Financials Kansai Paint Co., Ltd.

Equities

4613

JP3229400001

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,060 ^JPY	+1.58%		+1.60%	-14.49%

Apr. 01	Kansai Paint Cancels 12% of Issued Shares	MT
Mar. 25	Kansai Paint to Cancel 28.2 Million Shares Effective March 29	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	542,832	529,080	759,594	506,911	417,775	433,469	-	-
Enterprise Value (EV) ¹	586,217	558,898	755,725	512,485	448,856	463,469	405,748	394,636
P/E ratio	31.2 x	28.6 x	37.9 x	19.1 x	17.1 x	6.79 x	13.2 x	12.5 x
Yield	1.42%	1.46%	1.02%	1.52%	1.68%	1.82%	2.11%	2.23%
Capitalization / Revenue	1.27 x	1.3 x	2.08 x	1.21 x	0.82 x	0.77 x	0.74 x	0.71 x
EV / Revenue	1.37 x	1.37 x	2.07 x	1.22 x	0.88 x	0.83 x	0.69 x	0.65 x
EV / EBITDA	12.7 x	10.8 x	15.4 x	10.7 x	9.38 x	6.42 x	5.45 x	5.13 x
EV / FCF	46.5 x	21.2 x	24.3 x	38.1 x	11.3 x	7.21 x	12.4 x	10.1 x
FCF Yield	2.15%	4.72%	4.12%	2.62%	8.82%	13.9%	8.05%	9.92%
Price to Book	2.01 x	1.97 x	2.65 x	1.58 x	1.41 x	1.42 x	1.31 x	1.21 x
Nbr of stocks (in thousands)	257,144	257,085	257,054	256,924	233,655	210,422	-	-
Reference price ²	2,111	2,058	2,955	1,973	1,788	2,060	2,060	2,060
Announcement Date	5/10/19	5/12/20	5/12/21	5/11/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	427,425	406,886	364,620	419,190	509,070	560,795	584,390	606,935
EBITDA ¹	46,223	51,788	49,048	48,111	47,848	72,183	74,404	76,853
EBIT ¹	32,306	31,510	31,228	30,096	32,077	51,726	52,708	54,151
Operating Margin	7.56%	7.74%	8.56%	7.18%	6.3%	9.22%	9.02%	8.92%
Earnings before Tax (EBT) ¹	33,666	34,490	40,826	43,836	43,469	104,240	58,472	61,611
Net income ¹	17,405	18,477	20,027	26,525	25,195	66,875	34,595	35,965
Net margin	4.07%	4.54%	5.49%	6.33%	4.95%	11.93%	5.92%	5.93%
EPS ²	67.68	71.87	77.91	103.2	104.6	303.3	156.3	164.9
Free Cash Flow ¹	12,614	26,375	31,100	13,437	39,588	64,318	32,658	39,166
FCF margin	2.95%	6.48%	8.53%	3.21%	7.78%	11.47%	5.59%	6.45%
FCF Conversion (EBITDA)	27.29%	50.93%	63.41%	27.93%	82.74%	89.1%	43.89%	50.96%
FCF Conversion (Net income)	72.47%	142.75%	155.29%	50.66%	157.13%	96.18%	94.4%	108.9%
Dividend per Share ²	30.00	30.00	30.00	30.00	30.00	37.50	43.40	45.97
Announcement Date	5/10/19	5/12/20	5/12/21	5/11/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	208,568	162,494	105,534	203,301	108,262	107,627	215,889	120,448	130,252	250,700	132,308	126,062	136,436	137,569	274,005	148,289	140,186	289,100	148,250	149,500	159,750	149,850
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	19,181	-	21,476	15,649	-	17,950	17,450	18,250	16,750
