TSE: 2264 - Morinaga Milk Industry Co., Ltd.

Yield per half year: -7.01%
Dividend yield: +3.16%

Reporting Morinaga Milk Industry Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								209.98
Выручка, млрд ¥	592.09	583.58	590.89	583.55	503.35	525.6	547.06	547.06	550.09	-1.53
Чистая прибыль, млрд ¥	15.78	14.02	18.66	18.74	33.78	16.88	61.31	61.31	29.87	26.86
EV, млрд ¥	296.63	291.18	289.27	368.61	583.46	527.23	302.63	302.63	414.24	0.91
EBIT, млрд ¥	24.3	20.81	25.36	28.87	49.04	24.43	89.86	89.86	43.51	28.79
EBITDA, млрд ¥	41.95	38.84	45.18	51.74	70.39	45.92	113.53	113.53	65.35	20.24
Баланс стоимость, млрд ¥	157.75	167.64	181.49	199.56	206.07	223.03	277.18	277.18	217.47	8.84
FCF, млрд ¥	25.11	18.51	29.21	38.54	21.39	-0.205	23.44	23.44	22.48	-4.31
Операционный денежный поток, млрд ¥	25.11	18.51	29.21	38.54	40.27	19.38	56.58	56.58	36.80	14.14
Операционная прибыль, млрд ¥	21.69	22.33	25.36	28.87	29.79	23.94	27.84	27.84	27.16	1.88
Операционные расходы, млрд ¥	168.26	162.91	164	161.2	92.48	94.36	104.12	104.12	123.23	-8.69
CAPEX, млрд ¥	19.78	39.25	32.78	28.18	18.88	19.59	33.15	33.15	26.52	0.22

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Выручка, млрд ¥	114.94	130.3	139.66	135.26	18 651.07	139.74	146.84	136.66	123.82	140.64	137.54	0.13
Чистая прибыль, млрд ¥	12.44	2.94	5.54	3.65	735.48	52.94	6.23	3.62	-1.49	5.31	13.32	-36.87
EV, млрд ¥	325.97	288.45	254.55	524.1	81 647.92	462.91	514.61	239.72	308.41	347.48	374.63	-5.58
EBIT, млрд ¥	-13.34	6.29	8.33	5.84	539.02	75.86	11.17	5.89	-3.05	8.88	19.75	-34.89
EBITDA, млрд ¥	2.72	7.22	8.87	5.99	596.19	81.51	16.88	11.65	2.99	14.95	25.60	-28.77
Баланс стоимость, млрд ¥	206.07	207.47	214.86	219.2	34 554.65	268.51	275.75	277.71	277.18	277.53	275.34	0.66
FCF, млрд ¥				10.59	10.79	11.3	11.43	11.5			11.12	1.66
Операционный денежный поток, млрд ¥	40.33		12.56	10.59	10.79	11.3	11.43	11.5			11.12	1.66
Операционная прибыль, млрд ¥	-13.34	6.29	8.33	5.84	539.02	9.65	11.21	7.16	-0.176	8.47	7.26	-2.57
Операционные расходы, млрд ¥	22.97	23.69	24.18	23.3	3 593.28	23.83	26.67	25.18	28.44	25.5	25.92	1.36
CAPEX, млрд ¥	18.88		11.33		19.59						16.60	1.24

	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 ¥	10.14	3.69	8.68	19.26	23.61	21.1	64.53	64.53	27.44	49.36
Short Term Investments ¥		2.16	0.8	2.71	9.28	9.22	0.133	0.133	4.43	-30.15
Total Receivables ¥		65.31	61.73	61.57	63.05	65.03	74.64	74.64	65.20	3.87
Total Current Assets ¥		140.08	145.4	155.62	164.13	179.19	229.04	229.04	174.68	9.51
Чистые активы, млрд ¥	146.24	140.08	145.4	155.62	247.45	248.39		248.39	187.39	12.14
Активы, млрд ¥	416.46	432.26	436.06	452.76	458.79	485.12	566	566	479.75	5.35
Short Term Debt ¥		31.4	21.41	22.23	11.85	24.1	23.15	23.15	20.55	1.58
Long Term Debt ¥		77.29	79.75	80.4	77.42	77.24	59.2	59.2	74.80	-5.79
Задолженность, млрд ¥	257.36	263.09	252.92	250.85	250.77	257.99	283.87	283.87	259.28	2.34
Чистый долг, млрд ¥	81.93	105	92.48	85.03	65.66	80.24	22.29	22.29	69.14	-24.77
Долг, млрд ¥	92.07	108.69	101.16	104.29	89.26	101.33	86.82	86.82	96.57	-3.01
Расходы на обслуживание долга ¥		0.75	0.743	0.707	0.747	0.71	1.29	1.29	0.8394	11.67
Чист. проц. доходы, млрд ¥	0.039	0.041	0.04	0.027	0.553	0.043	0.1	0.043	0.1526	20.11
Амортизация, млрд ¥		18.03	19.82	22.87	21.35	21.49	23.66	23.66	21.84	3.61
Себестоимость, млрд ¥			401.54	393.48	381.08	407.31	415.1	415.1	399.70	0.67
Товарно материальные запасы ¥		64.27	68.82	66.59	70.45	74.38	80.19	80.19	72.09	3.11

