TSE: 4023 - Kureha Corporation

Yield per half year: -10.49%
Dividend yield: +4.60%

Reporting Kureha Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								161.24
Выручка, млрд ¥	147.33	148.27	142.4	144.58	168.34	191.28	177.97	177.97	164.91	4.56
Чистая прибыль, млрд ¥	9.7	13.93	13.72	13.49	14.16	16.87	9.73	9.73	13.59	-6.64
EV, млрд ¥	184.17	159.98	106.33	161.25	190.81	154.98	184.91	184.91	159.66	11.70
EBIT, млрд ¥	13.46	17.76	18.04	17.26	23.18	23.06	14.74	14.74	19.26	-3.96
EBITDA, млрд ¥	23.36	28.07	30.7	29.64	34.73	34.67	26.4	26.4	31.23	-2.97
Баланс стоимость, млрд ¥	150.19	160.55	164.99	183.83	199.22	215.2	221.38	221.38	196.92	6.06
FCF, млрд ¥	10.32	9.94	1.5	13.83	16	8.51	-21.1	-21.1	3.75	-269.68
Операционный денежный поток, млрд ¥	20.18	23.38	15.15	26.7	28.58	22.74	11.6	11.6	20.95	-5.20
Операционная прибыль, млрд ¥	10.74	15.2	18.04	17.26	20.14	22.35	18.73	18.73	19.30	0.75
Операционные расходы, млрд ¥	29.29	28.38	26.09	27.08	32.76	33.76	32.61	32.61	30.46	4.56
CAPEX, млрд ¥	9.86	13.44	13.65	12.88	12.59	14.24	32.7	32.7	17.21	19.09

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥	52.48	47.23	6 645.69	43.76	44.73	44.36	45.12	41.93	39.71	40.37	42.30	-1.87
Чистая прибыль, млрд ¥	6.73	5.47	-123.97	3.24	3.56	3.44	-0.504	2.87	2.78	2.45	2.21	-6.56
EV, млрд ¥	164.21	49.03	23 848.22	161.04	156.4	183.78	181.21	175.56	186.15	193.56	184.05	1.04
EBIT, млрд ¥	8.59	8.03	-315.5	5	4.62	6.47	-2.35	2.77	3.6	3.66	2.83	-10.77
EBITDA, млрд ¥	11.79	11	148.16	7.8	7.47	9.5	0.625	5.93	6.81	6.84	5.94	-6.36
Баланс стоимость, млрд ¥	213.12	212.76	33 811.98	217.71	219.64	216.02	221.38	222.47	215.91	215.03	218.16	-0.09
FCF, млрд ¥	3.52	0.77	1 074.54	-6.93	6.95	-20.93	-0.196	7.56	-3.45	-8.46	-5.0952	-16.57
Операционный денежный поток, млрд ¥	8	4.76	1 464.67	-3.06	10.29	3.48	0.899	11.09	13	1.62	6.02	-14.18
Операционная прибыль, млрд ¥	8.59	7.75	-335.14	4.94	4.21	6.31	1.99	2.93	3.75	3.75	3.75	-9.88
Операционные расходы, млрд ¥	7.47	7.66	1 708.83	7.67	8.29	8.68	8.63	8.17	7.68	8.15	8.26	-1.25
CAPEX, млрд ¥	4.49	3.99	390.13	3.87	3.34	24.4	1.1	3.52	16.45	10.08	11.11	-16.21

