TSE: 5233 - Taiheiyo Cement Corporation

Yield per half year: +12.07%
Dividend yield: +3.09%

Reporting Taiheiyo Cement Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								336.53
Выручка, млрд ¥	871.11	916.07	884.35	863.9	708.2	809.54	886.28	886.28	830.45	0.04
Чистая прибыль, млрд ¥	38.53	43.45	39.15	46.8	28.97	-33.21	43.27	43.27	25.00	2.02
EV, млрд ¥	731.85	696.54	454.12	527.9	475.71	647.88	734.73	734.73	568.07	10.10
EBIT, млрд ¥	60.72	61.08	61.01	63.61	46.7	-13.62	61.62	61.62	43.86	0.20
EBITDA, млрд ¥	107.22	105.58	113.5	121.98	102.77	50.85	127.97	127.97	103.41	2.43
Баланс стоимость, млрд ¥	395.27	414.71	436.68	470.92	510.62	494.95	563.21	563.21	495.28	5.22
FCF, млрд ¥	107.68	97.28	90.9	110.4	3.43	-64.26	53.18	53.18	38.73	-10.17
Операционный денежный поток, млрд ¥	107.68	97.28	90.9	110.4	71.19	-0.268	140.54	140.54	82.55	9.11
Операционная прибыль, млрд ¥	65.13	66.01	61.01	63.61	46.7	4.46	56.47	56.47	46.45	-1.53
Операционные расходы, млрд ¥	140.99	137.4	134.02	127.66	128.68	136.76	135.74	135.74	132.57	0.26
CAPEX, млрд ¥	52.7	64.66	66.62	58.82	67.77	64	87.36	87.36	68.91	5.57

	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥		199.47	224.37	32 797.68	193.53	225.02	241.62	226.1	208.85	234.82	238.2	229.92	-0.28
Чистая прибыль, млрд ¥		-15.95	-0.971	-2 436.54	0.365	13.25	15.18	14.48	13.53	16.66	22.2	16.41	7.90
EV, млрд ¥		530.31	544.2	99 547.99	676.35	631.89	647.42	776.39	761.34	673.94	701.17	712.05	1.61
EBIT, млрд ¥		-1.52	5.08	166.82	3.15	18.32	23.99	-1.15	18.7	25.34	27.81	18.94	3.00
EBITDA, млрд ¥		-1.6	4.33	-264.65	19.05	34.26	41.16	16.17	33.09	40.05	44.4	34.97	1.53
Баланс стоимость, млрд ¥		525.86	533.66	77 599.32	495.99	534.38	548.39	563.21	593.42	627.87	601.31	586.84	1.86
FCF, млрд ¥			5 198.78	35.84	31.81	31.89	34.35					1066.53	-63.36
Операционный денежный поток, млрд ¥	71.19	-14.99	5 198.78	35.84	31.81	31.89	34.35					1066.53	-63.36
Операционная прибыль, млрд ¥		-1.52	5.08	166.82	1.86	15.89	24.11	14.61	11.05	25.34	27.81	20.58	2.90
Операционные расходы, млрд ¥		33.97	35.27	5 301.09	33.58	33.53	34.11	34.53	34.33	34.86	34.66	34.50	0.32
CAPEX, млрд ¥	67.77	31.21		64								54.33	-1.89

