Financials Unicharm Corporation

Equities

8113

JP3951600000

Personal Products

Market Closed - Japan Exchange Other stock markets 11:30:00 02/05/2024 am IST			5-day change	1st Jan Change
4,684 ^JPY	-0.99%		+1.04%	-8.12%

03/05	Unicharm Buys Back Shares Totaling 6 Billion Yen in April	MT
30/04	Unicharm Disposes of 400 Million Yen Worth of Shares as Restricted Compensation	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	21,97,647	29,29,549	29,77,963	30,06,792	30,09,033	27,58,592	-	-
Enterprise Value (EV) ¹	21,06,726	27,63,204	27,08,978	27,26,211	26,77,383	24,92,975	24,35,261	23,71,571
P/E ratio	47.7 x	55.8 x	41 x	44.6 x	35.1 x	29.3 x	26.6 x	24.2 x
Yield	0.76%	0.65%	0.72%	0.75%	0.78%	0.92%	1%	1.07%
Capitalization / Revenue	3.08 x	4.03 x	3.8 x	3.35 x	3.2 x	2.74 x	2.58 x	2.44 x
EV / Revenue	2.95 x	3.8 x	3.46 x	3.04 x	2.84 x	2.48 x	2.28 x	2.1 x
EV / EBITDA	16.4 x	18.3 x	16.9 x	16.9 x	15.6 x	13.4 x	12 x	11 x
EV / FCF	72.9 x	25 x	39.4 x	32 x	23.1 x	27.2 x	23.2 x	20.6 x
FCF Yield	1.37%	4%	2.54%	3.12%	4.33%	3.67%	4.3%	4.85%
Price to Book	4.68 x	5.95 x	5.35 x	4.86 x	4.32 x	3.78 x	3.47 x	3.18 x
Nbr of stocks (in thousands)	5,93,959	5,98,845	5,95,712	5,93,290	5,90,238	5,88,939	-	-
Reference price ²	3,700	4,892	4,999	5,068	5,098	4,684	4,684	4,684
Announcement Date	13/02/20	15/02/21	15/02/22	08/02/23	07/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,14,233	7,27,475	7,82,723	8,98,022	9,41,790	10,05,690	10,67,262	11,28,520
EBITDA ¹	1,28,455	1,50,909	1,60,408	1,61,052	1,71,227	1,86,164	2,02,393	2,16,520
EBIT ¹	89,779	1,14,744	1,22,482	1,19,566	1,27,974	1,43,415	1,58,784	1,72,475
Operating Margin	12.57%	15.77%	15.65%	13.31%	13.59%	14.26%	14.88%	15.28%
Earnings before Tax (EBT) ¹	69,538	95,849	1,21,977	1,15,708	1,32,308	1,46,815	1,61,594	1,76,407
Net income ¹	46,116	52,344	72,745	67,608	86,053	93,128	1,01,626	1,11,467
Net margin	6.46%	7.2%	9.29%	7.53%	9.14%	9.26%	9.52%	9.88%
EPS ²	77.53	87.60	121.8	113.6	145.4	160.1	175.9	193.3
Free Cash Flow ¹	28,914	1,10,622	68,701	85,071	1,15,929	91,494	1,04,770	1,15,020
FCF margin	4.05%	15.21%	8.78%	9.47%	12.31%	9.1%	9.82%	10.19%
FCF Conversion (EBITDA)	22.51%	73.3%	42.83%	52.82%	67.7%	49.15%	51.77%	53.12%
FCF Conversion (Net income)	62.7%	211.34%	94.44%	125.83%	134.72%	98.25%	103.09%	103.19%
Dividend per Share ²	28.00	32.00	36.00	38.00	40.00	43.25	46.75	50.25
Announcement Date	13/02/20	15/02/21	15/02/22	08/02/23	07/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	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 S1	2025 S2	2026 S1
