Financials Elecom Co., Ltd.

Equities

6750

JP3168200008

Computer Hardware

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
1,551 ^JPY	+1.91%		+1.57%	-11.67%

May. 27	Elecom Launches Tender Offer to Buy Back Over 7% of Issued Shares	MT
May. 23	Elecom Co., Ltd. announces an Equity Buyback for 5,887,200 shares, representing 7.21% for ¥7,706.34 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	142,706	165,076	223,179	130,257	106,088	126,718	-	-
Enterprise Value (EV) ¹	110,981	121,025	162,276	76,295	51,475	126,146	60,997	53,165
P/E ratio	18.2 x	16.7 x	20.5 x	12.8 x	13.2 x	12.9 x	13.1 x	12 x
Yield	1.64%	1.62%	1.4%	2.51%	3.19%	2.85%	3.09%	3.03%
Capitalization / Revenue	1.44 x	1.64 x	2.07 x	1.21 x	1.02 x	1.15 x	1.06 x	1.01 x
EV / Revenue	1.12 x	1.2 x	1.5 x	0.71 x	0.5 x	1.15 x	0.51 x	0.42 x
EV / EBITDA	7.55 x	7.46 x	8.99 x	4.78 x	3.68 x	4.46 x	3.56 x	2.95 x
EV / FCF	15.2 x	12.7 x	16.7 x	11.3 x	12.5 x	7.62 x	7.38 x	5.31 x
FCF Yield	6.56%	7.9%	5.97%	8.82%	7.97%	13.1%	13.6%	18.8%
Price to Book	2.99 x	2.74 x	2.92 x	1.59 x	1.31 x	1.46 x	1.38 x	1.3 x
Nbr of stocks (in thousands)	83,576	87,690	90,871	88,490	84,532	81,701	-	-
Reference price ²	1,708	1,882	2,456	1,472	1,255	1,551	1,551	1,551
Announcement Date	5/8/19	5/12/20	5/11/21	5/10/22	5/10/23	5/15/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	99,362	100,861	108,053	107,358	103,727	110,169	120,000	126,000
EBITDA ¹	14,696	16,214	18,044	15,946	13,990	15,075	17,133	18,033
EBIT ¹	12,680	14,121	15,942	13,945	11,305	12,380	13,675	14,800
Operating Margin	12.76%	14%	14.75%	12.99%	10.9%	11.24%	11.4%	11.75%
Earnings before Tax (EBT) ¹	11,663	13,536	15,162	14,030	11,445	13,500	-	15,800
Net income ¹	7,739	9,705	10,752	10,398	8,129	9,985	9,675	10,600
Net margin	7.79%	9.62%	9.95%	9.69%	7.84%	9.06%	8.06%	8.41%
EPS ²	94.04	112.5	119.6	114.9	95.32	119.9	118.4	129.0
Free Cash Flow ¹	7,279	9,562	9,690	6,730	4,104	8,824	8,270	10,012
FCF margin	7.33%	9.48%	8.97%	6.27%	3.96%	7.93%	6.89%	7.95%
FCF Conversion (EBITDA)	49.53%	58.97%	53.7%	42.2%	29.34%	58.53%	48.27%	55.52%
FCF Conversion (Net income)	94.06%	98.53%	90.12%	64.72%	50.49%	100.21%	85.47%	94.46%
Dividend per Share ²	28.00	30.50	34.50	37.00	40.00	44.00	48.00	47.00
Announcement Date	5/8/19	5/12/20	5/11/21	5/10/22	5/10/23	5/15/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	49,164	51,697	50,782	57,271	25,299	51,659	28,062	27,637	55,699	26,152	25,517	51,669	26,381	25,677	52,058	26,204	25,491	51,695	29,406	29,068	58,474	30,000	27,500	57,500	31,500	31,000	62,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,927	7,194	7,939	8,003	3,276	6,989	3,663	3,293	6,956	3,058	2,997	6,055	3,121	2,129	5,250	3,389	2,721	6,110	3,148	3,122	6,270	3,500	3,000	6,500	4,000	3,500	7,500
