Financials UACJ Corporation

Equities

5741

JP3826900007

Aluminum

Delayed Japan Exchange Other stock markets 11:30:00 10/05/2024 am IST			5-day change	1st Jan Change
4,960 ^JPY	+2.37%		+2.80%	+28.83%

09/02	Jefferies Adjusts UACJ’s Price Target to 4,900 Yen From 3,600 Yen, Keeps at Buy	MT
2023	Transcript : UACJ Corporation, 2023 Earnings Call, May 11, 2023

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,00,046	74,904	1,28,670	1,12,698	1,27,064	2,33,626	-	-
Enterprise Value (EV) ¹	4,66,098	4,06,173	4,62,151	4,37,811	4,68,934	5,56,889	5,37,728	5,20,009
P/E ratio	89.6 x	36.7 x	-39.4 x	3.52 x	27 x	19.7 x	9.91 x	9.04 x
Yield	2.89%	1.29%	-	3.64%	3.23%	1.86%	2.39%	2.63%
Capitalization / Revenue	0.15 x	0.12 x	0.23 x	0.14 x	0.13 x	0.27 x	0.25 x	0.24 x
EV / Revenue	0.7 x	0.66 x	0.81 x	0.56 x	0.49 x	0.63 x	0.58 x	0.54 x
EV / EBITDA	10.2 x	10.7 x	10.4 x	4.86 x	8.6 x	8.07 x	6.68 x	6.22 x
EV / FCF	-11.1 x	44.3 x	22.5 x	-33.1 x	18.3 x	-142 x	17.3 x	23.7 x
FCF Yield	-8.99%	2.26%	4.44%	-3.02%	5.47%	-0.71%	5.78%	4.21%
Price to Book	0.52 x	0.4 x	0.7 x	0.49 x	0.51 x	0.9 x	0.84 x	0.78 x
Nbr of stocks (in thousands)	48,238	48,232	48,227	48,223	48,222	48,220	-	-
Reference price ²	2,074	1,553	2,668	2,337	2,635	4,845	4,845	4,845
Announcement Date	14/05/19	19/05/20	12/05/21	12/05/22	11/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,61,330	6,15,150	5,69,756	7,82,911	9,62,885	8,77,951	9,27,694	9,56,132
EBITDA ¹	45,573	37,874	44,540	90,105	54,503	69,006	80,456	83,612
EBIT ¹	14,868	10,126	11,144	59,520	17,207	29,335	45,212	47,985
Operating Margin	2.25%	1.65%	1.96%	7.6%	1.79%	3.34%	4.87%	5.02%
Earnings before Tax (EBT) ¹	10,041	-1,622	3,473	50,114	7,166	19,785	36,660	40,180
Net income ¹	1,116	2,038	-3,269	32,054	4,703	11,852	23,576	25,852
Net margin	0.17%	0.33%	-0.57%	4.09%	0.49%	1.35%	2.54%	2.7%
EPS ²	23.14	42.26	-67.79	664.7	97.54	246.0	489.0	536.1
Free Cash Flow ¹	-41,893	9,168	20,533	-13,236	25,659	-3,933	31,100	21,900
FCF margin	-6.33%	1.49%	3.6%	-1.69%	2.66%	-0.45%	3.35%	2.29%
FCF Conversion (EBITDA)	-	24.21%	46.1%	-	47.08%	-	38.65%	26.19%
FCF Conversion (Net income)	-	449.85%	-	-	545.59%	-	131.92%	84.71%
Dividend per Share ²	60.00	20.00	-	85.00	85.00	90.00	115.7	127.5
Announcement Date	14/05/19	19/05/20	12/05/21	12/05/22	11/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	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	3,14,608	-	2,64,608	1,91,253	3,65,036	1,97,616	2,20,259	2,47,266	2,42,492	4,89,758	2,38,568	2,34,559	2,11,103	2,23,840	4,34,943	2,25,334	2,24,707	2,12,414	2,24,105	2,29,926	2,29,555
EBITDA ¹	-	-	-	24,954	-	21,829	24,331	26,395	12,326	-	3,573	11,280	17,078	13,827	-	18,535	20,027	15,496	16,046	16,038	40,158
