Financials Kurita Water Industries Ltd.

Equities

6370

JP3270000007

Environmental Services & Equipment

Delayed Japan Exchange Other stock markets 11:55:23 2024-05-08 pm EDT			5-day change	1st Jan Change
6,307 ^JPY	+0.13%		+0.49%	+14.28%

Mar. 25	Waterplan and Kurita Water Industries Forge Strategic Alliance to Accelerate Water Security	CI
Feb. 29	Kurita Water Industries Ltd. Announces Management Changes, Effective April 1, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	317,415	280,517	533,062	510,772	678,903	707,772	-	-
Enterprise Value (EV) ¹	286,079	266,978	502,486	504,175	728,501	760,063	757,302	743,561
P/E ratio	18.3 x	15.3 x	27.9 x	27.6 x	33.7 x	24.8 x	22 x	19.7 x
Yield	1.91%	2.48%	1.39%	1.58%	1.29%	1.33%	1.42%	1.76%
Capitalization / Revenue	1.22 x	1.06 x	1.99 x	1.77 x	1.97 x	1.85 x	1.82 x	1.73 x
EV / Revenue	1.1 x	1.01 x	1.88 x	1.75 x	2.11 x	1.98 x	1.95 x	1.82 x
EV / EBITDA	6.8 x	5.78 x	9.61 x	8.52 x	11 x	11 x	9.96 x	9 x
EV / FCF	-21.9 x	-42.3 x	92.5 x	-45 x	309 x	65.7 x	36.1 x	23.9 x
FCF Yield	-4.57%	-2.36%	1.08%	-2.22%	0.32%	1.52%	2.77%	4.18%
Price to Book	1.34 x	1.16 x	2.11 x	1.88 x	2.31 x	2.24 x	2.1 x	1.95 x
Nbr of stocks (in thousands)	112,280	112,297	112,342	112,381	112,401	112,363	-	-
Reference price ²	2,827	2,498	4,745	4,545	6,040	6,299	6,299	6,299
Announcement Date	5/13/19	5/18/20	5/6/21	5/6/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	259,409	264,807	267,749	288,207	344,608	383,000	388,250	408,283
EBITDA ¹	42,087	46,179	52,268	59,146	66,334	69,040	76,060	82,660
EBIT ¹	24,326	27,479	31,529	35,734	29,058	40,750	46,267	51,733
Operating Margin	9.38%	10.38%	11.78%	12.4%	8.43%	10.64%	11.92%	12.67%
Earnings before Tax (EBT) ¹	27,532	26,691	29,150	30,079	30,151	40,633	46,150	51,533
Net income ¹	17,323	18,287	19,088	18,471	20,134	28,572	32,217	35,877
Net margin	6.68%	6.91%	7.13%	6.41%	5.84%	7.46%	8.3%	8.79%
EPS ²	154.3	162.9	169.9	164.4	179.1	254.2	286.7	319.2
Free Cash Flow ¹	-13,081	-6,307	5,434	-11,192	2,357	11,576	20,995	31,099
FCF margin	-5.04%	-2.38%	2.03%	-3.88%	0.68%	3.02%	5.41%	7.62%
FCF Conversion (EBITDA)	-	-	10.4%	-	3.55%	16.77%	27.6%	37.62%
FCF Conversion (Net income)	-	-	28.47%	-	11.71%	40.51%	65.17%	86.68%
Dividend per Share ²	54.00	62.00	66.00	72.00	78.00	84.00	89.60	110.6
Announcement Date	5/13/19	5/18/20	5/6/21	5/6/22	5/11/23	-	-	-

