TSE: 2809 - Kewpie Corporation

Yield per half year: -18.62%
Dividend yield: +2.35%

Reporting Kewpie Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								324.23
Выручка, млрд ¥	573.53	545.72	531.1	407.04	430.3	455.09	483.99	483.99	461.50	-1.84
Чистая прибыль, млрд ¥	18.32	18.7	11.38	18.01	16.03	13.17	21.42	21.42	16.00	13.48
EV, млрд ¥	425.88	365.81	332.37	323.52	312.7	315.47	445.35	445.35	345.88	6.03
EBIT, млрд ¥	30.38	32.05	28.3	27.97	25.44	22.47	33.93	33.93	27.62	3.70
EBITDA, млрд ¥	49.11	51.99	49.19	45.28	41.68	39.59	51.65	51.65	45.48	0.98
Баланс стоимость, млрд ¥	226.33	235.55	239.53	245.64	267.66	281.88	302.29	302.29	267.40	4.76
FCF, млрд ¥	10.47	13.89	9.5	26.95	10.39	6.28	39.2	39.2	18.46	32.77
Операционный денежный поток, млрд ¥	41.78	43.92	34.96	38.53	27.2	23.73	63.13	63.13	37.51	12.55
Операционная прибыль, млрд ¥	33.07	32.05	28.3	27.97	25.43	19.69	34.33	34.33	27.14	3.94
Операционные расходы, млрд ¥	100.08	100.93	97.01	96.26	98.76	102.64	113.44	113.44	101.62	3.18
CAPEX, млрд ¥	31.31	30.03	25.45	11.59	16.81	17.45	23.93	23.93	19.05	-1.22

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥		106.99	110.69	112.09	107.67	112.71	115.52	119.19	114.63	122.2	124.08	119.12	1.44
Чистая прибыль, млрд ¥		4.43	5.65	2	1.27	3.53	6.28	2.09	6.04	6.48	7.24	5.63	2.89
EV, млрд ¥	321.33		287.75	322.43	290.59	291.63	311.35	320.4	341.66	387.08	457.15	363.53	7.98
EBIT, млрд ¥		7.51	7.17	5.88	1.66	1.58	9.4	5.22	9.03	6.16	10.89	8.14	2.99
EBITDA, млрд ¥		7.57	8.03	4.39	2.02	5.74	13.8	9.63	13.42	10.58	15.16	12.52	1.90
Баланс стоимость, млрд ¥	247.79		260.7	267.66	262.13	267.44	274.23	281.88	283.95	291.7	299.2	286.19	1.76
FCF, млрд ¥					8.29	8.32	8.8	8.82				8.56	1.56
Операционный денежный поток, млрд ¥		13.3		27.2	8.29	8.32	8.8	8.82				12.29	-20.17
Операционная прибыль, млрд ¥		7.51	7.17	5.88	1.66	5.19	6.5	6.35	8.15	10.69	10.89	8.52	10.87
Операционные расходы, млрд ¥		99.48	24.72	25.3	25.05	25.11	25.29	27.19	26.72	27.63	27.5	26.87	1.69
CAPEX, млрд ¥		7.66		16.81		9.19						11.22	6.26

	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 ¥	38.49	46.78	56.84	58.34	57.83	66.61	78.14	78.14	63.55	6.57
Short Term Investments ¥	9.5	10	10	10	10	2	10	10	8.40	0.00
Total Receivables ¥	76.59	83.65	73.78	56.88	59.3	64.15	71.78	71.78	65.18	-0.55
Total Current Assets ¥	161.43	174.79	174.01	157.45	167.73	182.08	203.73	203.73	177.00	3.20
Чистые активы, млрд ¥	161.43	174.79	174.01	157.45	147.05	159.75		167.73	162.61	-1.78
Активы, млрд ¥	421.37	444.31	451.72	381	403.38	426.01	462.37	462.37	424.90	0.47
Short Term Debt ¥	19.5	7.32	12.15	11.59	3.06	17.2	2.27	2.27	9.25	-28.50
Long Term Debt ¥	40.47	57.25	67.95	30.14	29.41	10.78	15.5	15.5	30.76	-25.59
Задолженность, млрд ¥	155.27	167.56	166.35	111.7	108.76	114.7	130.74	130.74	126.45	-4.70
Чистый долг, млрд ¥	21.47	17.79	23.26	-16.62	-25.36	-34.82	-56.58	-56.58	-22.0240	-219.46
Долг, млрд ¥	59.96	64.57	80.1	41.73	32.47	31.79	21.56	21.56	41.53	-23.09
Расходы на обслуживание долга ¥	0.341	0.294	0.337	0.241	0.255	0.393	0.295	0.295	0.3042	-2.63
Чист. проц. доходы, млрд ¥	0.082	0.103	0.122	0.122	0.253	0.534		0.534	0.2268	38.98
Амортизация, млрд ¥	18.73	19.94	20.89	17.31	16.25	17.12	17.72	17.72	17.86	-3.24
Себестоимость, млрд ¥		412.74	405.79	282.81	306.11	332.76	336.22	336.22	332.74	-3.69
Товарно материальные запасы ¥	28.25	28.84	27.22	30.07	37.08	43.99	39.86	39.86	35.64	7.93

