TSE: 2915 - KENKO Mayonnaise Co.,Ltd.

Yield per half year: -12.21%
Dividend yield: +2.05%

Reporting KENKO Mayonnaise Co.,Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								21.58
Выручка, млрд ¥	72.76	73.99	74.48	68.5	75.65	82.36	88.72	88.72	77.94	3.56
Чистая прибыль, млрд ¥	2.88	2.3	2.06	1.46	1.21	0.485	2.74	2.74	1.59	5.87
EV, млрд ¥	52.81	37	28.81	26.73	17.28	12.81	21.29	21.29	21.38	-5.87
EBIT, млрд ¥	4.27	3.88	2.9	1.98	1.83	0.709	3.82	3.82	2.25	5.67
EBITDA, млрд ¥	6.02	5.95	6.07	5.09	4.62	3.49	6.51	6.51	5.16	1.41
Баланс стоимость, млрд ¥	30.98	32.9	34.1	35.58	36.54	36.79	38.98	38.98	36.40	2.71
FCF, млрд ¥	-6.82	-4.33	3.51	4.5	3.36	2.22	5.04	5.04	3.73	7.50
Операционный денежный поток, млрд ¥	4.95	2.41	5.58	5.2	3.76	3.53	5.96	5.96	4.81	1.33
Операционная прибыль, млрд ¥	4.17	3.12	2.9	1.98	1.62	0.105	2.95	2.95	1.91	0.34
Операционные расходы, млрд ¥	14.75	15.09	14.94	13.88	14.18	14.52	15.07	15.07	14.52	0.17
CAPEX, млрд ¥	11.77	6.73	2.07	0.705	0.398	1.3	0.913	0.913	1.08	-15.10

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Выручка, млрд ¥	18.07	20.09	20.67	21.85	3 105.63	21.4	22.36	23.34	21.62	23	22.34	1.45
Чистая прибыль, млрд ¥	0.324	0.244	0.238	-0.198	31.58	0.142	0.4	1.11	1.08	1.23	0.7924	54.00
EV, млрд ¥	17.38	17.35	18.1	14.65	2 029.89	14.86	14.42	17.83	23.26	20.8	18.23	6.96
EBIT, млрд ¥	0.151	0.344	0.276	-0.184	-52.01	-0.437	0.614	1.6	1.35	1.81	0.9874	-232.87
EBITDA, млрд ¥	0.312	0.388	0.331	-0.162	-44.78	0.257	1.3	2.26	2	2.38	1.64	56.07
Баланс стоимость, млрд ¥	36.54	36.76	37.2	36.7	5 780.74	37.18	37.7	38.56	38.98	40.09	38.50	1.52
FCF, млрд ¥				1.32	228.77	1.39	1.37	1.33			46.84	0.15
Операционный денежный поток, млрд ¥	3.76		2.32	1.32	228.77	1.39	1.37	1.33			46.84	0.15
Операционная прибыль, млрд ¥	0.151	0.344	0.276	-0.184	-52.01	0.199	0.583	1.54	0.623	1.74	0.9370	54.29
Операционные расходы, млрд ¥	3.42	3.71	3.72	3.56	555.73	3.65	3.64	3.74	4.03	3.86	3.78	1.13
CAPEX, млрд ¥	0.398		0.265		204.88						68.51	701.44

	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 ¥	13.07	10.93	10.75	12.39	12.44	12.29	15.73	15.73	12.72	7.91
Short Term Investments ¥		0.362	0.506	0.484	0.619	0.695		0.695	0.5332	13.93
Total Receivables ¥		13.49	11.53	11.04	11.95	13.38	16.49	16.49	12.88	7.42
Total Current Assets ¥		27.95	25.62	26.32	27.87	29.65	36.58	36.58	29.21	7.38
Чистые активы, млрд ¥	30.44	27.95	25.62	26.32	26.89	24.74		24.74	26.30	-2.41
Активы, млрд ¥	64.88	70.1	63.77	62.32	61.76	62.23	67.37	67.37	63.49	1.10
Short Term Debt ¥		1.7	1.51	1.5	1.45	1.14	0.506	0.506	1.22	-19.64
Long Term Debt ¥		15.94	13.05	10.71	5.47	6.45	3.82	3.82	7.90	-21.78
Задолженность, млрд ¥	33.89	37.21	29.67	26.74	25.22	25.44	28.39	28.39	27.09	-0.88
Чистый долг, млрд ¥	-4.78	0.854	-0.663	-3.75	-5.53	-6.82	-11.41	-11.41	-5.6346	76.67
Долг, млрд ¥	8.3	11.78	10.08	8.64	6.92	7.59	4.32	4.32	7.51	-15.59
Расходы на обслуживание долга ¥		0.097	0.1	0.083	0.071	0.059	0.049	0.049	0.0724	-13.30
Чист. проц. доходы, млрд ¥	0.12	0.036	0.04	0.035	0.113	0.041	0.039	0.041	0.0536	-0.51
Амортизация, млрд ¥		2.08	2.97	2.95	2.8	2.78	2.7	2.7	2.84	-1.89
Себестоимость, млрд ¥			56.64	52.64	59.85	67.74	70.71	70.71	61.52	4.54
Товарно материальные запасы ¥		2.95	3.03	2.63	3.01	3.62	4	4	3.26	5.71