	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 ¥	53.77	56.56	51.64	73.07	60.27	79.84	80.1	80.1	68.98	9.18
Short Term Investments ¥		19.56	12.97	24.64	46.23	50.22	1.16	1.16	27.04	-38.30
Total Receivables ¥		196.31	162.34	145.07	166.23	159.6	206.39	206.39	167.93	4.92
Total Current Assets ¥		341.31	318.5	327.33	340.55	430.41	430.29	430.29	369.42	6.20
Чистые активы, млрд ¥	340.6	341.31	318.5	327.33	557.83	620.08		620.08	433.01	12.68
Активы, млрд ¥	1 022.14	1 034.43	1 032.92	1 044.23	1 103.01	1 268.86	1 338.25	1 338.25	1157.45	5.32
Short Term Debt ¥		149.38	132.78	113.54	123.99	186.57	142.92	142.92	139.96	1.48
Long Term Debt ¥		170.19	170.81	168.35	160.08	270.42	227.55	227.55	199.44	5.90
Задолженность, млрд ¥	589.82	583.78	559.68	537.41	558.21	740.01	741.87	741.87	627.44	5.80
Чистый долг, млрд ¥	253.68	240.67	232.47	189.38	223.8	350.16	315.17	315.17	262.20	6.28
Долг, млрд ¥	307.45	297.23	284.11	262.45	284.07	456.99	395.27	395.27	336.58	6.83
Расходы на обслуживание долга ¥		4.07	3.88	3.5	2.2	2.75	3.59	3.59	3.18	-1.54
Чист. проц. доходы, млрд ¥	0.81	0.632	0.54	0.601	2.55	0.738	1.86	0.738	1.26	28.06
Амортизация, млрд ¥		44.5	48.95	52.74	56.06	64.47	66.35	66.35	57.71	6.27
Себестоимость, млрд ¥			689.32	672.63	532.82	668.32	694.06	694.06	651.43	0.14
Товарно материальные запасы ¥		76.72	78.28	75.37	94.19	138.37	123.18	123.18	101.88	9.49

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				80.85	88.92	12 517.72	78.89	82.15	98.12	71.15	86.56	80.82	91.92	85.71	-1.30
Short Term Investments ¥						4 087.76	63.12	9.36		8.95				1042.30	-78.37
Total Receivables ¥				158.34	184.8	25 021.49	186.28	217.09	226.14	206.39	204.35	200.59	214.4	210.37	-1.06
Total Current Assets ¥				425.13	470.88	67 479.88	431.77	454.45	479.12	430.29	444.78	439.39	458.95	450.51	-0.86
Чистые активы, млрд ¥	378.15	340.55	422	425.13	470.88	97 217.35	626.75							19832.42	8.23
Активы, млрд ¥				1 272.48	1 331.54	198 933.69	1 280.01	1 332.62	1 367.29	1 338.25	1 373.83	1 392.3	1 391.37	1372.61	0.35
Short Term Debt ¥				189.73	222.24	29 251.14	192.69	160.43	168.81	137.47	150.87	166.66	196.96	164.15	3.13
Long Term Debt ¥		160.08	143.74	183.93	171.39	42 396.14	213.78	228.12	229.45	227.55				8659.01	-64.85
Задолженность, млрд ¥				709.2	759.36	116 019.65	749.87	763.51	784.21	741.86	746.24	729.32	756.17	751.56	-0.73
Чистый долг, млрд ¥				292.81	304.71	54 897.87	327.58	306.4	300.13	334.46	291.56	295.47	295.67	303.46	-0.30
Долг, млрд ¥				373.66	393.64	67 415.6	406.48	388.55	398.26	405.61	378.13	376.29	387.6	389.18	-0.54
Расходы на обслуживание долга ¥		0.208	0.535	0.667	0.719	129.34	0.881	0.892	0.928	0.888	0.992			0.9162	2.40
Чист. проц. доходы, млрд ¥	0.123	0.384	0.056	0.148	0.157	59.11	45.31	52.05	76.67	0.749				46.78	-58.26
Амортизация, млрд ¥				-0.081	0.625	-431.46	15.91	15.94	17.18	17.32	14.39	14.71	16.59	16.04	-0.70
Себестоимость, млрд ¥							158.09	175.61	183.41	176.96	163.48	174.63	175.72	174.84	-0.85
Товарно материальные запасы ¥				132.71	138.6	21 694.13	137.43	129.82	128.87	123.18	132.39	134.68	128.06	129.44	-0.13

