Nippon Shokubai Co., Ltd.

4114.T · Basic Materials · Chemicals · Valued as of 2026-11-03 · Statements 2026-03-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

1.81B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

1.99B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

2.55B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

2.11B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

2.40B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.88×

the ratio the screener ranks by

Margin of Safety

-13.5%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 1.81B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)1.79B USD
+②Net Cash Today13.71M USD
+③Growth Value0 USD
=Value1.81B USD

EPV of the Operations (NOPAT over WACC)

1.79B USD

Net cash today

+13.71M USD

Growth Value

0 USD

Value

1.81B USD

①EPV (Earnings Power Value)

1.79B USD

②Net Cash Today

13.71M USD

③Growth Value

0 USD

Market value

Market Cap2.40B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-32.9%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 1.99B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE896.80M USD
+②Equity at Year 15, Today1.09B USD
=Value1.99B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROE on new investment rising to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

896.80M USD

②Equity at Year 15, Today

1.09B USD

Market value

Market Cap2.40B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-20.6%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 2.55B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 2.55B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap2.40B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+5.7%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 5.81%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.33×Market Risk Premium 6.00%= 6.46%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 25.03M USDPretax Income 134.60M USD= 18.60%

The tax the interest saves.

Interest Expense =EBIT 141.95M USD−Pretax Income 134.60M USD= 7.35M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 7.35M USDTotal Debt 367.80M USD×(1 − Tax Rate for WACC 18.60%)= 1.63%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 367.80M USDMarket Cap + Total Debt 2.40B USD + 367.80M USD= 13.29%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 86.71%×Cost of Equity 6.46%+Debt Weight 13.29%×Cost of Debt 1.63%= 5.81%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-03-31.

Total Assets 3.63B USD − Total Liabilities 1.09B USD = Book Value Today 2.55B USD

Total Debt 367.80M USD − Cash and Short-Term Investments 381.51M USD = Net Debt Today -13.71M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-4.3%at most 5%passes147,756,884 / 154,464,000
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets6.3%at least -10.0%passes(335.32M USD − 104.98M USD) ÷ 3.63B USD
Price to bookMarket Cap ÷ Book Value Today0.94×at most 3×passes2.40B USD ÷ 2.55B USD
Operating marginOperating Income ÷ Revenue4.4%above 10.0%does not pass109.78M USD ÷ 2.50B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-8.6%above 10.0%does not pass2.50B USD / 2.74B USD
Net cash(Cash − Total Debt) ÷ Market Cap-1.8%above -30%passes(324.52M USD − 367.80M USD) ÷ 2.40B USD
Operating efficiencyOperating Income ÷ Gross Profit23.4%above 25.0%does not pass109.78M USD ÷ 468.47M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

2547.54 JPY

Enterprise value

402.98B JPY

the provider's own figure

EV / EBITDA

7.00×

Price / book

0.94×

the provider's book

Price / earnings

22.71×

Return on equity

5.9%

the provider's figure, not this page's

Profit margin

5.4%

Revenue growth

19.8%

Analyst target, mean

2285.61 JPY

Analysts

3

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2023202420252026

Revenue

3.15B2.59B2.74B2.50B

Gross profit

604.14M449.50M471.31M468.47M

Operating income

176.82M109.48M127.54M109.78M

EBITDA

operating income before depreciation and amortisation

425.50M328.76M382.36M343.87M

Pretax income

196.70M104.07M155.24M134.60M

Net income

145.73M72.76M116.37M104.98M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

145.73M72.76M116.37M104.98M

R&D

————
Balance sheet, year end (USD)2023202420252026

Total assets

3.93B3.60B3.64B3.63B

Total liabilities

1.15B1.00B1.01B1.09B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

2.72B2.53B2.56B2.48B

Total debt

382.59M257.94M276.92M367.80M

Cash and equivalents

293.35M364.40M365.06M324.52M

Net PP&E

fixed assets after depreciation

1.42B1.25B1.30B1.40B

Working capital

current assets less current liabilities

1.07B1.05B992.05M897.89M
Cash flow (USD)2023202420252026

Operating cash flow

311.47M382.58M314.28M335.32M

Capital expenditure

paid out, so below zero

-173.48M-135.95M-234.19M-311.46M

Depreciation and amortisation

220.28M210.54M211.09M201.92M

Free cash flow

operating cash flow plus capital expenditure

137.99M246.63M80.08M23.85M