紙・包装業界（日本）: 既存事業の収益性改革が喫緊の課題

Research evidence excerpt

紙・包装業界（日本）: 既存事業の収益性改革が喫緊の課題

rgin 21.5% 23.8% 24.5% 24.7% 24.7%

Accounts receivable 104,041106,668115,100115,500115,600 EBITDA margin 8.7% 10.6% 10.2% 10.3% 10.3%

Inventories 112,786 111,104121,800122,300122,400 EBIT margin 1.5% 3.6% 3.5% 3.7% 3.8%

Other current assets 247,693238,868258,000258,900259,100 Net profit margin -1.7% 1.3% 1.7% 0.8% 0.9%

Current assets 360,882334,894386,267404,667417,167

PP&E 408,708385,271372,000362,000353,000 ROE -4.6% 3.8% 5.1% 2.4% 2.5%

LT investments 47,879 69,774 69,800 69,800 69,800 ROA -1.2% 1.0% 1.4% 0.6% 0.7%

Other non current assets 47,917 69,834 69,900 69,900 69,900 ROCE 6.9% 1.8% 2.3% 2.1% 2.1%

Total assets 886,066853,930889,967896,167897,467 SG&A/Sales 20.1% 20.2% 20.9% 20.9% 20.9%

Net debt/Equity 1.3 1.4 1.2 1.1 1.0

Short term borrowings 126,506143,286102,900 96,500 91,500 Net debt/EBITDA 5.7 4.7 4.3 4.0 3.7

Payables 79,929 70,765 94,900 95,300 95,400

Other short term liabilities 60,267 57,380 57,500 57,500 57,500 Sales/Assets (x) 0.7 0.8 0.8 0.8 0.8

Current liabilities 266,702271,431255,300249,300244,400 Assets/Equity (x) 3.8 3.8 3.8 3.7 3.7

Long-term debt 318,131288,658329,000335,400335,400 Interest cover (x) - - - - -

Other long term liabilities 346,775317,171357,600364,000364,000 Operating leverage 7680.9%-45299.9% 44.5%1665.1%3334.0%

Total liabilities 636,352611,172635,500635,900631,000 Tax rate -390.5% 49.9% 38.2% 46.3% 46.2%

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Shareholders' equity 236,721226,909236,567240,067243,867 Revenue y/y Growth -0.4% -0.3% 4.4% 0.4% 0.1%

Minority interests 12,992 15,848 17,900 20,200 22,600 EBITDA y/y Growth -8.0% 21.5% 0.3% 1.3% -0.1%

Total liabilities & equity 886,065853,929889,967896,167897,467 EPS y/y growth -348.3%-179.8% 42.4% -51.7% 5.3%

Valuation 2025/3A2026/3A2027/3E2028/3E2029/3E