Nippon Paint Holdings Co., Ltd.

TSE

4612

Stock

Yield per half year: +6.79%
Dividend yield: 2.13%
Sector: Materials

Reporting Nippon Paint Holdings Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥					2 830			2 550	2830.00	0.00
Выручка, млрд ¥	627.67	692.01	781.15	998.28	1 309.02	1 442.57	1 638.72	1 638.72	1233.95	15.97
Чистая прибыль, млрд ¥	45.35	56.27	68.18	67.57	79.42	118.48	127.34	127.34	92.20	13.31
EV, млрд ¥	1 165.87	2 128.24	3 939.26	3 265.28	2 919.59	3 082.98	2 875.68	2 875.68	3216.56	-6.10
EBIT, млрд ¥	71.24	78.06	86.93	87.62	107.04	175.69	187.65	187.65	128.99	16.64
EBITDA, млрд ¥	89.63	111.02	124.23	127.89	154.16	227.97	251.34	251.34	177.12	15.13
OIBDA, млрд ¥			141.97	138.31	186.62	278.24	300.09	300.09	209.05	16.15
Баланс стоимость, млрд ¥	520.05	552.92	568.4	959.52	1 148.82	1 358.31	1 590.98	1 590.98	1125.21	22.86
FCF, млрд ¥	41.46	66.63	59.8	28.05	71.33	151.65	118.4	118.4	85.85	14.64
Операционный денежный поток, млрд ¥	61.53	92.08	88.56	67.43	112.35	189.76	167.4	167.4	125.10	13.58
Операционная прибыль, млрд ¥	86.54	78.06	86.93	87.62	111.88	168.75	176.09	176.09	126.25	15.16
Операционные расходы, млрд ¥	155.62	197.59	236.53	290.71	375.65	420.25	481.36	481.36	360.90	15.27
CAPEX, млрд ¥	20.08	25.44	28.76	39.38	41.02	38.11	49	49	39.25	11.25

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥	357.87	329.11	330.21	362.71	392.95	356.7	384.32	432.82	405.6	415.97	399.08	3.12
Чистая прибыль, млрд ¥	26.63	24.23	25.34	35.56	32.55	25.03	30.28	36.06	31.86	29.13	30.47	3.08
EV, млрд ¥	2 880.88	2 936.09	3 418.68	3 239.45	2 830.31	3 166.01	3 055.68	2 991.43	2 629.11	2 876.01	2943.65	-1.90
EBIT, млрд ¥	38.23	29.45	34.91	48.83	47.89	29.43	42.67	55.06	47.27	45.89	44.06	9.29
EBITDA, млрд ¥	54.08	40.47	48.74	61.5	61.61	43.27	57.03	70.33	64.09	63.13	59.57	7.85
OIBDA, млрд ¥						52.59	68.33	84.69	79.49	68.32	70.68	5.37
Баланс стоимость, млрд ¥	1 228.54	1 148.82	1 193.49	1 334.07	1 377.65	1 358.31	1 440.01	1 601.12	1 457.6	1 590.98	1489.60	3.21
FCF, млрд ¥	25.28	46.8	-14.37	54.1	46.27	65.64	-11.73	13.85	28.32	87.96	36.81	6.03
Операционный денежный поток, млрд ¥	37.46	54.82	-5.74	62.32	52.23	80.94	-0.394	25.75	40.87	101.18	49.67	4.56
Операционная прибыль, млрд ¥	38.23	29.45	34.91	48.83	47.89	34.35	41.58	50.42	47.27	34.33	41.59	-0.01
Операционные расходы, млрд ¥	93.31	96.51	94.96	96.41	108.22	110.56	115.14	123.52	114.31	130.88	118.88	3.43
CAPEX, млрд ¥	12.19	8.02	8.63	8.22	5.96	15.3	11.33	11.9	12.55	13.21	12.86	-2.89

