TSE: 6370 - Kurita Water Industries Ltd.

Yield per half year: -22.13%
Dividend yield: +2.01%
Sector: Industrials

Reporting Kurita Water Industries Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								625.97
Выручка, млрд ¥	236.82	259.41	264.81	267.75	288.21	344.61	384.83	384.83	310.04	7.76
Чистая прибыль, млрд ¥	17.9	17.32	18.29	19.09	18.47	20.13	29.19	29.19	21.03	9.80
EV, млрд ¥	321.98	287.31	273.22	531.67	515.23	728.46	749.66	749.66	559.65	22.37
EBIT, млрд ¥	25.75	24.33	27.48	31.53	30.37	30.96	42.51	42.51	32.57	9.12
EBITDA, млрд ¥	42.61	42.26	46.81	51.81	53.78	60.57	75.15	75.15	57.62	9.93
Баланс стоимость, млрд ¥	238.8	237.6	242.44	253.09	271.91	293.98	331.26	331.26	278.54	6.44
FCF, млрд ¥	2.51	8.64	4.67	24.04	-28.4	-6.35	18.82	18.82	2.56	32.15
Операционный денежный поток, млрд ¥	21.41	38.48	37.38	40	28.74	48.63	50.87	50.87	41.12	6.36
Операционная прибыль, млрд ¥	22.48	24.33	27.48	31.53	35.73	29.06	42.06	42.06	33.17	8.89
Операционные расходы, млрд ¥	53.86	58.42	65.23	63.15	68.54	90.64	81.12	81.12	73.74	4.46
CAPEX, млрд ¥	18.9	29.84	32.7	15.96	57.13	54.99	32.05	32.05	38.57	-0.40

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥	76.98	74.66	86.02	91.03	92.9	90.54	97.82	98.31	98.15	93.98		95.76	0.75
Чистая прибыль, млрд ¥	6.63	4.87	7.51	7.77	-0.015	5.7	6.9	9.31	7.28	5.7		6.98	0.00
EV, млрд ¥		597.66	637.66	663.45	715.02	674.4	636.37	676.67	749.58	806.41	733.93	720.59	2.89
EBIT, млрд ¥	10.2	6.38	9.97	11.57	1.56	8.36	10.28	12.45	11.58	8.99		10.33	1.46
EBITDA, млрд ¥	16.61	14.57	17.62	19.27	17.05	16.22	18.39	20.58	20.12	17.44		18.55	1.46
Баланс стоимость, млрд ¥		285.46	296.7	291.77	293.98	305.77	315.7	315.43	331.26	341.64	334.66	327.74	1.17
FCF, млрд ¥	-14.3	-5.49	-2.45	-1.33	2.92	-3.22	11.23	1.8	9.02	5.45		4.86	-211.10
Операционный денежный поток, млрд ¥	10.97	10.94	12.68	5.14	19.87	4.47	16.8	11.79	17.82	16.71		13.52	30.18
Операционная прибыль, млрд ¥	10.2	6.38	9.97	11.32	1.39	8.13	10.16	12.39	11.6	8.36		10.13	0.56
Операционные расходы, млрд ¥	16.34	19.83	20.77	20.66	29.38	21.16	22.84	22.11	23.45	24.27		22.77	2.78
CAPEX, млрд ¥	25.27	16.43	15.14	6.47	16.95	7.69	5.57	9.99	8.81	11.26		8.66	7.93

	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 ¥	61.09	35.35	50.22	62.23	45.73	50.47	54.01	54.01	52.53	1.47
Short Term Investments ¥		1.24	2.56	2.82	3.08	3.36	0.061	0.061	2.38	-52.64
Total Receivables ¥		98.59	96.97	97.75	108.89	120.3	139.46	139.46	112.67	7.54
Total Current Assets ¥		149.55	162.85	176.48	178.4	196.42	228.02	228.02	188.43	6.96
Чистые активы, млрд ¥	162	149.55	162.85	176.48	180.08	200.67		200.67	173.93	6.06
Активы, млрд ¥	323.04	349.88	387.75	424.93	469.98	501.54	557.41	557.41	468.32	7.53
Short Term Debt ¥		39.61	39.61	4.82	12.86	33.29	23.7	23.7	22.86	-9.76
Long Term Debt ¥			1.31	46.53	45.82	66.77	58.71	58.71	43.83	113.94
Задолженность, млрд ¥	82.19	110.41	143.64	167.09	192.12	205.78	224	224	186.53	9.29
Чистый долг, млрд ¥	-57.05	-30.1	4.4	-10.88	12.95	49.6	47.18	47.18	20.65	60.72
Долг, млрд ¥	4.04	5.25	54.61	51.35	58.68	100.07	101.19	101.19	73.18	13.13
Расходы на обслуживание долга ¥		0.317	1.42	1.92	6.18	1.08	1.13	1.13	2.35	-4.47
Чист. проц. доходы, млрд ¥	0.187	0.159	0.569	0.545	0.601	1.99	1.44	1.99	1.03	20.41
Амортизация, млрд ¥		17.93	19.33	20.28	23.41	29.61	32.64	32.64	25.05	11.05
Себестоимость, млрд ¥			172.09	173.07	183.93	224.91	261.65	261.65	203.13	8.74
Товарно материальные запасы ¥		9.47	9.25	9.91	13.13	16.85	21.07	21.07	14.04	17.90

