NIPPON PAINT HOLDINGS CO., LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 982.3 JPY | +1.01% |
|
+3.54% | -13.83% |
| 04/04 | Transcript : Nippon Paint Holdings Co., Ltd. - Special Call | |
| 14/02 | Transcript : Nippon Paint Holdings Co., Ltd., Q4 2023 Earnings Call, Feb 14, 2024 |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 18,09,015 | 36,35,044 | 29,44,605 | 24,39,972 | 26,77,377 | 23,07,037 | - | - |
| Enterprise Value (EV) 1 | 21,27,910 | 39,38,669 | 33,28,826 | 29,19,431 | 31,27,496 | 27,20,688 | 26,44,151 | 25,72,105 |
| P/E ratio | 49.3 x | 81.4 x | 42.6 x | 30.7 x | 22.6 x | 18.3 x | 16.8 x | 15.5 x |
| Yield | 0.8% | 0.4% | 0.8% | 1.06% | 1.23% | 1.58% | 1.74% | 1.93% |
| Capitalization / Revenue | 2.61 x | 4.65 x | 2.95 x | 1.86 x | 1.86 x | 1.46 x | 1.38 x | 1.33 x |
| EV / Revenue | 3.07 x | 5.04 x | 3.33 x | 2.23 x | 2.17 x | 1.72 x | 1.58 x | 1.48 x |
| EV / EBITDA | 20.5 x | 33.8 x | 27.4 x | 18.4 x | 14.2 x | 11.5 x | 10.4 x | 9.52 x |
| EV / FCF | 37.5 x | 79.3 x | -95.3 x | -55.3 x | 22.4 x | 28.2 x | 19.5 x | 17.3 x |
| FCF Yield | 2.67% | 1.26% | -1.05% | -1.81% | 4.47% | 3.55% | 5.12% | 5.78% |
| Price to Book | 3.27 x | 6.4 x | 3.07 x | 2.12 x | 1.97 x | 1.68 x | 1.57 x | 1.46 x |
| Nbr of stocks (in thousands) | 16,03,736 | 16,04,168 | 23,48,170 | 23,48,385 | 23,48,576 | 23,48,607 | - | - |
| Reference price 2 | 1,128 | 2,266 | 1,254 | 1,039 | 1,140 | 982.3 | 982.3 | 982.3 |
| Announcement Date | 13/02/20 | 10/02/21 | 14/02/22 | 14/02/23 | 14/02/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 6,92,009 | 7,81,146 | 9,98,276 | 13,09,021 | 14,42,574 | 15,84,404 | 16,77,747 | 17,39,978 |
| EBITDA 1 | 1,03,829 | 1,16,454 | 1,21,504 | 1,58,998 | 2,21,020 | 2,37,225 | 2,53,572 | 2,70,113 |
| EBIT 1 | 78,060 | 86,933 | 87,615 | 1,11,882 | 1,68,745 | 1,82,147 | 1,97,013 | 2,10,609 |
| Operating Margin | 11.28% | 11.13% | 8.78% | 8.55% | 11.7% | 11.5% | 11.74% | 12.1% |
| Earnings before Tax (EBT) 1 | 79,518 | 88,715 | 86,467 | 1,04,495 | 1,61,500 | 1,72,811 | 1,87,029 | 2,03,443 |
| Net income 1 | 36,717 | 44,648 | 67,569 | 79,418 | 1,18,476 | 1,26,189 | 1,37,492 | 1,48,343 |
| Net margin | 5.31% | 5.72% | 6.77% | 6.07% | 8.21% | 7.96% | 8.2% | 8.53% |
| EPS 2 | 22.90 | 27.83 | 29.41 | 33.82 | 50.45 | 53.73 | 58.55 | 63.17 |
| Free Cash Flow 1 | 56,813 | 49,657 | -34,927 | -52,756 | 1,39,891 | 96,624 | 1,35,262 | 1,48,611 |
| FCF margin | 8.21% | 6.36% | -3.5% | -4.03% | 9.7% | 6.1% | 8.06% | 8.54% |
| FCF Conversion (EBITDA) | 54.72% | 42.64% | - | - | 63.29% | 40.73% | 53.34% | 55.02% |
| FCF Conversion (Net income) | 154.73% | 111.22% | - | - | 118.08% | 76.57% | 98.38% | 100.18% |
| Dividend per Share 2 | 9.000 | 9.000 | 10.00 | 11.00 | 14.00 | 15.51 | 17.14 | 19.00 |
| Announcement Date | 13/02/20 | 10/02/21 | 14/02/22 | 14/02/23 | 14/02/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 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 | 2024 S2 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,45,440 | 4,97,662 | 2,38,595 | 2,62,019 | 2,84,096 | 3,37,953 | 6,22,049 | 3,57,867 | 3,29,105 | 3,30,213 | 3,62,712 | 6,92,925 | 3,92,953 | 3,56,696 | 3,66,228 | 3,99,620 | 7,62,900 | 4,25,928 | 3,92,890 | 8,36,400 | 4,04,400 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 34,669 | 48,655 | 18,082 | 20,878 | 24,335 | 19,867 | 44,202 | 38,226 | 29,454 | 34,909 | 48,829 | 83,738 | 47,887 | 37,120 | 40,580 | 46,540 | 87,200 | 51,240 | 40,860 | 98,800 | 45,100 |