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Наличность, млрд ¥		23.61	22.06	20.07	22.23	3 268.53	60.39	68.96	75.73	64.53	26.59	59.24	-15.13
Short Term Investments ¥						494.4	13.71					254.05	-83.35
Total Receivables ¥		63.3	67.39	70.4	79.46	10 125.7	74.51	86.14	81.13	74.64	80.88	79.46	1.65
Total Current Assets ¥		164.13	170.2	171.31	184.29	27 762.87	224.95	244.81	241.67	229.04	206.04	229.30	-1.74
Чистые активы, млрд ¥	176.45	164.13	170.2	171.31	244.94	38 484.3	250.75					7864.30	8.06
Активы, млрд ¥		458.79	464.51	465.16	477.78	75 162.04	536.6	571.61	572.71	566	546.86	558.76	0.38
Short Term Debt ¥		11.85	20.57	13.74	12.62	3 733.65	26.15	23.02	22.1	23.15	17.31	22.35	-7.92
Long Term Debt ¥		77.42	75.11	73.21	76.78	11 966.5	64.49	62.93	61.24	59.2		2442.87	-65.42
Задолженность, млрд ¥		250.77	255.06	248.28	256.55	39 972.61	264.34	290.89	289.89	283.86	264.2	278.64	-0.01
Чистый долг, млрд ¥		65.66	73.61	66.88	67.17	12 431.62	30.25	17	7.6	32.16	66.45	30.69	17.05
Долг, млрд ¥		89.26	95.68	86.95	89.4	15 700.15	90.64	85.96	83.33	96.68	93.04	89.93	0.52
Расходы на обслуживание долга ¥		0.185	0.174	0.193	0.184	24.63	0.252	0.327	0.329	0.383	0.35	0.3282	6.79
Чист. проц. доходы, млрд ¥	0.006	0.266	0.001	0.019	0.005	2.79	1.08	3.1	0.6197	0.077		1.53	-51.23
Амортизация, млрд ¥				0.541	0.151	57.17	5.65	5.72	5.75	6.04	6.07	5.85	1.44
Себестоимость, млрд ¥							106.26	108.96	104.32	95.55	106.66	104.35	0.08
Товарно материальные запасы ¥		70.45	73.13	70.56	68.15	11 524.47	77.68	74.76	74.13	80.19	84.46	78.24	1.69

	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	318.27	282.7	376.36	378.01	343.17	186.31	696.09		696.09	395.99	13.09
Цена акции ао					4995	2728	2927.5	3183	3183	3458.38	-10.65
Число акций ао, млн		49.58	49.57	49.58	98.44	90.58	88.07		88.07	75.25	12.18
FCF/акцию	506.42	373.24	589.25	777.44	217.29	-2.26	266.11		266.11	369.57	-14.70

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	5 quarters average	CAGR 5
EPS	251.43	64.98	122.27	40.26	8124.64	587.72	70.74	41.76	-17.18	61.22		148.85	-36.39
Цена акции ао											3183	3183.00	0.00
FCF/акцию				116.85	119.17	125.4	129.78	132.55				124.75	2.55

	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, %	10.52	8.62	10.69	9.84	16.66	7.87	24.51		24.51	8.28	13.91	18.05
ROA, %	3.94	3.3	4.3	4.22	7.41	3.58	11.67		11.67	4.27	6.24	22.10
ROIC, %			7.65	7.35	12.66	6.46			6.46	7.02	8.53	-4.14
ROS, %			3.16	3.21	6.71	3.21	11.21	11.21	11.21	9.09	7.11	28.42
ROCE, %	9.41	7.72	8.86	9.38	15.51	7.44	24.07	31.85	31.85	10.60	17.65	27.70
Ebit margin, %			4.61	4.58	9.74	4.65	16.43	16.43	16.43		10.37	29.11
Рентаб EBITDA, %	7.08	6.65	7.65	8.87	13.98	8.74	20.75	20.75	20.75	17.14	14.62	18.53
Чистая рентаб, %	2.67	2.4	3.16	3.21	6.71	3.21	11.21		11.21	9.09	5.50	28.82
Operation Margin, %			4.29	4.95	5.92	4.55	5.09	5.09	5.09	13.42	5.12	0.56

