TSE: 1802 - Obayashi Corporation

Yield per half year: +13.79%
Dividend yield: +6.56%
Sector: Industrials

Reporting Obayashi Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								939.92
Выручка, млрд ¥	1 900.66	2 039.68	2 073.04	1 766.89	1 922.88	1 983.89	2 325.16	2 325.16	2014.37	2.32
Чистая прибыль, млрд ¥	92.66	113.16	113.09	98.78	39.13	77.67	75.06	75.06	80.75	-7.87
EV, млрд ¥	922.46	903.42	567.77	741.89	664.94	651.21	1 329.07	1 329.07	790.98	18.54
EBIT, млрд ¥	137.08	155.48	152.87	123.16	58.3	116.19	110.64	110.64	112.23	-6.26
EBITDA, млрд ¥	151.74	182.56	180.69	150.69	78.61	140.3	138.49	138.49	137.76	-5.18
Баланс стоимость, млрд ¥	684.84	768.94	817.89	931.01	955.69	997.11	1 151.63	1 151.63	970.67	7.08
FCF, млрд ¥	42.07	7.65	190.16	-32.63	11.67	131.87	-27.99	-27.99	54.62	-168.17
Операционный денежный поток, млрд ¥	114.03	44.2	237.63	24.8	69.7	228.46	50.4	50.4	122.20	-26.67
Операционная прибыль, млрд ¥	137.8	155.48	152.87	123.16	41.05	93.8	79.38	79.38	98.05	-12.28
Операционные расходы, млрд ¥	96.5	98.54	102.68	102.62	113.29	122.77	140.22	140.22	116.32	6.43
CAPEX, млрд ¥	71.97	36.55	47.47	57.43	58.03	96.59	78.39	78.39	67.58	10.55

	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥		514.06	516.7	85 099.73	487.44	593.92	620.19	623.61	574.71	665.89	640.57	624.99	0.65
Чистая прибыль, млрд ¥		27.22	18.06	3 311.38	6.59	23.15	17.75	27.57	25.85	29.25	40.45	28.17	17.91
EV, млрд ¥		695.91	811.63	100 863.42	862.41	1 032.74	1 038.92	1 341.63	1 455	1 410.95	1 682.14	1385.73	10.12
EBIT, млрд ¥		33.35	23.93	4 403.51	3.45	33.79	28.29	30.31	38.16	30.13	51.67	35.71	12.80
EBITDA, млрд ¥		36.33	25.07	4 450.86	9.81	40.42	34.09	38.99	46.1	38.1	58.45	43.15	11.39
Баланс стоимость, млрд ¥		992.39	982.19	156 327.78	1 026.51	1 071.65	1 069.72	1 151.63	1 115.61	1 129.66	1 141.73	1121.67	1.31
FCF, млрд ¥			12.46	1 914.3	12.73	13.26	11.61					392.87	-1.40
Операционный денежный поток, млрд ¥	69.7	62.73	12.46	1 914.3	12.73	13.26	11.61					392.87	-1.40
Операционная прибыль, млрд ¥		33.35	23.93	4 403.51	4.17	26.68	20.37	28.17	15.37	30.13	51.68	29.14	20.47
Операционные расходы, млрд ¥		29.42	31.58	5 130.66	32.86	32.41	40.1	34.85	36.41	36.91	34.37	36.53	-3.04
CAPEX, млрд ¥	58.03	46.46		15 143.34								5082.61	539.03

