Stock 3861 OJI HOLDINGS CORPORATION
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Financials Oji Holdings Corporation

Equities

3861

JP3174410005

Paper Products

Market Closed - Japan Exchange
Other stock markets
 11:30:00 02/05/2024 am IST 		5-day change 1st Jan Change
620 JPY +0.36% Intraday chart for Oji Holdings Corporation -2.36% +14.18%
26/04 Oji Holdings Corporation Revises Consolidated Earnings Guidance for the Fiscal Year Ended March 31, 2024 CI
16/04 Oji Holdings Corporation completed the acquisition of Walki Group Oy from OEP Capital Advisors, L.P. CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 6,79,029 5,73,210 7,09,103 6,01,270 5,19,377 6,09,194 - -
Enterprise Value (EV) 1 12,11,379 10,70,560 12,20,530 11,95,954 12,50,642 13,99,513 13,92,062 13,54,696
P/E ratio 13.1 x 9.85 x 14.3 x 6.87 x 9.19 x 10.8 x 8.54 x 7.69 x
Yield 1.75% 2.42% 1.96% 2.31% 3.05% 2.63% 3.2% 3.35%
Capitalization / Revenue 0.44 x 0.38 x 0.52 x 0.41 x 0.3 x 0.35 x 0.34 x 0.33 x
EV / Revenue 0.78 x 0.71 x 0.9 x 0.81 x 0.73 x 0.81 x 0.77 x 0.74 x
EV / EBITDA 6.74 x 6.32 x 8.21 x 6.4 x 7.87 x 8.97 x 7.37 x 6.7 x
EV / FCF 16.4 x 17.9 x 34.3 x 23.4 x -11.9 x 50.9 x 43.4 x 23.7 x
FCF Yield 6.1% 5.58% 2.91% 4.27% -8.4% 1.96% 2.3% 4.21%
Price to Book 1 x 0.83 x 0.94 x 0.71 x 0.55 x 0.62 x 0.59 x 0.56 x
Nbr of stocks (in thousands) 9,88,397 9,90,001 9,90,367 9,90,559 9,91,177 9,82,571 - -
Reference price 2 687.0 579.0 716.0 607.0 524.0 620.0 620.0 620.0
Announcement Date 13/05/19 25/05/20 13/05/21 13/05/22 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 15,50,991 15,07,607 13,58,985 14,70,161 17,06,641 17,17,339 18,03,700 18,27,660
EBITDA 1 1,79,739 1,69,504 1,48,650 1,86,808 1,58,910 1,56,093 1,88,820 2,02,062
EBIT 1 1,10,212 1,06,125 84,793 1,20,119 84,818 80,277 1,11,533 1,22,760
Operating Margin 7.11% 7.04% 6.24% 8.17% 4.97% 4.67% 6.18% 6.72%
Earnings before Tax (EBT) 1 90,797 98,138 80,883 1,29,262 84,617 85,860 1,07,200 1,19,060
Net income 1 51,977 58,181 49,635 87,509 56,483 55,715 71,508 79,320
Net margin 3.35% 3.86% 3.65% 5.95% 3.31% 3.24% 3.96% 4.34%
EPS 2 52.52 58.78 50.13 88.35 57.00 57.42 72.58 80.59
Free Cash Flow 1 73,935 59,690 35,548 51,020 -1,05,012 27,473 32,044 57,045
FCF margin 4.77% 3.96% 2.62% 3.47% -6.15% 1.6% 1.78% 3.12%
FCF Conversion (EBITDA) 41.13% 35.21% 23.91% 27.31% - 17.6% 16.97% 28.23%
FCF Conversion (Net income) 142.25% 102.59% 71.62% 58.3% - 49.31% 44.81% 71.92%
Dividend per Share 2 12.00 14.00 14.00 14.00 16.00 16.33 19.83 20.80
Announcement Date 13/05/19 25/05/20 13/05/21 13/05/22 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 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 7,60,206 7,47,401 6,52,423 7,06,562 3,65,808 7,08,529 3,77,085 3,84,547 7,61,632 3,99,177 4,38,325 8,37,502 4,59,221 4,09,918 4,20,317 4,26,776 8,47,093 4,45,304 4,30,868 4,65,000 4,76,500 4,87,700 4,78,000
EBITDA - - - - - - - - - - - - - - - - - - - - - - -
EBIT 1 55,580 50,545 29,306 55,487 35,627 63,681 31,602 24,836 56,438 15,578 24,817 40,395 19,112 25,311 21,775 17,046 38,821 17,542 25,109 23,800 26,700 32,700 32,200
Operating Margin 7.31% 6.76% 4.49% 7.85% 9.74% 8.99% 8.38% 6.46% 7.41% 3.9% 5.66% 4.82% 4.16% 6.17% 5.18% 3.99% 4.58% 3.94% 5.83% 5.12% 5.6% 6.7% 6.74%
Earnings before Tax (EBT) 47,634 - 22,228 - - 67,824 33,741 - - 33,018 - 57,482 6,718 - 27,877 - 49,994 16,794 - - - - -
Net income 1 28,839 29,342 10,289 39,346 24,972 45,582 21,063 20,864 41,927 23,285 - 37,927 1,177 - 17,599 14,042 31,641 10,689 16,070 - - - -
Net margin 3.79% 3.93% 1.58% 5.57% 6.83% 6.43% 5.59% 5.43% 5.5% 5.83% - 4.53% 0.26% - 4.19% 3.29% 3.74% 2.4% 3.73% - - - -
EPS 29.14 29.64 10.39 39.74 25.21 46.02 21.27 21.06 42.33 23.51 - 38.28 1.180 - 17.76 - 31.92 10.78 - - - - -
Dividend per Share 7.000 - 7.000 - - 7.000 - - - - - 8.000 - - - - 8.000 - - - - - -
Announcement Date 05/11/19 25/05/20 05/11/20 13/05/21 02/11/21 02/11/21 04/02/22 13/05/22 13/05/22 02/08/22 08/11/22 08/11/22 03/02/23 12/05/23 07/08/23 07/11/23 07/11/23 05/02/24 - - - - -
1JPY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 5,32,350 4,97,350 5,11,427 5,94,684 7,31,265 7,90,320 7,82,868 7,45,502
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.962 x 2.934 x 3.44 x 3.183 x 4.602 x 5.063 x 4.146 x 3.689 x
Free Cash Flow 1 73,935 59,690 35,548 51,020 -1,05,012 27,473 32,044 57,045
ROE (net income / shareholders' equity) 7.7% 8.5% 6.88% 10.9% 6.3% 5.77% 6.96% 7.42%
ROA (Net income/ Total Assets) 6.04% 5.28% 4.3% 6.7% 4.37% 2.32% 2.83% 3.23%
Assets 1 8,60,508 11,01,896 11,55,323 13,06,867 12,92,988 24,01,168 25,30,971 24,56,488
Book Value Per Share 2 685.0 699.0 758.0 859.0 945.0 999.0 1,052 1,112
Cash Flow per Share 123.0 123.0 114.0 155.0 131.0 - - -
Capex 1 59,197 92,454 98,422 98,659 1,00,092 99,640 99,660 97,560
Capex / Sales 3.82% 6.13% 7.24% 6.71% 5.86% 5.8% 5.53% 5.34%
Announcement Date 13/05/19 25/05/20 13/05/21 13/05/22 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 Oji Holdings Corporation

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
620 JPY
Average target price
695.8 JPY
Spread / Average Target
+12.23%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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