SHIN-ETSU CHEMICAL CO., LTD. |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5,989 JPY | -1.40% |
|
-3.53% | +1.22% |
| 30/04 | Japan's Nikkei tracks Wall Street higher; Fed policy meeting in focus | RE |
| 30/04 | Japan's Nikkei tracks Wall Street higher; Fed policy meeting in focus | RE |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 38,67,912 | 44,61,143 | 77,31,342 | 78,05,404 | 86,21,051 | 1,19,54,369 | - | - |
| Enterprise Value (EV) 1 | 28,40,420 | 33,96,737 | 68,92,214 | 63,99,725 | 70,50,213 | 1,31,37,294 | 1,00,41,659 | 99,50,189 |
| P/E ratio | 12.8 x | 14.2 x | 26.3 x | 15.6 x | 12.3 x | 25.4 x | 20.4 x | 17.4 x |
| Yield | 2.16% | 2.05% | 1.34% | 2.13% | 2.34% | 1.52% | 1.93% | 2.17% |
| Capitalization / Revenue | 2.43 x | 2.89 x | 5.16 x | 3.76 x | 3.07 x | 5.44 x | 4.57 x | 4.24 x |
| EV / Revenue | 1.78 x | 2.2 x | 4.6 x | 3.09 x | 2.51 x | 5.44 x | 3.84 x | 3.53 x |
| EV / EBITDA | 5.25 x | 6.32 x | 12.9 x | 7.57 x | 5.82 x | 14.1 x | 9.64 x | 8.34 x |
| EV / FCF | 13 x | 190 x | 40 x | 21.3 x | 11.7 x | 37.7 x | 15.7 x | 14.8 x |
| FCF Yield | 7.71% | 0.53% | 2.5% | 4.68% | 8.53% | 2.65% | 6.37% | 6.77% |
| Price to Book | 1.57 x | 1.68 x | 2.75 x | 2.35 x | 2.23 x | 3.09 x | 2.62 x | 2.43 x |
| Nbr of stocks (in thousands) | 20,84,005 | 20,78,818 | 20,77,201 | 20,77,010 | 20,16,620 | 19,96,054 | - | - |
| Reference price 2 | 1,856 | 2,146 | 3,722 | 3,758 | 4,275 | 5,989 | 5,989 | 5,989 |
| Announcement Date | 26/04/19 | 28/04/20 | 28/04/21 | 27/04/22 | 27/04/23 | 25/04/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 15,94,036 | 15,43,525 | 14,96,906 | 20,74,428 | 28,08,824 | 24,14,937 | 26,15,814 | 28,20,036 |
| EBITDA 1 | 5,41,275 | 5,37,213 | 5,36,020 | 8,45,110 | 12,11,834 | 9,28,657 | 10,41,927 | 11,93,460 |
| EBIT 1 | 4,03,705 | 4,06,041 | 3,92,213 | 6,76,322 | 9,98,202 | 7,01,038 | 7,84,696 | 9,11,518 |
| Operating Margin | 25.33% | 26.31% | 26.2% | 32.6% | 35.54% | 29.03% | 30% | 32.32% |
| Earnings before Tax (EBT) 1 | 4,15,311 | 4,26,017 | 4,02,145 | 6,96,137 | 10,20,211 | 7,95,673 | 8,23,290 | 9,75,120 |
| Net income 1 | 3,09,125 | 3,14,027 | 2,93,732 | 5,00,117 | 7,08,238 | 5,20,140 | 5,87,265 | 6,78,489 |
| Net margin | 19.39% | 20.34% | 19.62% | 24.11% | 25.21% | 21.54% | 22.45% | 24.06% |
| EPS 2 | 145.2 | 151.0 | 141.4 | 240.8 | 347.8 | 259.4 | 294.0 | 345.1 |
| Free Cash Flow 1 | 2,19,134 | 17,837 | 1,72,375 | 2,99,805 | 6,01,525 | 3,48,297 | 6,39,476 | 6,73,225 |
| FCF margin | 13.75% | 1.16% | 11.52% | 14.45% | 21.42% | 14.42% | 24.45% | 23.87% |
| FCF Conversion (EBITDA) | 40.48% | 3.32% | 32.16% | 35.48% | 49.64% | 37.51% | 61.37% | 56.41% |
| FCF Conversion (Net income) | 70.89% | 5.68% | 58.68% | 59.95% | 84.93% | 66.96% | 108.89% | 99.22% |
| Dividend per Share 2 | 40.00 | 44.00 | 50.00 | 80.00 | 100.0 | 100.0 | 115.7 | 130.1 |
| Announcement Date | 26/04/19 | 28/04/20 | 28/04/21 | 27/04/22 | 27/04/23 | 25/04/24 | - | - |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 7,86,542 | 7,56,983 | 7,10,526 | 7,86,380 | 5,07,102 | 9,41,341 | 5,42,362 | 5,90,700 | 11,33,087 | 6,56,707 | 7,52,629 | 14,09,336 | 7,53,901 | 6,45,587 | 13,99,488 | 5,99,201 | 5,96,701 | 11,95,902 | 6,27,501 | 5,91,534 | 12,19,035 | 6,21,967 | 6,52,700 | 12,87,000 | 7,07,200 | 6,63,200 | 13,43,000 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 2,10,532 | 1,95,509 | 1,84,317 | 2,07,896 | 1,69,585 | 2,98,403 | 1,81,709 | 1,96,200 | 3,77,919 | 2,49,620 | 2,86,617 | 5,36,237 | 2,71,990 | 1,89,975 | 4,61,965 | 1,90,820 | 1,91,099 | 3,81,919 | 1,77,609 | 1,41,510 | 3,19,119 | 1,67,425 | 1,89,480 | 3,61,000 | 2,04,950 | 1,98,661 | 4,07,000 |