	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	311.39	351.72	319.89	387.79	235.87	-270.35	371.08		371.08	208.86	3.01
Цена акции ао					2057	2906	3587	3878	3878	3107.00	17.18
Число акций ао, млн		123.54	122.39	120.69	122.83	122.83	116.61		116.61	121.07	-0.96
FCF/акцию	870.39	787.46	742.72	914.8	27.89	-523.22	456.05		456.05	323.65	-9.29

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS	-136.26	-8.3	-20815.48	2.97	107.89	123.58	117.86	115.16	146.58	196.41			139.92	9.71
Цена акции ао											4040	3878	3959.00	-2.03
FCF/акцию		283.13	306.15	258.99	259.62	279.68							277.51	-0.24

	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, %	10.18	10.73	9.2	10.31	5.9	-6.6	8.18		8.18	8.25	5.40	-2.32
ROA, %	3.78	4.23	3.79	4.51	2.7	-2.8	3.32		3.32	4.23	2.30	-2.61
ROIC, %			6.27	7.23	4.68	-2.63			-2.63	6.99	3.89	-180.48
ROS, %			4.43	5.42	4.09	-4.1	4.88	4.88	4.88	9.07	3.03	-2.08
ROCE, %	9.18	8.92	8.48	8.6	5.89	-1.54	6.35	10.33	10.33	11.00	5.93	3.73
Ebit margin, %			6.9	7.36	6.59	-1.68	6.95	6.95	6.95		5.23	-1.14
Рентаб EBITDA, %	12.31	11.52	12.83	14.12	14.51	6.28	14.44	14.44	14.44	17.45	12.76	0.45
Чистая рентаб, %	4.42	4.74	4.43	5.42	4.09	-4.1	4.88		4.88	9.07	2.94	1.95
Operation Margin, %			6.9	7.36	6.59	0.5504	6.37	6.37	6.37	13.39	5.45	-2.85

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	-3.13	-0.1875	-2.99	0.0708	2.58	2.94	2.75	2.47	2.92	3.76		8.25	2.97	5.04
ROA, %	-1.28	-0.0746	-1.2	0.0286	1.01	1.12	1.07	0.9976	1.2	1.6		4.23	1.20	7.39
ROS, %				0.1886	5.89	6.28	6.4	6.48	7.1	9.32	4.88	9.07	6.84	-5.28
ROCE, %		0.6025	0.1229	0.3567	2.04	2.62	-0.1223	1.93	2.57	2.81	10.33	11.00	3.50	-342.85
Ebit margin, %				1.63	8.14	9.93	-0.5069	8.95	10.79	11.68	6.95		7.57	-268.82
Рентаб EBITDA, %		1.93	-0.81	9.84	15.22	17.04	7.15	15.84	17.06	18.64	14.44	17.45	14.63	15.09
Чистая рентаб, %	-8	-0.43	-7.43	0.1886	5.89	6.28	6.4	6.48	7.1	9.32		9.07	7.12	8.22
Operation Margin, %				0.9621	7.06	9.98	6.46	5.29	10.79	11.68	6.37	13.39	8.12	-0.28

