Financials Sanyo Special Steel Co., Ltd.

Equities

5481

JP3342000001

Iron & Steel

Market Closed - Japan Exchange Other stock markets 11:30:00 21/05/2024 am IST			5-day change	1st Jan Change
2,256 ^JPY	-0.44%		+1.67%	-14.42%

03/05	Sanyo Special Steel's Fiscal 2023 Attributable Profit More Than Halves on Lower Net Sales	MT
30/04	Sanyo Special Steel Co., Ltd. Announces Dividend for the Fiscal Year Ending March 31, 2024, Payable on June 5, 2024; Provides Dividend Guidance for the Second Quarter of Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,27,576	52,751	88,984	1,15,678	1,33,600	1,22,916	-	-
Enterprise Value (EV) ¹	1,96,533	99,236	1,48,362	1,80,193	2,08,249	1,22,480	1,96,594	1,90,803
P/E ratio	9.54 x	-14.4 x	-13 x	7.58 x	6.44 x	13.5 x	14 x	9.64 x
Yield	3.04%	1.6%	-	4.24%	4.08%	2.89%	3.1%	4.1%
Capitalization / Revenue	0.69 x	0.2 x	0.42 x	0.32 x	0.34 x	0.35 x	0.33 x	0.31 x
EV / Revenue	1.06 x	0.38 x	0.7 x	0.5 x	0.53 x	0.35 x	0.53 x	0.49 x
EV / EBITDA	10.1 x	5.56 x	17.1 x	4.83 x	4.93 x	6.85 x	6.53 x	5.18 x
EV / FCF	-3.37 x	3.68 x	51.1 x	-26.7 x	-341 x	8.85 x	-12.7 x	18.4 x
FCF Yield	-29.6%	27.2%	1.96%	-3.74%	-0.29%	11.3%	-7.88%	5.44%
Price to Book	0.65 x	0.3 x	0.5 x	0.59 x	0.62 x	0.54 x	0.54 x	0.52 x
Nbr of stocks (in thousands)	56,226	54,495	54,491	54,488	54,486	54,484	-	-
Reference price ²	2,269	968.0	1,633	2,123	2,452	2,256	2,256	2,256
Announcement Date	08/05/19	30/04/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,85,818	2,62,452	2,10,721	3,63,278	3,93,843	3,53,810	3,69,000	3,92,500
EBITDA ¹	19,416	17,847	8,694	37,319	42,256	27,320	30,100	36,850
EBIT ¹	10,123	-1,417	-5,493	21,416	28,492	11,366	13,500	19,750
Operating Margin	5.45%	-0.54%	-2.61%	5.9%	7.23%	3.21%	3.66%	5.03%
Earnings before Tax (EBT) ¹	10,375	-3,298	-9,519	20,973	28,045	13,024	12,700	18,250
Net income ¹	7,721	-3,717	-6,870	15,267	20,743	9,056	8,800	12,750
Net margin	4.16%	-1.42%	-3.26%	4.2%	5.27%	2.56%	2.38%	3.25%
EPS ²	237.8	-67.14	-126.1	280.2	380.7	166.2	161.5	234.0
Free Cash Flow ¹	-58,254	26,962	2,901	-6,746	-611	21,130	-15,500	10,374
FCF margin	-31.35%	10.27%	1.38%	-1.86%	-0.16%	5.96%	-4.2%	2.64%
FCF Conversion (EBITDA)	-	151.07%	33.37%	-	-	77.34%	-	28.15%
FCF Conversion (Net income)	-	-	-	-	-	264.12%	-	81.36%
Dividend per Share ²	69.00	15.50	-	90.00	100.0	65.00	70.00	92.50
Announcement Date	08/05/19	30/04/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	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	1,46,091	97,161	72,689	1,83,294	86,043	93,941	1,04,052	91,356	1,95,408	98,984	99,451	99,863	85,387	1,85,250	83,712	84,848	85,000	77,000	89,000	97,000
EBITDA ¹	-	-	-	-	-	-	-	8,550	-	11,418	12,268	9,745	5,874	-	-	7,280	-	-	-	-