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥			45.47	42.77	48.27	50.47	52.16	49.13	49.29	53.95	53.05	51.75	51.43	1.04
Short Term Investments ¥			3.49	2.69	3.66	3.36	3.63	3.55	4.71	0.061		5.76	3.54	9.67
Total Receivables ¥			108.02	109.16	116.85	120.3	129.4	133.81	131.44	139.46	135.52	130.35	134.12	-0.52
Total Current Assets ¥			177.45	176.97	191.27	196.42	210.19	210.69	213.09	228.02	229.61	214.83	219.25	0.39
Чистые активы, млрд ¥	178.98	178.4	177.45	176.97	196.16	200.67	204.13						191.08	2.84
Активы, млрд ¥			482.34	493.47	495.91	501.54	523.89	528.76	529.73	557.41	569.54	547.81	546.65	0.71
Short Term Debt ¥			35.54	35.25	32.15	33.29	43.16	33.22	28.54	23.7	27.04	17.51	26.00	-12.02
Long Term Debt ¥			40.9	58.49	65.86	66.77	47.79	47.84	58.74	58.71		57.55	54.13	3.79
Задолженность, млрд ¥			194.23	194.24	201.55	205.78	216.26	211.16	212.34	223.99	225.64	210.89	216.80	-0.03
Чистый долг, млрд ¥			45.87	50.96	49.74	49.6	56.87	50.23	56.3	47.24	49.91	40.38	48.81	-4.27
Долг, млрд ¥			91.34	93.74	98.01	100.07	109.03	99.36	105.58	101.19	102.96	92.13	100.24	-1.50
Расходы на обслуживание долга ¥		0.993	0.402	0.185	0.116	0.373	0.261	0.263	0.207	0.394	0.301		0.2852	2.89
Чист. проц. доходы, млрд ¥	0.25	0.088	1.31	0.338	0.2	0.138	0.228	0.127	0.221	0.862			0.3152	44.25
Амортизация, млрд ¥				7.25	7.7	15.49	7.86	8.11	8.12	8.55	8.45		8.22	1.46
Себестоимость, млрд ¥							61.25	64.82	63.81	63.1	61.35		62.87	0.03
Товарно материальные запасы ¥			15.84	17.47	18.15	16.85	18.36	18.62	21.07	21.07	23.61	21.34	21.14	2.76

	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	159.36	154.29	162.85	169.93	164.38	179.14	259.7		259.7	187.20	9.78
Цена акции ао					5460	5520	5544	4958	4958	5370.50	-2.38
Число акций ао, млн		112.28	112.29	112.33	112.37	112.39	112.4		112.4	112.36	0.02
FCF/акцию	22.37	76.98	41.62	214	-252.71	-56.53	167.44		167.44	22.76	32.10

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	5 quarters average	CAGR 5
EPS	58.97	43.29	66.85	69.12	-0.1334	50.67	61.37	82.84	64.81	50.75		62.09	0.03
Цена акции ао											4958	4958.00	0.00
FCF/акцию	-127.2	-48.82	-21.82	-11.86	25.95	-28.65	99.88	15.98	80.23	48.51		43.19	-211.11

	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, %	7.67	7.27	7.62	7.7	7.04	7.12	9.34		9.34	10.48	7.76	4.15
ROA, %	5.75	5.15	4.96	4.7	4.13	4.14	5.51		5.51	5.54	4.69	2.13
ROIC, %			9.31	9.16	8.22	7.45			7.45	9.78	8.54	-5.42
ROS, %			6.91	7.13	6.41	5.84	7.59	7.59	7.59	6.74	6.91	1.26
ROCE, %	9.65	8.63	9.37	9.01	8.53	7.9	9.69	12.75	9.69	14.18	9.58	7.19
Ebit margin, %			10.19	10.98	10.54	8.98	11.05	11.05	11.05		10.52	0.13
Рентаб EBITDA, %	17.99	16.29	17.68	19.35	18.66	17.58	19.53	19.53	19.53	14.01	18.93	0.19
Чистая рентаб, %	7.56	6.68	6.91	7.13	6.41	5.84	7.59		7.59	6.74	6.78	1.89
Operation Margin, %			10.38	11.78	12.4	8.43	10.93	10.93	10.93	8.88	10.89	-1.49