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Наличность, млрд ¥		12.44	12.86	13.24	14.22	1 930.84	11.82	13.82	14.04	15.73	15.49	14.18	5.56
Short Term Investments ¥						97.73	1.24				1.32	33.43	-76.19
Total Receivables ¥		12.21	12.5	13.03	16.51	2 102.1	13.67	16.83	17.89	16.49	17.29	16.43	4.81
Total Current Assets ¥		27.87	28.99	30.07	34.83	4 658.75	29.89	35.11	36.64	36.58	37.45	35.13	4.61
Чистые активы, млрд ¥	31.95	27.87	28.99	30.07	25.21	3 886.82	24.09					799.04	-3.64
Активы, млрд ¥		61.76	62.4	63.15	67.67	9 777.4	62.37	67.24	68.26	67.37	68.1	66.67	1.77
Short Term Debt ¥		1.45	1.45	1.45	1.36	179.74	0.931	0.719	0.546	0.942	0.487	0.7250	-12.16
Long Term Debt ¥		5.47	5.1	4.74	4.47	1 013.11	4.17	4.02	3.93	3.82		205.81	-67.24
Задолженность, млрд ¥		25.22	25.64	25.95	30.97	3 996.65	25.2	29.54	29.7	28.39	28.01	28.17	2.14
Чистый долг, млрд ¥		-5.53	-6.3	-7.05	-8.39	-1 072.18	-6.72	-9.08	-9.57	-9.28	-11.32	-9.1940	10.99
Долг, млрд ¥		6.92	6.55	6.19	5.83	858.66	5.1	4.74	4.47	6.45	4.17	4.99	-3.95
Расходы на обслуживание долга ¥		0.016	0.016	0.015	0.015	2.04	0.013	0.013	0.012	0.011	0.011	0.0120	-3.29
Чист. проц. доходы, млрд ¥	0.014	0.05	0.019	0.004	0.015	0.4714	2.67	0.4714	2.36	0.004		1.20	-61.48
Амортизация, млрд ¥			0.044	0.055	0.022	7.23	0.694	0.685	0.665	0.655	0.573	0.6544	-3.76
Себестоимость, млрд ¥							17.55	18.13	18.06	16.97	17.41	17.62	-0.16
Товарно материальные запасы ¥		3.01	3.3	3.45	3.77	568.93	4.14	4.11	4.37	4	4.41	4.21	1.27

	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	174.62	139.36	124.91	88.5	74.27	29.82	169.87		169.87	97.47	6.34
Цена акции ао					1373	1699	2010	1955	1955	1759.25	9.24
Число акций ао, млн		16.48	16.48	16.48	16.3	16.26	16.1		16.1	16.32	-0.47
FCF/акцию	-413.88	-262.57	212.86	273.01	206.02	136.63	313.28		313.28	228.36	8.04

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	5 quarters average	CAGR 5
EPS	19.79	14.99	14.62	-12.17	1948.28	8.81	24.81	68.77	67.66	76.81		49.37	54.20
Цена акции ао											1955	1955.00	0.00
FCF/акцию				81.23	89.82	86.08	84.96	82.48				84.91	0.31

	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, %	9.68	7.19	6.14	4.18	3.36	1.32	7.22		7.22	8.28	4.44	3.29
ROA, %	4.95	3.4	3.07	2.31	1.95	0.7823	4.22		4.22	4.27	2.47	6.57
ROIC, %			5.04	3.7	3.46	1.78			1.78	7.02	3.49	-22.91
ROS, %			2.76	2.13	1.6	0.5889	3.08	3.08	3.08	9.09	2.10	7.66
ROCE, %	9.81	7.79	6.04	4.18	3.99	1.61	8.38	9.79	9.79	10.60	5.59	18.56
Ebit margin, %			4.16	3.25	2.41	0.8608	4.3	4.3	4.3		3.02	5.76
Рентаб EBITDA, %	8.27	8.05	8.14	7.42	6.11	4.23	7.34	7.34	7.34	17.14	6.49	-0.22
Чистая рентаб, %	3.95	3.1	2.76	2.13	1.6	0.5889	3.08		3.08	9.09	2.03	2.22
Operation Margin, %			3.89	2.88	2.14	0.1275	3.32	3.32	3.32	13.42	2.36	2.88

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %	0.9033	0.6751	0.6526	-0.5392	0.5458	0.3847	1.08	2.97	2.87	3.19	8.28	2.10	52.66
ROA, %	0.506	0.393	0.3791	-0.3027	0.3095	0.2279	0.6172	1.64	1.6	1.81	4.27	1.18	51.35
ROS, %						0.6635	1.79	4.75	5.01	5.33	9.09	3.51	51.70
ROCE, %	0.3275	0.7517	0.6063	-0.4074	-0.7392	-0.9814	1.38	3.58	2.99	3.97	10.60	2.19	-232.25
Ebit margin, %						-2.04	2.75	6.84	6.22	7.86		4.33	-230.97
Рентаб EBITDA, %	1.73	1.93	1.6	-0.74	-1.44	1.2	5.81	9.69	9.25	10.35	17.14	7.26	53.87
Чистая рентаб, %	1.79	1.21	1.15	-0.91	1.02	0.6635	1.79	4.75	5.01	5.33	9.09	3.51	51.70
Operation Margin, %						0.9298	2.61	6.62	2.88	7.55	13.42	4.12	52.02

