Stock 5233 TAIHEIYO CEMENT CORPORATION
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Financials Taiheiyo Cement Corporation

Equities

5233

JP3449020001

Construction Materials

Delayed Japan Exchange
Other stock markets
 10:09:47 30/04/2024 am IST 		5-day change 1st Jan Change
3,631 JPY +3.01% Intraday chart for Taiheiyo Cement Corporation +4.97% +24.95%
2023 Tranche Update on Taiheiyo Cement Corporation's Equity Buyback Plan announced on November 9, 2023. CI
2023 Taiheiyo Cement Corporation's Equity Buyback announced on November 9, 2023, has closed with 1,812,000 shares, representing 1.54% for ¥4,999.84 million . CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,56,579 2,26,413 3,45,192 2,35,462 2,91,121 4,07,426 - -
Enterprise Value (EV) 1 6,75,632 4,40,887 5,20,220 4,45,777 6,04,763 7,41,336 7,25,912 7,04,371
P/E ratio 10.5 x 5.78 x 7.51 x 8.21 x -8.77 x 9.53 x 7.73 x 7.24 x
Yield 2.17% 3.24% 2.06% 3.47% 2.81% 1.99% 2.48% 2.7%
Capitalization / Revenue 0.5 x 0.26 x 0.4 x 0.33 x 0.36 x 0.46 x 0.45 x 0.44 x
EV / Revenue 0.74 x 0.5 x 0.6 x 0.63 x 0.75 x 0.83 x 0.8 x 0.76 x
EV / EBITDA 6.11 x 4.01 x 4.47 x 4.34 x 8.77 x 5.87 x 5.08 x 4.73 x
EV / FCF 22.9 x 33.3 x 11.7 x -35 x -6.46 x 57.7 x 22.7 x 22.4 x
FCF Yield 4.36% 3% 8.53% -2.86% -15.5% 1.73% 4.4% 4.47%
Price to Book 1.09 x 0.52 x 0.73 x 0.46 x 0.59 x 0.77 x 0.71 x 0.67 x
Nbr of stocks (in thousands) 1,23,734 1,22,385 1,18,582 1,16,623 1,17,057 1,15,582 - -
Reference price 2 3,690 1,850 2,911 2,019 2,487 3,525 3,525 3,525
Announcement Date 14/05/19 20/05/20 13/05/21 12/05/22 11/05/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 9,16,071 8,84,350 8,63,903 7,08,201 8,09,542 8,89,517 9,12,633 9,30,750
EBITDA 1 1,10,510 1,09,960 1,16,346 1,02,765 68,921 1,26,398 1,42,858 1,48,798
EBIT 1 66,012 61,008 63,610 46,701 4,456 60,817 76,617 81,133
Operating Margin 7.21% 6.9% 7.36% 6.59% 0.55% 6.84% 8.4% 8.72%
Earnings before Tax (EBT) 1 59,174 51,777 65,105 42,820 -16,366 60,832 74,952 79,610
Net income 1 43,452 39,151 46,800 28,971 -33,206 42,851 52,450 55,562
Net margin 4.74% 4.43% 5.42% 4.09% -4.1% 4.82% 5.75% 5.97%
EPS 2 351.7 319.9 387.8 245.8 -283.7 370.0 455.8 486.6
Free Cash Flow 1 29,487 13,225 44,400 -12,728 -93,612 12,845 31,928 31,510
FCF margin 3.22% 1.5% 5.14% -1.8% -11.56% 1.44% 3.5% 3.39%
FCF Conversion (EBITDA) 26.68% 12.03% 38.16% - - 10.16% 22.35% 21.18%
FCF Conversion (Net income) 67.86% 33.78% 94.87% - - 29.98% 60.87% 56.71%
Dividend per Share 2 80.00 60.00 60.00 70.00 70.00 70.00 87.50 95.00
Announcement Date 14/05/19 20/05/20 13/05/21 12/05/22 11/05/23 - - -
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 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 4,31,389 4,52,961 4,20,627 4,43,276 1,80,186 3,39,798 1,88,092 1,80,311 - 1,76,516 1,99,466 3,75,982 2,24,366 2,09,194 - 1,93,534 2,25,020 4,18,554 2,41,620 2,28,044 4,75,446 2,06,422 2,24,200 4,42,245 2,39,300 2,30,778 -
EBITDA - - - - - - - - - - - - - - - - - - - - - - - - - - -
