Financials UBE Corporation

Equities

4208

JP3158800007

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 11:30:00 02/05/2024 am IST			5-day change	1st Jan Change
2,865 ^JPY	+0.05%		+1.31%	+25.11%

25/04	UBE Corporation Revises Earnings Forecast for the Full Year of the Fiscal Year Ending March 31, 2024 (April 1, 2023 to March 31, 2024)	CI
25/04	UBE Corporation Revises Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,29,801	1,67,475	2,38,479	1,93,256	1,99,381	2,78,102	-	-
Enterprise Value (EV) ¹	3,84,197	3,16,967	3,72,979	3,55,576	3,86,349	4,59,209	4,71,167	4,75,593
P/E ratio	7.28 x	7.29 x	10.4 x	8.01 x	-28.4 x	12.6 x	10.8 x	8.93 x
Yield	3.52%	5.43%	3.82%	4.76%	4.62%	3.49%	3.54%	3.75%
Capitalization / Revenue	0.31 x	0.25 x	0.39 x	0.29 x	0.4 x	0.59 x	0.56 x	0.54 x
EV / Revenue	0.53 x	0.47 x	0.61 x	0.54 x	0.78 x	0.97 x	0.95 x	0.92 x
EV / EBITDA	4.74 x	4.47 x	5.99 x	4.41 x	9.26 x	10 x	9.08 x	7.89 x
EV / FCF	44.1 x	15.2 x	12.9 x	-33.3 x	-49 x	44 x	471 x	72.1 x
FCF Yield	2.27%	6.59%	7.74%	-3%	-2.04%	2.27%	0.21%	1.39%
Price to Book	0.7 x	0.5 x	0.66 x	0.52 x	0.55 x	0.74 x	0.71 x	0.67 x
Nbr of stocks (in thousands)	1,01,011	1,01,071	1,01,136	96,773	97,022	97,069	-	-
Reference price ²	2,275	1,657	2,358	1,997	2,055	2,865	2,865	2,865
Announcement Date	14/05/19	13/05/20	12/05/21	12/05/22	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	7,30,157	6,67,892	6,13,889	6,55,265	4,94,738	4,73,440	4,97,629	5,17,629
EBITDA ¹	80,971	70,860	62,284	80,544	41,700	45,733	51,900	60,260
EBIT ¹	44,551	34,033	25,902	44,038	16,290	17,586	23,586	30,650
Operating Margin	6.1%	5.1%	4.22%	6.72%	3.29%	3.71%	4.74%	5.92%
Earnings before Tax (EBT) ¹	44,678	30,364	22,433	36,794	-2,596	25,825	31,800	38,975
Net income ¹	32,499	22,976	22,936	24,500	-7,006	22,114	25,700	31,171
Net margin	4.45%	3.44%	3.74%	3.74%	-1.42%	4.67%	5.16%	6.02%
EPS ²	312.4	227.3	226.8	249.3	-72.25	227.6	264.8	320.7
Free Cash Flow ¹	8,721	20,874	28,857	-10,662	-7,892	10,425	1,000	6,600
FCF margin	1.19%	3.13%	4.7%	-1.63%	-1.6%	2.2%	0.2%	1.28%
FCF Conversion (EBITDA)	10.77%	29.46%	46.33%	-	-	22.8%	1.93%	10.95%
FCF Conversion (Net income)	26.83%	90.85%	125.82%	-	-	47.14%	3.89%	21.17%
Dividend per Share ²	80.00	90.00	90.00	95.00	95.00	100.0	101.4	107.5
Announcement Date	14/05/19	13/05/20	12/05/21	12/05/22	12/05/23	-	-	-

