Integrated Report 2023
JAPEX
II. Initiatives for Sustainable Growth and Medium- to Long-term Enhancement of Corporate Value
Sustainable Growth and Medium- to Long-Term Enhancement of Corporate Value -
Current Status Analysis
Market's evaluation (PBR etc.)
PBR is improving, but has not yet reached 1x
Changes in PBR
1.6
ROE of 16.9% in FY03/2023 and 9.9% in
FY03/2024 forecast are above the TSE prime (Times)
average, but lower-than-average PER is also
an issue as a reason for remaining at a low
PBR ratio.
In addition to standard industry issues such
as the sustainability of oil- and natural gas-
related businesses toward a decarbonized
society and the high volatility of oil and
natural gas prices, we recognize that the lack
of understanding and confidence in our
efforts to enhance corporate value is one of
the factors behind the low PBR.
Cost of equity is approximately 8%.
Equity ratio is high after termination of two
projects in Canada.
1.4
JAPEX
TSE Prime Average
(\billion)
1.4
Changes in Equity Ratio
Owner's Equity
Long-term debt
Other capital
Equity Ratio
Withdrawal from
Canada 2 business
1.3
1.2
1.2 1.0
1.0
PBR x1.0
12,000
10,000
8,000
78.7
(%)
63.7 62.5 59.5 58.6 60.8 63.6 64.2 64.0
74.9
80.0
0.8
Withdrawal from
Canada 2 business
6,000
0.6
0.6
0.4
4,000 216
0.3
0.3
0.4
2,000
0.2
0
0.0
2020/3 2021/3 2022/3 2023/3
Changes in ROE
2014/3
2020/3 2021/3 2022/3 2023/3
* Figures assume 454.1 billion yen in average equity at the beginning and end of the period
Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.
(%)
15.0
JAPEX
TSE Prime Average
16.9
(Times)
30.0
Changes in PER
JAPEX ―TSE Prime Average
26.2
19.7
*
9.9
20.0 13.3
15.0
10.0 6.6
7.2
9.5
9.2
10.0
Withdrawal from
Canada 2 business
3.7
5.0
Withdrawal from
0.0
0.0 6.5
Canada 2 business
(10.0)
3.6
(4.7)
(5.0)
(10.0)
(20.0)
(0.7)
(30.0)
(8.0)
(15.0)
(40.0)
(43.1)
2024/3
(Forecast)
(50.0)
2020/3 2021/3 2022/3 2023/3
2015/3
2016/3
2017/3
2018/3
2019/3
2020/3
60.0
207 1,300 1,419 1,360 1,277 1,188 502
40.0
3
5
20.0
2021/3
2022/3
2023/3
0.0
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