TSE: 5351 - Shinagawa Refractories Co., Ltd.

Yield per half year: -7.62%
Dividend yield: +6.95%
Sector: Industrials

Reporting Shinagawa Refractories Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								47.69
Выручка, млрд ¥	102.75	119.07	118.97	99.97	110.78	124.96	144.18	144.18	119.77	3.92
Чистая прибыль, млрд ¥	3.42	6.23	5.55	3.09	5.31	8.31	15.28	15.28	7.51	22.45
EV, млрд ¥	33.09	33.4	20.96	26.92	40.89	58.74	99	99	49.30	36.41
EBIT, млрд ¥	5.07	9.4	9.6	7.29	10.11	10.85	22.83	22.83	12.14	18.92
EBITDA, млрд ¥	7.4	11.74	12.51	10.9	12.79	13.78	26.64	26.64	15.32	16.32
Баланс стоимость, млрд ¥	50	54.4	58.01	60.68	60.17	68.12	83.43	83.43	66.08	7.54
FCF, млрд ¥	-0.854	2.12	3.43	5.01	5.96	3.65	6.05	6.05	4.82	12.02
Операционный денежный поток, млрд ¥	1.58	4.29	7.77	9.33	9.49	10.28	11.75	11.75	9.72	8.62
Операционная прибыль, млрд ¥	6.05	10.23	9.6	7.29	10.11	10.84	13.89	13.89	10.35	7.67
Операционные расходы, млрд ¥	12.7	13.2	13.53	12.67	14.45	16.57	19.15	19.15	15.27	7.19
CAPEX, млрд ¥	2.43	2.16	4.34	4.32	3.54	6.63	5.7	5.7	4.91	5.60

	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥		31.4	33.29	4 810.06	36.67	36.03	36.43	35.05	33.87	34.36	36.86	35.31	0.23
Чистая прибыль, млрд ¥		2.67	1.91	284.07	6.94	2.5	3.18	2.66	2.91	2	3.01	2.75	-1.09
EV, млрд ¥		43.19	61.99	9 105.2	64.04	85.24	92.78	96.04	102.45	87.58	119.95	99.76	5.27
EBIT, млрд ¥		2.27	2.85	408.2	3.1	3.79	4.66	2.92	4.36	3.29	3.61	3.77	-4.98
EBITDA, млрд ¥		3.21	2.93	398.61	4.05	4.8	5.52	3.91	5.31	4.21	4.56	4.70	-3.75
Баланс стоимость, млрд ¥		64.93	66.17	10 702.2	75.55	81.66	81.89	83.43	85.99	87.64	86.13	85.02	1.01
FCF, млрд ¥			251.61	228.45	1.9	2.02	1.72					97.14	-63.11
Операционный денежный поток, млрд ¥	9.49	2.85	251.61	228.45	1.9	2.02	1.72					97.14	-63.11
Операционная прибыль, млрд ¥		2.27	2.85	408.2	3.6	3.5	3.74	3.05	3.05	3.29	3.61	3.35	-0.71
Операционные расходы, млрд ¥		4.29	4.32	607.74	4.6	4.7	4.43	5.42	4.83	5.01	5.7	5.08	5.17
CAPEX, млрд ¥	3.54	2.56		784.5								263.53	505.15

