Financials Rengo Co., Ltd.

Equities

3941

JP3981400009

Paper Packaging

Market Closed - Japan Exchange Other stock markets 11:30:00 26/04/2024 am IST			5-day change	1st Jan Change
1,167 ^JPY	+1.04%		+0.95%	+24.15%

22/04	Daiwa Previews This Week's Policy Meeting at Bank of Japan	MT
18/04	Japanese firms agree biggest pay hikes in 33 years, union group Rengo says	RE

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,56,999	2,08,470	2,37,930	1,93,645	2,12,766	2,89,067	-	-
Enterprise Value (EV) ¹	5,03,534	4,82,232	5,06,490	4,76,135	3,83,073	6,17,616	6,21,457	6,17,538
P/E ratio	15 x	7.5 x	8.32 x	6.87 x	10.4 x	8.1 x	7.65 x	7.01 x
Yield	1.35%	2.38%	2.5%	3.07%	2.79%	2.57%	2.73%	2.93%
Capitalization / Revenue	0.39 x	0.3 x	0.35 x	0.26 x	0.25 x	0.32 x	0.3 x	0.29 x
EV / Revenue	0.77 x	0.71 x	0.74 x	0.64 x	0.45 x	0.68 x	0.64 x	0.61 x
EV / EBITDA	8.75 x	6.32 x	6.49 x	6.35 x	5.41 x	6.26 x	5.8 x	5.38 x
EV / FCF	41.4 x	21.5 x	25.3 x	148 x	-26.3 x	-62.2 x	45.2 x	39.9 x
FCF Yield	2.42%	4.64%	3.95%	0.67%	-3.81%	-1.61%	2.21%	2.51%
Price to Book	0.97 x	0.75 x	0.76 x	0.57 x	0.57 x	0.71 x	0.67 x	0.62 x
Nbr of stocks (in thousands)	2,47,590	2,47,588	2,47,586	2,47,628	2,47,691	2,47,701	-	-
Reference price ²	1,038	842.0	961.0	782.0	859.0	1,167	1,167	1,167
Announcement Date	10/05/19	13/05/20	13/05/21	13/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,53,107	6,83,780	6,80,714	7,46,926	8,46,080	9,09,363	9,64,257	10,04,667
EBITDA ¹	57,551	76,303	78,052	75,002	70,805	98,630	1,07,076	1,14,775
EBIT ¹	25,292	41,227	39,938	33,279	25,957	49,321	55,729	61,400
Operating Margin	3.87%	6.03%	5.87%	4.46%	3.07%	5.42%	5.78%	6.11%
Earnings before Tax (EBT) ¹	25,075	41,090	41,204	41,437	30,857	52,980	56,340	63,225
Net income ¹	17,163	27,790	28,599	28,188	20,425	35,821	38,006	41,250
Net margin	2.63%	4.06%	4.2%	3.77%	2.41%	3.94%	3.94%	4.11%
EPS ²	69.32	112.2	115.5	113.8	82.47	144.0	152.5	166.5
Free Cash Flow ¹	12,172	22,379	19,993	3,213	-14,580	-9,933	13,760	15,469
FCF margin	1.86%	3.27%	2.94%	0.43%	-1.72%	-1.09%	1.43%	1.54%
FCF Conversion (EBITDA)	21.15%	29.33%	25.61%	4.28%	-	-	12.85%	13.48%
FCF Conversion (Net income)	70.92%	80.53%	69.91%	11.4%	-	-	36.21%	37.5%
Dividend per Share ²	14.00	20.00	24.00	24.00	24.00	30.00	31.86	34.17
Announcement Date	10/05/19	13/05/20	13/05/21	13/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2020 S1	2020 S2	2021 S1	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	3,37,977	3,45,803	3,29,427	1,82,797	3,63,575	1,95,279	1,88,072	3,83,351	2,00,139	2,13,367	4,13,506	2,31,788	2,00,786	2,23,802	2,29,072	4,52,874	2,38,868	2,20,329	2,40,000	2,45,000	2,59,100	2,42,600
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	21,222	20,005	17,834	9,033	20,295	9,417	3,567	12,984	7,733	7,795	15,528	8,088	2,341	13,586	12,089	25,675	17,073	6,876	14,100	14,800	19,200	10,800
Operating Margin	6.28%	5.79%	5.41%	4.94%	5.58%	4.82%	1.9%	3.39%	3.86%	3.65%	3.76%	3.49%	1.17%	6.07%	5.28%	5.67%	7.15%	3.12%	5.88%	6.04%	7.41%	4.45%
Earnings before Tax (EBT)	21,457	-	18,489	-	27,123	10,179	-	-	10,060	-	18,256	7,694	-	14,489	-	27,234	20,914	-	-	-	-	-
Net income ¹	14,877	12,913	12,983	6,750	19,078	6,787	2,323	9,110	6,503	-	12,041	5,422	-	9,619	8,790	18,409	14,572	3,119	-	-	-	-
Net margin	4.4%	3.73%	3.94%	3.69%	5.25%	3.48%	1.24%	2.38%	3.25%	-	2.91%	2.34%	-	4.3%	3.84%	4.06%	6.1%	1.42%	-	-	-	-
EPS	60.09	52.15	52.44	27.26	77.05	27.40	9.390	36.79	26.26	-	48.62	21.89	-	38.84	-	74.32	58.83	-	-	-	-	-
Dividend per Share	8.000	-	12.00	-	12.00	-	-	-	-	-	12.00	-	-	-	-	12.00	-	-	-	-	-	-
Announcement Date	01/11/19	13/05/20	30/10/20	02/11/21	02/11/21	04/02/22	13/05/22	13/05/22	02/08/22	02/11/22	02/11/22	07/02/23	12/05/23	03/08/23	02/11/23	02/11/23	06/02/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,46,535	2,73,762	2,68,560	2,82,490	1,70,307	3,28,549	3,32,391	3,28,471
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.284 x	3.588 x	3.441 x	3.766 x	2.405 x	3.331 x	3.104 x	2.862 x
Free Cash Flow ¹	12,172	22,379	19,993	3,213	-14,580	-9,933	13,760	15,469
ROE (net income / shareholders' equity)	6.6%	10.3%	9.67%	8.6%	5.7%	9.2%	8.75%	8.99%
ROA (Net income/ Total Assets)	3.61%	5.44%	5.11%	4.06%	2.89%	3.36%	3.2%	3.39%
Assets ¹	4,75,115	5,11,253	5,59,435	6,94,040	7,07,663	10,67,359	11,86,196	12,15,140
Book Value Per Share ²	1,066	1,124	1,266	1,381	1,505	1,644	1,754	1,881
Cash Flow per Share ²	200.0	254.0	269.0	282.0	264.0	356.0	323.0	-
Capex ¹	36,512	38,700	47,143	49,509	58,694	74,080	72,880	72,540
Capex / Sales	5.59%	5.66%	6.93%	6.63%	6.94%	8.15%	7.56%	7.22%
Announcement Date	10/05/19	13/05/20	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 Rengo Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,167 JPY

Average target price

1,366 JPY

Spread / Average Target

+17.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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