Financials Nippon Gas Co., Ltd.

Equities

8174

JP3695600001

Natural Gas Utilities

Delayed Japan Exchange Other stock markets 01:48:25 2024-05-23 am EDT			5-day change	1st Jan Change
2,413 ^JPY	-0.90%		-1.73%	+3.65%

May. 01	Nippon Gas' Attributable Profit Gains 2% in Fiscal Year 2024	MT
Apr. 30	Nippon Gas Co., Ltd. Announces Dividend for the Fiscal Year Ended March 31, 2024, Payable on June 26, 2024 and Provides Dividend Guidance for the Second Quarter and Full Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	127,151	142,677	225,340	171,553	219,042	271,486	-	-
Enterprise Value (EV) ¹	154,020	160,700	254,397	200,472	246,573	308,706	271,486	308,086
P/E ratio	30 x	18.8 x	24.4 x	17.3 x	20.7 x	26.9 x	19 x	17.6 x
Yield	2.29%	1.96%	2.16%	3.35%	3.38%	2.92%	3.75%	4.45%
Capitalization / Revenue	1.04 x	1.08 x	1.57 x	1.06 x	1.05 x	1.48 x	1.25 x	1.2 x
EV / Revenue	1.26 x	1.21 x	1.77 x	1.23 x	1.19 x	1.59 x	1.25 x	1.37 x
EV / EBITDA	8.23 x	7.42 x	10.3 x	8.13 x	9.23 x	10.8 x	8.48 x	9.44 x
EV / FCF	-13.2 x	23.9 x	164 x	16.8 x	20.5 x	24.3 x	18.1 x	20.5 x
FCF Yield	-7.59%	4.19%	0.61%	5.94%	4.87%	4.12%	5.53%	4.88%
Price to Book	1.84 x	2.09 x	3.25 x	2.39 x	2.98 x	3.95 x	3.86 x	3.95 x
Nbr of stocks (in thousands)	124,658	119,729	116,999	115,059	113,847	111,493	-	-
Reference price ²	1,020	1,192	1,926	1,491	1,924	2,435	2,435	2,435
Announcement Date	4/25/19	4/30/20	4/27/21	4/27/22	4/27/23	4/30/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	122,600	132,496	143,490	162,552	207,890	194,364	216,650	225,550
EBITDA ¹	18,722	21,660	24,734	24,647	26,708	28,673	32,000	32,633
EBIT ¹	8,900	11,519	13,627	12,786	15,215	17,442	19,900	21,075
Operating Margin	7.26%	8.69%	9.5%	7.87%	7.32%	8.97%	9.19%	9.34%
Earnings before Tax (EBT) ¹	7,186	10,154	13,260	14,456	15,232	15,144	20,200	21,167
Net income ¹	4,300	7,742	9,373	9,972	10,628	10,825	13,975	14,725
Net margin	3.51%	5.84%	6.53%	6.13%	5.11%	5.57%	6.45%	6.53%
EPS ²	34.00	63.33	78.94	86.24	93.13	95.64	127.9	138.7
Free Cash Flow ¹	-11,695	6,734	1,555	11,902	12,013	12,718	15,000	15,050
FCF margin	-9.54%	5.08%	1.08%	7.32%	5.78%	6.54%	6.92%	6.67%
FCF Conversion (EBITDA)	-	31.09%	6.29%	48.29%	44.98%	44.36%	46.88%	46.12%
FCF Conversion (Net income)	-	86.98%	16.59%	119.35%	113.03%	117.49%	107.33%	102.21%
Dividend per Share ²	23.33	23.33	41.67	50.00	65.00	75.00	91.25	108.3
Announcement Date	4/25/19	4/30/20	4/27/21	4/27/22	4/27/23	4/30/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	59,294	73,202	61,489	82,001	65,410	41,724	-	44,789	-	85,115	55,307	67,468	47,131	39,690	86,821	47,852	59,691	50,900	42,000	50,900	77,400
