SHOEI CO., LTD. |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,036 JPY | -0.73% |
|
-1.16% | +10.87% |
| Mar. 26 | Shoei Foods Delivers Higher Fiscal Q1 Attributable Profit on Increased Dairy Sales | MT |
| Jan. 22 | Tranche Update on Shoei Co., Ltd.'s Equity Buyback Plan announced on November 15, 2023. | CI |
Valuation
| Fiscal Period: September | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 62,385 | 93,682 | 134,954 | 140,315 | 122,564 | 107,730 | - | - |
| Enterprise Value (EV) 1 | 53,367 | 84,570 | 123,934 | 126,844 | 108,255 | 94,230 | 90,430 | 86,130 |
| P/E ratio | 21.3 x | 28.2 x | 30.7 x | 23.3 x | 17.4 x | 15.6 x | 14.6 x | 13.4 x |
| Yield | 2.34% | 1.78% | 1.63% | 2.14% | 2.88% | 3.07% | 3.41% | 3.66% |
| Capitalization / Revenue | 3.35 x | 4.81 x | 5.68 x | 4.85 x | 3.65 x | 3.11 x | 2.94 x | 2.77 x |
| EV / Revenue | 2.87 x | 4.34 x | 5.22 x | 4.38 x | 3.22 x | 2.72 x | 2.47 x | 2.22 x |
| EV / EBITDA | 10.5 x | 15 x | 17.4 x | 13.5 x | 9.57 x | 8.3 x | 7.77 x | 6.94 x |
| EV / FCF | 22.9 x | 26.6 x | 32.1 x | 30.3 x | 27 x | 15 x | 15.7 x | 13.8 x |
| FCF Yield | 4.36% | 3.76% | 3.12% | 3.3% | 3.7% | 6.67% | 6.38% | 7.25% |
| Price to Book | 4.14 x | 5.99 x | 7.29 x | 6.13 x | 4.52 x | 3.72 x | 3.31 x | 2.94 x |
| Nbr of stocks (in thousands) | 55,086 | 53,686 | 53,553 | 53,658 | 53,545 | 52,526 | - | - |
| Reference price 2 | 1,132 | 1,745 | 2,520 | 2,615 | 2,289 | 2,051 | 2,051 | 2,051 |
| Announcement Date | 11/14/19 | 11/13/20 | 11/12/21 | 11/15/22 | 11/15/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: September | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 18,616 | 19,479 | 23,752 | 28,953 | 33,616 | 34,598 | 36,585 | 38,870 |
| EBITDA 1 | 5,072 | 5,648 | 7,116 | 9,396 | 11,312 | 11,350 | 11,645 | 12,410 |
| EBIT 1 | 4,203 | 4,740 | 6,024 | 8,382 | 9,825 | 9,780 | 10,485 | 11,395 |
| Operating Margin | 22.58% | 24.33% | 25.36% | 28.95% | 29.23% | 28.27% | 28.66% | 29.32% |
| Earnings before Tax (EBT) 1 | 4,180 | 4,747 | 6,093 | 8,503 | 9,859 | 9,729 | 10,492 | 11,372 |
| Net income 1 | 2,935 | 3,348 | 4,407 | 6,018 | 7,068 | 6,902 | 7,389 | 8,019 |
| Net margin | 15.77% | 17.19% | 18.55% | 20.79% | 21.03% | 19.95% | 20.2% | 20.63% |
| EPS 2 | 53.29 | 61.94 | 82.10 | 112.2 | 131.7 | 131.4 | 140.9 | 152.7 |
| Free Cash Flow 1 | 2,327 | 3,182 | 3,861 | 4,182 | 4,004 | 6,283 | 5,772 | 6,244 |
| FCF margin | 12.5% | 16.34% | 16.26% | 14.44% | 11.91% | 18.16% | 15.78% | 16.06% |
| FCF Conversion (EBITDA) | 45.88% | 56.35% | 54.26% | 44.5% | 35.4% | 55.36% | 49.56% | 50.31% |
| FCF Conversion (Net income) | 79.28% | 95.05% | 87.61% | 69.48% | 56.65% | 91.04% | 78.11% | 77.86% |
| Dividend per Share 2 | 26.50 | 31.00 | 41.00 | 56.00 | 66.00 | 63.00 | 70.00 | 75.00 |
