Financials EIZO Corporation

Equities

6737

JP3651080008

Computer Hardware

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
4,985 ^JPY	+0.71%		+0.71%	+1.01%

Feb. 15	EIZO Corporation Announces Management Changes	CI
Feb. 01	EIZO Corporation Provides Dividend Guidance for the Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	93,810	67,159	89,012	76,539	84,245	102,571	-	-
Enterprise Value (EV) ¹	88,524	51,445	72,181	56,928	77,210	102,571	102,571	102,571
P/E ratio	21.8 x	14.4 x	14.5 x	9.82 x	14.6 x	22.4 x	18.5 x	16.5 x
Yield	2.27%	3.49%	2.75%	3.34%	3.05%	4.01%	4.21%	4.41%
Capitalization / Revenue	1.29 x	0.88 x	1.16 x	0.88 x	1.04 x	1.27 x	1.2 x	1.15 x
EV / Revenue	1.29 x	0.88 x	1.16 x	0.88 x	1.04 x	1.27 x	1.2 x	1.15 x
EV / EBITDA	11.6 x	7.12 x	8.12 x	5.5 x	11.5 x	13.7 x	10.6 x	9.59 x
EV / FCF	-27.9 x	15.1 x	27.2 x	12.7 x	-12.5 x	15.9 x	42.4 x	30.4 x
FCF Yield	-3.59%	6.61%	3.67%	7.88%	-8%	6.3%	2.36%	3.29%
Price to Book	0.99 x	0.7 x	0.78 x	0.65 x	0.7 x	0.82 x	0.81 x	0.8 x
Nbr of stocks (in thousands)	21,320	21,320	21,320	21,320	20,573	20,576	-	-
Reference price ²	4,400	3,150	4,175	3,590	4,095	4,985	4,985	4,985
Announcement Date	5/10/19	5/8/20	5/11/21	5/11/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	72,944	76,480	76,565	86,789	80,849	81,000	85,500	89,250
EBITDA ¹	8,121	9,427	10,968	13,910	7,318	7,465	9,700	10,700
EBIT ¹	5,370	6,441	7,935	11,299	5,002	4,550	6,700	7,600
Operating Margin	7.36%	8.42%	10.36%	13.02%	6.19%	5.62%	7.84%	8.52%
Earnings before Tax (EBT) ¹	5,710	6,443	8,570	11,286	8,064	7,150	8,500	9,300
Net income ¹	4,308	4,671	6,155	7,794	5,862	4,575	5,550	6,200
Net margin	5.91%	6.11%	8.04%	8.98%	7.25%	5.65%	6.49%	6.95%
EPS ²	202.1	219.1	288.7	365.6	281.0	222.4	269.8	301.4
Free Cash Flow ¹	-3,365	4,440	3,267	6,035	-6,739	6,465	2,422	3,372
FCF margin	-4.61%	5.81%	4.27%	6.95%	-8.34%	7.98%	2.83%	3.78%
FCF Conversion (EBITDA)	-	47.1%	29.79%	43.39%	-	86.6%	24.96%	31.51%
FCF Conversion (Net income)	-	95.05%	53.08%	77.43%	-	141.31%	43.63%	54.38%
Dividend per Share ²	100.0	110.0	115.0	120.0	125.0	200.0	210.0	220.0
Announcement Date	5/10/19	5/8/20	5/11/21	5/11/22	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	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 Q3	2025 Q4
Net sales ¹	34,400	42,080	31,708	44,857	20,592	43,743	19,973	23,073	43,046	17,847	18,719	36,566	20,571	23,712	44,283	18,548	18,637	37,185	20,976	22,839	43,815	19,500	20,500	22,000	24,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,006	4,435	1,472	6,463	2,571	6,610	1,799	2,890	4,689	877	1,335	2,212	489	2,301	2,790	1,058	578	1,636	923	1,991	2,864	1,200	1,600	2,000	2,600
Operating Margin	5.83%	10.54%	4.64%	14.41%	12.49%	15.11%	9.01%	12.53%	10.89%	4.91%	7.13%	6.05%	2.38%	9.7%	6.3%	5.7%	3.1%	4.4%	4.4%	8.72%	6.54%	6.15%	7.8%	9.09%	10.83%
Earnings before Tax (EBT)	1,879	-	2,027	-	-	7,331	2,247	1,708	-	2,088	-	4,446	1,069	-	-	2,518	668	3,186	2,297	-	-	-	-	-	-
Net income	1,344	-	1,345	-	-	5,152	1,583	1,059	-	1,383	1,744	3,127	771	1,964	-	1,723	435	2,158	1,582	-	-	-	-	-	-
Net margin	3.91%	-	4.24%	-	-	11.78%	7.93%	4.59%	-	7.75%	9.32%	8.55%	3.75%	8.28%	-	9.29%	2.33%	5.8%	7.54%	-	-	-	-	-	-
EPS	63.06	-	63.09	-	-	241.7	74.26	-	-	65.11	-	148.2	37.82	-	-	83.80	-	104.9	76.92	-	-	-	-	-	-
Dividend per Share	55.00	55.00	55.00	60.00	-	60.00	-	-	-	-	-	60.00	-	-	65.00	-	-	100.0	-	-	-	-	-	-	-
Announcement Date	10/31/19	5/8/20	10/30/20	5/11/21	10/29/21	10/29/21	1/31/22	5/11/22	5/11/22	7/29/22	10/28/22	10/28/22	1/31/23	5/12/23	5/12/23	7/28/23	10/31/23	10/31/23	1/31/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	5,286	15,714	16,831	19,611	7,035	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-3,365	4,440	3,267	6,035	-6,739	6,465	2,422	3,372
ROE (net income / shareholders' equity)	4.6%	4.9%	5.9%	6.7%	4.9%	4.1%	4.7%	5.1%
ROA (Net income/ Total Assets)	4.71%	5.35%	6.4%	7.93%	3.93%	-	-	-
Assets ¹	91,528	87,340	96,140	98,316	148,987	-	-	-
Book Value Per Share ²	4,452	4,502	5,368	5,562	5,861	6,083	6,148	6,235
Cash Flow per Share	307.0	339.0	413.0	470.0	392.0	-	-	-
Capex ¹	3,840	4,041	3,103	2,768	3,163	3,500	4,500	3,500
Capex / Sales	5.26%	5.28%	4.05%	3.19%	3.91%	4.32%	5.26%	3.92%
Announcement Date	5/10/19	5/8/20	5/11/21	5/11/22	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 EIZO Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4,985 JPY

Average target price

4,700 JPY

Spread / Average Target

-5.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Computer Peripherals

	1st Jan change	Capi.
EIZO CORPORATION	+1.01%	652M
SEIKO EPSON CORPORATION	+29.68%	5.77B
CHICONY ELECTRONICS CO., LTD.	+15.71%	4.5B
KNOWLES CORPORATION	-10.50%	1.44B
SOCIÉTÉ INDUSTRIELLE ET FINANCIÈRE DE L'ARTOIS	-3.85%	1.42B
PRIMAX ELECTRONICS LTD.	+29.10%	1.24B
DIEBOLD NIXDORF, INCORPORATED	+10.64%	1.2B
CHENBRO MICOM CO., LTD.	+6.26%	1.07B
NIDEC CHAUN-CHOUNG TECHNOLOGY CORPORATION	+102.67%	805M
SUZHOU LONGWAY ELETRONIC MACHINERY CO., LTD	+7.47%	650M

Computer Peripherals