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥	47.84		57.76	57.83	49.43	54.06	60.3	62.43	60.62	59.74	79.05	64.43	5.56
Short Term Investments ¥	10		10	10	10	10	1.3	6.18		13.92	7.5	7.78	-5.59
Total Receivables ¥		59.69	61.25	59.41	57.28	60.53	68.78	64.15	59.17	65.64	72.74	66.10	1.13
Total Current Assets ¥		157.53	167.26	167.73	159.75	170.3	181.74	182.08	166.13	182.78	204.14	183.37	2.35
Чистые активы, млрд ¥	146.07	157.53	167.26	167.73	145.54	144.59	143.61					153.75	-3.00
Активы, млрд ¥	369.54		394.82	403.38	394.6	406.89	418.77	426.01	413.41	432.62	456.38	429.44	1.73
Short Term Debt ¥	1.9		2.58	3.06	17.96	17.97	10.46	14.7	2.15	2.22	2.15	6.34	-27.12
Long Term Debt ¥	26.29		26.14	26.07	14.86	10.93	10.86	10.78	15.71	15.64		12.78	7.43
Задолженность, млрд ¥	97.2		107.24	108.76	106.27	111.7	116.25	114.7	100.79	111.31	127.75	114.16	1.90
Чистый долг, млрд ¥	-19.65		-29.04	-25.36	-16.61	-25.16	-30.88	-29.89	-42.75	-41.88	-61.32	-41.3440	14.71
Долг, млрд ¥	28.19		28.72	32.47	32.82	28.89	29.43	32.55	17.87	17.87	17.72	23.09	-9.65
Расходы на обслуживание долга ¥	0.055	0.068	0.052	0.08	0.105	0.099	0.099	0.09	0.078	0.068		0.0868	-7.24
Чист. проц. доходы, млрд ¥	0.052	0.055	0.064	0.082	0.107	0.113	0.144	0.17	0.187	0.169		0.1566	8.38
Амортизация, млрд ¥			0.868	-1.49	0.361	4.16	4.4	4.41	4.39	4.41	4.28	4.38	-0.55
Себестоимость, млрд ¥						82.41	83.73	85.65	79.77	83.89	85.69	83.75	0.46
Товарно материальные запасы ¥		32.96	35.29	37.08	37.17	41.8	46.54	43.99	41.33	39.53	40.03	42.28	-2.97

	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	124.85	130.72	79.54	128.16	115.34	94.77	154.09		154.09	114.38	14.14
Цена акции ао					2390	2484.5	3354	2917	2917	2786.38	5.11
Число акций ао, млн	146.74	143.04	143.04	140.55	139	139	139		139	140.12	-0.57
FCF/акцию	71.37	97.1	66.43	191.73	74.77	45.18	282		282	132.02	33.53

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	5 quarters average	CAGR 5
EPS	31.9	40.66	14.36	9.11	25.4	45.21	15.06	43.44	46.58	52.11		40.48	2.88
Цена акции ао											2917	2917.00	0.00
FCF/акцию				59.67	59.88	63.29	63.44					61.57	1.54

	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, %	8.09	8.1	4.79	7.43	6.25	4.79	7.33		7.33	8.28	6.12	8.88
ROA, %	4.36	4.32	2.54	4.33	4.09	3.18	4.82		4.82	4.27	3.79	13.67
ROIC, %		8.37	5.4	8.54	7.66	6.42				7.02	7.28	-5.17
ROS, %		3.43	2.18	4.43	3.73	2.89	4.43	4.43	4.43	9.09	3.98	0.00
ROCE, %	9.48	9.28	7.75	9.03	7.52	6.52	9.14	10.23	10.23	10.60	8.49	2.53
Ebit margin, %		5.87	5.33	6.87	5.91	4.94	7.01	7.01	7.01		6.35	0.40
Рентаб EBITDA, %	8.56	9.53	9.26	11.12	9.69	8.7	10.67	10.67	10.67	17.14	10.17	-0.82
Чистая рентаб, %	3.19	3.43	2.14	4.43	3.73	2.89	4.43		4.43	9.09	3.52	15.66
Operation Margin, %		5.87	5.33	6.87	5.91	4.33	7.09	7.09	7.09	13.42	6.26	0.63

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %	2.03		2.73	0.9338	0.4886	1.32	2.36	0.7762	2.2	2.31	2.53	8.28	2.04	1.40
ROA, %	1.35		2.86	0.5001	0.3175	0.8676	1.52	0.4955	1.44	1.53	1.63	4.27	1.32	1.41
ROIC, %						2.46						7.02	2.46	0.00
ROS, %						3.13	5.44	1.76	5.27	5.3	5.84	9.09	4.72	1.43
ROCE, %	2.23		2.32	1.8	0.5078	0.5346	2.86	1.58	2.66	1.77	3.06	10.60	2.39	1.36
Ebit margin, %							8.13	4.38	7.88	5.04	8.77		6.84	1.53
Рентаб EBITDA, %		7.08	7.26	3.91	1.87	5.09	11.94	8.08	11.71	8.65	12.22	17.14	10.52	0.46
Чистая рентаб, %		4.14	5.11	1.78	1.18	3.13	5.44	1.76	5.27	5.3	5.84	9.09	4.72	1.43
Operation Margin, %						4.6	5.62	5.33	7.11	8.75	8.77	13.42	7.12	9.31