| Announcement Date | 11/14/19 | 11/13/20 | 11/12/21 | 11/15/22 | 11/15/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: September | 2020 S1 | 2021 S1 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 8,669 | 10,744 | 13,008 | 7,350 | 6,089 | 13,439 | 7,694 | 7,820 | 15,514 | 8,117 | 7,099 | 15,216 | 9,375 | 9,025 | 18,400 | 8,145 | 8,309 | 16,454 | 9,091 | 9,400 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 2,054 | 2,719 | 3,305 | 2,204 | 1,740 | 3,944 | 2,456 | 1,982 | 4,438 | 2,581 | 2,342 | 4,923 | 3,114 | 1,788 | 4,902 | 2,835 | 2,440 | 5,275 | 2,720 | 2,015 |
| Operating Margin | 23.69% | 25.31% | 25.41% | 29.99% | 28.58% | 29.35% | 31.92% | 25.35% | 28.61% | 31.8% | 32.99% | 32.35% | 33.22% | 19.81% | 26.64% | 34.81% | 29.37% | 32.06% | 29.92% | 21.44% |
| Earnings before Tax (EBT) | 2,037 | 2,796 | - | 2,230 | 1,788 | 4,018 | 2,438 | 2,047 | - | 2,444 | - | 4,894 | 3,234 | - | - | 2,727 | - | 5,341 | - | - |
| Net income | 1,412 | 1,929 | - | 1,562 | 1,152 | 2,714 | 1,655 | 1,649 | - | 1,712 | - | 3,456 | 2,233 | - | - | 1,913 | - | 3,738 | - | - |
| Net margin | 16.29% | 17.95% | - | 21.25% | 18.92% | 20.19% | 21.51% | 21.09% | - | 21.09% | - | 22.71% | 23.82% | - | - | 23.49% | - | 22.72% | - | - |
| EPS | 25.96 | 35.93 | - | 29.12 | - | 50.60 | 30.84 | - | - | 31.92 | - | 128.8 | 41.58 | - | - | 35.88 | - | 70.60 | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 5/8/20 | 4/28/21 | 11/12/21 | 1/26/22 | 4/27/22 | 4/27/22 | 7/27/22 | 11/15/22 | 11/15/22 | 1/27/23 | 4/26/23 | 4/26/23 | 7/28/23 | 11/15/23 | 11/15/23 | 1/30/24 | 4/26/24 | 4/26/24 | - | - |
1JPY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: September | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 9,018 | 9,112 | 11,021 | 13,471 | 14,308 | 13,500 | 17,300 | 21,600 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 2,327 | 3,182 | 3,861 | 4,182 | 4,004 | 6,283 | 5,772 | 6,244 |
| ROE (net income / shareholders' equity) | 20.4% | 21.8% | 25.8% | 29.1% | 28.3% | 23.5% | 23.2% | 22.7% |
| ROA (Net income/ Total Assets) | 23.9% | 24.3% | 27.3% | 32% | 31.7% | 19.8% | 19.8% | 19.5% |
| Assets 1 | 12,293 | 13,789 | 16,139 | 18,828 | 22,310 | 34,856 | 37,411 | 41,122 |
| Book Value Per Share 2 | 273.0 | 291.0 | 345.0 | 426.0 | 507.0 | 551.0 | 620.0 | 697.0 |
| Cash Flow per Share | 69.00 | 78.70 | 102.0 | 131.0 | 159.0 | - | - | - |
| Capex 1 | 1,055 | 1,272 | 1,239 | 1,703 | 2,297 | 3,050 | 2,250 | 2,400 |
| Capex / Sales | 5.67% | 6.53% | 5.22% | 5.88% | 6.83% | 8.82% | 6.15% | 6.17% |
| Announcement Date | 11/14/19 | 11/13/20 | 11/12/21 | 11/15/22 | 11/15/23 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
2,051
JPY
Average target price
2,260
JPY
Spread / Average Target
+10.19%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +10.87% | 699M | |
| +10.50% | 51.66M |
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