	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 ¥	129.63	188.46	299.05	138.81	242.6	289.65	288.3	288.3	251.68	-0.73
Short Term Investments ¥	59.78	65.16	66.92	39.92	17.25	84.15	153.58	153.58	72.36	18.07
Total Receivables ¥	179.27	213.27	232.92	270.77	321.16	317.94	376.98	376.98	303.95	10.11
Total Current Assets ¥	444.21	507.22	643.5	600.74	765.63	889.56	1 055.21	1 055.21	790.93	10.40
Чистые активы, млрд ¥	444.21	507.22	643.5	600.74	376.84	774.6		376.84	580.58	8.84
Активы, млрд ¥	953.99	1 478.65	1 615.38	1 955.08	2 442.34	2 713.34	3 071.38	3 071.38	2359.50	13.71
Short Term Debt ¥	51.58	384.05	68.13	65.12	109.12	70.46	146.47	146.47	91.86	16.54
Long Term Debt ¥	37.88	58.15	467.63	457.92	626.09	683.77	613.54	613.54	569.79	5.58
Задолженность, млрд ¥	306.37	790.67	915.58	986.39	1 286.98	1 345.24	1 461.15	1 461.15	1199.07	9.80
Чистый долг, млрд ¥	-40.17	318.9	303.63	384.22	479.46	450.12	471.71	471.71	417.83	9.21
Долг, млрд ¥	89.46	384.05	68.13	523.03	722.06	739.77	760.01	760.01	562.60	61.99
Расходы на обслуживание долга ¥	3.13	6	5.93	11.81	11.81	14.4	19.79	19.79	12.75	27.26
Чист. проц. доходы, млрд ¥	4.43	5.75	6.13	4.2	5	6.95		6.95	5.61	3.86
Амортизация, млрд ¥	18.39	32.96	37.3	40.28	47.12	52.28	63.69	63.69	48.13	11.29
Себестоимость, млрд ¥		416.36	457.69	619.95	821.49	866.45	981.28	981.28	749.37	16.48
Товарно материальные запасы ¥	65.81	92.86	94.06	132.8	176.05	175.62	202.48	202.48	156.20	16.57

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥			227.25	242.6	211.05	257.72	251.66	289.65	279.98	283.22	260.97	288.3	280.42	-0.09
Short Term Investments ¥	24.61	31.84	28.17	17.25	24.7	32.15	49.78	84.15	80.03	77.3			64.68	19.18
Total Receivables ¥			373.21	311.61	344.72	364.73	393.78	317.94	383.21	429.45	412.02	376.98	383.92	3.47
Total Current Assets ¥			832.24	765.63	774.6	849.91	895.1	889.56	954.83	1 013.45	966.52	1 055.21	975.91	3.47
Чистые активы, млрд ¥	712.74	776.04	832.24	376.84	379.57	399.46							552.83	-12.44
Активы, млрд ¥			2 613.21	2 442.34	2 477.03	2 662.67	2 740.88	2 713.34	2 889.08	3 098.11	2 901.47	3 071.38	2934.68	2.51
Short Term Debt ¥			74.58	95.97	81.19	77.86	78.2	41.67	163.45	123.48	121.68	146.47	119.35	28.58
Long Term Debt ¥	469.29	670.91	670.84	626.09	640.96	640.78	640.95	683.77	609.76	649.68			644.99	0.28
Задолженность, млрд ¥			1 377.65	1 286.98	1 276.85	1 321.66	1 354.31	1 345.24	1 436.84	1 483.12	1 430.7	1 461.15	1431.41	1.67
Чистый долг, млрд ¥			518.18	479.46	511.1	460.92	467.48	533.21	493.23	489.94	509.87	471.71	499.59	-2.42
Долг, млрд ¥			745.42	722.06	722.14	718.63	719.14	822.85	773.2	773.16	770.85	760.01	780.01	-1.58
Расходы на обслуживание долга ¥	1.89	2.79	2.61	3.42	3.26	2.91	6.07	2.16	4.32	5.2			4.13	12.31
Чист. проц. доходы, млрд ¥	2.12	0.652	2.13	0.107	1.33	2.02	2.6	1	2.21	3.24			2.21	9.91
Амортизация, млрд ¥			15.86	11.01	13.83	12.68	13.72	13.84	14.36	15.27	16.82	17.24	15.51	4.49
Себестоимость, млрд ¥						217.48	236.84	211.78	227.6	258.88	244.02	250.77	238.61	3.44
Товарно материальные запасы ¥			188.14	176.05	177.21	180.15	180.85	175.62	192.19	206.08	192.89	202.48	193.85	2.89