	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 ¥	9.79	11.57	12.99	13.71	16.89	18.32	19.52	19.52	16.29	8.49
Short Term Investments ¥		0.005	0.005	2	3.41	0.005	1.86	1.86	1.46	226.67
Total Receivables ¥		37.53	34.16	30.55	38.11	37.13	44.06	44.06	36.80	5.22
Total Current Assets ¥		72.17	72.01	71.65	78.74	91.43	97.57	97.57	82.28	6.26
Чистые активы, млрд ¥	66.14	72.17	72.01	71.65	29.33	33.07		33.07	55.65	-14.45
Активы, млрд ¥	107.34	111.22	110.25	110.21	119.71	143.9	155.14	155.14	127.84	7.07
Short Term Debt ¥		11.52	11.46	13.19	10.39	22.12	19.2	19.2	15.27	10.87
Long Term Debt ¥		4.17	3.29	0.488	12.47	12.18	8.57	8.57	7.40	21.10
Задолженность, млрд ¥	49.87	48.84	43.53	39.87	56.47	72.48	68.17	68.17	56.10	9.39
Чистый долг, млрд ¥	6.91	4.12	1.75	-0.031	5.97	15.99	8.56	8.56	6.45	37.37
Долг, млрд ¥	16.7	15.69	14.75	13.68	22.85	34.3	28.08	28.08	22.73	13.74
Расходы на обслуживание долга ¥		0.126	0.126	0.105	0.095	0.174	0.219	0.219	0.1438	11.69
Чист. проц. доходы, млрд ¥	0.02	0.022	0.029	0.027	0.594	0.035	0.165	0.035	0.1700	41.58
Амортизация, млрд ¥		2.34	2.91	3.61	2.68	2.93	3.81	3.81	3.19	5.54
Себестоимость, млрд ¥			95.85	80.02	86.23	97.55	111.14	111.14	94.16	3.00
Товарно материальные запасы ¥		22.1	21.67	21.12	22.69	34.11	30.75	30.75	26.07	7.25

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				15.87	19.43	2 878.12	16.25	14.96	16.41	21.31	18.57	20.6	20.69	19.52	4.74
Short Term Investments ¥				0.005	0.005	0.7856	0.36	1.05	0.936	0.074	2.4	3.12	2.73	1.85	23.87
Total Receivables ¥				36.77	42.6	5 406.33	39.95	43.68	45.19	44.06	42.17	42.18	48.05	44.33	1.23
Total Current Assets ¥				83.6	102.54	14 366.07	95.45	96.17	96.78	97.57	95.24	97.73	106.11	98.69	1.86
Чистые активы, млрд ¥	77.93	78.74	81.19	83.6	102.54	5 195.32	33.59							1099.25	-16.18
Активы, млрд ¥				125.63	153.32	22 609.67	149.64	153.97	153.37	155.14	156.39	158.32	192.35	163.11	4.63
Short Term Debt ¥				10.93	33.33	3 475.96	20.15	18.6	19.61	19.2	22.82	23.8	54.01	27.89	22.46
Long Term Debt ¥		12.47	12.53	12.45	12.37	1 913.72	11.12	10.25	9.5	8.57				390.63	-66.10
Задолженность, млрд ¥				57.5	83.85	11 387.4	70.81	68.86	68.02	68.17	65.93	66.01	101.64	73.95	8.36
Чистый долг, млрд ¥				7.51	26.27	2 511.56	15.02	13.9	12.7	6.77	12.01	10.12	39.73	16.27	25.62
Долг, млрд ¥				23.38	45.7	5 389.67	31.27	28.85	29.11	28.08	30.58	30.72	60.43	35.78	15.73
Расходы на обслуживание долга ¥		0.03	0.031	0.041	0.038	10.06	0.071	0.033	0.033	0.082	0.059			0.0556	-3.64
Чист. проц. доходы, млрд ¥	0.008	0.19	0.004	0.01	0.009	1.89	2.04	5.97	8.33	0.061				3.66	-49.68
Амортизация, млрд ¥				0.367	0.089	-9.58	0.951	1.01	0.858	0.987	0.9518	0.9265	0.9518	0.9350	2.10
Себестоимость, млрд ¥							28.47	27.84	28.25	26.58	25.99	26.07	27.56	26.89	-0.49
Товарно материальные запасы ¥				27.2	33.77	5 359.19	32.67	32.65	32.39	30.75	30.62	30.29	31.95	31.20	-0.27