	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 ¥	6.48	5.99	7.27	17.83	30.64	32.21	23.13	23.13	22.22	26.05
Short Term Investments ¥		0.028	0.002	0.003	0.016	0.015	17.47	17.47	3.50	514.12
Total Receivables ¥		30.72	28.33	28.21	35.81	31.86	38.92	38.92	32.63	6.56
Total Current Assets ¥		78.78	79.01	86.24	112.42	120.99	119.9	119.9	103.71	8.70
Чистые активы, млрд ¥	76.96	78.78	79.01	86.24	114.44	117.44		117.44	95.18	8.31
Активы, млрд ¥	242.28	247.35	246.89	256.92	282.64	296.4	330.63	330.63	282.70	6.02
Short Term Debt ¥		23.04	15.55	7.84	14.75	13.39	11.93	11.93	12.69	-5.16
Long Term Debt ¥		15.78	20.46	20.39	11.43	11.6	39.1	39.1	20.60	13.83
Задолженность, млрд ¥	90.24	85.19	80.27	71.4	81.92	79.63	107.48	107.48	84.14	6.01
Чистый долг, млрд ¥	40.94	32.56	26.93	9.02	-4.46	-10.21	27.89	27.89	9.83	0.70
Долг, млрд ¥	47.42	38.55	34.2	26.86	26.18	24.99	51.02	51.02	32.65	8.33
Расходы на обслуживание долга ¥		0.389	0.642	0.219	0.276	0.228	0.191	0.191	0.3112	-21.53
Чист. проц. доходы, млрд ¥	0.603	0.651	0.545	0.703	0.256	0.871	1.31	0.871	0.7370	19.17
Амортизация, млрд ¥		10.31	12.11	11.67	11.55	11.62	11.66	11.66	11.72	-0.75
Себестоимость, млрд ¥			100.27	101.7	117.46	136.49	126.63	126.63	116.51	4.78
Товарно материальные запасы ¥		38.33	38.24	36.45	41.7	52	51.25	51.25	43.93	6.03

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				29.13	25.61	5 060.04	33.28	29.86	25.24	23.13	23.68	30.32	24.77	25.43	-0.38
Short Term Investments ¥		0.016	0.015	0.014	0.014	2.36	0.015	0.022	0.089	0.02	18.12			3.65	313.44
Total Receivables ¥				41.51	37.74	5 005.04	33.27	34.28	32.56	38.92	34.79	27.61	30.09	32.79	-1.57
Total Current Assets ¥				121.98	119.18	19 010.53	126.14	118.95	119.03	119.9	115.8	112.79	110.89	115.68	-1.41
Чистые активы, млрд ¥	99.45	112.42	120.76	121.98	117.67	18 451.81	118.21							3786.09	-0.43
Активы, млрд ¥				295.79	291.37	46 570.88	307.27	306	322.24	330.63	331.04	335.13	344.37	332.68	1.34
Short Term Debt ¥				13.49	18.06	2 103.67	17.56	12.17	17.26	11.93	12.18	9.43	15.68	13.30	-1.90
Long Term Debt ¥		11.43	11.26	9.19	4.05	1 823.06	17.57	16.53	35.41	39.1				386.33	-53.63
Задолженность, млрд ¥				81.15	77.06	12 511.59	87.99	84.77	104.57	107.48	106.78	117.43	127.56	112.76	4.05
Чистый долг, млрд ¥				-6.45	-3.49	-1 604.35	1.85	-1.17	27.42	27.89	26.31	35.55	46.07	32.65	10.94
Долг, млрд ¥				22.68	22.11	3 455.69	35.13	28.7	52.67	51.02	49.99	65.87	70.84	58.08	6.11
Расходы на обслуживание долга ¥		0.136	0.062	0.069	0.349	8.33	0.036	0.052	0.047	0.054	0.051			0.0480	7.21
Чист. проц. доходы, млрд ¥	0.268	0.058	0.437	0.335	0.279	19.8	110.14	15.4	31.74	0.302				35.48	-56.68
Амортизация, млрд ¥				2.86	2.98	463.66	2.8	2.85	3.04	2.97	3.16	3.21	3.18	3.11	0.90
Себестоимость, млрд ¥							31.09	31.83	29.22	34.5	30.84	28.28	28.48	30.26	-0.51
Товарно материальные запасы ¥				46.77	50.45	8 170.22	53.53	50.48	55.52	51.25	50.28	49.29	49.84	51.24	-2.14

	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	469.16	679.04	692.02	690.49	241.55	287.61	172.71		172.71	416.88	-24.24
Цена акции ао					8060	2880	2875	2853	2853	4167.00	-22.87
Число акций ао, млн		20.52	19.82	19.54	58.64	58.65	56.36		56.36	42.60	23.25
FCF/акцию	499.36	484.39	75.71	707.53	272.77	145.02	-374.36		-374.36	165.33	-237.67