	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	22.07	18.61	27.17	18.88	21.09	26.59	23.43		23.43	131.00	23.43	-2.92
P/BV	1.52	1.26	1.08	1.26	1.15	1.13	1.51		1.51	113.69	1.23	6.93
P/S	0.7051	0.6377	0.582	0.8356	0.7856	0.7697	1.04		1.04	113.74	0.8026	12.31
P/FCF						31.21	51.63	8.27	8.27	7.76	30.37	-35.77
E/P						0.0494	0.0406	0.0661	0.0661	0.57	0.0520	10.19
EV/EBIT		11.41	11.74	11.57	12.29	14.04	13.12	13.12	13.12		12.83	2.55
EV/EBITDA	8.67	7.04	6.76	7.15	7.5	7.97	8.62		8.62	159.62	7.60	4.98
EV/S		0.6703	0.6258	0.7948	0.7267	0.6932	0.9202	0.9202	0.9202	113.14	0.8110	2.97
EV/FCF		26.34	34.98	12.01	30.08	50.23	11.36	11.36	11.36	121.88	23.01	-1.11
Debt/EBITDA	1.22	1.24	1.63	0.9216	0.7788	0.8031	0.4173	0.4173	0.4173	-23.98	0.6676	-14.65
Netdebt/Ebitda		0.3422	0.4729	-0.367	-0.6084	-0.8796	-1.1	-1.1	-1.1	44.86	-0.8110	24.55
Debt/Ratio		0.1453	0.1773	0.1095	0.0805	0.0746	0.0466	0.0466	0.0466	0.16	0.0716	-15.71
Debt/Equity		0.2741	0.3344	0.1699	0.1213	0.1128	0.0713	0.1285	0.1285	39.15	0.1208	-5.43
Debt/Net Income		3.45	6.91	2.32	2.02	2.41	1.01	1.01	1.01	21.59	1.75	-15.32
PEG								0.9964	0.9964		0.9964	0.00
Бета						0.1826	-1.46	1.07	1.07	-24.14	-0.0691	80.29
Индекс Альтмана						-1.48	-0.9399	0.5213	0.5213	6.88	-0.6329	-170.62

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E		16.87	16.96	50.26	23.01	25.46	26.17	26.59	21.42	20.53	23.73			131.00	23.69	-1.94
P/BV	1.25		1.1	1.18	1.07	1.07	1.13	1.13	1.23	1.34	1.58			113.69	1.28	6.93
P/S		0.732	0.7565	1.64	0.7023	0.7148	0.7639	0.7697	0.832	0.9097	1.08			113.74	0.8711	7.17
EV/EBIT							33.13	61.43	37.84	62.83	42				47.45	4.86
EV/EBITDA	11.75		10.35	27.82	13.02	50.81	8.37	8.09	7.28	8.16	9.37			159.62	8.25	2.28
EV/S						2.59	2.7	2.69	2.98	3.17	3.68			113.14	3.04	6.39
EV/FCF						35.03	35.39	36.34						121.88	35.59	1.23
Debt/EBITDA	3.91		3.57	7.4	16.27	5.03	2.13	3.38	1.33	1.69	1.17			-23.98	1.94	-11.29
Netdebt/Ebitda						-4.38	-2.24	-3.1	-3.19	-3.96	-4.04			44.86	-3.3060	12.52
Debt/Ratio						0.071	0.0703	0.0764	0.0432	0.0413	0.0388			0.16	0.0540	-11.21
Debt/Equity						0.108	0.1073	0.1155	0.0629	0.0612	0.0592			39.15	0.0812	-11.21
Debt/Net Income						8.18	4.68	15.55	2.96	2.76	2.45			21.59	5.68	-12.14
Бета												2.91	1.07	-24.14	1.99	-39.36
Индекс Альтмана												0.5213	0.5213	6.88	0.5213	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		5.51	5.58	6.44	5.67	6.53	6.95	6.95				6.51	1.54
Дивиденд	34.5	36.5	38	25	40	27	47	50	54	54		43.60	6.19
Див доход, ао, %	1.36	1.94	2.05	1.81	2.08	1.12	3.04	3.06	2.35	2.35	3.90	2.33	2.47
Дивиденды / прибыль, %			30.1	29.83	56.57	31.45	40.75	52.76	32.45	32.45	40.65	42.80	-10.52

	2022Q2	2022Q4	2023Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	3.75	6.53	3.75		4.68	0.00
Дивиденды / прибыль, %	84.64	327.3	106.32	40.65	172.75	7.90

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	10696	10642	-0.25

	CAGR 5

	CAGR 5