EBIT ¹	3,428	-	-1,122	16,655	29,866	12,950	16,704	18,344	3,128	21,472	-6,017	1,752	8,177	4,725	12,902	9,285	7,374	8,990	9,515	9,492	20,839
Operating Margin	1.09%	-	-0.42%	8.71%	8.18%	6.55%	7.58%	7.42%	1.29%	4.38%	-2.52%	0.75%	3.87%	2.11%	2.97%	4.12%	3.28%	4.23%	4.25%	4.13%	9.08%
Earnings before Tax (EBT) ¹	-525	-1,097	-4,148	-	25,439	10,792	13,883	19,896	103	19,999	-10,700	-2,133	7,560	2,563	10,123	3,309	7,323	6,151	6,926	6,971	18,183
Net income ¹	-3,389	-	-5,052	8,531	17,300	5,933	8,821	14,204	1,009	15,213	-7,883	-2,627	2,927	1,622	4,549	2,244	5,012	3,657	4,586	4,616	11,663
Net margin	-1.08%	-	-1.91%	4.46%	4.74%	3%	4%	5.74%	0.42%	3.11%	-3.3%	-1.12%	1.39%	0.72%	1.05%	1%	2.23%	1.72%	2.05%	2.01%	5.08%
EPS ²	-70.26	-	-104.7	-	358.7	123.0	182.9	294.6	20.92	315.5	-163.5	-54.47	60.70	33.63	94.33	46.55	137.6	58.34	65.80	67.02	369.7
Dividend per Share ²	-	-	-	-	-	-	85.00	-	-	-	-	85.00	-	45.00	45.00	-	45.00	-	55.00	-	55.00
Announcement Date	05/11/19	19/05/20	05/11/20	04/11/21	04/11/21	03/02/22	12/05/22	04/08/22	08/11/22	08/11/22	07/02/23	11/05/23	03/08/23	09/11/23	09/11/23	08/02/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,66,052	3,31,269	3,33,481	3,25,113	3,41,870	3,23,263	3,04,102	2,86,384
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	8.032 x	8.747 x	7.487 x	3.608 x	6.272 x	4.685 x	3.78 x	3.425 x
Free Cash Flow ¹	-41,893	9,168	20,533	-13,236	25,659	-3,933	31,100	21,900
ROE (net income / shareholders' equity)	0.6%	1.1%	-1.8%	15.6%	2%	4.64%	8.88%	9.21%
ROA (Net income/ Total Assets)	0.78%	0.49%	0.8%	6.7%	1.03%	1.3%	2.45%	2.75%
Assets ¹	1,42,305	4,19,652	-4,07,596	4,78,698	4,54,796	9,11,703	9,62,265	9,40,084
Book Value Per Share ²	3,960	3,905	3,796	4,728	5,144	5,383	5,761	6,178
Cash Flow per Share	587.0	618.0	554.0	1,299	792.0	-	-	-
Capex ¹	52,544	48,947	18,090	20,728	26,394	30,482	36,181	42,733
Capex / Sales	7.95%	7.96%	3.18%	2.65%	2.74%	3.47%	3.9%	4.47%
Announcement Date	14/05/19	19/05/20	12/05/21	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 UACJ Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,845 JPY

Average target price

4,823 JPY

Spread / Average Target

-0.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Aluminum Rolling

	1st Jan change	Capi.
UACJ CORPORATION	+28.83%	1.5B
GUANGDONG HEC TECHNOLOGY HOLDING CO., LTD	+23.19%	3.71B
SHANGHAI HUAFON ALUMINIUM CORPORATION	+15.99%	2.88B
HENAN MINGTAI AL.INDUSTRIAL CO.,LTD.	+20.90%	2.36B
JIANGSU DINGSHENG NEW MATERIALS JOINT-STOCK CO.,LTD	-5.59%	1.46B
SHANDONG HONTRON ALUMINUM INDUSTRY HOLDING COMPANY LIMITED	+24.45%	889M
ANHUI XINBO ALUMINUM CO., LTD.	-15.60%	716M
ZYF LOPSKING ALUMINUM CO., LTD.	-1.07%	604M
JIANGSU ALCHA ALUMINIUM GROUP CO., LTD.	-16.47%	501M
BORYSZEW S.A.	+1.30%	323M

Aluminum Rolling