Financials Elecom Co., Ltd.

Equities

6750

JP3168200008

Computer Hardware

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,465 ^JPY	-1.55%		-0.88%	-16.57%

Apr. 25	Elecom Co., Ltd. entered into non-binding Memorandum of Understanding to acquire Nippon Antenna Co.,Ltd. from Resona Bank, Limited, Hikari Tsushin, Inc., Custody Bank of Japan, Ltd. (Trust Account), UH Partners 3 Co., Ltd. and UH Partners 2 Co.,Ltd.	CI
Apr. 23	Elecom to Absorb Electronic Product Subsidiary	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	142,706	165,076	223,179	130,257	106,088	119,691	-	-
Enterprise Value (EV) ¹	110,981	121,025	162,276	76,295	51,475	60,175	53,971	46,138
P/E ratio	18.2 x	16.7 x	20.5 x	12.8 x	13.2 x	13.8 x	12.2 x	11.4 x
Yield	1.64%	1.62%	1.4%	2.51%	3.19%	3%	3.11%	3.21%
Capitalization / Revenue	1.44 x	1.64 x	2.07 x	1.21 x	1.02 x	1.08 x	0.98 x	0.94 x
EV / Revenue	1.12 x	1.2 x	1.5 x	0.71 x	0.5 x	0.54 x	0.44 x	0.36 x
EV / EBITDA	7.55 x	7.46 x	8.99 x	4.78 x	3.68 x	3.99 x	3.19 x	2.58 x
EV / FCF	15.2 x	12.7 x	16.7 x	11.3 x	12.5 x	6.82 x	6.5 x	4.6 x
FCF Yield	6.56%	7.9%	5.97%	8.82%	7.97%	14.7%	15.4%	21.7%
Price to Book	2.99 x	2.74 x	2.92 x	1.59 x	1.31 x	1.42 x	1.32 x	1.23 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	1,465	1,465	1,465
Announcement Date	5/8/19	5/12/20	5/11/21	5/10/22	5/10/23	-	-	-

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	111,333	122,500	127,400
EBITDA ¹	14,696	16,214	18,044	15,946	13,990	15,075	16,925	17,850
EBIT ¹	12,680	14,121	15,942	13,945	11,305	12,217	13,800	14,740
Operating Margin	12.76%	14%	14.75%	12.99%	10.9%	10.97%	11.27%	11.57%
Earnings before Tax (EBT) ¹	11,663	13,536	15,162	14,030	11,445	12,700	14,350	15,400
Net income ¹	7,739	9,705	10,752	10,398	8,129	8,805	9,900	10,580
Net margin	7.79%	9.62%	9.95%	9.69%	7.84%	7.91%	8.08%	8.3%
EPS ²	94.04	112.5	119.6	114.9	95.32	106.1	120.1	128.4
Free Cash Flow ¹	7,279	9,562	9,690	6,730	4,104	8,824	8,306	10,030
FCF margin	7.33%	9.48%	8.97%	6.27%	3.96%	7.93%	6.78%	7.87%
FCF Conversion (EBITDA)	49.53%	58.97%	53.7%	42.2%	29.34%	58.53%	49.08%	56.19%
FCF Conversion (Net income)	94.06%	98.53%	90.12%	64.72%	50.49%	100.21%	83.9%	94.8%
Dividend per Share ²	28.00	30.50	34.50	37.00	40.00	44.00	45.50	47.00
Announcement Date	5/8/19	5/12/20	5/11/21	5/10/22	5/10/23	-	-	-

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	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	28,899	58,305	28,700	29,400	31,400	31,500
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	2,992	6,190	3,000	3,300	3,900	4,000
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%	10.35%	10.62%	10.45%	11.22%	12.42%	12.7%
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	-	-	-	-	-	-

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	8,307	10,030
ROE (net income / shareholders' equity)	18.6%	17.8%	15.7%	13.2%	10%	10.9%	11.6%	11.6%
ROA (Net income/ Total Assets)	16.8%	17.1%	16%	13.3%	10.5%	8.1%	8.1%	8.1%
Assets ¹	45,985	56,708	67,118	78,047	77,698	108,704	122,222	130,617
Book Value Per Share ²	571.0	686.0	841.0	924.0	958.0	1,031	1,108	1,191
Cash Flow per Share	119.0	137.0	143.0	137.0	127.0	-	-	-
Capex ¹	1,569	1,477	1,698	2,935	5,057	2,533	2,533	2,533
Capex / Sales	1.58%	1.46%	1.57%	2.73%	4.88%	2.28%	2.07%	1.99%
Announcement Date	5/8/19	5/12/20	5/11/21	5/10/22	5/10/23	-	-	-

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 Elecom Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,465 JPY

Average target price

1,980 JPY

Spread / Average Target

+35.15%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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