Operating Margin	14.09%	13.92%	15.63%	13.97%	12.95%	13.53%	13.05%	11.92%	12.49%	11.69%	11.75%	11.72%	11.83%	8.29%	10.08%	12.93%	10.67%	11.82%	10.71%	10.74%	10.72%	11.67%	10.91%	11.3%	12.7%	11.29%	12%
Earnings before Tax (EBT)	6,584	6,952	7,573	7,589	3,261	7,025	3,845	3,399	7,244	2,837	3,369	6,206	2,793	2,446	5,239	3,700	3,061	6,761	3,016	-	-	-	-	-	-	-	-
Net income	4,549	5,156	5,232	5,520	2,165	4,740	3,048	2,610	5,658	1,964	2,407	4,371	1,964	1,794	3,758	2,506	2,045	4,551	2,145	-	-	-	-	-	-	-	-
Net margin	9.25%	9.97%	10.3%	9.64%	8.56%	9.18%	10.86%	9.44%	10.16%	7.51%	9.43%	8.46%	7.44%	6.99%	7.22%	9.56%	8.02%	8.8%	7.29%	-	-	-	-	-	-	-	-
EPS	53.04	59.41	58.74	60.82	23.76	52.04	33.50	29.37	62.87	22.64	-	50.87	23.22	21.23	44.45	29.68	-	54.18	25.89	-	-	-	-	-	-	-	-
Dividend per Share	15.00	15.50	16.50	36.00	-	19.00	-	-	18.00	-	-	20.00	-	-	20.00	-	-	22.00	-	-	-	-	-	-	-	-	-
Announcement Date	11/6/19	5/12/20	11/5/20	5/11/21	11/9/21	11/9/21	2/8/22	5/10/22	5/10/22	8/4/22	11/8/22	11/8/22	2/8/23	5/10/23	5/10/23	8/8/23	11/14/23	11/14/23	2/14/24	5/15/24	5/15/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	31,725	44,051	60,903	53,962	54,613	59,516	65,720	73,553
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	7,279	9,562	9,690	6,730	4,104	8,824	8,270	10,012
ROE (net income / shareholders' equity)	18.6%	17.8%	15.7%	13.2%	10%	11.9%	11.9%	11.9%
ROA (Net income/ Total Assets)	16.8%	17.1%	16%	13.3%	10.5%	11.9%	-	-
Assets ¹	45,985	56,708	67,118	78,047	77,698	83,787	-	-
Book Value Per Share ²	571.0	686.0	841.0	924.0	958.0	1,057	1,127	1,191
Cash Flow per Share	119.0	137.0	143.0	137.0	127.0	155.0	-	-
Capex ¹	1,569	1,477	1,698	2,935	5,057	2,533	2,700	2,700
Capex / Sales	1.58%	1.46%	1.57%	2.73%	4.88%	2.28%	2.25%	2.14%
Announcement Date	5/8/19	5/12/20	5/11/21	5/10/22	5/10/23	5/15/24	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Elecom Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,551 JPY

Average target price

1,980 JPY

Spread / Average Target

+27.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Computer Hardware

	1st Jan change	Capi.
ELECOM CO., LTD.	-11.67%	806M
DELL TECHNOLOGIES INC.	+82.43%	99.15B
HP INC.	+21.30%	35.72B
HEWLETT PACKARD ENTERPRISE COMPANY	+3.95%	22.94B
SEAGATE TECHNOLOGY HOLDINGS PLC	+9.22%	19.58B
LENOVO GROUP LIMITED	+2.75%	17.8B
LOGITECH INTERNATIONAL S.A.	+12.09%	15.18B
ASUSTEK COMPUTER INC.	+4.80%	11.72B
TD SYNNEX CORPORATION	+21.59%	11.17B
WISTRON CORPORATION	+13.59%	9.89B

Other Computer Hardware