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Valuation & Risks ( 2802 ) Disclosure / Price Chart(s) / Valuation & Risk
Fundamental Equity Research

We calculate our target price using a one-year forward PER. Our target price of ¥3,900 is derived from our FY3/27 EPS forecast of ¥150 and a PER of 26.0x. Our target PER represents a 30% premium to the food sector average of 20x. Given moves to increase shareholder returns and expectations for growth in non-food businesses we believe the premium over the sector average will expand from 20% currently to 30%. Our target price also corresponds to an FY3/27E PBR of 5.1x.  
Risks to our target price include 1) fluctuations in overseas seasoning and food business profitability caused by sharp forex swings (USD, THB, EUR, BRL, etc.) and 2) changes in the semiconductor market affecting the functional materials business. The share price could fail to reach our target price if any of these factors diverges significantly from our assumptions.

 

 

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