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	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	131,758	133,049	131,012	72,039	135,239	75,984	76,984	74,660	86,020	160,680	91,026	92,902	90,500	97,900	188,400	98,312	97,319	199,138	92,850	98,300	99,900	97,650
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	18,504	8,975	16,460	8,949	14,883	10,790	10,061	6,378	9,968	16,346	11,323	1,389	8,100	10,200	18,300	12,231	10,433	22,914	10,100	11,900	12,300	12,500
Operating Margin	14.04%	6.75%	12.56%	12.42%	11%	14.2%	13.07%	8.54%	11.59%	10.17%	12.44%	1.5%	8.95%	10.42%	9.71%	12.44%	10.72%	11.51%	10.88%	12.11%	12.31%	12.8%
Earnings before Tax (EBT)	18,772	7,919	15,846	5,561	11,161	9,612	9,306	7,325	-	17,509	11,454	-	8,120	-	18,183	12,288	-	-	-	-	-	-
Net income ¹	13,490	4,797	10,772	2,005	5,705	6,326	6,440	4,865	-	12,379	7,770	-	5,695	-	12,595	9,311	6,694	-	7,100	9,100	9,400	7,000
Net margin	10.24%	3.61%	8.22%	2.78%	4.22%	8.33%	8.37%	6.52%	-	7.7%	8.54%	-	6.29%	-	6.69%	9.47%	6.88%	-	7.65%	9.26%	9.41%	7.17%
EPS ²	120.2	-	95.91	-	50.78	56.30	-	43.29	66.86	110.2	69.13	-0.1400	50.67	61.38	112.0	82.84	51.61	-	-	-	-	-
Dividend per Share	31.00	-	32.00	-	36.00	-	-	-	-	39.00	-	-	-	-	42.00	-	-	-	-	-	-	-
Announcement Date	11/11/19	5/18/20	11/5/20	10/29/21	10/29/21	1/31/22	5/6/22	7/29/22	10/31/22	10/31/22	2/2/23	5/11/23	8/8/23	11/7/23	11/7/23	2/9/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	49,598	52,292	49,530	35,790
Net Cash position ¹	31,336	13,539	30,576	6,597	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	0.7477 x	0.7574 x	0.6512 x	0.433 x
Free Cash Flow ¹	-13,081	-6,307	5,434	-11,192	2,357	11,576	20,995	31,099
ROE (net income / shareholders' equity)	7.3%	7.6%	7.7%	7%	7.1%	9.41%	9.96%	10.4%
ROA (Net income/ Total Assets)	7.11%	7.24%	7.17%	6.72%	6.21%	6.48%	6.92%	7.45%
Assets ¹	243,680	252,690	266,079	274,774	324,377	440,919	465,546	481,382
Book Value Per Share ²	2,116	2,159	2,253	2,420	2,615	2,812	3,006	3,224
Cash Flow per Share	298.0	329.0	355.0	373.0	511.0	-	-	-
Capex ¹	38,170	33,281	34,568	68,471	48,241	40,000	46,250	36,750
Capex / Sales	14.71%	12.57%	12.91%	23.76%	14%	10.44%	11.91%	9%
Announcement Date	5/13/19	5/18/20	5/6/21	5/6/22	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 Kurita Water Industries Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6,299 JPY

Average target price

6,893 JPY

Spread / Average Target

+9.43%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Environmental Services & Equipment

	1st Jan change	Capi.
KURITA WATER INDUSTRIES LTD.	+14.28%	4.56B
WASTE MANAGEMENT, INC.	+17.25%	84.43B
REPUBLIC SERVICES, INC.	+13.60%	59.38B
VERALTO CORPORATION	+17.59%	24.01B
TETRA TECH, INC.	+26.93%	11.39B
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A.	-8.38%	6.14B
GEM CO., LTD.	+24.36%	4.92B
CECEP ENVIRONMENTAL PROTECTION CO., LTD.	-4.21%	3.07B
BEIJING ORIGINWATER TECHNOLOGY CO., LTD.	-2.40%	2.48B
INFORE ENVIRONMENT TECHNOLOGY GROUP CO., LTD.	+3.16%	2.15B

Other Environmental Services & Equipment