	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	28.28	35.08	42.49	29.41	33.82	50.44	54.21		54.21	42.07	4.99
Цена акции ао					1218	1140	1023.5	1057.5	1057.5	1109.75	-3.47
Число акций ао, млн	1603.77	1604	1604	2297	2348.53	2348.67	2348.78		2348.78	2189.40	7.93
FCF/акцию	25.85	41.54	37.27	12.21	30.37	64.57	50.41		50.41	38.97	6.23

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS	11.34	10.25	10.79	15.14	13.86	10.66	12.89	15.35	13.57	12.4			12.97	3.07
Цена акции ао											1167	1057.5	1112.25	-4.81
FCF/акцию	10.76	19.79	-6.12	23.04	19.7	27.95	-4.99	5.89	12.06	37.45			15.67	6.03

	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, %	8.85	10.49	12.16	8.84	7.53	9.45	8.64		8.64	9.28	9.32	-6.61
ROA, %	4.84	4.63	4.41	3.78	3.61	4.6	4.4		4.4	5.60	4.16	-0.05
ROIC, %		7.11	7.91	6.14	5.75	7.33				15.13	6.85	0.61
ROS, %		8.13	8.73	6.77	6.07	8.21	7.77	7.77	7.77	9.89	7.32	2.79
ROCE, %	9.65	8.87	6.69	5.54	5.42	7.72	7.54	11.65	11.65	11.93	7.57	16.03
Ebit margin, %		12.56	12	8.45	8.18	12.18	11.45	11.45	11.45		10.34	6.26
Рентаб EBITDA, %	14.28	16.04	15.9	12.81	11.78	15.8	15.34	15.34	15.34	20.26	14.21	3.67
Чистая рентаб, %	7.23	8.13	8.73	6.77	6.07	8.21	7.77		7.77	9.89	7.51	-2.30
Operation Margin, %		11.28	11.13	8.78	8.55	11.7	10.75	10.75	10.75	13.55	10.11	4.13

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	2.48	2.14	2.16	2.94	2.61	1.94	2.25	2.56	2.19	1.95		9.28	2.18	0.10
ROA, %	1.03	0.9587	1.03	1.38	1.2	0.9179	1.08	1.2	1.06	0.9755		5.60	1.05	1.22
ROIC, %				1.74	2.22	1.15	2.21	1.52	2.16	1.24		15.13	1.66	1.52
ROS, %				9.8	8.28	7.02	7.88	8.33	7.86	7	7.77	9.89	7.77	-0.28
ROCE, %		1.49	1.71	2.35	2.27	1.35	1.89	2.35	1.99	1.89	11.65	11.93	3.95	43.87
Ebit margin, %				13.46	12.19	8.25	11.1	12.72	11.65	11.03	11.45		11.59	0.62
Рентаб EBITDA, %		12.3	14.76	16.96	15.68	12.13	14.84	16.25	15.8	15.18	15.34	20.26	15.48	0.66
Чистая рентаб, %	7.44	7.36	7.67	9.8	8.28	7.02	7.88	8.33	7.86	7		9.89	7.62	-0.06
Operation Margin, %				13.46	12.19	9.63	10.82	11.65	11.65	8.25	10.75	13.55	10.62	-0.13

	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	26.59	32.16	53.33	42.64	30.73	22.22	18.88		18.88	18.29	33.56	-18.75
P/BV	1.86	2.63	5.2	2.97	2.11	1.92	1.49		1.49	1.49	2.74	-22.12
P/S	1.92	2.61	4.65	2.89	1.86	1.83	1.47		1.47	2.11	2.54	-20.57
P/FCF						35.75	16.82	21.54	21.54	16.44	24.70	-15.54
E/P						0.0311	0.0465	0.0499	0.0499	0.08	0.0425	17.07
EV/EBIT		24.49	42.01	38.7	27.28	17.55	15.32	15.32	15.32		22.83	-16.92
EV/EBITDA	13.01	19.17	31.71	25.53	18.94	13.52	11.44		11.44	9.66	20.23	-18.45
EV/S		3.08	5.04	3.27	2.23	2.14	1.75	1.75	1.75	2.14	2.23	-11.75
EV/FCF		31.94	65.87	116.43	40.93	20.33	24.29	24.29	24.29	21.72	45.25	-26.91
Debt/EBITDA	0.9981	3.98	4.31	4.09	4.68	3.25	3.02	3.02	3.02	2.21	3.61	-5.89
Netdebt/Ebitda		2.87	2.44	3	3.11	1.97	1.88	1.88	1.88	1.17	2.37	-8.92
Debt/Ratio		0.2991	0.3317	0.2675	0.2956	0.2726	0.2475	0.2475	0.2475	0.17	0.2661	-1.54
Debt/Equity		0.7997	0.9426	0.5451	0.6285	0.5446	0.4777	0.9074	0.9074	0.65	0.6207	10.73
Debt/Net Income		7.86	7.86	7.74	9.09	6.24	5.97	5.97	5.97	5.00	7.00	-5.06
PEG								2.13	2.13		2.13	0.00
Бета					0.89	1.26	1.1	-1.22	-1.22	0.79	0.5075	-208.20
Индекс Альтмана					0	2.43	2.28	2.2	2.2	2.24	2.30	-3.26