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	190.06	168.7	315.03	258.55	265.04	419.41	339.19	339.19	319.44	1.49
Short Term Investments ¥		6.98	7.1	4.4	5.99	7.29	8.43	8.43	6.64	3.49
Total Receivables ¥		951.65	848.82	808.97	914.24	853.98	1 197.28	1 197.28	924.66	7.12
Total Current Assets ¥		1 282.87	1 333.76	1 269.41	1 395.52	1 505.55	1 689.14	1 689.14	1438.68	4.84
Чистые активы, млрд ¥	1 228.37	1 282.87	1 333.76	1 269.41	623.31	692.55		692.55	1040.38	-11.60
Активы, млрд ¥	2 148.86	2 214.51	2 230.3	2 272.63	2 422.09	2 609.93	3 017.05	3 017.05	2510.40	6.23
Short Term Debt ¥		78.9	63.29	62.82	77.2	97.21	88.5	88.5	77.80	6.94
Long Term Debt ¥		193.62	186.54	204.17	203.67	247.16	237.49	237.49	215.81	4.95
Задолженность, млрд ¥	1 437.34	1 416.37	1 379.8	1 310.65	1 433.17	1 574.05	1 822.24	1 822.24	1503.98	5.72
Чистый долг, млрд ¥	86.93	103.82	-65.2	8.44	15.83	-75.04	-6.29	-6.29	-24.4520	-37.36
Долг, млрд ¥	276.99	272.52	249.83	266.99	280.87	344.36	332.9	332.9	294.99	5.91
Расходы на обслуживание долга ¥		1.84	1.8	1.87	2.02	2.49	3.53	3.53	2.34	14.42
Чист. проц. доходы, млрд ¥	1.53	1.22	1.39	0.865	18.63	22.05	3.14	22.05	9.21	17.70
Амортизация, млрд ¥		27.08	27.82	27.53	20.31	24.11	27.85	27.85	25.52	0.02
Себестоимость, млрд ¥			1 817.5	1 541.11	1 768.54	1 767.32	2 105.56	2 105.56	1800.01	2.99
Товарно материальные запасы ¥		123.58	127.49	150.49	110.87	100.44	111.52	111.52	120.16	-2.64

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				335.66	265.8	65 754.81	400.11	273.1	249.42	326.69	255.66	268.09	267.56	273.48	1.41
Short Term Investments ¥				6.41	6.88	1 142.15	7.96	7.6	8.72	20.93	11.18	11.43	11.59	12.77	5.86
Total Receivables ¥				903.83	996.82	146 089.5	856.8	963.14	1 115.01	1 197.28	1 056.33	1 080.13	1 177.23	1125.20	1.09
Total Current Assets ¥				1 424.58	1 481.13	236 042.08	1 513.63	1 530.78	1 714.31	1 689.14	1 632.68	1 671.8	1 781.85	1697.96	0.78
Чистые активы, млрд ¥	1 382.5	1 395.52	1 388.38	1 424.58	662.42	108 578.03	702.79							22551.24	-12.73
Активы, млрд ¥				2 502.41	2 547.99	409 187.77	2 700.82	2 752.13	2 949.05	3 017.05	2 948.89	2 961.05	3 064.32	2988.07	0.77
Short Term Debt ¥				83.8	100.06	15 240.07	116.58	109.51	163.21	88.5	128.75	109.58	193.23	136.65	3.43
Long Term Debt ¥		203.67	272.64	266.72	251.1	38 749.41	249.17	247.28	243.26	237.49				7945.32	-63.90
Задолженность, млрд ¥				1 473.31	1 528.28	246 781.27	1 634.53	1 638.34	1 836.63	1 822.23	1 789.22	1 784.32	1 874.42	1821.36	0.41
Чистый долг, млрд ¥				14.86	85.36	-11 765.33	-29.42	88.89	164.18	6.22	149.35	111.02	181.53	122.46	2.03
Долг, млрд ¥				350.52	351.15	53 989.48	370.69	361.98	413.6	332.9	405.01	379.11	449.09	395.94	1.66
Расходы на обслуживание долга ¥		0.504	0.51	0.661	0.693	97.36	0.498	1.19	0.862	0.981	1.1			0.9262	17.17
Чист. проц. доходы, млрд ¥	0.176	7.74	0.146	0.216	0.276	872.96	101.12	137.18	167.13	0.55				255.79	-77.10
Амортизация, млрд ¥				2.98	1.14	47.35	6.37	6.63	5.8	8.68	7.94	7.97	6.78	7.43	3.17
Себестоимость, млрд ¥							450.41	534.83	559.73	560.59	522.93	598.86	554.52	559.33	-0.19
Товарно материальные запасы ¥				119.85	124.08	15 746.63	110.15	122.85	140.64	111.52	138.34	147.26	162.5	140.05	2.93