EBIT ¹	17,443	9,233	8,103	16,833	7,242	6,021	-	8,487	7,275	15,762	8,405	7,910	12,105	13,629	25,734	15,656	10,048	-	13,600	13,100	13,900	12,400
Operating Margin	8.36%	5.68%	7.68%	8.28%	6.69%	5.59%	-	7.05%	5.59%	6.29%	6.35%	6.27%	8.87%	9.91%	9.39%	10.56%	7.17%	-	9.17%	8.76%	8.7%	8.27%
Earnings before Tax (EBT)	18,278	10,589	9,993	22,260	9,855	11,721	-	13,449	-	23,665	7,633	12,171	59,264	-	75,669	12,303	-	-	-	-	-	-
Net income ¹	9,801	4,281	6,141	11,487	6,188	8,850	-	6,450	5,921	12,371	4,417	8,407	37,609	8,843	46,452	7,491	11,903	-	10,400	8,900	9,300	9,600
Net margin	4.7%	2.63%	5.82%	5.65%	5.72%	8.22%	-	5.36%	4.55%	4.93%	3.34%	6.67%	27.57%	6.43%	16.95%	5.05%	8.49%	-	7.02%	5.95%	5.82%	6.41%
EPS ²	38.12	16.66	23.90	44.70	24.08	34.45	-	25.18	24.63	49.81	19.11	35.69	164.7	39.58	204.2	33.33	79.20	-	45.12	38.61	40.35	41.65
Dividend per Share ²	15.00	15.00	-	15.00	-	-	-	-	-	15.00	-	-	-	18.00	18.00	-	20.00	-	-	20.00	-	22.00
Announcement Date	11/8/19	11/9/20	11/9/21	11/9/21	2/8/22	5/11/22	5/11/22	8/5/22	11/10/22	11/10/22	2/9/23	5/11/23	8/8/23	11/9/23	11/9/23	2/8/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	43,385	29,818	-	5,574	31,081	30,000	-	-
Net Cash position ¹	-	-	3,869	-	-	-	27,721	38,834
Leverage (Debt/EBITDA)	0.9386 x	0.5758 x	-	0.1159 x	0.6496 x	0.4156 x	-	-
Free Cash Flow ¹	12,614	26,375	31,100	13,437	39,588	64,318	32,658	39,167
ROE (net income / shareholders' equity)	6.4%	6.9%	7.2%	8.7%	8.2%	21.5%	10.6%	10.4%
ROA (Net income/ Total Assets)	5.87%	6.18%	6.24%	6.23%	6.34%	7.88%	5.78%	6.04%
Assets ¹	296,737	298,888	321,142	425,488	397,672	848,666	598,534	595,447
Book Value Per Share ²	1,050	1,046	1,116	1,246	1,271	1,455	1,573	1,696
Cash Flow per Share ²	122.0	128.0	134.0	159.0	170.0	423.0	244.0	361.0
Capex ¹	23,018	13,949	11,547	14,536	12,204	17,816	19,241	19,916
Capex / Sales	5.39%	3.43%	3.17%	3.47%	2.4%	3.18%	3.29%	3.28%
Announcement Date	5/10/19	5/12/20	5/12/21	5/11/22	5/11/23	-	-	-

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 Kansai Paint Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,060 JPY

Average target price

2,528 JPY

Spread / Average Target

+22.69%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Paint & Coating

	1st Jan change	Capi.
KANSAI PAINT CO., LTD.	-14.49%	2.75B
THE SHERWIN-WILLIAMS COMPANY	-1.75%	77.87B
ASIAN PAINTS LIMITED	-16.41%	32.71B
PPG INDUSTRIES, INC.	-12.97%	30.63B
NIPPON PAINT HOLDINGS CO., LTD.	-13.83%	14.66B
RPM INTERNATIONAL INC.	-3.81%	13.83B
BERGER PAINTS INDIA LIMITED	-16.71%	7.04B
AXALTA COATING SYSTEMS LTD.	-8.10%	6.89B
KANSAI NEROLAC PAINTS LIMITED	-15.90%	2.71B
SKSHU PAINT CO.,LTD.	-30.96%	2.39B

Paint & Coating