	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	12.41	10.49	5.66	7.23	8.7		9.7		9.7	130.52	8.36	-1.55
P/BV	1.11	1.01	0.4684	0.6679	0.4624	0.563	0.7035		0.7035	113.66	0.5730	8.47
P/S	0.5489	0.4976	0.2506	0.3919	0.3557	0.3678	0.4734		0.4734	113.72	0.3679	13.57
P/FCF						-5.24	6.33	6.33	6.33	9.43	2.47	-206.50
E/P						-0.0987	0.1286	0.1286	0.1286	0.54	0.0528	-209.22
EV/EBIT			7.44	8.39	10.19	-47.57	11.92	11.92	11.92		-1.0300	7.28
EV/EBITDA	6.83	6.6	4	4.33	4.63	12.74	5.74		5.74	139.65	6.29	7.49
EV/S			0.5135	0.618	0.6717	0.8003	0.829	0.829	0.829	113.14	0.7496	6.05
EV/FCF			18.7	10.35	138.89	-10.08	13.82	13.82	13.82	125.86	33.36	5.95
Debt/EBITDA	2.87	2.82	2.5	2.15	2.76	8.99	3.09	3.09	3.09	-3.70	4.02	7.52
Netdebt/Ebitda			2.05	1.55	2.18	6.89	2.46	2.46	2.46	22.55	3.11	9.68
Debt/Ratio			0.2939	0.2699	0.2575	0.3602	0.2954	0.2954	0.2954	0.16	0.2957	1.82
Debt/Equity			0.6952	0.5986	0.5563	0.9233	0.7018	1.24	1.24	4.48	0.8040	15.68
Debt/Net Income			7.75	6.02	9.81	-13.76	9.13	9.13	9.13	21.02	4.07	8.69
PEG								0.0443	0.0443		0.0443	0.00
Бета						1.18	0.9543	-0.7618	-0.7618	-70.22	0.4575	-186.43
Индекс Альтмана						2.28	2.47	2.46	2.46	7.67	2.40	2.57

	2021Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	6.95	10.56				-10.45	-83.45	27.81	10.21	8.61	6.62	6.23			130.52	11.90	-25.86
P/BV			0.4216	0.4186	0.5385	0.6579	0.5719	0.5956	0.741	0.7486	0.5709	0.6384			113.66	0.6589	1.40
P/S			0.3228	0.3085	0.3518	0.4167	0.3774	0.3948	0.4986	0.5391	0.4351	0.4604			113.72	0.4656	3.12
P/FCF														6.33	9.43	6.33	0.00
E/P														0.1286	0.54	0.1286	0.00
EV/EBIT						214.92	34.5	26.99	-677.47	40.72	26.59	25.21		11.92		-114.6060	-144.57
EV/EBITDA			23.01	38.47	168.87	12.77	8.5	6.76	7.02	6.11	5.17	5.24			139.65	6.06	-4.97
EV/S						3.49	2.81	2.68	3.43	3.65	2.87	2.94		0.829	113.14	2.74	-24.72
EV/FCF						21.26	19.82	18.85						13.82	125.86	18.44	-10.21
Debt/EBITDA		125.36		90.91		21.34	11.34	9.68	25.08	11.43	9.4	8.73		3.09	-3.70	11.55	-34.22
Netdebt/Ebitda						17.19	8.94	7.29	20.68	8.81	7.38	6.66		2.46	22.55	9.20	-34.68
Debt/Ratio						0.3176	0.2916	0.2913	0.3031	0.2752	0.2703	0.2786		0.2954	0.16	0.2845	-0.51
Debt/Equity						0.8195	0.7271	0.7262	0.7202	0.6372	0.5993	0.6446		1.24	4.48	0.7683	11.48
Debt/Net Income						1113.63	29.32	26.24	28.02	27.95	22.58	17.46		9.13	21.02	21.03	-20.09
PEG														0.0443		0.0443	0.00
Бета													-2.25	-0.7618	-70.22	-1.5059	-41.81
Индекс Альтмана													2.46	2.46	7.67	2.46	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	7.42	9.91	7.35	7.29	7.65	8.2	8.22			8.22		7.74	2.26
Дивиденд	33	50	60	60	25.17	70	70	75	40	80		56.03	9.71
Див доход, ао, %	0.7097	1.3	1.9	2.07	1.52	5.15	3.96	3.23	2.94	3.09	4.22	3.36	14.10
Дивиденды / прибыль, %		19.27	22.8	18.77	15.58	26.4	-24.74	18.98		18.98	39.77	11.00	0.22
Dividend Coverage Ratio									5.27	5.27		5.27	0.00

	2022Q1	2022Q3	2023Q1	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	7.65	4.1	8.2			6.65	2.34
Dividend Coverage Ratio				5.27		5.27	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	12720	12720	0.00

	CAGR 5

	CAGR 5