Net sales ¹	3,71,735	3,56,553	3,70,922	3,76,960	1,94,918	2,10,845	4,05,763	2,04,373	2,17,241	4,21,614	2,32,934	2,43,474	4,76,408	2,20,839	2,33,061	4,53,900	2,33,494	2,54,359	4,87,853	2,37,420	2,49,200	4,81,700	2,53,040	2,76,980	5,27,700	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	50,559	55,327	59,417	61,783	35,634	25,065	60,699	29,948	25,473	55,421	36,241	27,904	64,145	28,427	30,273	58,700	33,989	35,238	-	33,240	35,180	70,300	38,700	39,180	74,100	-	-	-
Operating Margin	13.6%	15.52%	16.02%	16.39%	18.28%	11.89%	14.96%	14.65%	11.73%	13.14%	15.56%	11.46%	13.46%	12.87%	12.99%	12.93%	14.56%	13.85%	-	14%	14.12%	14.59%	15.29%	14.15%	14.04%	-	-	-
Earnings before Tax (EBT) ¹	30,536	39,093	56,756	64,756	36,895	20,326	57,221	30,777	25,595	56,372	35,044	24,292	-	28,206	32,794	61,000	40,053	31,266	-	33,100	-	-	-	-	-	-	-	-
Net income ¹	20,818	19,278	33,129	39,963	21,985	10,797	32,782	16,826	14,938	31,764	20,710	15,134	-	16,516	18,184	34,700	26,326	-	-	19,800	-	-	-	-	-	-	-	-
Net margin	5.6%	5.41%	8.93%	10.6%	11.28%	5.12%	8.08%	8.23%	6.88%	7.53%	8.89%	6.22%	-	7.48%	7.8%	7.64%	11.27%	-	-	8.34%	-	-	-	-	-	-	-	-
EPS ²	35.02	32.30	55.30	66.77	36.87	18.14	55.01	28.22	25.04	53.26	34.84	25.51	-	27.84	30.63	58.47	44.52	-	-	32.74	36.32	-	40.76	48.09	-	-	-	-
Dividend per Share	-	16.00	-	18.00	-	18.00	-	-	19.00	19.00	-	19.00	-	-	20.00	20.00	-	-	-	-	-	20.00	-	-	20.00	22.00	22.00	24.00
Announcement Date	13/02/20	05/08/20	15/02/21	04/08/21	05/11/21	15/02/22	15/02/22	09/05/22	04/08/22	04/08/22	07/11/22	08/02/23	08/02/23	08/05/23	04/08/23	04/08/23	07/11/23	07/02/24	07/02/24	-	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	90,921	1,66,345	2,68,985	2,80,581	3,31,650	2,65,617	3,23,331	3,87,021
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	28,914	1,10,622	68,701	85,071	1,15,929	91,494	1,04,770	1,15,020
ROE (net income / shareholders' equity)	10.1%	10.8%	13.8%	11.5%	13.1%	12.5%	12.8%	13%
ROA (Net income/ Total Assets)	8.38%	10.9%	13%	11.4%	12.1%	8.9%	8.42%	8.6%
Assets ¹	5,50,266	4,79,870	5,60,918	5,95,071	7,09,860	10,46,914	12,06,478	12,95,922
Book Value Per Share ²	791.0	822.0	935.0	1,043	1,179	1,240	1,351	1,475
Cash Flow per Share ²	143.0	148.0	185.0	183.0	219.0	266.0	299.0	323.0
Capex ¹	56,022	39,632	36,552	42,627	46,486	45,000	44,700	45,275
Capex / Sales	7.84%	5.45%	4.67%	4.75%	4.94%	4.47%	4.19%	4.01%
Announcement Date	13/02/20	15/02/21	15/02/22	08/02/23	07/02/24	-	-	-

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 Unicharm Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,684 JPY

Average target price

5,653 JPY

Spread / Average Target

+20.69%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Sanitary Products