Financials Sumitomo Bakelite Company Limited

Equities

4203

JP3409400003

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-21 am EDT			5-day change	1st Jan Change
4,408 ^JPY	+0.18%		-1.30%	+19.09%

Feb. 29	Sumitomo Bakelite Company Limited Provides Consolidated Earnings Guidance for the Year Ending March 31, 2024	CI
Feb. 29	Sumitomo Bakelite Company Limited Announces Management Changes	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	186,595	108,001	212,937	234,810	242,803	409,770	-	-
Enterprise Value (EV) ¹	172,356	87,816	181,578	184,168	185,281	431,011	349,459	338,512
P/E ratio	12.4 x	12 x	16.1 x	12.8 x	12 x	19.8 x	16 x	14.5 x
Yield	1.89%	3.27%	1.66%	2.2%	2.52%	1.67%	1.94%	2.09%
Capitalization / Revenue	0.88 x	0.52 x	1.02 x	0.89 x	0.85 x	1.5 x	1.34 x	1.26 x
EV / Revenue	0.81 x	0.43 x	0.87 x	0.7 x	0.65 x	1.5 x	1.14 x	1.04 x
EV / EBITDA	7.26 x	4.07 x	5.64 x	4.83 x	4.8 x	10.6 x	7.42 x	6.67 x
EV / FCF	19.5 x	7.68 x	11.2 x	10.6 x	23.2 x	25 x	30.5 x	17.3 x
FCF Yield	5.13%	13%	8.96%	9.48%	4.3%	4%	3.28%	5.77%
Price to Book	1.04 x	0.61 x	1.06 x	1.02 x	0.95 x	1.43 x	1.32 x	1.29 x
Nbr of stocks (in thousands)	94,121	94,118	94,116	94,112	94,110	93,130	-	-
Reference price ²	1,982	1,148	2,262	2,495	2,580	4,400	4,400	4,400
Announcement Date	5/13/19	5/18/20	5/17/21	5/16/22	5/15/23	5/13/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	212,952	206,620	209,002	263,114	284,939	287,300	306,100	326,359
EBITDA ¹	23,739	21,563	32,173	38,108	38,597	40,840	47,082	50,716
EBIT ¹	13,587	10,285	19,914	24,887	24,823	27,200	31,513	35,259
Operating Margin	6.38%	4.98%	9.53%	9.46%	8.71%	9.47%	10.3%	10.8%
Earnings before Tax (EBT) ¹	19,548	11,499	16,139	25,880	26,736	31,489	34,017	38,299
Net income ¹	15,084	8,986	13,198	18,299	20,289	21,800	25,653	28,176
Net margin	7.08%	4.35%	6.31%	6.95%	7.12%	7.59%	8.38%	8.63%
EPS ²	160.3	95.48	140.2	194.4	215.6	233.7	274.8	303.4
Free Cash Flow ¹	8,845	11,433	16,267	17,452	7,970	17,237	11,462	19,542
FCF margin	4.15%	5.53%	7.78%	6.63%	2.8%	6%	3.74%	5.99%
FCF Conversion (EBITDA)	37.26%	53.02%	50.56%	45.8%	20.65%	42.21%	24.34%	38.53%
FCF Conversion (Net income)	58.64%	127.23%	123.25%	95.37%	39.28%	79.07%	44.68%	69.36%
Dividend per Share ²	37.50	37.50	37.50	55.00	65.00	73.50	85.30	91.91
Announcement Date	5/13/19	5/18/20	5/17/21	5/16/22	5/15/23	5/13/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	104,982	90,201	65,653	128,315	67,613	67,186	71,733	71,737	143,470	73,179	68,290	70,254	71,688	141,942	73,512	71,846	74,200	75,500	78,900	76,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	8,311	3,938	6,942	13,522	7,462	3,903	6,732	5,750	12,482	7,531	4,810	6,499	6,105	12,604	7,936	-	-	-	-	-
Operating Margin	7.92%	4.37%	10.57%	10.54%	11.04%	5.81%	9.38%	8.02%	8.7%	10.29%	7.04%	9.25%	8.52%	8.88%	10.8%	-	-	-	-	-
Earnings before Tax (EBT) ¹	9,043	4,264	7,054	13,957	7,829	4,094	6,348	6,131	12,479	8,774	5,483	7,564	7,154	14,718	8,843	7,928	8,200	8,900	10,300	8,800
Net income ¹	7,286	3,164	5,033	10,277	5,860	2,162	4,711	4,519	9,230	6,925	4,134	5,712	5,362	11,074	6,955	3,771	6,200	6,800	7,800	6,700
Net margin	6.94%	3.51%	7.67%	8.01%	8.67%	3.22%	6.57%	6.3%	6.43%	9.46%	6.05%	8.13%	7.48%	7.8%	9.46%	5.25%	8.36%	9.01%	9.89%	8.82%
EPS	77.41	33.62	-	109.2	62.28	-	50.06	-	98.08	73.58	-	60.78	-	118.2	74.58	-	-	-	-	-
Dividend per Share	22.50	15.00	-	25.00	-	-	-	-	30.00	-	-	-	-	35.00	-	-	-	-	-	-
Announcement Date	11/10/19	11/9/20	11/8/21	11/8/21	2/7/22	5/16/22	8/8/22	11/7/22	11/7/22	2/5/23	5/15/23	8/7/23	11/6/23	11/6/23	2/5/24	5/13/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	14,239	20,185	31,359	50,642	57,522	55,997	60,310	71,258
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8,845	11,433	16,267	17,452	7,970	17,237	11,462	19,542
ROE (net income / shareholders' equity)	8.7%	5%	7%	8.5%	8.4%	7.8%	8.55%	9.21%
ROA (Net income/ Total Assets)	7.02%	4.05%	5.13%	7.22%	7.14%	7.68%	6.8%	7.8%
Assets ¹	214,958	222,020	257,224	253,343	284,306	283,713	377,245	361,231
Book Value Per Share ²	1,900	1,882	2,127	2,442	2,713	3,234	3,334	3,415
Cash Flow per Share ²	268.0	215.0	270.0	335.0	362.0	380.0	356.0	471.0
Capex ¹	11,346	10,773	11,138	14,408	18,313	22,980	23,800	21,300
Capex / Sales	5.33%	5.21%	5.33%	5.48%	6.43%	8%	7.78%	6.53%
Announcement Date	5/13/19	5/18/20	5/17/21	5/16/22	5/15/23	5/13/24	-	-

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 Sumitomo Bakelite Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,400 JPY

Average target price

4,700 JPY

Spread / Average Target

+6.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Plastics

	1st Jan change	Capi.
SUMITOMO BAKELITE COMPANY LIMITED	+19.09%	2.63B
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FORMOSA PLASTICS CORPORATION	-14.02%	13.43B
FORMOSA CHEMICALS & FIBRE CORPORATION	-8.19%	10.37B
COVESTRO AG	-5.56%	10.13B
THE SUPREME INDUSTRIES LIMITED	+22.55%	8.53B
HANGZHOU FIRST APPLIED MATERIAL CO., LTD.	+11.62%	6.97B
YUNNAN ENERGY NEW MATERIAL CO., LTD.	-27.51%	5.51B
LOTTE CHEMICAL CORPORATION	-20.56%	3.8B

Plastics