Financials Hirose Electric Co.,Ltd.

Equities

6806

JP3799000009

Electronic Equipment & Parts

Delayed Japan Exchange Other stock markets 02:00:00 2024-06-13 am EDT			5-day change	1st Jan Change
18,095 ^JPY	+2.06%		+2.90%	+13.34%

May. 31	Hirose Electric to Cancel Over 500,000 Treasury Shares	MT
May. 07	Hirose Electric Co.,Ltd. Provides Dividend Guidance for the Second Quarter End and Full Year of Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	424,063	406,192	617,384	631,422	594,537	589,902	-	-
Enterprise Value (EV) ¹	371,741	355,631	432,675	427,078	511,987	439,439	417,790	407,141
P/E ratio	23.8 x	26.6 x	31 x	20.2 x	17.2 x	20 x	21.8 x	19.1 x
Yield	2.06%	2.14%	1.41%	2.46%	2.9%	2.84%	2.64%	2.84%
Capitalization / Revenue	3.4 x	3.34 x	4.62 x	3.86 x	3.24 x	3.17 x	3.45 x	3.21 x
EV / Revenue	2.98 x	2.92 x	3.24 x	2.61 x	2.79 x	2.66 x	2.45 x	2.22 x
EV / EBITDA	10.4 x	9.83 x	9.69 x	7.47 x	8.07 x	8.64 x	7.87 x	6.9 x
EV / FCF	-125 x	31.1 x	19.7 x	14 x	18.9 x	48.9 x	16.7 x	14 x
FCF Yield	-0.8%	3.21%	5.07%	7.13%	5.3%	2.04%	5.97%	7.15%
Price to Book	1.38 x	1.33 x	1.89 x	1.85 x	1.7 x	1.44 x	1.62 x	1.56 x
Nbr of stocks (in thousands)	36,463	36,267	36,274	35,354	34,426	33,271	-	-
Reference price ²	11,630	11,200	17,020	17,860	17,270	17,730	17,730	17,730
Announcement Date	5/8/19	5/28/20	5/6/21	5/6/22	5/8/23	5/7/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	124,590	121,765	133,538	163,671	183,224	165,509	170,753	183,741
EBITDA ¹	35,660	36,177	44,654	57,172	63,455	50,864	53,079	59,008
EBIT ¹	23,157	20,358	27,885	40,765	46,751	34,017	36,226	41,573
Operating Margin	18.59%	16.72%	20.88%	24.91%	25.52%	20.55%	21.22%	22.63%
Earnings before Tax (EBT) ¹	24,671	21,205	28,332	43,081	48,591	38,761	39,399	44,858
Net income ¹	17,891	15,305	19,916	31,437	34,648	26,480	28,172	31,906
Net margin	14.36%	12.57%	14.91%	19.21%	18.91%	16%	16.5%	17.36%
EPS ²	489.4	420.4	549.1	885.4	1,002	772.4	814.8	928.7
Free Cash Flow ¹	-2,972	11,420	21,923	30,468	27,139	8,985	24,959	29,105
FCF margin	-2.39%	9.38%	16.42%	18.62%	14.81%	5.43%	14.62%	15.84%
FCF Conversion (EBITDA)	-	31.57%	49.1%	53.29%	42.77%	17.66%	47.02%	49.32%
FCF Conversion (Net income)	-	74.62%	110.08%	96.92%	78.33%	33.93%	88.59%	91.22%
Dividend per Share ²	240.0	240.0	240.0	440.0	500.0	440.0	468.6	504.3
Announcement Date	5/8/19	5/28/20	5/6/21	5/6/22	5/8/23	5/7/24	-	-