	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	364.83	666.59	594.31	330.9	113.55	177.59	328.44		328.44	308.96	-11.18
Цена акции ао					3880	1719	1759	1802	1802	2290.00	-17.45
Число акций ао, млн		9.34	9.34	9.34	46.75	46.78	46.52		46.52	31.75	37.87
FCF/акцию	-91.13	227.44	367.3	536.06	127.43	78.05	130.02		130.02	247.77	-18.75

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS	285.32	204.47	6071.92	148.38	53.33	68.3	57.97	63.93	43.8	66.09		60.02	-0.66
Цена акции ао											1802	1802.00	0.00
FCF/акцию		34.28	31.08	40.66	43.22	36.83						37.21	1.45

	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	11.92	9.87	5.21	8.78	12.95	20.17		20.17	10.47	11.40	15.37
ROA, %	3.2	5.7	5.01	2.81	4.62	6.3	10.22		10.22	5.54	5.79	15.32
ROIC, %			9.04	4.85	8.59	10.49			10.49	9.74	8.24	3.79
ROS, %			4.66	2.11	4.79	6.65	10.6	10.6	10.6	6.74	6.95	38.10
ROCE, %	7.1	12.75	12.63	9.71	12.59	12.26	22.46	26.25	26.25	13.17	16.65	22.01
Ebit margin, %			8.38	7.29	9.12	8.68	15.83	15.83	15.83		11.35	16.78
Рентаб EBITDA, %	7.2	9.86	10.51	10.9	11.55	11.02	18.47	18.47	18.47	13.97	14.08	11.12
Чистая рентаб, %	3.33	5.23	4.66	3.09	4.79	6.65	10.6		10.6	6.74	5.96	17.86
Operation Margin, %			8.07	7.29	9.12	8.68	9.63	9.63	9.63	8.83	8.87	5.73

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	4.25	3.03	2.81	10.36	3.52	4.25	3.38	3.56	2.38	3.53		10.47	3.42	-3.64
ROA, %	2.15	1.37	1.22	4.73	1.64	2.07	1.73	1.87	1.27	1.72		5.54	1.73	-3.64
ROS, %				18.93	6.92	8.74	7.6	8.6	5.81	8.18	10.6	6.74	8.16	6.88
ROCE, %		3.4	3.03	3.47	4.07	4.82	2.92	4.26	3.18	3.44	26.25	13.17	8.01	55.15
Ebit margin, %				8.45	10.53	12.8	8.33	12.87	9.56	9.78	15.83		11.27	13.70
Рентаб EBITDA, %		8.81	8.29	11.04	13.33	15.16	11.15	15.68	12.26	12.36	18.47	13.97	13.98	10.62
Чистая рентаб, %	8.5	5.74	5.91	18.93	6.92	8.74	7.6	8.6	5.81	8.18		6.74	7.79	-1.32
Operation Margin, %				9.81	9.71	10.28	8.69	9.01	9.56	9.78	9.63	8.83	9.33	2.08

	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	7.66	4.7	3.46	8.72	6.58	5.15	5.92		5.92	83.04	5.97	11.34
P/BV	0.4556	0.4693	0.2879	0.3832	0.5522	0.5986	1.04		1.04	68.03	0.5724	29.29
P/S	0.2548	0.2459	0.1615	0.2696	0.3152	0.3421	0.6273		0.6273	67.55	0.3431	31.18
P/FCF						13.07	7.88	7.88	7.88	46.84	9.61	-15.52
E/P						0.1743	0.3204	0.3204	0.3204	0.42	0.2717	22.50
EV/EBIT			2.1	3.69	4.05	5.42	4.34	4.34	4.34		4.37	3.30
EV/EBITDA	4.47	2.84	1.68	2.47	3.2	4.26	3.72		3.72	76.17	3.07	17.23
EV/S			0.1762	0.2693	0.3691	0.47	0.6867	0.6867	0.6867	67.57	0.4964	20.59
EV/FCF			6.11	5.37	6.86	16.09	16.37	16.37	16.37	18.74	12.21	24.97
Debt/EBITDA	2.26	1.34	1.18	1.26	1.79	2.49	1.05	1.05	1.05	2.58	1.53	-3.58
Netdebt/Ebitda			0.1401	-0.0028	0.4665	1.16	0.3215	0.3215	0.3215	0.07	0.4533	-358.23
Debt/Ratio			0.1337	0.1242	0.1909	0.2384	0.181	0.181	0.181	0.16	0.1831	7.82
Debt/Equity			0.2542	0.2255	0.3798	0.5036	0.3366	0.7839	0.7839	0.88	0.4459	28.30
Debt/Net Income			2.66	6.47	4.31	4.13	1.84	1.84	1.84	5.17	3.72	-22.24
PEG								-0.5568	-0.5568		-0.5568	0.00
Бета						-9.59	0.8146	0.5506	0.5506	22.42	-2.7416	-138.58
Индекс Альтмана						2.89	4.02	4.01	4.01	7.70	3.64	11.54

