Financials KOSÉ Corporation

Equities

4922

JP3283650004

Personal Products

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-23 am EDT			5-day change	1st Jan Change
9,739 ^JPY	+2.21%		-0.35%	-7.91%

May. 17	KOSE to Grant 57 Million Yen Worth of Restricted Stock	MT
Apr. 22	Kose Board OKs Disposal of Treasury Shares Worth 58 Million Yen as Restricted Stock Compensation	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	912,696	1,004,041	744,501	822,717	603,383	555,683	-	-
Enterprise Value (EV) ¹	819,976	908,138	640,636	716,164	568,383	430,516	439,242	428,784
P/E ratio	24.7 x	37.6 x	55.8 x	43.8 x	51.7 x	34 x	29.1 x	25.8 x
Yield	1.13%	1.08%	0.92%	0.97%	1.32%	1.47%	1.54%	1.65%
Capitalization / Revenue	2.74 x	3.06 x	3.31 x	2.85 x	2.01 x	1.71 x	1.62 x	1.55 x
EV / Revenue	2.46 x	2.77 x	2.85 x	2.48 x	1.89 x	1.33 x	1.28 x	1.2 x
EV / EBITDA	13.4 x	18.2 x	23.5 x	21.8 x	21.4 x	12.8 x	11.6 x	10.1 x
EV / FCF	66.6 x	50.2 x	49 x	51.3 x	29.6 x	-293 x	47.1 x	24.4 x
FCF Yield	1.5%	1.99%	2.04%	1.95%	3.38%	-0.34%	2.12%	4.1%
Price to Book	4.37 x	4.49 x	3.52 x	3.18 x	2.27 x	2.04 x	1.99 x	1.91 x
Nbr of stocks (in thousands)	57,043	57,048	57,050	57,054	57,058	57,057	-	-
Reference price ²	16,000	17,600	13,050	14,420	10,575	9,739	9,739	9,739
Announcement Date	4/26/19	4/30/20	2/14/22	2/13/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	332,995	327,724	224,983	289,136	300,406	324,636	342,110	358,242
EBITDA ¹	61,231	49,864	27,279	32,822	26,567	33,561	37,908	42,404
EBIT ¹	52,408	40,231	18,852	22,120	15,985	23,698	28,237	31,803
Operating Margin	15.74%	12.28%	8.38%	7.65%	5.32%	7.3%	8.25%	8.88%
Earnings before Tax (EBT) ¹	54,949	40,365	21,335	27,867	19,506	26,040	30,116	33,667
Net income ¹	37,004	26,682	13,341	18,771	11,663	16,346	19,093	21,502
Net margin	11.11%	8.14%	5.93%	6.49%	3.88%	5.04%	5.58%	6%
EPS ²	648.7	467.8	233.9	329.0	204.4	286.5	334.6	376.9
Free Cash Flow ¹	12,320	18,084	13,077	13,950	19,200	-1,467	9,328	17,570
FCF margin	3.7%	5.52%	5.81%	4.82%	6.39%	-0.45%	2.73%	4.9%
FCF Conversion (EBITDA)	20.12%	36.27%	47.94%	42.5%	72.27%	-	24.61%	41.44%
FCF Conversion (Net income)	33.29%	67.78%	98.02%	74.32%	164.62%	-	48.86%	81.71%
Dividend per Share ²	180.0	190.0	120.0	140.0	140.0	143.0	149.7	160.9
Announcement Date	4/26/19	4/30/20	2/14/22	2/13/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	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 Q1	2025 S1	2025 S2	2026 S1
Net sales ¹	171,999	170,773	156,951	134,024	102,050	102,050	59,013	71,591	130,604	70,283	88,249	158,532	68,158	76,137	144,295	74,666	81,445	156,111	77,583	79,313	156,400	82,557	91,354	171,900	-	-	-	-
EBITDA	-	-	-	-	-	-	-	9,329	-	8,063	12,472	-	8,341	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	21,696	28,314	11,917	5,609	10,063	10,063	370	6,839	7,209	5,272	9,639	14,911	5,833	4,587	10,420	5,609	-44	5,565	7,902	6,210	14,502	7,270	5,330	13,700	5,000	-	-	-
Operating Margin	12.61%	16.58%	7.59%	4.19%	9.86%	9.86%	0.63%	9.55%	5.52%	7.5%	10.92%	9.41%	8.56%	6.02%	7.22%	7.51%	-0.05%	3.56%	10.19%	7.83%	9.27%	8.81%	5.83%	7.97%	-	-	-	-
Earnings before Tax (EBT)	-	27,981	-	8,887	11,762	-	2,885	12,036	14,921	7,254	5,692	-	6,294	-	13,636	6,943	-	-	10,273	-	-	-	-	-	-	-	-	-
Net income	14,790	18,192	8,490	5,683	7,882	-	1,437	7,446	8,883	4,958	4,930	-	3,897	4,800	8,697	4,451	-1,485	-	6,943	-	-	-	-	-	-	-	-	-
Net margin	8.6%	10.65%	5.41%	4.24%	7.72%	-	2.44%	10.4%	6.8%	7.05%	5.59%	-	5.72%	6.3%	6.03%	5.96%	-1.82%	-	8.95%	-	-	-	-	-	-	-	-	-
EPS ²	259.3	318.9	148.8	-	138.2	-	25.20	131.0	155.7	86.89	86.42	-	68.32	84.13	152.4	78.00	-	-	121.7	57.84	-	70.10	25.54	-	-	-	-	-
Dividend per Share	-	95.00	-	60.00	-	-	-	70.00	70.00	-	70.00	-	-	70.00	70.00	-	-	-	-	-	70.00	-	-	80.00	-	90.00	90.00	100.0
Announcement Date	4/26/19	10/31/19	4/30/20	7/30/21	2/14/22	2/14/22	5/12/22	8/10/22	8/10/22	11/11/22	2/13/23	2/13/23	5/11/23	8/9/23	8/9/23	11/13/23	2/13/24	2/13/24	5/8/24	-	-	-	-	-	-	-	-	-