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	129.09	157.65	157.59	137.64	54.55	108.34	104.69		104.69	112.56	-7.85
Цена акции ао					998	1220	2093	2067	2067	1594.50	19.96
Число акций ао, млн		717.78	717.64	717.66	717.25	716.93	716.97		716.97	717.29	-0.02
FCF/акцию	58.61	10.66	264.97	-45.46	16.27	183.93	-39.04		-39.04	76.13	-168.18

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS	37.96	25.18	4618.71	9.19	32.29	24.76	38.45	36.05	40.8	56.42		39.30	17.91
Цена акции ао											2067	2067.00	0.00
FCF/акцию		17.38	17.03	17.76	18.5	16.19						17.37	-1.41

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	14.49	15.57	14.25	11.3	4.15	7.95	6.99		6.99	10.47	8.93	-13.28
ROA, %	4.45	5.19	5.09	4.39	1.67	3.09	2.67		2.67	5.54	3.38	-12.11
ROIC, %			12.74	10.16	5.31	8.04			8.04	9.74	9.06	-10.87
ROS, %			5.46	5.59	2.03	3.92	3.23	3.23	3.23	6.74	3.60	-10.39
ROCE, %	13.31	13.89	13.41	9.62	4.51	8.4	6.99	9.26	9.26	13.17	7.76	-0.76
Ebit margin, %			7.75	7.72	3.03	5.86	4.76	4.76	4.76		5.23	-9.22
Рентаб EBITDA, %	7.98	8.95	8.72	8.53	4.09	7.07	5.96	5.96	5.96	13.97	6.32	-6.92
Чистая рентаб, %	4.88	5.55	5.46	5.59	2.03	3.92	3.23		3.23	6.74	4.05	-9.97
Operation Margin, %			7.37	6.97	2.13	4.73	3.41	3.41	3.41	8.83	4.13	-13.32

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	2.84	1.86	2.16	0.6645	2.29	1.72	2.6	2.37	2.64	3.59		10.47	2.58	15.85
ROA, %	1.09	0.715	0.819	0.2482	0.8491	0.6227	0.9241	0.8665	0.99	1.34		5.54	0.9487	16.56
ROS, %				1.35	3.9	2.86	4.42	4.5	4.39	6.31	3.23	6.74	4.57	-6.08
ROCE, %		1.76	2.03	0.2471	2.38	1.96	2.03	2.5	1.94	3.29	9.26	13.17	3.80	35.46
Ebit margin, %				0.707	5.69	4.56	4.86	6.64	4.52	8.07	4.76		5.77	-0.41
Рентаб EBITDA, %		4.85	5.23	2.01	6.8	5.5	6.25	8.02	5.72	9.13	5.96	13.97	7.02	-0.95
Чистая рентаб, %	5.29	3.49	3.89	1.35	3.9	2.86	4.42	4.5	4.39	6.31		6.74	4.50	17.15
Operation Margin, %				0.8549	4.49	3.28	4.52	2.67	4.52	8.07	3.41	8.83	4.64	-5.48