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,210	8,309	3,745	9,882	2,322	3,969	6,495	3,804	-1,067	2,737	3,306	9,172	4,033	950	4,983	4,270	8,189	4,200	1,200	5,000	9,500
Operating Margin	5.41%	11.35%	6.09%	12.05%	3.55%	9.51%	-	8.49%	-	3.22%	5.98%	13.59%	8.56%	2.39%	5.74%	8.92%	13.72%	8.25%	2.86%	9.82%	12.27%
Earnings before Tax (EBT)	2,970	-	3,563	-	3,581	3,984	-	3,823	-	2,771	3,297	9,164	4,087	-	5,099	4,446	-	4,200	1,200	5,000	9,700
Net income ¹	2,013	-	2,421	-	2,448	2,713	-	2,658	-	1,875	2,320	6,433	2,874	696	3,570	3,111	4,144	3,000	900	3,500	6,800
Net margin	3.39%	-	3.94%	-	3.74%	6.5%	-	5.93%	-	2.2%	4.19%	9.53%	6.1%	1.75%	4.11%	6.5%	6.94%	5.89%	2.14%	6.88%	8.79%
EPS ²	16.25	-	20.26	-	21.08	23.48	-	23.18	-	16.40	20.33	56.40	25.25	6.150	31.40	27.49	36.75	-	-	-	-
Dividend per Share	11.67	-	20.83	-	25.00	-	-	-	-	32.50	-	-	-	-	37.50	-	-	-	-	-	-
Announcement Date	10/31/19	4/30/20	11/2/20	4/27/21	10/28/21	1/27/22	4/27/22	8/2/22	11/1/22	11/1/22	1/31/23	4/27/23	7/27/23	10/31/23	10/31/23	2/1/24	4/30/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	26,869	18,023	29,057	28,919	27,531	20,201	-	36,600
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.435 x	0.8321 x	1.175 x	1.173 x	1.031 x	0.7045 x	-	1.122 x
Free Cash Flow ¹	-11,695	6,734	1,555	11,902	12,013	12,718	15,000	15,050
ROE (net income / shareholders' equity)	6.1%	11.3%	13.6%	14.1%	14.6%	14.7%	19.8%	22%
ROA (Net income/ Total Assets)	5.28%	7.8%	10.3%	8.8%	10%	11.3%	10.1%	9.5%
Assets ¹	81,400	99,217	90,864	113,344	106,011	96,126	138,824	155,000
Book Value Per Share ²	555.0	571.0	593.0	625.0	646.0	651.0	630.0	617.0
Cash Flow per Share	105.0	139.0	162.0	177.0	183.0	186.0	-	-
Capex ¹	25,298	9,241	20,203	10,978	9,593	10,722	10,000	11,000
Capex / Sales	20.63%	6.97%	14.08%	6.75%	4.61%	5.52%	4.62%	4.88%
Announcement Date	4/25/19	4/30/20	4/27/21	4/27/22	4/27/23	4/30/24	-	-

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 Nippon Gas Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,435 JPY

Average target price

3,168 JPY

Spread / Average Target

+30.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Natural Gas Utilities

	1st Jan change	Capi.
NIPPON GAS CO., LTD.	+3.65%	1.73B
NATURGY ENERGY GROUP, S.A.	-7.70%	25.94B
ATMOS ENERGY CORPORATION	+1.11%	17.68B
GAIL INDIA LIMITED	+24.31%	15.85B
ADANI TOTAL GAS LIMITED	-4.30%	12.35B
TOKYO GAS CO., LTD.	+2.81%	8.48B
PETRONAS GAS	+5.17%	7.72B
APA GROUP	+2.46%	7.45B
ALTAGAS LTD.	+10.17%	6.64B
CHINA GAS HOLDINGS LIMITED	+6.23%	5.77B

Other Natural Gas Utilities