Financials Obayashi Corporation

Equities

1802

JP3190000004

Construction & Engineering

Delayed Japan Exchange Other stock markets 11:30:00 02/05/2024 am IST			5-day change	1st Jan Change
1,734 ^JPY	+0.64%		+0.81%	+42.13%

05/03	Japan's Nikkei ends flat on dip-buying as index slips from peak	RE
05/03	Japan's Nikkei slips from record peak as chip-related shares dip	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,99,751	6,64,540	7,28,436	6,45,286	7,26,269	12,43,279	-	-
Enterprise Value (EV) ¹	8,96,591	5,98,064	7,35,839	6,55,128	6,43,941	12,41,701	12,02,737	11,88,121
P/E ratio	7.07 x	5.88 x	7.37 x	16.5 x	9.35 x	20.4 x	16.9 x	13.8 x
Yield	2.87%	3.46%	3.15%	3.56%	4.15%	4.15%	4.21%	4.04%
Capitalization / Revenue	0.39 x	0.32 x	0.41 x	0.34 x	0.37 x	0.54 x	0.55 x	0.55 x
EV / Revenue	0.44 x	0.29 x	0.42 x	0.34 x	0.32 x	0.54 x	0.53 x	0.53 x
EV / EBITDA	5.18 x	3.46 x	5.14 x	10.6 x	5.47 x	12.7 x	10.8 x	9.25 x
EV / FCF	-816 x	3.14 x	-13.6 x	33 x	5.08 x	-12 x	19.2 x	21.7 x
FCF Yield	-0.12%	31.8%	-7.38%	3.03%	19.7%	-8.32%	5.22%	4.62%
Price to Book	1.04 x	0.81 x	0.78 x	0.68 x	0.73 x	1.21 x	1.19 x	1.15 x
Nbr of stocks (in thousands)	7,17,910	7,17,646	7,17,671	7,16,985	7,16,948	7,17,000	-	-
Reference price ²	1,114	926.0	1,015	900.0	1,013	1,734	1,734	1,734
Announcement Date	13/05/19	15/05/20	12/05/21	12/05/22	11/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	20,39,685	20,73,043	17,66,893	19,22,884	19,83,888	22,90,912	22,70,986	22,57,271
EBITDA ¹	1,73,152	1,72,751	1,43,199	61,742	1,17,741	98,092	1,11,667	1,28,425
EBIT ¹	1,55,480	1,52,871	1,23,161	41,051	93,800	74,035	89,803	1,10,171
Operating Margin	7.62%	7.37%	6.97%	2.13%	4.73%	3.23%	3.95%	4.88%
Earnings before Tax (EBT) ¹	1,64,635	1,62,503	1,34,573	56,281	1,13,706	87,750	1,05,467	1,27,167
Net income ¹	1,13,155	1,13,093	98,780	39,127	77,671	60,860	73,642	89,557
Net margin	5.55%	5.46%	5.59%	2.03%	3.92%	2.66%	3.24%	3.97%
EPS ²	157.6	157.6	137.6	54.55	108.3	84.89	102.9	125.8
Free Cash Flow ¹	-1,099	1,90,310	-54,272	19,864	1,26,846	-1,03,300	62,767	54,833
FCF margin	-0.05%	9.18%	-3.07%	1.03%	6.39%	-4.51%	2.76%	2.43%
FCF Conversion (EBITDA)	-	110.16%	-	32.17%	107.73%	-	56.21%	42.7%
FCF Conversion (Net income)	-	168.28%	-	50.77%	163.31%	-	85.23%	61.23%
Dividend per Share ²	32.00	32.00	32.00	32.00	42.00	72.00	73.00	70.00
Announcement Date	13/05/19	15/05/20	12/05/21	12/05/22	11/05/23	-	-	-

