Financials Osaka Gas Company., Ltd.

Equities

9532

JP3180400008

Natural Gas Utilities

Market Closed - Japan Exchange Other stock markets 11:30:00 30/04/2024 am IST			5-day change	1st Jan Change
3,500 ^JPY	+2.28%		-0.28%	+18.85%

25/04	Nikkei says Soros Fund Among Investors In Japan Electricity Exchange Startup	RE
23/04	Wall Street Cues, Earnings Outlook Elevate Asian Stock Markets	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,08,147	8,46,545	8,96,804	8,69,831	9,06,604	13,99,429	-	-
Enterprise Value (EV) ¹	13,87,150	13,53,094	15,02,199	15,37,955	17,16,568	19,83,438	20,61,149	21,11,021
P/E ratio	27 x	20.3 x	11.1 x	6.78 x	15.9 x	11.1 x	12.6 x	12.3 x
Yield	2.29%	2.46%	2.43%	2.75%	2.75%	2.12%	2.6%	2.72%
Capitalization / Revenue	0.66 x	0.62 x	0.66 x	0.55 x	0.4 x	0.66 x	0.67 x	0.67 x
EV / Revenue	1.01 x	0.99 x	1.1 x	0.97 x	0.75 x	0.93 x	0.99 x	1.02 x
EV / EBITDA	8.28 x	7.7 x	6.6 x	7.1 x	8.91 x	7.3 x	8.03 x	8.06 x
EV / FCF	-9.97 x	20.7 x	29.9 x	-226 x	-10.1 x	48.1 x	-164 x	1,979 x
FCF Yield	-10%	4.83%	3.34%	-0.44%	-9.92%	2.08%	-0.61%	0.05%
Price to Book	0.9 x	0.85 x	0.83 x	0.69 x	0.65 x	0.93 x	0.89 x	0.85 x
Nbr of stocks (in thousands)	4,15,818	4,15,788	4,15,765	4,15,789	4,15,683	4,08,951	-	-
Reference price ²	2,184	2,036	2,157	2,092	2,181	3,422	3,422	3,422
Announcement Date	24/04/19	11/05/20	27/04/21	26/04/22	08/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,71,863	13,68,689	13,64,100	15,86,800	22,75,100	21,24,160	20,77,320	20,74,725
EBITDA ¹	1,67,600	1,75,717	2,27,500	2,16,600	1,92,700	2,71,667	2,56,733	2,62,067
EBIT ¹	67,900	83,792	1,12,400	94,900	60,000	1,47,700	1,28,600	1,33,725
Operating Margin	4.95%	6.12%	8.24%	5.98%	2.64%	6.95%	6.19%	6.45%
Earnings before Tax (EBT) ¹	52,064	70,449	1,08,735	1,15,941	83,710	1,70,300	1,51,850	1,57,033
Net income ¹	33,600	41,788	80,800	1,28,200	57,100	1,27,300	1,10,400	1,14,025
Net margin	2.45%	3.05%	5.92%	8.08%	2.51%	5.99%	5.31%	5.5%
EPS ²	80.80	100.5	194.5	308.5	137.4	308.7	271.8	278.0
Free Cash Flow ¹	-1,39,076	65,318	50,190	-6,800	-1,70,300	41,200	-12,600	1,067
FCF margin	-10.14%	4.77%	3.68%	-0.43%	-7.49%	1.94%	-0.61%	0.05%
FCF Conversion (EBITDA)	-	37.17%	22.06%	-	-	15.17%	-	0.41%
FCF Conversion (Net income)	-	156.31%	62.12%	-	-	32.36%	-	0.94%
Dividend per Share ²	50.00	50.00	52.50	57.50	60.00	72.62	89.00	93.00
Announcement Date	24/04/19	11/05/20	27/04/21	26/04/22	08/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2021 S2	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	6,52,987	6,38,912	-	3,36,068	6,50,421	3,93,347	5,43,032	4,67,100	5,14,400	9,81,560	6,14,965	6,78,575	5,12,611	4,82,989	9,95,693	5,14,454	6,23,167	4,52,300	4,65,250	5,33,500	6,44,300