EBIT 1 22,463 38,545 26,126 37,484 15,893 25,812 13,829 7,060 20,889 1,208 -1,521 -313 3,705 1,064 4,769 1,862 15,890 17,752 24,110 18,443 40,248 13,620 17,943 36,026 26,780 21,657 -
Operating Margin 5.21% 8.51% 6.21% 8.46% 8.82% 7.6% 7.35% 3.92% - 0.68% -0.76% -0.08% 1.65% 0.51% - 0.96% 7.06% 4.24% 9.98% 8.09% 8.47% 6.6% 8% 8.15% 11.19% 9.38% -
Earnings before Tax (EBT) 23,733 - 26,507 - - 29,179 12,941 - - 1,821 - -1,382 2,476 - - 2,268 - 19,690 23,058 - - - - - - - -
Net income 1 16,202 22,949 18,461 28,339 12,908 19,485 10,100 - - -220 - -16,455 -1,210 - - 365 13,252 13,617 15,179 11,404 - - - - - - -
Net margin 3.76% 5.07% 4.39% 6.39% 7.16% 5.73% 5.37% - - -0.12% - -4.38% -0.54% - - 0.19% 5.89% 3.25% 6.28% 5% - - - - - - -
EPS 132.4 187.5 152.2 235.6 109.0 163.9 86.38 - - -1.880 - -140.6 -10.34 - - 3.120 - 116.2 130.0 - - - - - - - -
Dividend per Share 30.00 - 30.00 30.00 - 35.00 - - 35.00 - - 35.00 - 35.00 35.00 - - 35.00 - - 35.00 - - 35.00 - - 35.00
Announcement Date 12/11/19 20/05/20 10/11/20 13/05/21 11/11/21 11/11/21 08/02/22 12/05/22 12/05/22 09/08/22 10/11/22 10/11/22 09/02/23 11/05/23 11/05/23 08/08/23 09/11/23 09/11/23 08/02/24 - - - - - - - -
1JPY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,19,053 2,14,474 1,75,028 2,10,315 3,13,642 3,33,910 3,18,486 2,96,945
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.982 x 1.95 x 1.504 x 2.047 x 4.551 x 2.642 x 2.229 x 1.996 x
Free Cash Flow 1 29,487 13,225 44,400 -12,728 -93,612 12,845 31,928 31,510
ROE (net income / shareholders' equity) 10.7% 9.2% 10.3% 5.9% -6.6% 8.41% 9.55% 9.41%
ROA (Net income/ Total Assets) 6.25% 5.86% 6.33% 4.68% 0.09% 3.63% 3.84% 4.08%
Assets 1 6,94,820 6,68,463 7,39,312 6,19,683 -3,87,96,588 11,80,378 13,66,610 13,63,481
Book Value Per Share 2 3,388 3,568 3,971 4,362 4,228 4,583 4,953 5,282
Cash Flow per Share 2 708.0 719.0 824.0 721.0 267.0 920.0 1,052 1,119
Capex 1 67,796 77,677 66,003 73,373 1,05,095 88,800 85,800 84,800
Capex / Sales 7.4% 8.78% 7.64% 10.36% 12.98% 9.98% 9.4% 9.11%
Announcement Date 14/05/19 20/05/20 13/05/21 12/05/22 11/05/23 - - -
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 Taiheiyo Cement Corporation

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
3,525 JPY
Average target price
3,882 JPY
Spread / Average Target
+10.12%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction Materials

1st Jan change Capi.
TAIHEIYO CEMENT CORPORATION Stock Taiheiyo Cement Corporation
+24.95% 2.6B
CRH PLC Stock CRH plc
+13.58% 54.04B
MARTIN MARIETTA MATERIALS, INC. Stock Martin Marietta Materials, Inc.
+20.79% 37.19B
VULCAN MATERIALS COMPANY Stock Vulcan Materials Company
+15.17% 34.57B
ULTRATECH CEMENT LIMITED Stock UltraTech Cement Limited
-5.35% 34.42B
GRASIM INDUSTRIES LIMITED Stock Grasim Industries Limited
+11.36% 19.41B
AMBUJA CEMENTS Stock Ambuja Cements
+18.73% 18.59B
HEIDELBERG MATERIALS AG Stock Heidelberg Materials AG
+19.10% 18.81B
CEMEX, S.A.B. DE C.V. Stock CEMEX, S.A.B. de C.V.
+4.54% 12.03B
SUMMIT MATERIALS, INC. Stock Summit Materials, Inc.
+4.34% 7.04B
Other Construction Materials
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