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	31.02	29.41	32.22	24.9	20.11	22.22	20.76	20.19	17.2	18.88			18.29	19.85	-3.21
P/BV	1.91	2.13	2.42	2.07	1.7	1.92	1.76	1.55	1.44	1.49			1.49	1.63	-4.94
P/S	1.9	1.87	2.15	2.02	1.67	1.83	1.71	1.6	1.34	1.47			2.11	1.59	-4.29
P/FCF												21.54	16.44	21.54	0.00
E/P												0.0499	0.08	0.0499	0.00
EV/EBIT				66.34	59.1	107.56	71.62	54.33	55.62	62.67		15.32		51.91	-26.54
EV/EBITDA	18.64	17.86	19.41	16.42	13.64	14.84	13.68	12.88	11.2	11.3			9.66	12.78	-5.30
EV/S				8.93	7.2	8.88	7.95	6.91	6.48	6.91		1.75	2.14	6.00	-26.12
EV/FCF				59.87	61.17	48.24	-260.57	216.05	92.83	32.7		24.29	21.72	21.06	-162.22
Debt/EBITDA		17.84	14.82	11.68	11.67	19.02	13.56	10.99	12.03	12.04		3.02	2.21	10.33	-25.95
Netdebt/Ebitda				7.49	7.59	12.32	8.65	6.97	7.96	7.47		1.88	1.17	6.59	-26.31
Debt/Ratio				0.2699	0.2624	0.3033	0.2676	0.2496	0.2657	0.2475		0.2475	0.17	0.2556	-1.55
Debt/Equity				0.5387	0.522	0.6058	0.5369	0.4829	0.5288	0.4777		0.9074	0.65	0.5867	11.07
Debt/Net Income				20.21	22.1	32.87	25.54	21.44	24.19	26.09		5.97	5.00	20.65	-25.23
PEG												2.13		2.13	0.00
Бета											-3.57	-1.22	0.79	-2.3950	-41.54
Индекс Альтмана											2.28	2.2	2.24	2.24	-1.77

	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		14.11	14.43	14.44	29.13	23.48	28.18	35.22			25.82		26.09	19.52
Дивиденд	12	8.4	9	9	9	6	11	14	15		15		11.00	10.76
Див доход, ао, %	1.21	1.07	1.09	0.7705	0.3617	0.084	1.54	1.75	2.25		2.13	2.37	1.20	44.13
Дивиденды / прибыль, %			31.11	25.65	21.18	43.11	29.57	23.78	27.66		27.66	41.57	29.06	5.48
Dividend Coverage Ratio										4.93	4.93		4.93	0.00

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	11.69	0.056	14.02	0.064	14.03	0.064	18.71	0.078	16.37	0.066			7.06	0.62
Дивиденды / прибыль, %	43.89	0.2311	55.34	0.18	43.1	0.2557	61.78	0.2163	51.38	0.2265		41.57	22.77	-2.40
Dividend Coverage Ratio											4.93		4.93	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	CAGR 5
Всего задолженность	598.15	315.55						-27.37
CAPEX/Выручка, %		3.68	3.95	3.13	2.64	2.99	2.99	-4.07
Персонал, чел				30 247	33 763			5.65

	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	CAGR 5
CAPEX/Выручка, %	4.29	2.95	2.75	3.09	3.18	-5.81

	CAGR 5