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	44,317	51,915	-	2,990	40,539	2,137	52,224	7,300	-45,100	-45,690	30,764	74,926	73,664	23,036	96,731	43,961	8,350	37,300	13,350	26,300	41,850
Operating Margin	6.79%	8.13%	-	0.89%	6.23%	0.54%	9.62%	1.56%	-8.77%	-4.65%	5%	11.04%	14.37%	4.77%	9.71%	8.55%	1.34%	8.25%	2.87%	4.93%	6.5%
Earnings before Tax (EBT)	49,881	54,818	-	5,235	47,392	9,900	58,649	13,413	-54,872	-41,459	41,172	-	82,672	41,179	1,23,851	50,720	-	45,300	25,900	33,250	39,300
Net income ¹	33,449	36,799	-	5,271	36,794	8,022	83,384	11,200	-40,900	-29,744	28,348	58,496	60,560	28,740	89,351	37,054	-450	32,650	18,750	23,900	27,950
Net margin	5.12%	5.76%	-	1.57%	5.66%	2.04%	15.36%	2.4%	-7.95%	-3.03%	4.61%	8.62%	11.81%	5.95%	8.97%	7.2%	-0.07%	7.22%	4.03%	4.48%	4.34%
EPS ²	80.44	88.51	-	12.68	88.50	19.29	200.7	26.90	-98.50	-71.56	68.20	140.8	145.7	69.21	214.9	89.56	-6.200	96.80	68.40	69.30	40.00
Dividend per Share	25.00	25.00	27.50	-	27.50	-	-	-	-	30.00	-	-	-	-	32.50	-	-	-	-	-	-
Announcement Date	29/10/19	29/10/20	27/04/21	27/10/21	27/10/21	31/01/22	26/04/22	01/08/22	31/10/22	31/10/22	06/02/23	08/05/23	31/07/23	27/10/23	27/10/23	30/01/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,79,003	5,06,549	6,05,395	6,68,124	8,09,964	5,84,008	6,61,720	7,11,592
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.858 x	2.883 x	2.661 x	3.085 x	4.203 x	2.15 x	2.577 x	2.715 x
Free Cash Flow ¹	-1,39,076	65,318	50,190	-6,800	-1,70,300	41,200	-12,600	1,067
ROE (net income / shareholders' equity)	3.4%	4.2%	7.8%	11%	4.3%	8.41%	7.18%	6.93%
ROA (Net income/ Total Assets)	1.7%	4.13%	5.74%	4.52%	2.81%	4.87%	3.5%	3.25%
Assets ¹	19,76,471	10,12,954	14,08,473	28,33,606	20,33,968	26,15,752	31,54,286	35,08,462
Book Value Per Share ²	2,415	2,399	2,602	3,031	3,347	3,695	3,849	4,043
Cash Flow per Share	305.0	334.0	451.0	583.0	439.0	-	-	-
Capex ¹	1,07,200	1,31,010	1,69,607	1,89,317	1,95,330	1,97,000	2,32,000	2,14,500
Capex / Sales	7.81%	9.57%	12.43%	11.93%	8.59%	9.27%	11.17%	10.34%
Announcement Date	24/04/19	11/05/20	27/04/21	26/04/22	08/05/23	-	-	-

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 Osaka Gas Company., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,422 JPY

Average target price

3,708 JPY

Spread / Average Target

+8.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Natural Gas Utilities

	1st Jan change	Capi.
OSAKA GAS COMPANY., LTD.	+18.85%	8.93B
NATURGY ENERGY GROUP, S.A.	-12.00%	24.64B
ATMOS ENERGY CORPORATION	+2.36%	17.9B
GAIL INDIA LIMITED	+30.10%	16.51B
ADANI TOTAL GAS LIMITED	-5.67%	12.11B
TOKYO GAS CO., LTD.	+9.30%	9.17B
PETRONAS GAS	+3.56%	7.48B
APA GROUP	-2.58%	7.03B
ALTAGAS LTD.	+9.20%	6.59B
CHINA GAS HOLDINGS LIMITED	-4.54%	5.1B

Other Natural Gas Utilities