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS	344.23	279.61	-2117.2	55.65	62.66	62.21	-9.16	52.67	52.5	47.66		41.18	-5.19
Цена акции ао											2853	2853.00	0.00
FCF/акцию	179.86	39.39	116.8	-119.13	122.4	-378.33	-3.56	138.81	-65.2	-164.87		-94.6300	-15.31

	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, %	7.07	8.97	8.43	7.74	7.4	8.14	4.46		4.46	8.32	7.23	-11.96
ROA, %	4.06	5.69	5.55	5.36	5.25	5.83	3.1		3.1	4.29	5.02	-11.00
ROIC, %			8.48	7.93	8.45	9.22			9.22	7.00	8.52	2.11
ROS, %			9.63	9.33	8.41	8.82	5.47	5.47	5.47	9.17	7.50	-10.13
ROCE, %	7.49	9.68	9.36	8.14	10.53	9.79	5.31	6.61	6.61	10.65	8.08	-4.08
Ebit margin, %			9.89	12.03	13.77	12.05	8.28	8.28	8.28		10.88	-7.20
Рентаб EBITDA, %	15.85	18.93	21.56	20.5	20.63	18.13	14.83	14.83	14.83	17.35	17.78	-6.27
Чистая рентаб, %	6.58	9.4	9.63	9.33	8.41	8.82	5.47		5.47	9.17	8.33	-10.70
Operation Margin, %			12.67	11.94	11.96	11.68	10.53	10.53	10.53	13.44	11.33	-2.48

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	3.35	2.64	-0.3764	1.52	1.65	1.59	-0.2313	1.31	1.27	1.12		8.32	1.01	-6.77
ROA, %	2.29	1.86	-0.2685	1.07	1.16	1.1	-0.1544	0.8675	0.8349	0.7196		4.29	0.6735	-8.14
ROIC, %				2.4		2.19		1.93		1.65		7.00	2.04	-8.94
ROS, %				7.4	7.96	7.76	-1.12	6.84	7	6.06	5.47	9.17	4.85	-237.33
ROCE, %		3.52	-0.8709	2.12	1.92	2.59	-0.9011	1.04	1.3	1.29	6.61	10.65	1.87	-248.97
Ebit margin, %				11.44	10.32	14.57	-5.2	6.62	9.06	9.06	8.28		5.56	-209.75
Рентаб EBITDA, %		23.29	2.23	17.83	16.7	21.42	1.39	14.14	17.14	16.93	14.83	17.35	12.89	60.56
Чистая рентаб, %	12.82	11.57	-1.87	7.4	7.96	7.76	-1.12	6.84	7	6.06		9.17	5.31	-4.83
Operation Margin, %				11.28	9.41	14.22	4.41	6.98	9.45	9.28	10.53	13.44	8.13	19.01

	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	14.77	9.15	5.79	11.28	13.79	9.79	16.13		16.13	130.82	11.36	22.74
P/BV	0.9421	0.7857	0.4765	0.8205	0.9728	0.7621	0.7037		0.7037	113.67	0.7471	8.11
P/S	0.9722	0.8594	0.5576	1.05	1.16	0.8636	0.8823		0.8823	113.72	0.9027	9.61
P/FCF						18.95	-7.64	-7.64	-7.64	9.05	1.22	-173.87
E/P						0.1046	0.0604	0.0604	0.0604	0.54	0.0751	-16.73
EV/EBIT			7.55	9.27	8.23	6.72	12.54	12.54	12.54		9.86	6.23
EV/EBITDA	7.89	5.7	3.46	5.44	5.49	4.47	7		7	139.68	5.17	15.13
EV/S			0.7467	1.12	1.13	0.8102	1.04	1.04	1.04	113.15	1.03	-1.47
EV/FCF			70.84	11.66	11.93	18.22	-8.76	-8.76	-8.76	123.04	4.86	-194.44
Debt/EBITDA	2.03	1.37	1.11	0.9061	0.7538	0.7208	1.93	1.93	1.93	-3.74	1.25	16.33
Netdebt/Ebitda			0.8773	0.3044	-0.1284	-0.2945	1.06	1.06	1.06	22.57	0.4003	28.34
Debt/Ratio			0.1458	0.1099	0.0926	0.0843	0.1543	0.1543	0.1543	0.16	0.1191	7.02
Debt/Equity			0.2182	0.1536	0.1314	0.1161	0.2305	0.4817	0.4817	4.47	0.2227	25.68
Debt/Net Income			2.62	2.09	1.85	1.48	5.24	5.24	5.24	21.45	3.18	20.18
PEG								-0.3994	-0.3994		-0.3994	0.00
Бета						0.1892	0.4965	0.9821	0.9821	-33.23	0.5559	73.15
Индекс Альтмана						-5.21	3.97	3.95	3.95	7.67	0.9033	-191.18

