Financials Kokuyo Co., Ltd.

Equities

7984

JP3297000006

Business Support Supplies

Market Closed - Japan Exchange Other stock markets 11:30:00 30/04/2024 am IST			5-day change	1st Jan Change
2,700 ^JPY	+1.24%		+5.49%	+17.68%

21/02	Tranche Update on Kokuyo Co., Ltd.'s Equity Buyback Plan announced on July 31, 2023.	CI
15/02	Kokuyo Co., Ltd.'s Equity Buyback announced on July 31, 2023, has closed with 2,131,100 shares, representing 1.85% for ¥4,999.88 million.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,93,284	1,65,290	1,99,322	2,14,630	2,64,092	3,07,799	-	-
Enterprise Value (EV) ¹	1,22,422	87,472	1,07,350	1,25,634	1,57,711	3,07,799	3,07,799	3,07,799
P/E ratio	12.6 x	19.9 x	14.7 x	11.7 x	13.9 x	14.3 x	14.3 x	13.1 x
Yield	2.39%	2.79%	2.74%	3.07%	2.9%	2.82%	2.82%	2.96%
Capitalization / Revenue	0.6 x	0.55 x	0.62 x	0.71 x	0.8 x	0.87 x	0.83 x	0.8 x
EV / Revenue	0.6 x	0.55 x	0.62 x	0.71 x	0.8 x	0.87 x	0.83 x	0.8 x
EV / EBITDA	8.46 x	7.89 x	7.4 x	8.18 x	-	9.3 x	8.65 x	7.99 x
EV / FCF	17.4 x	14.1 x	10.4 x	34.3 x	9.62 x	11.7 x	14.9 x	14.1 x
FCF Yield	5.76%	7.11%	9.65%	2.92%	10.4%	8.51%	6.69%	7.12%
Price to Book	0.88 x	0.74 x	0.87 x	0.9 x	1.04 x	1.16 x	1.11 x	1.05 x
Nbr of stocks (in thousands)	1,18,289	1,18,318	1,16,291	1,15,517	1,15,123	1,14,021	-	-
Reference price ²	1,634	1,397	1,714	1,858	2,294	2,700	2,700	2,700
Announcement Date	14/02/20	12/02/21	15/02/22	13/02/23	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	3,20,200	3,00,644	3,20,170	3,00,929	3,28,753	3,55,000	3,70,000	3,84,500
EBITDA ¹	22,847	20,953	26,929	26,229	-	33,100	35,600	38,500
EBIT ¹	16,743	14,807	20,004	19,321	23,830	25,000	27,500	30,500
Operating Margin	5.23%	4.93%	6.25%	6.42%	7.25%	7.04%	7.43%	7.93%
Earnings before Tax (EBT) ¹	21,623	12,342	21,800	23,364	27,793	31,000	31,000	34,000
Net income ¹	15,303	8,297	13,703	18,375	19,069	21,400	21,400	23,500
Net margin	4.78%	2.76%	4.28%	6.11%	5.8%	6.03%	5.78%	6.11%
EPS ²	129.4	70.13	116.8	159.0	165.6	188.3	188.3	206.8
Free Cash Flow ¹	11,135	11,758	19,226	6,257	27,451	26,200	20,600	21,900
FCF margin	3.48%	3.91%	6%	2.08%	8.35%	7.38%	5.57%	5.7%
FCF Conversion (EBITDA)	48.74%	56.12%	71.4%	23.86%	-	79.15%	57.87%	56.88%
FCF Conversion (Net income)	72.76%	141.71%	140.31%	34.05%	143.96%	122.43%	96.26%	93.19%
Dividend per Share ²	39.00	39.00	47.00	57.00	66.50	76.00	76.00	80.00
Announcement Date	14/02/20	12/02/21	15/02/22	13/02/23	13/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2022 Q1	2022 S1	2022 Q3	2023 Q1	2023 S1	2023 Q3	2024 Q1
Net sales ¹	1,52,548	1,55,813	1,44,831	1,68,140	73,721	86,437	1,56,424	68,475	92,555	1,73,585	75,228	95,935
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,124	10,090	4,717	14,710	3,713	10,043	12,731	2,232	10,815	15,773	3,904	11,665
Operating Margin	3.36%	6.48%	3.26%	8.75%	5.04%	11.62%	8.14%	3.26%	11.68%	9.09%	5.19%	12.16%
Earnings before Tax (EBT) ¹	-	9,467	-	14,055	4,376	11,138	16,011	2,943	11,204	17,301	4,625	17,530
Net income ¹	-	6,288	-	8,332	3,173	7,681	10,845	2,208	7,666	11,747	3,127	11,978
Net margin	-	4.04%	-	4.96%	4.3%	8.89%	6.93%	3.22%	8.28%	6.77%	4.16%	12.49%
EPS ²	-	53.15	-	70.64	27.13	66.36	93.78	19.13	66.43	101.8	27.12	105.5
Dividend per Share	-	19.50	-	21.50	-	-	28.00	-	-	32.50	-	-
Announcement Date	14/02/20	03/08/20	12/02/21	30/07/21	25/10/21	28/04/22	29/07/22	14/11/22	28/04/23	31/07/23	30/10/23	26/04/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	70,862	77,818	91,972	88,996	1,06,381	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	11,135	11,758	19,226	6,257	27,451	26,200	20,600	21,900
ROE (net income / shareholders' equity)	7.2%	3.7%	6%	7.9%	7.8%	8.3%	7.9%	8.3%
ROA (Net income/ Total Assets)	5.84%	4.44%	5.09%	6.45%	7.47%	5.8%	5.6%	5.8%
Assets ¹	2,62,031	1,86,954	2,69,165	2,84,699	2,55,185	3,68,966	3,82,143	4,05,172
Book Value Per Share ²	1,855	1,898	1,968	2,059	2,209	2,329	2,441	2,568
Cash Flow per Share	181.0	122.0	176.0	217.0	231.0	-	-	-
Capex ¹	5,588	7,459	3,988	6,677	7,288	7,000	7,000	7,000
Capex / Sales	1.75%	2.48%	1.25%	2.22%	2.22%	1.97%	1.89%	1.82%
Announcement Date	14/02/20	12/02/21	15/02/22	13/02/23	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 Kokuyo Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,700 JPY

Average target price

2,800 JPY

Spread / Average Target

+3.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Office Supplies

	1st Jan change	Capi.
KOKUYO CO., LTD.	+17.68%	1.94B
SHANGHAI M&G STATIONERY INC.	-5.81%	4.5B
DOMS INDUSTRIES LIMITED	+47.02%	1.33B
PILOT CORPORATION	+0.57%	1.06B
MITSUBISHI PENCIL CO., LTD.	+15.05%	819M
SHENZHEN COMIX GROUP CO., LTD.	-19.41%	561M
ADEL KALEMCILIK TICARET VE SANAYI	+123.55%	577M
F.I.L.A. - FABBRICA ITALIANA LAPIS ED AFFINI S.P.A.	+0.34%	488M
HANGZHOU TODAYTEC DIGITAL CO., LTD	-12.03%	252M
NICHIBAN CO., LTD.	+10.33%	248M

Office Supplies