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	9.02	7.07	5.6	7.43	16.59	9.35	17.79		17.79	83.04	11.35	26.01
P/BV	1.17	1	0.7442	0.7624	0.6564	0.7011	1.12		1.12	68.03	0.7968	8.52
P/S	0.4396	0.392	0.3053	0.4151	0.3376	0.3661	0.5743		0.5743	67.55	0.3997	13.47
P/FCF						7.13	-33.58	-33.58	-33.58	46.84	-20.0100	-267.62
E/P						0.0826	0.0799	0.0799	0.0799	0.42	0.0808	-1.10
EV/EBIT			3.53	5.44	11.41	5.6	12.01	12.01	12.01		9.29	17.16
EV/EBITDA	6.08	4.95	3.14	4.92	8.46	4.64	9.6		9.6	76.17	6.15	25.05
EV/S			0.2739	0.4199	0.3458	0.3282	0.5716	0.5716	0.5716	67.57	0.4474	6.36
EV/FCF			2.99	-22.74	56.99	4.94	-47.48	-47.48	-47.48	18.74	-11.1540	15.86
Debt/EBITDA	1.83	1.49	1.38	1.77	3.57	2.45	2.4	2.4	2.4	2.58	2.52	6.28
Netdebt/Ebitda			-0.3608	0.056	0.2014	-0.5349	-0.0454	-0.0454	-0.0454	0.07	-0.0737	-195.89
Debt/Ratio			0.112	0.1175	0.116	0.1319	0.1103	0.1103	0.1103	0.16	0.1172	-1.26
Debt/Equity			0.3055	0.2868	0.2939	0.3454	0.2891	1.53	1.53	0.88	0.5490	39.77
Debt/Net Income			2.21	2.7	7.18	4.43	4.44	4.44	4.44	5.17	4.64	10.46
PEG								0.1329	0.1329		0.1329	0.00
Бета						-0.7931	1.84	-0.1429	-0.1429	22.42	0.3013	-43.52
Индекс Альтмана						-4.07	-64.74	-64.73	-64.73	7.70	-44.5133	151.48

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	11.45	12.67	9.25	12.22	13.7	12.75	17.79	13.84	12.95	12.19			83.04	13.90	-0.89
P/BV	0.6618	0.7122	0.6935	0.8364	0.8474	0.7863	1.12	1.13	1.1	1.26			68.03	1.08	9.89
P/S	0.3498	0.3653	0.3621	0.4327	0.4409	0.3897	0.5743	0.5412	0.5232	0.5991			67.55	0.5255	8.98
P/FCF												-33.58	46.84	-33.5800	0.00
E/P												0.0799	0.42	0.0799	0.00
EV/EBIT				250.26	30.57	36.73	44.26	38.13	46.84	32.55		12.01		34.76	-22.96
EV/EBITDA	9.15	11.2	6.23	8.66	7.98	8	10.36	9.12	8.97	9.26			76.17	9.14	2.97
EV/S				1.77	1.74	1.68	2.15	2.53	2.12	2.63		0.5716	67.57	2.00	-23.28
EV/FCF				67.72	77.87	89.5						-47.48	18.74	46.90	-191.51
Debt/EBITDA		14.01	12.13	37.78	8.96	12.13	8.54	8.79	9.95	7.68		2.4	2.58	7.47	-22.42
Netdebt/Ebitda				-3	2.2	4.82	0.1594	3.24	2.91	3.11		-0.0454	0.07	1.87	-177.79
Debt/Ratio				0.1373	0.1315	0.1402	0.1103	0.1373	0.128	0.1466		0.1103	0.16	0.1265	0.00
Debt/Equity				0.3611	0.3378	0.3866	0.2891	0.363	0.3356	0.3933		1.53	0.88	0.5822	39.55
Debt/Net Income				56.24	15.64	23.3	12.08	15.67	12.96	11.1		4.44	5.17	11.25	-18.14
PEG												0.1329		0.1329	0.00
Бета											0.3511	-0.1429	22.42	0.1041	-163.80
Индекс Альтмана											-64.73	-64.73	7.70	-64.7300	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	23.7	20.11	24.41	22.98	22.98	26.57	30.16			30.16		25.42	4.32
Дивиденд	33	28	34	32	16	37	42	94	40	80		45.80	20.11
Див доход, ао, %	2.26	2.47	2.93	3.39	1.86	5.71	4.79	6.34	6.78	6.56	4.38	5.10	29.52
Дивиденды / прибыль, %		25.57	17.77	21.59	23.26	58.72	34.2	40.18		40.18	37.78	35.59	13.23
Dividend Coverage Ratio									2.49	2.49		2.49	0.00

	2022Q1	2022Q3	2023Q1	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	22.98	11.49	4165.21			1399.89	465.93
Дивиденды / прибыль, %	1527.73	42.21	125.78		37.78	565.24	-56.50
Dividend Coverage Ratio				2.49		2.49	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	15876	15876	0.00

	CAGR 5

	CAGR 5