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %	2.57	1.84	2.75	2.72	-0.0052	1.93	2.3	3.05	2.33	1.77	10.48	2.28	-1.72
ROA, %	1.43	1.02	1.54	1.57	-0.003	1.11	1.31	1.76	1.34	1.01	5.54	1.31	-1.87
ROIC, %						2.44	1.69	3.33		2.35	9.78	2.45	-0.94
ROS, %						6.29	7.05	9.47	7.42	6.07	6.74	7.26	-0.71
ROCE, %	2.95	1.8	2.72	3.02	0.4032	2.12	2.57	3.06	2.76	2.09	14.18	2.52	-0.28
Ebit margin, %						9.23	10.51	12.67	11.79	9.57		10.75	0.73
Рентаб EBITDA, %	21.57	19.51	20.48	21.16	18.36	17.91	18.8	20.93	20.5	18.55	14.01	19.34	0.70
Чистая рентаб, %	8.61	6.52	8.74	8.54	-0.02	6.29	7.05	9.47	7.42	6.07	6.74	7.26	-0.71
Operation Margin, %						8.98	10.38	12.6	11.82	8.89	8.88	10.53	-0.20

	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	21.18	18.32	14.7	28.42	27.19	33.72	24.07		24.07	82.92	25.62	10.37
P/BV	1.57	1.33	1.1	2.1	1.81	2.3	2.11		2.11	68.04	1.88	13.91
P/S	1.6	1.22	1.02	2.03	1.74	1.97	1.83		1.83	67.55	1.72	12.40
P/FCF						-98.58	33.26	33.26	33.26	72.83	-10.6867	-169.62
E/P						0.0322	0.0466	0.0466	0.0466	0.32	0.0418	13.11
EV/EBIT			10.12	18.08	16.96	23.53	17.63	17.63	17.63		18.77	-0.50
EV/EBITDA	7.56	6.8	5.84	10.26	9.58	12.03	9.98		9.98	76.41	9.54	11.31
EV/S			1.03	1.99	1.79	2.11	1.95	1.95	1.95	67.57	1.96	-0.41
EV/FCF			58.46	22.12	-18.14	-114.65	39.83	39.83	39.83	28.85	-6.2020	12.48
Debt/EBITDA	0.0948	0.1242	1.17	0.9911	1.09	1.65	1.35	1.35	1.35	2.58	1.29	6.38
Netdebt/Ebitda			0.0939	-0.2099	0.2407	0.8189	0.6278	0.6278	0.6278	0.08	0.4211	-224.50
Debt/Ratio			0.1055	0.1208	0.1249	0.1995	0.1815	0.1815	0.1815	0.16	0.1616	8.48
Debt/Equity			0.1687	0.2029	0.2158	0.3404	0.3055	0.5043	0.3055	33.09	0.3138	19.97
Debt/Net Income			2.24	2.69	3.18	4.97	3.47	3.47	3.47	5.12	3.56	5.22
Бета						1.05	-1.06	2.81	2.81	-62.67	0.9333	38.84
Индекс Альтмана						4.95	4.91	4.93	4.93	8.11	4.93	-0.13

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	Industry average	5 quarters average	CAGR 5
P/E	37.89	26.92	27.89	23.16	23.75		29.46	28.8	28.35	24.07	25.92			82.92	27.32	-2.53
P/BV			1.92	1.96	2.08	2.25	2.01	1.85	1.95	2.11	2.2	2.06		68.04	2.03	2.17
P/S		1.74	1.84	1.87	1.88	1.93	1.71	1.57	1.63	1.83	1.95			67.55	1.74	2.66
EV/EBIT							80.67	61.89	54.34	64.76	89.7				70.27	2.14
EV/EBITDA		8.78	9.67	9.82	10.05	10.44	9.63	8.98	9.37	9.95	10.54			76.41	9.69	1.82
EV/S							7.45	6.51	6.88	7.64	8.58			67.57	7.41	2.86
EV/FCF							-209.44	56.68	376.76	83.14	147.94			28.85	91.02	-193.28
Debt/EBITDA		3.53	6.27	5.32	5.09	5.87	6.72	5.4	5.13	5.03	5.91			2.58	5.64	-2.54
Netdebt/Ebitda							3.51	2.73	2.74	2.35	2.86			0.08	2.84	-4.01
Debt/Ratio							0.2081	0.1879	0.1993	0.1815	0.1808	0.1682		0.16	0.1835	-2.19
Debt/Equity							0.3566	0.3147	0.3347	0.3055	0.3014	0.2753		33.09	0.3063	-2.64
Debt/Net Income							19.15	14.4	11.34	13.89	18.06			5.12	15.37	-1.17
Бета													2.81	-62.67	2.81	0.00
Индекс Альтмана													4.93	8.11	4.93	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		5.75	5.97	6.54	8.08	8.8	8.7	9.24		9.24		8.27	7.16
Дивиденд	49	51	53	58	63	36	75	81	88	88		68.60	6.91
Див доход, ао, %	2.02	1.44	1.74	1.9	1.67	0.7004	2.15	2.3	2.04	2.01	4.16	1.77	4.08
Дивиденды / прибыль, %			32.15	34.44	35.76	42.35	47.63	43.21	31.64	31.64	37.26	40.12	-2.42

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	4.68	0.249	4.07	0.248	4.38	8.7	4.42	0.097	4.72	4.76		4.54	-11.36
Дивиденды / прибыль, %	73.9	3.76	83.7	3.3	56.37		77.63	1.41	50.68	83.44	37.26	53.91	8.16

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	7784	7784	0.00

	CAGR 5

	CAGR 5