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Key Info

Kuraray Co Ltd Web - www.kuraray.co.jp

Tel - 81-3-6701-1070

Next Reporting Date - 15.05.2019

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    Kuraray Co Ltd

    Materi

    JAPAN


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.00%

    Cost of Debt

    4.00%

    Long Term Growth

    2.00%

    Beta Assumption

    1.23

    Current Market Cap mln$

    4,718.61

    Net Debt mln$

    1,181.68

    WACC Estimate

    8.30%

    Ordinary Current Price $

    13.30

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue4311.454473.544623.985462.415206.065391.285575.565810.916048.156284.466530.026785.167050.287325.757611.99
    EBITDA Costs3400.943465.023570.814352.784116.894276.034434.384636.604840.445044.705257.585479.455710.685951.666202.82
    EBITDA910.511008.521053.171109.631089.181115.251141.191174.321207.711239.771272.431305.721339.601374.091409.17
    EBITDA Margin21.1222.5422.7820.3120.9220.6920.4720.2119.9719.7319.4919.2419.0018.7618.51
    Operating Costs3765.403848.173954.024866.404592.884776.644959.485192.975428.355664.815911.586169.106437.836718.277010.93
    Operating Profit546.05625.37669.97596.01613.19614.64616.09617.94619.80619.65618.44616.07612.45607.48601.06
    Operating Margin12.6713.9814.4910.9111.7811.4011.0510.6310.259.869.479.088.698.297.90
    Pretax Costs3827.913915.624016.255009.114712.874910.395106.915357.895610.895865.976132.656411.466702.937007.667326.25
    PTP483.55557.92607.73453.30493.19480.89468.65453.02437.26418.49397.37373.71347.34318.09285.74
    Pretax Margin11.2212.4713.148.309.478.928.417.807.236.666.095.514.934.343.75
    Net Income Costs4016.034101.054145.925158.404861.895054.065245.265489.445735.585982.636240.336509.136789.517081.967387.01
    Net Income295.43372.49478.07304.01344.18337.22 30.31321.47312.57301.83289.68276.03260.77243.79224.98
    Net Margin6.858.3310.345.576.616.255.925.535.174.804.444.073.703.332.96
    Revenue Less Capex4667.624939.235118.276059.905771.185989.296206.316483.466762.837042.317333.347636.407951.998280.628622.82
    Capex-356.17-465.69-494.28-597.49-565.12-598.01-630.74-672.54-714.68-757.84-803.33-851.24-901.71-954.86-1010.83
    Capex to Revenues-8.26-10.41-10.69-10.94-10.86-11.09-11.31-11.57-11.82-12.06-12.30-12.55-12.79-13.03-13.28
    Revenue less FCF3897.194073.254363.675378.955058.005296.915534.625838.196144.196455.786783.187127.187488.627868.398267.43
    FCF414.26400.29260.3283.47148.0694.3740.95-27.27-96.04-171.32-253.16-342.01-438.34-542.64-655.44
    FCF to Revenue9.618.955.631.532.841.750.73-0.47-1.59-2.73-3.88-5.04-6.22-7.41-8.61

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    6 month return
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    4063 JPShin-Etsu Chemical Co LtdJAPAN 39881.4112.7813.725.375.963.262.1633.961.5712.8324.88
    5401 JPNippon Steel & Sumitomo Metal CorpJAPAN 16830.117.548.097.197.110.304.0910.050.557.32-1.28
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    5411 JPJFE Holdings IncJAPAN 10466.836.987.656.886.720.304.989.640.547.90-14.16
    3405 JPKuraray Co LtdJAPAN 4718.6111.0610.284.774.720.852.8422.140.898.340.01
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    International Comparables

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    6 month return
    2019
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    BAS GRBASF SEGERMANY 74117.4313.4612.219.008.121.024.4814.681.8112.836.67
    VALE3 BZVale SABRAZIL 67060.246.817.704.374.801.834.9948.181.2720.04-16.05
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