Financials Azbil Corporation

Equities

6845

JP3937200008

Electrical Components & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
4,340 ^JPY	+1.12%		+3.85%	-6.99%

Feb. 08	Azbil's Nine-Month Profit Soars 82%	MT
2023	Azbil's Fiscal H1 Attributable Net Income Nearly Doubles as Net Sales Climb	MT

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	370,760	391,156	664,788	561,475	482,010	571,797	-	-
Enterprise Value (EV) ¹	298,986	309,781	569,125	480,067	410,778	497,462	490,218	479,450
P/E ratio	19.6 x	19.9 x	33.4 x	27.1 x	21.5 x	20.8 x	21.6 x	19.9 x
Yield	2.67%	1.78%	1.15%	1.47%	1.83%	1.74%	1.83%	1.95%
Capitalization / Revenue	1.41 x	1.51 x	2.69 x	2.19 x	1.73 x	1.98 x	1.97 x	1.91 x
EV / Revenue	1.14 x	1.19 x	2.31 x	1.87 x	1.48 x	1.73 x	1.69 x	1.6 x
EV / EBITDA	9.69 x	9.77 x	18.8 x	14.5 x	11.3 x	10.6 x	10.3 x	9.32 x
EV / FCF	30.7 x	12.5 x	32.4 x	78.3 x	36.9 x	25.8 x	20.9 x	18.5 x
FCF Yield	3.26%	8.03%	3.09%	1.28%	2.71%	3.87%	4.78%	5.41%
Price to Book	2.05 x	2.14 x	3.35 x	2.8 x	2.38 x	2.69 x	2.54 x	2.38 x
Nbr of stocks (in thousands)	143,206	139,499	139,515	137,280	133,521	131,750	-	-
Reference price ²	2,589	2,804	4,765	4,090	3,610	4,340	4,340	4,340
Announcement Date	5/10/19	5/20/20	5/14/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	262,054	259,411	246,821	256,551	278,406	288,157	289,974	299,360
EBITDA ¹	30,856	31,716	30,203	33,078	36,205	46,926	47,506	51,433
EBIT ¹	26,690	27,255	25,720	28,231	31,251	35,360	36,242	39,183
Operating Margin	10.18%	10.51%	10.42%	11%	11.22%	12.27%	12.5%	13.09%
Earnings before Tax (EBT) ¹	26,442	28,134	28,009	30,044	32,118	38,500	36,700	39,433
Net income ¹	18,951	19,793	19,918	20,784	22,602	27,758	26,163	28,303
Net margin	7.23%	7.63%	8.07%	8.1%	8.12%	9.63%	9.02%	9.45%
EPS ²	132.0	140.8	142.8	150.8	168.3	208.7	200.9	218.2
Free Cash Flow ¹	9,749	24,878	17,564	6,130	11,141	19,262	23,453	25,916
FCF margin	3.72%	9.59%	7.12%	2.39%	4%	6.68%	8.09%	8.66%
FCF Conversion (EBITDA)	31.6%	78.44%	58.15%	18.53%	30.77%	41.05%	49.37%	50.39%
FCF Conversion (Net income)	51.44%	125.69%	88.18%	29.49%	49.29%	69.4%	89.64%	91.57%
Dividend per Share ²	69.00	50.00	55.00	60.00	66.00	75.70	79.60	84.80
Announcement Date	5/10/19	5/20/20	5/14/21	5/13/22	5/12/23	-	-	-

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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	118,652	140,759	111,410	135,411	61,895	115,388	63,942	77,221	56,063	64,943	121,006	70,072	87,328	157,400	61,205	70,680	131,885	73,468	85,520	58,750	70,500	72,500	85,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,862	18,393	8,346	17,374	6,440	9,390	6,620	12,221	2,166	6,015	8,181	7,746	15,324	23,070	4,649	8,331	12,980	10,230	13,346	3,625	7,500	10,125	14,750
Operating Margin	7.47%	13.07%	7.49%	12.83%	10.4%	8.14%	10.35%	15.83%	3.86%	9.26%	6.76%	11.05%	17.55%	14.66%	7.6%	11.79%	9.84%	13.92%	15.61%	6.17%	10.64%	13.97%	17.25%
Earnings before Tax (EBT) ¹	8,972	-	9,078	-	7,004	10,194	6,971	12,879	3,308	6,168	9,476	6,975	15,667	-	5,645	11,519	17,164	10,192	13,600	-	-	-	-
Net income ¹	5,946	13,847	6,098	-	4,888	6,917	5,054	8,813	2,071	3,979	6,050	4,489	12,063	16,552	3,710	8,227	11,937	7,234	9,641	2,500	5,000	7,500	11,000
Net margin	5.01%	9.84%	5.47%	-	7.9%	5.99%	7.9%	11.41%	3.69%	6.13%	5%	6.41%	13.81%	10.52%	6.06%	11.64%	9.05%	9.85%	11.27%	4.26%	7.09%	10.34%	12.87%
EPS ²	41.99	-	43.71	-	35.40	49.98	36.76	64.05	15.19	29.58	44.77	33.55	90.00	123.5	27.81	62.08	89.89	54.89	73.90	-	-	-	-
Dividend per Share ²	25.00	25.00	25.00	30.00	30.00	30.00	-	30.00	-	32.50	32.50	-	33.50	33.50	-	36.50	36.50	-	53.00	-	25.00	-	57.00
Announcement Date	11/1/19	5/20/20	11/5/20	5/14/21	11/2/21	11/2/21	2/3/22	5/13/22	8/4/22	11/8/22	11/8/22	2/7/23	5/12/23	5/12/23	8/8/23	11/7/23	11/7/23	2/8/24	-	-	-	-	-

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	71,774	81,375	95,663	81,408	71,232	74,335	81,579	92,347
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	9,749	24,878	17,564	6,130	11,141	19,263	23,453	25,916
ROE (net income / shareholders' equity)	10.6%	10.9%	10.4%	10.4%	11.2%	13.1%	12%	12.4%
ROA (Net income/ Total Assets)	9.98%	10.1%	9.42%	10.5%	11.1%	10%	9.47%	9.83%
Assets ¹	189,807	196,443	211,430	198,782	202,857	277,576	276,366	287,829
Book Value Per Share ²	1,265	1,313	1,421	1,459	1,518	1,612	1,709	1,820
Cash Flow per Share ²	161.0	173.0	175.0	186.0	205.0	259.0	250.0	276.0
Capex ¹	6,363	4,933	5,039	11,244	10,844	11,033	8,175	8,200
Capex / Sales	2.43%	1.9%	2.04%	4.38%	3.9%	3.83%	2.82%	2.74%
Announcement Date	5/10/19	5/20/20	5/14/21	5/13/22	5/12/23	-	-	-

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 Azbil Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,340 JPY

Average target price

4,883 JPY

Spread / Average Target

+12.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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