| Operating Margin | 26.77% | 25.83% | 25.94% | 26.44% | 33.44% | 31.7% | 33.5% | 33.21% | 33.35% | 38.01% | 38.08% | 38.05% | 36.08% | 29.43% | 33.01% | 31.85% | 32.03% | 31.94% | 28.3% | 23.92% | 26.18% | 26.92% | 29.03% | 28.05% | 28.98% | 29.95% | 30.31% |
| Earnings before Tax (EBT) 1 | 2,25,315 | 2,00,702 | 1,92,243 | 2,09,902 | 1,72,691 | 3,03,522 | 1,86,782 | 2,05,833 | 3,92,615 | 2,62,633 | 2,96,393 | 5,59,026 | 2,65,191 | 1,95,994 | 4,61,185 | 2,24,229 | 2,15,628 | 4,39,857 | 1,74,714 | 1,81,102 | 3,55,816 | 1,82,650 | 1,95,450 | 3,73,000 | 2,20,900 | 2,24,650 | 4,45,000 |
| Net income 1 | 1,65,025 | 1,49,002 | 1,40,306 | 1,53,426 | 1,25,179 | 2,20,904 | 1,32,231 | 1,46,900 | 2,79,213 | 1,84,124 | 2,08,200 | 3,92,324 | 1,86,195 | 1,29,719 | 3,15,914 | 1,53,633 | 1,47,806 | 3,01,439 | 1,05,090 | 1,13,611 | 2,18,701 | 1,23,500 | 1,37,900 | - | 1,51,000 | 1,53,800 | - |
| Net margin | 20.98% | 19.68% | 19.75% | 19.51% | 24.69% | 23.47% | 24.38% | 24.87% | 24.64% | 28.04% | 27.66% | 27.84% | 24.7% | 20.09% | 22.57% | 25.64% | 24.77% | 25.21% | 16.75% | 19.21% | 17.94% | 19.86% | 21.13% | - | 21.35% | 23.19% | - |
| EPS 2 | 79.36 | - | 67.49 | - | 60.26 | 106.3 | 63.67 | 70.76 | - | 89.26 | 101.9 | 191.2 | 92.10 | 64.55 | - | 76.13 | 73.52 | 149.6 | 52.79 | 56.97 | - | 64.63 | 72.61 | - | 78.34 | 79.80 | - |
| Dividend per Share 2 | 22.00 | - | 22.00 | - | 30.00 | 30.00 | - | 50.00 | - | - | 45.00 | 45.00 | - | 55.00 | - | - | - | 50.00 | - | 50.00 | - | - | 57.00 | - | - | 57.00 | - |
| Announcement Date | 25/10/19 | 28/04/20 | 27/10/20 | 28/04/21 | 27/10/21 | 27/10/21 | 27/01/22 | 27/04/22 | 27/04/22 | 27/07/22 | 27/10/22 | 27/10/22 | 26/01/23 | 27/04/23 | 27/04/23 | 27/07/23 | 27/10/23 | 27/10/23 | 26/01/24 | 25/04/24 | 25/04/24 | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 10,27,492 | 10,64,406 | 8,39,128 | 14,05,679 | 15,70,838 | 17,10,327 | 19,12,709 | 20,04,180 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 2,19,134 | 17,837 | 1,72,375 | 2,99,805 | 6,01,525 | 3,48,297 | 6,39,476 | 6,73,225 |
| ROE (net income / shareholders' equity) | 12.8% | 12.3% | 10.7% | 16.3% | 19.7% | 12.8% | 13.3% | 14.4% |
| ROA (Net income/ Total Assets) | 14% | 13.3% | 12.3% | 18.7% | 23.2% | 15.9% | 12.8% | 13.5% |
| Assets 1 | 22,13,257 | 23,53,540 | 23,96,799 | 26,76,916 | 30,48,892 | 32,63,435 | 45,91,798 | 50,18,732 |
| Book Value Per Share 2 | 1,183 | 1,276 | 1,354 | 1,601 | 1,918 | 2,133 | 2,289 | 2,467 |
| Cash Flow per Share 2 | 210.0 | 214.0 | 211.0 | 322.0 | 453.0 | 373.0 | 418.0 | 460.0 |
| Capex 1 | 2,26,768 | 2,68,365 | 2,28,801 | 2,13,918 | 3,18,046 | 4,06,886 | 3,98,400 | 3,50,375 |
| Capex / Sales | 14.23% | 17.39% | 15.28% | 10.31% | 11.32% | 16.85% | 15.23% | 12.42% |
| Announcement Date | 26/04/19 | 28/04/20 | 28/04/21 | 27/04/22 | 27/04/23 | 25/04/24 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
5,989
JPY
Average target price
7,053
JPY
Spread / Average Target
+17.77%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +1.22% | 76.93B | |
| -0.28% | 46.86B | |
| +1.07% | 32.74B | |
| +10.05% | 18.58B | |
| -9.81% | 11.54B | |
| +6.79% | 11.14B | |
| -6.33% | 9.8B | |
| +5.97% | 9.72B | |
| +7.57% | 9.3B | |
| +4.24% | 8.3B |
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