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	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	9,65,290	11,07,753	8,52,681	9,14,212	4,62,746	8,99,160	4,76,981	5,46,743	10,23,724	-	5,14,060	9,24,391	5,16,704	5,42,793	10,59,497	4,87,444	5,93,916	10,81,360	6,20,189	6,02,399	-	5,03,402	6,16,799	-	6,41,261	6,35,000	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	72,764	80,107	54,871	68,290	4,820	19,298	26,807	-5,054	21,753	8,434	33,351	41,785	23,928	28,087	52,015	4,167	26,676	30,843	20,365	23,012	-	12,022	25,210	-	27,049	33,000	-	-	-
Operating Margin	7.54%	7.23%	6.44%	7.47%	1.04%	2.15%	5.62%	-0.92%	2.12%	-	6.49%	4.52%	4.63%	5.17%	4.91%	0.85%	4.49%	2.85%	3.28%	3.82%	-	2.39%	4.09%	-	4.22%	5.2%	-	-	-
Earnings before Tax (EBT) ¹	79,536	-	60,300	74,273	9,501	26,760	28,831	690	29,521	15,873	38,386	54,259	26,758	32,689	59,447	9,071	32,598	41,669	27,425	12,700	-	-	-	-	-	-	-	-	-
Net income ¹	56,813	56,280	47,155	51,625	6,596	18,889	19,483	755	20,238	11,279	27,215	38,494	18,056	21,121	39,177	6,591	23,150	29,741	17,751	15,699	-	11,765	19,744	-	20,623	25,000	-	-	-
Net margin	5.89%	5.08%	5.53%	5.65%	1.43%	2.1%	4.08%	0.14%	1.98%	-	5.29%	4.16%	3.49%	3.89%	3.7%	1.35%	3.9%	2.75%	2.86%	2.61%	-	2.34%	3.2%	-	3.22%	3.94%	-	-	-
EPS ²	79.17	-	65.71	-	-	26.32	27.17	-	-	15.73	37.96	53.69	25.19	29.46	-	9.190	32.29	41.48	24.76	16.60	-	16.78	22.30	-	28.24	-	-	-	-
Dividend per Share	16.00	16.00	16.00	16.00	-	16.00	-	-	16.00	-	-	21.00	-	-	21.00	-	-	21.00	-	-	51.00	-	-	22.00	-	-	53.00	23.00	55.00
Announcement Date	11/11/19	15/05/20	09/11/20	12/05/21	08/11/21	08/11/21	10/02/22	12/05/22	12/05/22	10/08/22	07/11/22	07/11/22	06/02/23	11/05/23	11/05/23	07/08/23	06/11/23	06/11/23	05/02/24	-	-	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	96,840	-	7,403	9,842	-	-	-	-
Net Cash position ¹	-	66,476	-	-	82,328	1,578	40,542	55,157
Leverage (Debt/EBITDA)	0.5593 x	-	0.0517 x	0.1594 x	-	-	-	-
Free Cash Flow ¹	-1,099	1,90,310	-54,272	19,864	1,26,846	-1,03,300	62,767	54,833
ROE (net income / shareholders' equity)	15.6%	14.3%	11.3%	4.1%	8%	5.98%	7.2%	8.46%
ROA (Net income/ Total Assets)	7.47%	7.15%	5.72%	2.12%	4.01%	2.38%	2.75%	3.23%
Assets ¹	15,14,030	15,80,694	17,26,917	18,42,649	19,38,659	25,62,522	26,77,880	27,76,966
Book Value Per Share ²	1,071	1,140	1,297	1,333	1,391	1,432	1,461	1,510
Cash Flow per Share ²	182.0	185.0	166.0	83.40	142.0	46.30	152.0	168.0
Capex ¹	36,552	47,471	57,431	58,030	92,360	37,500	60,667	60,667
Capex / Sales	1.79%	2.29%	3.25%	3.02%	4.66%	1.64%	2.67%	2.69%
Announcement Date	13/05/19	15/05/20	12/05/21	12/05/22	11/05/23	-	-	-

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 Obayashi Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,734 JPY

Average target price

1,850 JPY

Spread / Average Target

+6.69%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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