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	5.31	5.37	2.21	2.04	5.42	5.57	5.93	8.15	7.26	7.59			83.04	6.90	6.38
P/BV	0.5236	0.5142	0.5876	0.6219	0.8382	0.9383	1.03	0.9997	0.8391	0.8843			68.03	0.9383	-1.18
P/S	0.2987	0.2916	0.1674	0.1903	0.5223	0.5749	0.6273	0.649	0.5585	0.5732			67.55	0.5966	-0.06
P/FCF												7.88	46.84	7.88	0.00
E/P												0.3204	0.42	0.3204	0.00
EV/EBIT				20.68	22.47	19.89	32.89	23.5	26.65	33.27		4.34		24.13	-33.31
EV/EBITDA	3.88	5.53	4.9	5.03	3.65	3.69	3.74	5.24	4.62	6.67			76.17	4.79	12.57
EV/S				1.75	2.37	2.55	2.74	3.03	2.55	3.25		0.6867	67.57	2.45	-24.18
EV/FCF				33.67	42.16	54.07						16.37	18.74	36.57	-16.50
Debt/EBITDA		15.57	13.52	7.73	6.01	5.27	7.19	5.76	7.29	13.26		1.05	2.58	6.91	-31.94
Netdebt/Ebitda				3.71	2.89	2.3	1.73	2.26	2.4	8.72		0.3215	0.07	3.09	-28.58
Debt/Ratio				0.209	0.1874	0.1898	0.181	0.1955	0.1941	0.3141		0.181	0.16	0.2131	0.00
Debt/Equity				0.4139	0.3534	0.3555	0.3366	0.3556	0.3505	0.7016		0.7839	0.88	0.5056	18.42
Debt/Net Income				4.51	11.56	9.15	10.55	10.5	15.38	20.05		1.84	5.17	11.66	-29.48
PEG												-0.5568		-0.5568	0.00
Бета											-1.09	0.5506	22.42	-0.2697	-171.07
Индекс Альтмана											4.01	4.01	7.70	4.01	0.00

	Industry average	5 quarters average	CAGR 5

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	0.703	0.98	1.31	1.03	1.5	1.82	2.43			2.43		1.62	13.15
Дивиденд	43.5	105	140	110	68.32	39	52	81	45	90		57.06	-8.01
Див доход, ао, %	1.32	2.44	4.39	4.46	2.65	7.73	4.72	6.48	7.42	6.95	4.38	5.80	22.87
Дивиденды / прибыль, %		20.56	15.74	23.55	33.21	28.17	21.96	15.92		15.92	37.78	24.56	-7.53
Dividend Coverage Ratio									6.28	6.28		6.28	0.00

	2022Q1	2022Q3	2023Q1	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	1.5	0.888	286.59			96.33	475.96
Дивиденды / прибыль, %	1003.36	33.28	100.88		37.78	379.17	-53.50
Dividend Coverage Ratio				6.28		6.28	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	3340	3340	0.00

	CAGR 5

	CAGR 5