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %	5.92	1.39	2.62	1.72	2.22	23.66	2.61	1.43	-0.5563	1.93	8.28	5.81	-39.42
ROA, %	2.68	0.6373	1.19	0.7742	0.986	10.36	1.12	0.6334	-0.2619	0.9548	4.27	2.56	-37.93
ROS, %						37.89	4.24	2.65	-1.2	3.78	9.09	9.47	-36.93
ROCE, %	-4.19	1.98	2.63	1.84	1.09	22.78	3.22	1.64	-0.8246	2.37	10.60	5.84	-36.40
Ebit margin, %						54.29	7.6	4.31	-2.47	6.31		14.01	-34.98
Рентаб EBITDA, %	2.37	5.54	6.35	4.43	3.2	58.33	11.5	8.52	2.41	10.63	17.14	18.28	-28.86
Чистая рентаб, %	10.83	2.26	3.96	2.7	3.94	37.89	4.24	2.65	-1.2	3.78	9.09	9.47	-36.93
Operation Margin, %						6.9	7.63	5.24	-0.1421	6.02	13.42	5.13	-2.69

	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	13.6	13.28	10.55	15.13	15.33	26.49	4.57		4.57	131.00	14.41	-15.41
P/BV	1.35	1.1	1.07	1.4	2.49	1.97	0.9936		0.9936	113.69	1.58	-1.47
P/S	0.3626	0.319	0.333	0.486	1.03	0.8504	0.5124		0.5124	113.74	0.6424	9.00
P/FCF						10.84	8.96	8.96	8.96	7.76	9.59	-6.15
E/P						0.0804	0.292	0.292	0.292	0.57	0.2215	53.71
EV/EBIT			17.84	24.42	11.9	21.58	3.37	3.37	3.37		12.93	-32.71
EV/EBITDA	7.07	7.5	6.4	7.12	8.29	11.48	2.67		2.67	159.62	7.19	-16.04
EV/S			0.8226	1.12	1.16	1	0.5532	0.5532	0.5532	113.14	0.8773	-13.16
EV/FCF			-136.08	62.94	27.28	-2571.85	12.91	12.91	12.91	121.88	-491.1620	-27.15
Debt/EBITDA	2.19	2.8	2.24	2.02	1.27	2.21	0.7647	0.7647	0.7647	-23.98	1.41	-17.66
Netdebt/Ebitda			2.05	1.64	0.9328	1.75	0.1963	0.1963	0.1963	44.86	0.9431	-34.59
Debt/Ratio			0.232	0.2267	0.1946	0.2089	0.1534	0.1534	0.1534	0.16	0.1874	-7.51
Debt/Equity			0.5574	0.5143	0.4332	0.4544	0.3132	0.3495	0.3495	39.15	0.4129	-7.44
Debt/Net Income			5.42	5.48	2.64	6	1.42	1.42	1.42	21.59	3.39	-23.67
PEG								-0.0073	-0.0073		-0.0073	0.00
Бета						-9.39	-2.19	-1.27	-1.27	-24.14	-4.2833	-48.67
Индекс Альтмана						3.79	8.49	8.52	8.52	6.88	6.93	31.00

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	11.63	7.71	8.47	7.95	10.37	17.63	6.48	7.52	3.55		20.69			131.00	11.17	3.25
P/BV		1.25	1.03	0.8653	2.07	1.97	1.59	1.77	0.8207	0.9792	0.9942			113.69	1.23	-8.96
P/S		0.5174	0.4537	0.3819	0.5121	0.5618	0.8122	0.9351	0.4368	0.5118	0.5149			113.74	0.6422	-8.71
EV/EBIT							6.1	46.09	40.68	-100.99	39.13				6.20	45.02
EV/EBITDA		9.77	10.75	10.32	21.13	20.32	3.96	4.29	1.98	2.73	7.48			159.62	4.09	13.56
EV/S							3.31	3.5	1.75	2.49	2.47			113.14	2.70	-5.69
EV/FCF							40.98	45.01	20.84					121.88	35.61	-20.18
Debt/EBITDA		32.83	13.26	9.8	14.92	26.33	1.11	5.09	7.16	32.35	6.22			-23.98	10.39	41.15
Netdebt/Ebitda							0.3712	1.01	0.6526	10.76	4.45			44.86	3.45	64.34
Debt/Ratio							0.1689	0.1504	0.1455	0.1708	0.1701			0.16	0.1611	0.14
Debt/Equity							0.3376	0.3117	0.3001	0.3488	0.3352			39.15	0.3267	-0.14
Debt/Net Income							1.71	13.79	23	-64.85	17.51			21.59	-1.7680	59.24
Бета												-1.91	-1.27	-24.14	-1.5900	-18.46
Индекс Альтмана												8.52	8.52	6.88	8.52	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		2.23	2.47	2.72	2.97	3.46	3.62	4.07		4.07		3.37	8.39
Дивиденд	35	45	5	55	60	60	40	45	105	105		62.00	11.84
Див доход, ао, %	0.9409	0.9815	0.1504	1.2	1.21	1.08	1.33	1.78	2.96	3.16	3.90	1.67	19.59
Дивиденды / прибыль, %			14.11	17.64	14.58	15.84	10.25	21.43	6.64	6.64	40.65	13.75	-14.56

	2022Q1	2022Q3	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	3.46	3.62	3.62		3.57	1.52
Дивиденды / прибыль, %	27.84	65.32	76.17	40.65	56.44	39.86

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	7040	7040	0.00

	CAGR 5

	CAGR 5