| Operating Margin | 10.04% | 9.78% | 7.58% | 7.97% | 8.57% | 5.88% | 7.11% | 10.68% | 8.95% | 10.57% | 13.46% | 12.08% | 12.19% | 10.41% | 11.08% | 11.65% | 11.43% | 12.03% | 10.4% | 11.81% | 11.15% |
| Earnings before Tax (EBT) 1 | 33,991 | 48,195 | 17,793 | 20,479 | 24,913 | 17,085 | 41,998 | 38,226 | 24,271 | 33,441 | 48,513 | 81,954 | 45,088 | 34,458 | 40,367 | 41,300 | 83,400 | 51,300 | 41,233 | - | 48,600 |
| Net income 1 | 16,890 | 33,731 | 16,577 | 17,261 | 18,072 | 10,485 | 28,557 | 26,628 | 24,233 | 25,340 | 35,558 | 60,898 | 32,546 | 25,032 | 28,400 | 29,367 | 57,500 | 37,433 | 29,267 | - | 34,800 |
| Net margin | 4.89% | 6.78% | 6.95% | 6.59% | 6.36% | 3.1% | 4.59% | 7.44% | 7.36% | 7.67% | 9.8% | 8.79% | 8.28% | 7.02% | 7.75% | 7.35% | 7.54% | 8.79% | 7.45% | - | 8.61% |
| EPS 2 | 10.53 | 15.02 | 7.040 | 7.350 | 7.700 | 4.460 | 12.16 | 11.34 | 10.32 | 10.79 | 15.14 | 25.93 | 13.86 | 10.66 | 12.70 | 12.96 | - | 14.85 | 11.44 | - | 14.82 |
| Dividend per Share 2 | 4.400 | 5.000 | - | - | - | - | 5.000 | - | - | - | - | 6.000 | - | 8.000 | - | 7.000 | - | - | 7.000 | - | - |
| Announcement Date | 14/08/20 | 10/08/21 | 12/11/21 | 14/02/22 | 13/05/22 | 10/08/22 | 10/08/22 | 14/11/22 | 14/02/23 | 15/05/23 | 10/08/23 | 10/08/23 | 14/11/23 | 14/02/24 | - | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 3,18,895 | 3,03,625 | 3,84,221 | 4,79,459 | 4,50,119 | 4,13,652 | 3,37,114 | 2,65,068 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.071 x | 2.607 x | 3.162 x | 3.016 x | 2.037 x | 1.744 x | 1.329 x | 0.9813 x |
| Free Cash Flow 1 | 56,813 | 49,657 | -34,927 | -52,756 | 1,39,891 | 96,624 | 1,35,262 | 1,48,611 |
| ROE (net income / shareholders' equity) | 6.8% | 8% | 8.8% | 7.5% | 9.5% | 9.3% | 9.68% | 9.82% |
| ROA (Net income/ Total Assets) | 6.54% | 5.73% | 3.79% | 4.75% | 6.26% | 5.38% | 5.66% | 5.9% |
| Assets 1 | 5,61,628 | 7,78,572 | 17,84,848 | 16,71,057 | 18,91,099 | 23,45,525 | 24,29,187 | 25,14,282 |
| Book Value Per Share 2 | 345.0 | 354.0 | 409.0 | 489.0 | 578.0 | 584.0 | 625.0 | 675.0 |
| Cash Flow per Share 2 | 39.00 | 46.20 | 38.40 | 53.90 | 72.70 | 75.70 | 88.80 | 86.40 |
| Capex 1 | 35,263 | 38,904 | 34,928 | 49,820 | 49,864 | 46,860 | 48,520 | 49,750 |
| Capex / Sales | 5.1% | 4.98% | 3.5% | 3.81% | 3.46% | 2.96% | 2.89% | 2.86% |
| Announcement Date | 13/02/20 | 10/02/21 | 14/02/22 | 14/02/23 | 14/02/24 | - | - | - |
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
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
982.3
JPY
Average target price
1,206
JPY
Spread / Average Target
+22.73%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -13.83% | 14.66B | |
| -1.90% | 77.87B | |
| -15.70% | 32.71B | |
| -12.50% | 30.63B | |
| -2.96% | 13.83B | |
| -17.11% | 11.43B | |
| -6.79% | 6.89B | |
| -14.49% | 2.75B | |
| -15.79% | 2.71B | |
| -27.62% | 2.39B |
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