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	13.79	12.16	9.47	2.27		5.71	14	16.92		16.27	17.97	20.01			130.82	17.03	7.40
P/BV			0.7951	0.2451	0.7473	0.726	0.7122	0.7183	0.6871	0.6655	0.6918	0.6803			113.67	0.6886	-1.08
P/S			0.8933	0.2649	0.4109	0.5513	0.9042	0.9226	0.8812	0.8617	0.9051	0.9197			113.72	0.8981	-0.06
P/FCF														-7.64	9.05	-7.6400	0.00
E/P														0.0604	0.54	0.0604	0.00
EV/EBIT						32.18	33.87	28.43	-77.24	63.29	51.75	52.91		12.54		20.65	-169.52
EV/EBITDA			4.32	1.08	4.32	5.37	5.94	7.19	7.13	7.46	8.14	9.58			139.68	7.90	5.91
EV/S						3.68	3.5	4.14	4.02	4.19	4.69	4.79		1.04	113.15	3.75	-23.69
EV/FCF						-23.24	22.49	-8.78	-924.54	23.21	-53.89	-22.88		-8.76	123.04	-197.3720	-60.62
Debt/EBITDA				2.01	23.32	4.5	3.84	5.54	81.63	8.43	9.68	10.36		1.93	-3.74	22.41	-52.71
Netdebt/Ebitda						0.2372	-0.1562	2.89	44.62	4.44	5.22	6.74		1.06	22.57	12.42	-52.67
Debt/Ratio						0.1143	0.0938	0.1634	0.1543	0.151	0.1965	0.2057		0.1543	0.16	0.1724	0.00
Debt/Equity						0.1614	0.1307	0.2438	0.2305	0.2247	0.3051	0.3294		0.4817	4.47	0.3143	15.88
Debt/Net Income						10.85	8.06	15.31	-101.23	17.42	23.68	28.97		5.24	21.45	-5.1840	-155.31
PEG														-0.3994		-0.3994	0.00
Бета													-0.3197	0.9821	-33.23	0.3312	-275.27
Индекс Альтмана													3.95	3.95	7.67	3.95	0.00

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	2.03	2.89	3.61	3.32	3.32	4.88	5.27			5.27		4.08	7.86
Дивиденд	110	140	95	170	61.13	83.33	91.67	86.69	43.35	86.7		73.23	-6.64
Див доход, ао, %	1.5	1.76	1.46	2.74	1.03	1.26	1.6	4.49	4.72	4.6	4.24	2.62	35.59
Дивиденды / прибыль, %		20.97	20.75	26.3	24.59	23.43	28.92	54.12		54.12	40.87	31.47	15.53
Dividend Coverage Ratio									1.85	1.85		1.85	0.00

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	1.66	3.32	2.44	2.44	2.44	766.59	2.83	2.44	2.39	2.28			155.31	-68.76
Дивиденды / прибыль, %	33.24	393.13	44.67	36.25	44.64		87.43	70.85	83.1	93.05		40.87	75.81	15.82
Dividend Coverage Ratio											1.85		1.85	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	4271	4271	0.00

	CAGR 5

	CAGR 5