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	2026 S1	2026 S2
Net sales ¹	60,265	-	61,036	72,502	40,746	79,188	42,816	41,667	84,483	46,574	48,130	94,704	47,461	41,059	88,520	40,455	42,455	82,910	42,252	40,347	82,599	39,851	42,982	82,243	44,497	42,827	87,443	90,366	93,645
EBITDA ¹	-	-	-	23,525	-	28,084	-	-	-	-	-	35,514	-	-	-	-	-	-	14,254	11,075	-	11,547	13,332	-	14,368	13,164	-	-	-
EBIT ¹	11,534	8,824	12,893	14,992	10,698	19,792	11,226	9,747	20,973	12,971	14,199	27,170	12,497	7,084	19,581	9,057	8,134	17,191	10,040	6,786	16,826	7,737	9,233	17,822	10,319	8,736	19,486	22,593	23,356
Operating Margin	19.14%	-	21.12%	20.68%	26.26%	24.99%	26.22%	23.39%	24.83%	27.85%	29.5%	28.69%	26.33%	17.25%	22.12%	22.39%	19.16%	20.73%	23.76%	16.82%	20.37%	19.42%	21.48%	21.67%	23.19%	20.4%	22.28%	25%	24.94%
Earnings before Tax (EBT) ¹	12,087	-	12,887	15,445	10,941	20,384	11,784	10,913	22,697	14,507	14,740	29,247	11,737	7,607	19,344	10,652	9,028	19,680	10,954	8,127	19,081	8,944	10,118	19,062	11,629	9,430	21,059	23,973	24,736
Net income ¹	8,573	6,732	9,338	10,578	8,111	14,797	8,990	7,650	16,640	10,052	10,584	20,636	8,594	5,418	14,012	6,021	6,576	12,597	8,117	5,766	13,883	5,875	6,941	13,538	7,843	6,524	14,962	17,024	17,572
Net margin	14.23%	-	15.3%	14.59%	19.91%	18.69%	21%	18.36%	19.7%	21.58%	21.99%	21.79%	18.11%	13.2%	15.83%	14.88%	15.49%	15.19%	19.21%	14.29%	16.81%	14.74%	16.15%	16.46%	17.62%	15.23%	17.11%	18.84%	18.76%
EPS ²	235.1	-	257.5	291.6	229.0	415.0	254.0	216.4	470.4	286.9	307.3	594.2	249.9	157.9	407.8	174.9	191.0	365.9	236.2	170.3	-	168.1	199.0	387.0	216.1	179.3	414.0	487.0	495.0
Dividend per Share ²	120.0	-	120.0	-	160.0	160.0	-	280.0	280.0	-	220.0	220.0	-	280.0	-	-	220.0	220.0	-	220.0	-	-	220.0	-	-	220.0	-	-	-
Announcement Date	11/1/19	5/28/20	11/2/20	5/6/21	11/1/21	11/1/21	1/31/22	5/6/22	5/6/22	8/1/22	11/2/22	11/2/22	2/1/23	5/8/23	5/8/23	8/1/23	11/1/23	11/1/23	2/1/24	5/7/24	5/7/24	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	52,322	50,561	184,709	204,344	82,550	84,415	172,113	182,762
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-2,972	11,420	21,923	30,468	27,139	8,985	24,959	29,105
ROE (net income / shareholders' equity)	5.8%	5%	6.3%	9.4%	10%	7.4%	7.56%	8.47%
ROA (Net income/ Total Assets)	7.25%	6.2%	7.95%	11.3%	12.2%	9.63%	6.86%	7.75%
Assets ¹	246,886	246,872	250,654	279,222	283,845	274,906	410,688	411,599
Book Value Per Share ²	8,429	8,436	8,987	9,675	10,161	10,764	10,932	11,367
Cash Flow per Share ²	848.0	855.0	1,011	1,347	1,485	1,264	1,265	1,398
Capex ¹	20,340	18,689	13,895	13,855	19,553	32,064	18,771	18,525
Capex / Sales	16.33%	15.35%	10.41%	8.47%	10.67%	19.37%	10.99%	10.08%
Announcement Date	5/8/19	5/28/20	5/6/21	5/6/22	5/8/23	5/7/24	-	-

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 Hirose Electric Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

17,730 JPY

Average target price

18,511 JPY

Spread / Average Target

+4.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

	1st Jan change	Capi.
HIROSE ELECTRIC CO.,LTD.	+13.34%	3.79B
HON HAI PRECISION INDUSTRY CO., LTD.	+79.43%	80.61B
AMPHENOL CORPORATION	+38.59%	82.51B
MURATA MANUFACTURING CO., LTD	+6.95%	37.58B
LUXSHARE PRECISION INDUSTRY CO., LTD.	-2.99%	33.14B
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	-2.03%	11.18B
LENS TECHNOLOGY CO., LTD.	+17.80%	10.61B
COHERENT CORP.	+61.80%	10.74B
BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED	+2.73%	10.42B
EOPTOLINK TECHNOLOGY INC., LTD.	+86.03%	9B

Electronic Component