Denka Company Limited (DENKF)
Juste valeurFondamental
65
Prix
$3236.00
Capitalisation boursière
$289.63B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Denka is a Japanese chemicals maker that turns basic feedstocks like acetylene and calcium carbide into a wide range of industrial materials: cement additives, synthetic rubber for hoses and gaskets, packaging film, and specialty ceramics and silica used inside semiconductor chips and their packaging. It runs its own chemical plants and sells mostly to other manufacturers, who use Denka's materials as inputs into their own products rather than to consumers directly.
Comment l'entreprise gagne de l'argent
Revenue comes from selling bulk and specialty chemicals to industrial customers, with margins that vary widely by product: commodity items like calcium carbide compete mainly on cost against low-cost Chinese production, while niche materials for semiconductor packaging — benefiting from AI-driven chip demand — carry better margins. The company reports results across four segments, the largest by far being Polymer Solutions.
Chiffre d'affaires par segment
PVC-related resins and compounds used in construction and industrial applications, the group's single largest business.
Specialty ceramics, spherical silica and alumina used in semiconductor chips and packaging, a segment growing with AI-related chip demand.
Synthetic rubber (chloroprene) and cement-related infrastructure materials, sold mainly to the automotive and construction industries.
Food packaging film, diagnostic reagents and healthcare-related materials, the smallest of the four main segments.
Residual businesses not allocated to the four main reportable segments.
Avantage concurrentiel
Aucun avantage identifié · AucunMost of Denka's revenue comes from commodity chemicals — calcium carbide, PVC compounds, synthetic rubber — where Chinese producers with cheaper raw materials and electricity set the price and Denka has little room to charge a premium. The electronic-materials segment has stronger technical differentiation in semiconductor packaging materials, but it is not yet large enough to define a moat for the company as a whole.
Ce qui stimule la demande
CycliqueMost of Denka's chemicals feed into cyclical end markets — automotive, construction and general electronics — so orders slow when those industries pull back on production. Its semiconductor-materials business is a partial exception, currently growing on demand tied to generative AI chip production, but it is not yet large enough to offset weakness in the bigger commodity segments.
Principaux risques
- Chloroprene plant litigation and closure — Denka's chloroprene rubber plant in LaPlace, Louisiana faced a U.S. Department of Justice complaint and EPA action over carcinogenic chloroprene emissions, and the company has since been reviewing comprehensive measures for the business, including closing the affected production.
- Structural decline in combustion-vehicle demand — The shift toward electric vehicles is reducing demand for products tied to internal-combustion engines, and Denka has already decided to exit its specialty chloroprene rubber business for automotive hoses as a result.
- Cyclical raw material and end-market exposure — Fluctuations in raw material prices and currency movements, combined with reliance on cyclical customer industries such as automotive and construction, make earnings sensitive to swings the company cannot control.
Les arguments en faveur
Buyers argue that Denka's semiconductor-materials business is becoming a meaningful, higher-margin growth engine on the back of AI-related chip demand, and that exiting declining, litigation-exposed businesses like combustion-vehicle rubber and the Louisiana chloroprene plant leaves a cleaner, more focused company behind.
Les arguments contre
Sellers fear that most of Denka's revenue still sits in commodity chemicals facing relentless Chinese cost competition and structurally declining combustion-vehicle demand, and that the unresolved Louisiana litigation could still impose costs and reputational damage beyond what has already been recognised.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
Tosoh sells chloroprene rubber under the Skyprene brand to the same automotive-parts, belt, cable and adhesive makers Denka supplies, and overlaps again in chlor-alkali chemicals and clinical diagnostic systems.
Resonac has made polychloroprene in Japan since the 1960s for the same glove, adhesive and waterproofing customers, and competes with Denka a second time in materials for semiconductor packaging and electronic components.
ARLANXEO's Baypren range is the main non-Japanese source of high-grade chloroprene rubber and bids for the same European cable, belt and wetsuit accounts Denka targets.
China's largest chloroprene rubber producer competes with Denka on commodity grades, where Chinese capacity has been taking volume in Asian markets.
Kaneka sells functional and foamed resins, films and life-science products into the same packaging, construction and medical-device customers as Denka's polymer and life-innovation businesses.
Bilan & Liquidités
Chiffre d'affaires
$387.15B
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Résultat net
$13.53B
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Flux de trésorerie libre
$-31.49B
Capitaux propres totaux
$310.71B
Passif total
$342.18B
Ratio de liquidité général
1.41
Couverture des intérêts
12.46
Dette/EBITDA
4.52
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$3016.94
Prix actuel
$3236.00
Marge de sécurité
-7.3%
Fourchette de juste valeur
$1961.01 - $4072.87
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
20.49
ROE
5.1%
Ratio P/B
0.90
P/FCF
-
Marge brute
26.6%
ROIC
4.2%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
4.2%
WACC
6.6%
ROIC − WACC
-2.4 pp
Le ROIC est inférieur au coût du capital — l'entreprise détruit de la valeur pour chaque dollar investi.
Critères d'analyse fondamentale
Réussi (14)
- EPS shows upward trend
- EPS CAGR 7.14%
- P/B Ratio 0.90
- Debt/Equity ratio
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Price below Graham Number
- Analyst Consensus 77% Buy
- Earnings Surprise avg 7.8%
- Earnings Quality (OCF/NI) 2.30
- Share Dilution 0.0%
- Net Margin Trend 4.1% vs -3.1%
- Piotroski F-Score 8/9
Échoué (8)
- Price CAGR 1.86%
- ROIC 4.2%
- Gross Margin 26.6%
- Operating Margin 3.5%
- Positive Free Cash Flow
- DCF valuation (Unknown)
- ROE 4.5%
- Revenue Growth 5Y 1.6%
Indisponible (6)
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
Score F de Piotroski
Santé financière solide
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Aucune déclaration institutionnelle pour cette entreprise.
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Ikuo Ishida | President, CEO & Representative Director | 63 |
| Mr. Rimiru Hayashida | CSCO, CFO and SMEO of Acco, Finance, Pur., Logi. & Corporate Comm. Dept. & Director | 64 |
| Mr. Masanobu Kosaka | Managing Executive Officer, CTO & Director | 62 |
| Mr. Akinori Adachi | Executive Officer of Administrative Dept., Legal Dept., Internal Control Dept. & Secretary Dept. | - |
| Mr. Kei Hara | Managing Executive Officer and Chief Human Resource & Compliance Officer | 58 |
| Hiroyuki Yamamoto | General Manager of Corporate Communications Department | - |
| Mr. Hiroto Horiuchi | Managing Executive Officer | 58 |
| Mr. Masahide Yamada | Executive Officer & Head of New Business Development. | - |
| Masahiro Kawai | Executive Officer & MD of DCHA, DSPL, DAPL | - |
| Mr. Taro Inada | Executive Officer, GM & Head of Life Innovation | - |
Risque d'audit
1
Risque du conseil
8
Risque de rémunération
5
Risque droits des actionnaires
1
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for DENKF, sourced from Markets Gazette.