EBIT ¹	2,617	-3,890	1,926	10,397	4,014	7,005	8,783	4,391	13,174	7,258	8,060	5,500	1,819	7,319	1,501	2,546	2,500	500	3,500	5,000
Operating Margin	1.79%	-4%	2.65%	5.67%	4.67%	7.46%	8.44%	4.81%	6.74%	7.33%	8.1%	5.51%	2.13%	3.95%	1.79%	3%	2.94%	0.65%	3.93%	5.15%
Earnings before Tax (EBT) ¹	2,101	-4,123	1,931	10,517	3,940	6,516	9,198	4,603	13,801	6,829	7,415	5,995	1,642	7,637	1,613	3,774	2,500	500	3,500	5,000
Net income ¹	1,379	-3,310	1,209	7,290	2,866	5,111	6,880	2,990	9,870	4,890	5,983	4,308	927	5,235	1,080	2,741	1,800	400	2,500	3,300
Net margin	0.94%	-3.41%	1.66%	3.98%	3.33%	5.44%	6.61%	3.27%	5.05%	4.94%	6.02%	4.31%	1.09%	2.83%	1.29%	3.23%	2.12%	0.52%	2.81%	3.4%
EPS ²	24.62	-60.75	22.18	133.8	52.61	93.79	126.3	54.87	181.2	89.76	109.8	79.07	17.03	96.10	19.81	50.30	33.00	7.300	45.90	60.60
Dividend per Share	15.50	-	-	45.00	-	-	-	-	55.00	-	-	-	-	35.00	-	-	-	-	-	-
Announcement Date	30/10/19	29/10/20	29/10/21	29/10/21	27/01/22	28/04/22	28/07/22	31/10/22	31/10/22	01/02/23	28/04/23	28/07/23	31/10/23	31/10/23	02/02/24	30/04/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	68,957	46,485	59,378	64,515	74,649	64,156	73,678	67,887
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.552 x	2.605 x	6.83 x	1.729 x	1.767 x	2.348 x	2.448 x	1.842 x
Free Cash Flow ¹	-58,254	26,962	2,901	-6,746	-611	21,130	-15,500	10,374
ROE (net income / shareholders' equity)	4.8%	-2%	-3.9%	8.1%	10.1%	4.1%	3.9%	5.5%
ROA (Net income/ Total Assets)	3.23%	-0.43%	-1.47%	6.21%	7.41%	3.03%	2.4%	3%
Assets ¹	2,39,122	8,58,033	4,66,937	2,45,690	2,80,036	2,98,874	3,66,667	4,25,000
Book Value Per Share ²	3,481	3,273	3,274	3,615	3,935	4,160	4,199	4,337
Cash Flow per Share	525.0	204.0	134.0	572.0	633.0	418.0	-	-
Capex ¹	9,162	18,571	19,175	13,832	13,594	16,500	17,000	17,000
Capex / Sales	4.93%	7.08%	9.1%	3.81%	3.45%	4.65%	4.61%	4.33%
Announcement Date	08/05/19	30/04/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

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 Sanyo Special Steel Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,256 JPY

Average target price

2,735 JPY

Spread / Average Target

+21.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
SANYO SPECIAL STEEL CO., LTD.	-14.42%	79Cr
JSW STEEL LIMITED	+4.92%	2.6TCr
BAOSHAN IRON & STEEL CO., LTD.	+18.04%	2.1TCr
JINDAL STEEL & POWER LIMITED	+42.89%	1.22TCr
CHINA STEEL CORPORATION	-7.78%	1.19TCr
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+11.54%	1.1TCr
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+9.59%	1.01TCr
TERNIUM S.A.	+2.28%	856.29Cr
BHARAT FORGE LIMITED	+21.29%	832.9Cr
JINDAL STAINLESS LIMITED	+22.63%	696.07Cr

Iron, Steel Mills & Foundries