	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	20.01	15.74	14.32	20.91	18.84	40.47	11.96		11.96	131.00	21.30	-3.54
P/BV	1.86	1.1	0.8643	0.8567	0.6243	0.5335	0.8389		0.8389	113.69	0.7435	-0.59
P/S	0.7914	0.4885	0.3957	0.4449	0.3015	0.2383	0.3686		0.3686	113.74	0.3498	-1.41
P/FCF						9.72	4.28	4.28	4.28	7.76	6.09	-23.92
E/P						0.0225	0.1267	0.1267	0.1267	0.57	0.0920	77.91
EV/EBIT			9.29	12.02	9.47	18.06	5.58	5.58	5.58		10.14	-14.23
EV/EBITDA	8.77	6.21	4.75	5.26	3.74	3.67	3.27		3.27	159.62	4.14	-7.20
EV/S			0.3868	0.3903	0.2285	0.1555	0.24	0.24	0.24	113.14	0.2509	-9.27
EV/FCF			8.22	5.94	5.15	5.76	4.22	4.22	4.22	121.88	5.06	-6.61
Debt/EBITDA	1.38	1.98	1.66	1.7	1.5	2.18	0.6633	0.6633	0.6633	-23.98	1.34	-17.16
Netdebt/Ebitda			-0.1093	-0.7365	-1.2	-1.96	-1.75	-1.75	-1.75	44.86	-1.4793	18.90
Debt/Ratio			0.2284	0.1958	0.112	0.122	0.0641	0.0641	0.0641	0.16	0.1116	-20.01
Debt/Equity			0.4271	0.3431	0.1893	0.2063	0.1109	0.7284	0.7284	39.15	0.3156	16.25
Debt/Net Income			7.08	8.37	5.71	15.65	1.58	1.58	1.58	21.59	6.58	-28.35
PEG								0.0091	0.0091		0.0091	0.00
Бета						3.5	-1.89	0.7067	0.7067	-34.19	0.7722	-41.33
Индекс Альтмана						-0.144	0.7176	0.7595	0.7595	6.88	0.4444	-274.07

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	18.05	18.92	20.12	20.4		40.8	56.54	43.05	14.8	11.94	8.44			131.00	26.95	-31.64
P/BV		0.627	0.6434	0.676	0.628	0.5366	0.5804	0.6232	0.7104	0.8347	0.801			113.69	0.7099	6.65
P/S		0.3028	0.3067	0.3196	0.2857	0.2405	0.2594	0.2762	0.3158	0.3685	0.3574			113.74	0.3155	6.62
EV/EBIT							-34	23.48	11.16	17.29	11.51				5.89	-180.52
EV/EBITDA		10.23	10.52	10.77	16.86	47.5	105.39	4	3.33	3.57	2.62			159.62	23.78	-52.24
EV/S							0.6943	0.6447	0.7639	1.08	0.9041			113.14	0.8174	5.42
EV/FCF							10.71	10.52	13.41					121.88	11.55	7.78
Debt/EBITDA	11.19	22.16	16.89	18.7			19.85	3.65	1.98	3.22	1.75			-23.98	6.09	-38.47
Netdebt/Ebitda							-26.13	-6.99	-4.23	-4.64	-4.75			44.86	-9.3480	-28.89
Debt/Ratio							0.0818	0.0705	0.0655	0.0957	0.0613			0.16	0.0750	-5.61
Debt/Equity							0.1372	0.1258	0.1159	0.1654	0.1041			39.15	0.1297	-5.37
Debt/Net Income							35.93	11.85	4.03	5.95	3.4			21.59	12.23	-37.60
Бета												1.22	0.7326	-34.19	0.9763	-22.51
Индекс Альтмана												0.7595	0.7595	6.88	0.7595	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		0.674	0.559	0.494	0.394	0.31	0.292	0.307			0.307		0.3594	-9.08
Дивиденд	31	41	34	30	24	5.03	18	19	39		39		21.01	10.20
Див доход, ао, %	1.01	1.2	1.48	1.16	1.21	0.5344	1.61	1.85	2.11		2.05	3.90	1.46	11.76
Дивиденды / прибыль, %			23.43	24.35	24	27.02	25.6	60.21	11.22		11.22	40.65	29.61	-14.11
Dividend Coverage Ratio										8.91	8.91		8.91	0.00

	2022Q1	2022Q3	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.31	0.162	45.88		15.45	428.96
Дивиденды / прибыль, %	95.68	68.07	145.27	40.65	103.01	14.93

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	1056	1056	0.00

	CAGR 5

	CAGR 5