Financials Nippon Sheet Glass Company, Limited

Equities

5202

JP3686800008

Construction Supplies & Fixtures

Market Closed - Japan Exchange Other stock markets 11:30:00 02/05/2024 am IST			5-day change	1st Jan Change
521 ^JPY	-0.38%		+2.16%	-9.23%

23/04	Nippon Sheet Glass' Unit Issues 41 Billion Yen Worth of Notes	MT
09/02	Nippon Sheet Glass Company, Limited Provides Earnings Guidance for the Full Year Ending March 31, 2024	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	80,694	30,185	51,477	38,933	57,773	47,619	-	-
Enterprise Value (EV) ¹	3,99,796	4,13,844	4,62,944	4,46,354	4,80,003	4,79,030	4,75,896	4,64,235
P/E ratio	7.74 x	-1.41 x	-2.72 x	17.8 x	-1.61 x	4.05 x	4.34 x	3.71 x
Yield	3.37%	-	-	-	-	-	-	-
Capitalization / Revenue	0.13 x	0.05 x	0.1 x	0.06 x	0.08 x	0.06 x	0.06 x	0.05 x
EV / Revenue	0.65 x	0.74 x	0.93 x	0.74 x	0.63 x	0.58 x	0.56 x	0.53 x
EV / EBITDA	6.17 x	7.39 x	9.48 x	7.88 x	6.4 x	5.63 x	5.47 x	4.88 x
EV / FCF	451 x	-11.3 x	-20.8 x	20 x	34.6 x	-11,976 x	40.9 x	36.2 x
FCF Yield	0.22%	-8.83%	-4.82%	4.99%	2.89%	-0.01%	2.44%	2.76%
Price to Book	0.91 x	0.71 x	1.62 x	0.34 x	0.88 x	0.56 x	0.52 x	0.47 x
Nbr of stocks (in thousands)	90,566	90,644	90,788	90,965	91,125	91,399	-	-
Reference price ²	891.0	333.0	567.0	428.0	634.0	521.0	521.0	521.0
Announcement Date	10/05/19	22/05/20	13/05/21	12/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,12,789	5,56,178	4,99,224	6,00,568	7,63,521	8,27,025	8,49,025	8,83,700
EBITDA ¹	64,765	56,019	48,835	56,655	75,024	85,033	87,067	95,100
EBIT ¹	36,855	21,177	13,067	19,980	34,812	41,550	42,200	48,600
Operating Margin	6.01%	3.81%	2.62%	3.33%	4.56%	5.02%	4.97%	5.5%
Earnings before Tax (EBT) ¹	22,730	-13,549	-17,171	11,859	-21,933	23,233	24,900	27,925
Net income ¹	13,287	-18,925	-16,930	4,134	-33,761	13,667	12,900	16,600
Net margin	2.17%	-3.4%	-3.39%	0.69%	-4.42%	1.65%	1.52%	1.88%
EPS ²	115.2	-236.0	-208.3	24.07	-393.1	128.6	120.1	140.5
Free Cash Flow ¹	887	-36,527	-22,294	22,274	13,857	-40	11,624	12,830
FCF margin	0.14%	-6.57%	-4.47%	3.71%	1.81%	-0%	1.37%	1.45%
FCF Conversion (EBITDA)	1.37%	-	-	39.32%	18.47%	-	13.35%	13.49%
FCF Conversion (Net income)	6.68%	-	-	538.8%	-	-	90.11%	77.29%
Dividend per Share ²	30.00	-	-	-	-	-	-	-
Announcement Date	10/05/19	22/05/20	13/05/21	12/05/22	12/05/23	-	-	-

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	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	2,88,625	2,67,553	2,21,531	2,77,693	1,42,987	2,90,687	1,52,274	1,57,607	3,09,881	1,77,900	1,97,751	3,75,651	1,90,574	1,97,296	2,07,954	2,12,214	4,20,168	1,92,528	2,15,036
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,876	6,301	3,238	9,829	5,500	12,700	1,824	5,456	7,280	8,300	6,137	14,437	9,718	10,657	14,578	11,450	26,028	6,065	9,938
Operating Margin	5.15%	2.36%	1.46%	3.54%	3.85%	4.37%	1.2%	3.46%	2.35%	4.67%	3.1%	3.84%	5.1%	5.4%	7.01%	5.4%	6.19%	3.15%	4.62%
Earnings before Tax (EBT) ¹	7,196	-20,745	-15,972	-1,199	9,198	14,727	713	-3,581	-2,868	8,800	-	-34,543	7,735	-	13,273	-	19,335	1,740	1,625
Net income ¹	1,908	-20,833	-17,315	385	6,057	8,598	35	-4,499	-4,464	2,400	-	-38,816	1,656	-	7,027	-	9,771	3,732	497
Net margin	0.66%	-7.79%	-7.82%	0.14%	4.24%	2.96%	0.02%	-2.85%	-1.44%	1.35%	-	-10.33%	0.87%	-	3.38%	-	2.33%	1.94%	0.23%
EPS	3.120	-239.1	-201.9	-6.460	61.36	84.02	-5.030	-54.91	-59.95	20.88	-	-438.1	12.86	-	71.95	-	96.70	35.59	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	31/10/19	22/05/20	05/11/20	13/05/21	11/11/21	11/11/21	03/02/22	12/05/22	12/05/22	05/08/22	10/11/22	10/11/22	09/02/23	12/05/23	09/08/23	09/11/23	09/11/23	09/02/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,19,102	3,83,659	4,11,467	4,07,421	4,22,230	4,31,411	4,28,277	4,16,616
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.927 x	6.849 x	8.426 x	7.191 x	5.628 x	5.073 x	4.919 x	4.381 x
Free Cash Flow ¹	887	-36,527	-22,294	22,274	13,857	-40	11,624	12,831
ROE (net income / shareholders' equity)	10.3%	-19.2%	-24.8%	4%	-27.9%	10.9%	11.2%	11.5%
ROA (Net income/ Total Assets)	2.93%	-1.77%	-2.16%	1.34%	-2.32%	1.73%	1.45%	1.49%
Assets ¹	4,54,129	10,66,492	7,83,920	3,07,505	14,55,134	7,88,463	8,89,655	11,14,094
Book Value Per Share ²	979.0	471.0	350.0	1,256	724.0	936.0	1,006	1,117
Cash Flow per Share ²	455.0	176.0	208.0	450.0	71.00	615.0	572.0	588.0
Capex ¹	32,150	66,971	43,347	28,629	40,917	48,225	43,125	40,875
Capex / Sales	5.25%	12.04%	8.68%	4.77%	5.36%	5.83%	5.08%	4.63%
Announcement Date	10/05/19	22/05/20	13/05/21	12/05/22	12/05/23	-	-	-

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 Nippon Sheet Glass Company, Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

521 JPY

Average target price

622.5 JPY

Spread / Average Target

+19.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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