Financials SIIX Corporation

Equities

7613

JP3346700002

Electronic Equipment & Parts

Delayed Japan Exchange Other stock markets 02:00:00 2024-06-13 am EDT			5-day change	1st Jan Change
1,299 ^JPY	-2.33%		-0.54%	-11.21%

May. 13	SIIX Corporation Provides Year End Dividend Guidance for the Year Ending December 31, 2024	CI
May. 13	SIIX Corporation Provides Second Quarter End Dividend Guidance for the Period Ended June 30, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	71,962	72,923	66,920	60,406	68,869	62,609	-	-
Enterprise Value (EV) ¹	99,778	95,664	107,443	107,874	110,870	62,609	62,609	62,609
P/E ratio	19.5 x	42.3 x	14.7 x	12.8 x	8.43 x	7.89 x	7.15 x	6.96 x
Yield	1.84%	1.88%	2.12%	2.43%	3.01%	3.61%	3.68%	3.61%
Capitalization / Revenue	0.32 x	0.4 x	0.3 x	0.22 x	0.22 x	0.19 x	0.18 x	0.17 x
EV / Revenue	0.32 x	0.4 x	0.3 x	0.22 x	0.22 x	0.19 x	0.18 x	0.17 x
EV / EBITDA	6.55 x	6.95 x	6.04 x	3.63 x	3.25 x	2.91 x	2.85 x	2.78 x
EV / FCF	113 x	9.46 x	196 x	-18.2 x	6.46 x	10.9 x	13.2 x	9.8 x
FCF Yield	0.88%	10.6%	0.51%	-5.5%	15.5%	9.14%	7.59%	10.2%
Price to Book	1.24 x	1.3 x	1.02 x	0.79 x	0.77 x	0.66 x	0.62 x	0.58 x
Nbr of stocks (in thousands)	47,250	47,260	47,260	47,303	47,074	47,074	-	-
Reference price ²	1,523	1,543	1,416	1,277	1,463	1,330	1,330	1,330
Announcement Date	2/13/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	223,037	181,598	226,833	277,031	309,768	329,000	350,000	360,000
EBITDA ¹	10,983	10,498	11,083	16,643	21,182	21,500	22,000	22,500
EBIT ¹	5,506	4,452	4,954	8,929	12,254	12,600	13,800	14,000
Operating Margin	2.47%	2.45%	2.18%	3.22%	3.96%	3.83%	3.94%	3.89%
Earnings before Tax (EBT)	5,634	2,763	5,935	7,960	11,852	-	-	-
Net income ¹	3,695	1,724	4,561	4,733	8,185	7,940	8,750	9,000
Net margin	1.66%	0.95%	2.01%	1.71%	2.64%	2.41%	2.5%	2.5%
EPS ²	78.21	36.48	96.53	100.1	173.6	168.6	185.9	191.2
Free Cash Flow ¹	636	7,707	341	-3,325	10,669	5,720	4,749	6,387
FCF margin	0.29%	4.24%	0.15%	-1.2%	3.44%	1.74%	1.36%	1.77%
FCF Conversion (EBITDA)	5.79%	73.41%	3.08%	-	50.37%	26.6%	21.59%	28.39%
FCF Conversion (Net income)	17.21%	447.04%	7.48%	-	130.35%	72.04%	54.27%	70.97%
Dividend per Share ²	28.00	29.00	30.00	31.00	44.00	48.00	49.00	48.00
Announcement Date	2/13/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	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
Net sales ¹	109,294	80,234	101,364	109,470	63,026	117,363	63,026	62,441	125,467	76,450	75,114	151,564	71,721	78,891	150,612	79,079	80,077	159,156	73,487	81,513	155,000	85,000	85,000	170,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	9,536	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,383	1,048	3,404	2,541	1,356	2,413	1,858	1,599	3,457	3,107	2,365	5,472	2,684	3,027	5,711	3,494	3,049	-	1,671	2,329	4,000	4,000	4,000	8,000
Operating Margin	2.18%	1.31%	3.36%	2.32%	2.15%	2.06%	2.95%	2.56%	2.76%	4.06%	3.15%	3.61%	3.74%	3.84%	3.79%	4.42%	3.81%	-	2.27%	2.86%	2.58%	4.71%	4.71%	4.71%
Earnings before Tax (EBT)	-	-826	-	2,917	-	-	1,934	-	3,272	2,817	-	-	2,712	-	5,858	3,446	-	-	1,837	-	-	-	-	-
Net income	-	-641	-	2,452	-	-	1,020	-	1,579	1,839	-	-	1,939	-	3,941	2,148	-	-	986	-	-	-	-	-
Net margin	-	-0.8%	-	2.24%	-	-	1.62%	-	1.26%	2.41%	-	-	2.7%	-	2.62%	2.72%	-	-	1.34%	-	-	-	-	-
EPS	-	-13.58	-	51.90	-	-	21.59	-	33.41	38.88	-	-	41.00	-	83.43	45.61	-	-	20.96	-	-	-	-	-
Dividend per Share	-	14.00	-	15.00	-	-	-	-	15.00	-	-	-	-	-	16.00	-	-	-	-	-	-	-	-	-
Announcement Date	2/13/20	8/11/20	2/12/21	8/11/21	2/14/22	2/14/22	5/13/22	8/10/22	8/10/22	11/14/22	2/14/23	2/14/23	5/12/23	8/10/23	8/10/23	11/13/23	2/14/24	2/14/24	5/13/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	27,816	22,741	40,523	47,468	42,001	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.533 x	2.166 x	3.656 x	2.852 x	1.983 x	-	-	-
Free Cash Flow ¹	636	7,707	341	-3,325	10,669	5,720	4,749	6,387
ROE (net income / shareholders' equity)	6.5%	3%	7.5%	6.6%	9.9%	-	-	-
ROA (Net income/ Total Assets)	4.01%	3.09%	3.78%	4.45%	5.62%	-	-	-
Assets ¹	92,103	55,830	120,811	106,472	145,757	-	-	-
Book Value Per Share ²	1,224	1,187	1,394	1,626	1,892	2,014	2,140	2,283
Cash Flow per Share	194.0	164.0	226.0	263.0	363.0	-	-	-
Capex ¹	9,082	5,573	7,443	10,845	9,127	7,800	7,600	7,600
Capex / Sales	4.07%	3.07%	3.28%	3.91%	2.95%	2.37%	2.17%	2.11%
Announcement Date	2/13/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

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 SIIX Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,330 JPY

Average target price

2,000 JPY

Spread / Average Target

+50.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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