Financials Maeda Kosen Co., Ltd.

Equities

7821

JP3861250003

Construction Materials

Market Closed - Japan Exchange Other stock markets 11:30:00 28/06/2024 am IST			5-day change	1st Jan Change
1,691 ^JPY	+2.18%		+3.90%	+11.43%

15/05	Maeda Kosen Co., Ltd. Provides Consolidated Earnings Guidance for the Full Year Ending June 30, 2024	CI
14/02	Maeda Kosen Co., Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Ending June 30, 2024	CI

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	63,645	77,569	1,09,969	92,679	96,997	1,14,984	-	-
Enterprise Value (EV) ¹	66,964	82,710	1,13,368	95,101	98,906	1,01,672	1,00,169	94,632
P/E ratio	15.5 x	25.1 x	23.9 x	26.6 x	18.9 x	14.8 x	13.6 x	12.6 x
Yield	1.01%	0.81%	0.69%	0.88%	0.88%	1.18%	1.35%	1.52%
Capitalization / Revenue	1.68 x	1.97 x	2.54 x	2.51 x	1.93 x	2.06 x	1.93 x	1.82 x
EV / Revenue	1.77 x	2.1 x	2.62 x	2.58 x	1.97 x	1.82 x	1.69 x	1.5 x
EV / EBITDA	9.62 x	11.9 x	11.9 x	13.6 x	8.47 x	7.31 x	6.6 x	5.8 x
EV / FCF	-31.1 x	-114 x	-	-59.4 x	28.9 x	14.6 x	18.2 x	13.1 x
FCF Yield	-3.22%	-0.88%	-	-1.68%	3.45%	6.84%	5.49%	7.61%
Price to Book	1.99 x	2.31 x	2.91 x	2.23 x	2.23 x	1.83 x	1.75 x	1.57 x
Nbr of stocks (in thousands)	64,516	62,962	63,019	63,068	60,718	67,998	-	-
Reference price ²	986.5	1,232	1,745	1,470	1,598	1,691	1,691	1,691
Announcement Date	01/11/19	30/10/20	29/10/21	10/08/22	10/08/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	37,853	39,365	43,236	36,901	50,204	55,933	59,433	63,100
EBITDA ¹	6,964	6,969	9,533	7,011	11,681	13,900	15,175	16,310
EBIT ¹	5,344	4,517	6,462	4,220	8,493	10,663	11,667	12,533
Operating Margin	14.12%	11.47%	14.95%	11.44%	16.92%	19.06%	19.63%	19.86%
Earnings before Tax (EBT) ¹	5,580	4,599	6,387	4,652	7,648	10,670	11,900	12,825
Net income ¹	4,056	3,089	4,594	3,482	5,258	7,267	8,000	8,570
Net margin	10.72%	7.85%	10.63%	9.44%	10.47%	12.99%	13.46%	13.58%
EPS ²	63.64	49.08	72.92	55.23	84.74	114.5	124.7	133.7
Free Cash Flow ¹	-2,156	-726	-	-1,602	3,417	6,954	5,502	7,202
FCF margin	-5.7%	-1.84%	-	-4.34%	6.81%	12.43%	9.26%	11.41%
FCF Conversion (EBITDA)	-	-	-	-	29.25%	50.03%	36.26%	44.15%
FCF Conversion (Net income)	-	-	-	-	64.99%	95.69%	68.78%	84.03%
Dividend per Share ²	10.00	10.00	12.00	13.00	14.00	20.00	22.83	25.67
Announcement Date	01/11/19	30/10/20	29/10/21	10/08/22	10/08/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	21,683	17,682	21,678	21,558	10,789	23,315	10,789	12,317	12,165	24,482	12,932	12,790	25,722	13,779	14,662	28,441	13,459	13,950	27,559
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,829	1,688	3,112	3,350	1,159	3,022	-	2,099	1,895	3,994	2,209	2,290	4,499	2,712	2,949	5,661	2,397	2,546	4,839
Operating Margin	13.05%	9.55%	14.36%	15.54%	10.74%	12.96%	-	17.04%	15.58%	16.31%	17.08%	17.9%	17.49%	19.68%	20.11%	19.9%	17.81%	18.25%	17.56%
Earnings before Tax (EBT) ¹	2,952	1,647	3,145	3,242	1,497	3,226	-	2,192	1,722	3,914	1,216	2,518	3,734	2,724	2,720	5,444	2,702	2,425	5,127
Net income ¹	2,009	1,080	2,118	2,476	1,233	2,442	-	1,516	1,185	2,701	844	1,713	2,557	1,860	1,900	3,760	1,831	1,609	3,440
Net margin	9.27%	6.11%	9.77%	11.49%	11.43%	10.47%	-	12.31%	9.74%	11.03%	6.53%	13.39%	9.94%	13.5%	12.96%	13.22%	13.6%	11.53%	12.48%
EPS	31.94	-	33.64	-	-	-	-	24.04	-	42.82	13.90	-	-	30.64	-	61.93	29.80	-	-
Dividend per Share	5.000	-	5.500	-	-	6.500	-	-	-	7.000	-	-	-	-	-	10.00	-	-	-
Announcement Date	27/04/20	30/10/20	28/04/21	29/10/21	28/04/22	28/04/22	05/05/22	10/11/22	14/02/23	14/02/23	12/05/23	10/08/23	10/08/23	14/11/23	14/02/24	14/02/24	15/05/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,319	5,141	3,399	2,422	1,909	-	-	-
Net Cash position ¹	-	-	-	-	-	13,313	14,816	20,352
Leverage (Debt/EBITDA)	0.4766 x	0.7377 x	0.3566 x	0.3455 x	0.1634 x	-	-	-
Free Cash Flow ¹	-2,156	-726	-	-1,602	3,417	6,954	5,503	7,202
ROE (net income / shareholders' equity)	13.4%	9.6%	12.9%	8.8%	12.4%	16.8%	12.7%	12.3%
ROA (Net income/ Total Assets)	11.3%	8.24%	10.4%	-	12.1%	-	-	-
Assets ¹	35,903	37,484	44,202	-	43,438	-	-	-
Book Value Per Share ²	495.0	533.0	600.0	660.0	715.0	922.0	967.0	1,078
Cash Flow per Share	88.20	88.00	122.0	99.50	136.0	-	-	-
Capex ¹	6,013	5,907	3,104	3,876	4,714	4,000	3,900	3,750
Capex / Sales	15.89%	15.01%	7.18%	10.5%	9.39%	7.15%	6.56%	5.94%
Announcement Date	01/11/19	30/10/20	29/10/21	10/08/22	10/08/23	-	-	-

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 Maeda Kosen Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,691 JPY

Average target price

2,450 JPY

Spread / Average Target

+44.88%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction Materials

	1st Jan change	Capi.
MAEDA KOSEN CO., LTD.	+11.43%	715M
CRH PLC	+7.72%	51.29B
ULTRATECH CEMENT LIMITED	+11.09%	40.35B
MARTIN MARIETTA MATERIALS, INC.	+8.60%	33.4B
VULCAN MATERIALS COMPANY	+9.55%	32.89B
GRASIM INDUSTRIES LIMITED	+25.09%	21.74B
AMBUJA CEMENTS	+28.62%	19.8B
HEIDELBERG MATERIALS AG	+19.62%	18.8B
SUMMIT MATERIALS, INC.	-4.81%	6.42B
KNIFE RIVER CORPORATION	+5.98%	3.97B

Other Construction Materials