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	92,720	95,903	103,865	106,553	35,000	125,166	116,440	126,898
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	12,320	18,084	13,077	13,950	19,200	-1,467	9,328	17,570
ROE (net income / shareholders' equity)	18.8%	12.3%	6.03%	7.5%	4.4%	6.1%	6.93%	7.5%
ROA (Net income/ Total Assets)	18.9%	13.4%	4.25%	5.52%	5.54%	4.81%	5.05%	5.55%
Assets ¹	195,971	198,416	314,202	339,808	210,563	339,526	378,080	387,427
Book Value Per Share ²	3,661	3,920	3,706	4,539	4,665	4,764	4,888	5,109
Cash Flow per Share ²	789.0	623.0	312.0	500.0	372.0	358.0	630.0	681.0
Capex ¹	17,101	19,874	5,149	6,847	11,200	20,143	16,057	11,743
Capex / Sales	5.14%	6.06%	2.29%	2.37%	3.73%	6.2%	4.69%	3.28%
Announcement Date	4/26/19	4/30/20	2/14/22	2/13/23	2/13/24	-	-	-

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 KOSÉ Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

9,739 JPY

Average target price

9,436 JPY

Spread / Average Target

-3.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Cosmetics & Perfumes

	1st Jan change	Capi.
KOSÉ CORPORATION	-7.91%	3.47B
L'ORÉAL	+0.07%	263B
KAO CORPORATION	+18.47%	20.47B
GALDERMA GROUP AG	0.00%	19.13B
SHISEIDO COMPANY, LIMITED	+13.24%	12.21B
AMOREPACIFIC CORPORATION	+29.66%	8.48B
PROYA COSMETICS CO.,LTD.	+10.58%	5.89B
NATURA &CO HOLDING S.A.	-7.70%	4.31B
INTER PARFUMS, INC.	-18.08%	3.79B
INTERPARFUMS	-4.07%	3.59B

Cosmetics & Perfumes