ¹	15,289	-	14,620	-	9,768	21,367	11,987	5,549	-	12,127	11,165	23,292	13,083	7,358	-	10,619	18,190	28,809	16,712	10,920	-	11,400	19,500	-	17,900	13,600	-	-	-
Net margin	6.6%	-	6.43%	-	7.82%	8.59%	8.8%	4.22%	-	8.21%	7.08%	7.63%	8.13%	4.82%	-	6.7%	11.08%	8.93%	9.71%	6.58%	-	6.7%	11.05%	-	9.78%	7.88%	-	-	-
EPS ²	15.93	-	15.23	-	10.19	22.28	12.51	5.796	-	12.66	11.66	24.32	13.66	7.686	-	11.10	19.06	30.16	17.55	11.48	-	14.29	18.85	-	18.43	12.72	-	-	-
Dividend per Share ²	4.200	4.200	4.200	4.800	4.400	4.400	-	-	7.800	-	-	6.000	-	-	9.600	-	6.800	6.800	-	9.300	12.40	-	11.50	10.00	-	11.50	13.00	11.00	14.00
Announcement Date	01/11/19	12/05/20	05/11/20	27/04/21	05/11/21	05/11/21	04/02/22	27/04/22	27/04/22	04/08/22	04/11/22	04/11/22	03/02/23	27/04/23	27/04/23	04/08/23	02/11/23	02/11/23	05/02/24	26/04/24	-	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	12,933	11,175	14,016	38,311	48,364	77,406	1,06,624	1,30,495
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8,677	12,190	36,221	35,988	32,577	37,306	24,100	46,288
ROE (net income / shareholders' equity)	10.1%	9.9%	10%	11.7%	11.4%	12.5%	12.5%	12.1%
ROA (Net income/ Total Assets)	10.7%	10.4%	10.2%	10.8%	8.18%	12.3%	11.4%	10.3%
Assets ¹	2,42,971	2,55,023	3,06,149	3,61,369	5,34,725	4,60,703	5,19,485	5,92,156
Book Value Per Share ²	277.0	284.0	321.0	374.0	429.0	516.0	552.0	567.0
Cash Flow per Share ²	40.90	45.20	52.50	61.50	68.90	84.40	27.30	57.90
Capex ¹	28,346	27,464	20,946	24,617	38,228	43,501	43,878	37,742
Capex / Sales	6.25%	5.86%	4.77%	4.77%	6.18%	6.58%	6.3%	5.2%
Announcement Date	24/04/19	12/05/20	27/04/21	27/04/22	27/04/23	26/04/24	-	-

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 Kikkoman Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,902 JPY

Average target price

1,990 JPY

Spread / Average Target

+4.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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ANHUI HUAHENG BIOTECHNOLOGY CO., LTD.	-5.94%	2.57B
QIANHE CONDIMENT AND FOOD CO., LTD.	-4.21%	2.2B

Food Ingredients