Financials Asahi Kasei Corporation

Equities

3407

JP3111200006

Diversified Chemicals

Delayed Japan Exchange Other stock markets 14:30:00 08/07/2025 HKT			5-day change	1st Jan Change
1,016.00 ^JPY	-0.15%		-1.69%	-7.00%

07-07	Macquarie Starts Asahi Kasei at Outperform with 1,400 Yen Price Target	MT
06-13	Cyto-Facto Inc. announced that it has received ¥1.2 billion in funding from MPower Partners GP Limited, Asahi Kasei Corporation, FUJIFILM Holdings Corporation, Sumitomo Corporation	CI

Projected Income Statement: Asahi Kasei Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	2,106,100	2,461,317	2,726,485	2,784,878	3,037,312	3,121,282	3,252,765	3,413,906
Change	-	16.87%	10.77%	2.14%	9.06%	2.76%	4.21%	4.95%
EBITDA ¹	280,200	350,776	305,003	322,942	398,027	397,623	433,407	463,233
Change	-	25.19%	-13.05%	5.88%	23.25%	-0.1%	9%	6.88%
EBIT ¹	171,800	202,647	128,352	140,746	211,921	220,270	249,360	272,545
Change	-	17.96%	-36.66%	9.66%	50.57%	3.94%	13.21%	9.3%
Interest Paid ¹	-3,209	-3,643	-5,907	-7,448	-9,096	-5,528	-5,446	-5,363
Earnings before Tax (EBT) ¹	150,900	215,121	-61,906	28,843	194,602	202,778	237,780	260,211
Change	-	42.56%	-128.78%	146.59%	574.69%	4.2%	17.26%	9.43%
Net income ¹	79,800	161,880	-91,312	43,806	134,996	130,045	159,939	175,572
Change	-	102.86%	-156.41%	147.97%	208.17%	-3.67%	22.99%	9.77%
Announcement Date	13/5/21	13/5/22	10/5/23	9/5/24	9/5/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	455,159	534,228	547,272	569,400	583,433	597,567	643,702	636,566	670,441	680,790	689,186	686,068	650,739	695,160	718,222	720,756	735,934	754,370	768,918	778,094	746,434	775,178	795,050	801,480	784,600	807,100	821,300	811,200
Change	-	17.37%	2.44%	4.04%	2.46%	2.42%	7.72%	-1.11%	5.32%	1.54%	1.23%	-0.45%	-5.15%	6.83%	3.32%	0.35%	2.11%	2.51%	1.93%	1.19%	-4.07%	3.85%	2.56%	0.81%	-2.11%	2.87%	1.76%	-1.23%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	30,103	46,666	52,746	42,300	60,510	52,590	60,912	28,591	49,361	36,447	30,514	12,030	21,791	34,109	42,612	42,234	49,873	59,027	55,474	47,547	44,117	55,988	63,200	56,030	59,900	61,900	71,800	55,100
Change	-	55.02%	13.03%	-19.8%	43.05%	-13.09%	15.82%	-53.06%	72.65%	-26.16%	-16.28%	-60.58%	81.14%	56.53%	24.93%	-0.89%	18.09%	18.35%	-6.02%	-14.29%	-7.21%	26.91%	12.88%	-11.34%	6.91%	3.34%	15.99%	-23.26%
Charge d'intérêts	-864	-	-732	-	-904	-	-881	-	-957	-	-1,460	-	-1,501	-	-1,567	-	-1,989	-	-2,458	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	25,463	-	46,776	-	68,407	-	66,604	29,319	49,596	31,129	22,309	-	18,981	-	41,054	-	49,389	-	57,152	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-55.98%	69.16%	-37.23%	-28.33%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	13,588	33,193	33,198	-179	46,428	44,872	49,372	21,218	29,831	21,889	14,323	-157,355	9,591	21,209	27,724	-14,718	34,092	26,108	38,227	36,569	17,850	36,250	44,050	28,300	38,400	42,400	49,900	20,300
Change	-	144.28%	0.02%	-100.54%	26,037.43%	-3.35%	10.03%	-57.02%	40.59%	-26.62%	-34.57%	-1,198.62%	106.1%	121.13%	30.72%	-153.09%	331.63%	-23.42%	46.42%	-4.34%	-51.19%	103.08%	21.52%	-35.75%	35.69%	10.42%	17.69%	-59.32%
Announcement Date	4/8/20	6/11/20	9/2/21	13/5/21	6/8/21	5/11/21	9/2/22	13/5/22	4/8/22	9/11/22	8/2/23	10/5/23	3/8/23	7/11/23	7/2/24	9/5/24	31/7/24	1/11/24	5/2/25	9/5/25	-	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	1,116,700	1,181,000	1,280,268	1,351,231	1,375,254	1,345,900	1,438,978	1,490,300	1,547,012	1,517,100	1,605,000
Change	-	5.76%	8.41%	5.54%	1.78%	-2.13%	6.92%	3.57%	3.81%	-1.93%	5.79%
EBITDA	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	95,000	113,100	89,503	85,808	42,544	55,900	84,846	108,900	103,021	96,000	126,000
Change	-	19.05%	-20.86%	-4.13%	-50.42%	31.39%	51.78%	28.35%	-5.4%	-6.82%	31.25%
Charge d'intérêts	-	-1,779	-	-2,134	-	-3,287	-	-3,774	-	-	-
Earnings before Tax (EBT)	-	119,198	-	80,725	-	53,967	-	97,123	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	33,019	91,300	-	51,720	-143,032	30,800	13,006	60,200	74,796	42,900	87,800
Change	-	176.51%	-	-	-376.55%	121.53%	-57.77%	362.86%	24.25%	-42.64%	104.66%
Announcement Date	13/5/21	5/11/21	13/5/22	9/11/22	10/5/23	7/11/23	9/5/24	1/11/24	9/5/25	-	-