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 Q3	2025 Q4
Net sales ¹	3,35,062	3,32,830	2,80,013	3,33,876	1,60,395	3,06,685	1,69,938	1,78,642	3,48,580	1,16,179	1,28,602	2,44,781	1,23,613	1,26,344	2,49,957	1,09,200	1,08,879	2,18,079	1,14,821	1,43,600	2,50,000	1,19,000	1,29,000	1,31,000	1,51,000
EBITDA	-	-	-	-	-	-	-	20,565	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	16,755	17,278	3,410	22,492	10,188	19,088	13,754	11,196	24,950	4,355	4,164	8,519	4,469	3,302	7,771	2,600	2,621	5,221	7,079	5,600	11,600	500	5,500	7,000	8,000
Operating Margin	5%	5.19%	1.22%	6.74%	6.35%	6.22%	8.09%	6.27%	7.16%	3.75%	3.24%	3.48%	3.62%	2.61%	3.11%	2.38%	2.41%	2.39%	6.17%	3.9%	4.64%	0.42%	4.26%	5.34%	5.3%
Earnings before Tax (EBT)	15,786	-	1,817	-	-	15,998	12,099	-	-	9,631	-	4,809	-590	-	-	5,100	-	10,774	12,511	-	-	-	-	-	-
Net income ¹	10,790	12,186	272	22,664	4,791	9,546	8,553	6,401	14,954	5,738	-6,079	-341	-814	-5,851	-6,665	3,700	5,319	9,019	10,927	4,000	-	2,100	6,500	7,700	6,000
Net margin	3.22%	3.66%	0.1%	6.79%	2.99%	3.11%	5.03%	3.58%	4.29%	4.94%	-4.73%	-0.14%	-0.66%	-4.63%	-2.67%	3.39%	4.89%	4.14%	9.52%	2.79%	-	1.76%	5.04%	5.88%	3.97%
EPS	106.8	-	2.690	-	-	95.89	87.45	-	-	59.25	-	-3.520	-8.390	-	-	37.66	-	92.93	112.6	-	-	-	-	-	-
Dividend per Share	45.00	-	45.00	-	-	45.00	-	-	-	-	-	50.00	-	-	-	-	-	50.00	-	-	-	-	-	-	-
Announcement Date	01/11/19	13/05/20	30/10/20	12/05/21	02/11/21	02/11/21	02/02/22	12/05/22	12/05/22	04/08/22	04/11/22	04/11/22	03/02/23	12/05/23	12/05/23	04/08/23	06/11/23	06/11/23	05/02/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,54,396	1,49,492	1,34,500	1,62,320	1,86,968	1,81,108	1,93,066	1,97,492
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.907 x	2.11 x	2.159 x	2.015 x	4.484 x	3.96 x	3.72 x	3.277 x
Free Cash Flow ¹	8,721	20,874	28,857	-10,662	-7,892	10,425	1,000	6,600
ROE (net income / shareholders' equity)	10.1%	6.9%	6.6%	6.7%	-1.9%	6.02%	6.77%	7.82%
ROA (Net income/ Total Assets)	6.45%	4.87%	3.11%	5.17%	-1.11%	3.3%	3.65%	4.4%
Assets ¹	5,03,725	4,71,931	7,37,018	4,73,991	6,32,784	6,70,130	7,04,753	7,07,906
Book Value Per Share ²	3,261	3,288	3,550	3,813	3,727	3,868	4,051	4,262
Cash Flow per Share	662.0	592.0	587.0	621.0	190.0	-	-	-
Capex ¹	41,741	47,615	37,197	36,379	29,289	40,000	43,400	44,200
Capex / Sales	5.72%	7.13%	6.06%	5.55%	5.92%	8.45%	8.72%	8.54%
Announcement Date	14/05/19	13/05/20	12/05/21	12/05/22	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 UBE Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,865 JPY

Average target price

2,817 JPY

Spread / Average Target

-1.69%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Commodity Chemicals

	1st Jan change	Capi.
UBE CORPORATION	+25.11%	1.82B
AIR LIQUIDE	+3.28%	102B
SAUDI BASIC INDUSTRIES CORPORATION	-2.28%	65.53B
PT CHANDRA ASRI PACIFIC TBK	+46.19%	41.76B
WANHUA CHEMICAL GROUP CO., LTD.	+19.68%	38.66B
LYONDELLBASELL INDUSTRIES N.V.	+4.90%	32.28B
WESTLAKE CORPORATION	+9.53%	19.57B
NINGXIA BAOFENG ENERGY GROUP CO., LTD.	+15.64%	16.77B
HENGLI PETROCHEMICAL CO.,LTD.	+21.26%	15.08B
RONGSHENG PETROCHEMICAL CO., LTD.	+11.59%	14.83B

Other Commodity Chemicals