¹JPY in Million

Estimates

Forecast Balance Sheet: Asahi Kasei Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	441,997	532,574	723,567	617,453	801,578	825,395	794,451	746,665
Change	-	20.49%	35.86%	-14.67%	29.82%	2.97%	-3.75%	-6.01%
Announcement Date	13/5/21	13/5/22	10/5/23	9/5/24	9/5/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Asahi Kasei Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	153,656	167,009	174,873	183,712	211,026	258,820	237,023	245,500
Change	-	8.69%	4.71%	5.05%	14.87%	22.65%	-8.42%	3.58%
Free Cash Flow (FCF) ¹	100,020	-37,748	-122,780	152,702	90,463	79,271	112,078	129,919
Change	-	-137.74%	-225.26%	224.37%	-40.76%	-12.37%	41.39%	15.92%
Announcement Date	13/5/21	13/5/22	10/5/23	9/5/24	9/5/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Asahi Kasei Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	13.3%	14.25%	11.19%	11.6%	13.1%	12.74%	13.32%	13.57%
EBIT Margin (%)	8.16%	8.23%	4.71%	5.05%	6.98%	7.06%	7.67%	7.98%
EBT Margin (%)	7.16%	8.74%	-2.27%	1.04%	6.41%	6.5%	7.31%	7.62%
Net margin (%)	3.79%	6.58%	-3.35%	1.57%	4.44%	4.17%	4.92%	5.14%
FCF margin (%)	4.75%	-1.53%	-4.5%	5.48%	2.98%	2.54%	3.45%	3.81%
FCF / Net Income (%)	125.34%	-23.32%	134.46%	348.59%	67.01%	60.96%	70.08%	74%
Profitability
ROA	6.23%	6.77%	3.57%	2.53%	5.04%	4.54%	5.06%	5.66%
ROE	5.6%	10.3%	-5.5%	2.5%	7.4%	6.96%	8.15%	8.63%
Financial Health
Leverage (Debt/EBITDA)	1.58x	1.52x	2.37x	1.91x	2.01x	2.08x	1.83x	1.61x
Debt / Free cash flow	4.42x	-14.11x	-5.89x	4.04x	8.86x	10.41x	7.09x	5.75x
Capital Intensity
CAPEX / Current Assets (%)	7.3%	6.79%	6.41%	6.6%	6.95%	8.29%	7.29%	7.19%
CAPEX / EBITDA (%)	54.84%	47.61%	57.33%	56.89%	53.02%	65.09%	54.69%	53%
CAPEX / FCF (%)	153.63%	-442.43%	-142.43%	120.31%	233.27%	326.5%	211.48%	188.96%
Items per share
Cash flow per share ¹	135.6	203	34.35	141.7	209.3	224.9	255.8	266.4
Change	-	49.7%	-83.08%	312.49%	47.71%	7.46%	13.75%	4.13%
Dividend per Share ¹	34	34	36	36	38	39.5	42.58	47.56
Change	-	0%	5.88%	0%	5.56%	3.95%	7.81%	11.68%
Book Value Per Share ¹	1,058	1,216	1,198	1,308	1,369	1,429	1,500	1,591
Change	-	15.01%	-1.48%	9.17%	4.66%	4.38%	4.98%	6.04%
EPS ¹	57.49	116.7	-65.84	31.6	97.94	95.56	117.8	129.8
Change	-	102.96%	-156.43%	148%	209.94%	-2.43%	23.24%	10.22%
Nbr of stocks (in thousands)	1,387,539	1,387,294	1,386,070	1,386,174	1,359,123	1,358,069	1,358,069	1,358,069
Announcement Date	13/5/21	13/5/22	10/5/23	9/5/24	9/5/25	-	-	-