Financials Fujikura Ltd.

Equities

5803

JP3811000003

Electrical Components & Equipment

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,700 ^JPY	+2.60%		+4.25%	+148.96%

Apr. 11	Kyoto Fusioneering Ltd. announced that it has received ¥12.06 billion in funding from a group of investors	CI
Apr. 11	Kyoto Fusioneering Ltd. announced that it has received funding from Fujikura Ltd.	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	118,975	86,185	149,544	172,312	258,805	744,663	-	-
Enterprise Value (EV) ¹	335,685	302,193	291,733	292,762	359,977	812,254	777,285	742,684
P/E ratio	81.9 x	-2.29 x	-27.8 x	4.41 x	6.33 x	16.3 x	14.8 x	13.4 x
Yield	2.88%	1.6%	-	1.6%	3.2%	1.82%	2%	2.19%
Capitalization / Revenue	0.17 x	0.13 x	0.23 x	0.26 x	0.32 x	0.94 x	0.9 x	0.88 x
EV / Revenue	0.47 x	0.45 x	0.45 x	0.44 x	0.45 x	1.02 x	0.94 x	0.88 x
EV / EBITDA	5.49 x	7.35 x	4.89 x	4.16 x	3.63 x	9.09 x	7.71 x	6.8 x
EV / FCF	-24.4 x	18.6 x	6.5 x	6.07 x	7.44 x	22.9 x	22.3 x	18.6 x
FCF Yield	-4.1%	5.39%	15.4%	16.5%	13.4%	4.37%	4.48%	5.39%
Price to Book	0.55 x	0.57 x	0.92 x	0.78 x	0.96 x	2.38 x	2.15 x	1.95 x
Nbr of stocks (in thousands)	285,313	275,351	275,403	275,699	275,911	275,801	-	-
Reference price ²	417.0	313.0	543.0	625.0	938.0	2,700	2,700	2,700
Announcement Date	5/14/19	6/10/20	5/14/21	5/12/22	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	710,778	672,314	643,736	670,350	806,453	793,839	826,200	847,612
EBITDA ¹	61,171	41,115	59,611	70,393	99,275	89,352	100,767	109,188
EBIT ¹	27,679	3,346	24,422	38,288	70,163	64,052	74,052	80,616
Operating Margin	3.89%	0.5%	3.79%	5.71%	8.7%	8.07%	8.96%	9.51%
Earnings before Tax (EBT) ¹	10,507	-19,763	1,174	51,675	50,742	63,275	69,524	76,176
Net income ¹	1,453	-38,510	-5,369	39,101	40,891	45,750	50,630	55,998
Net margin	0.2%	-5.73%	-0.83%	5.83%	5.07%	5.76%	6.13%	6.61%
EPS ²	5.090	-136.6	-19.50	141.8	148.3	165.9	182.5	202.1
Free Cash Flow ¹	-13,772	16,274	44,851	48,228	48,407	35,525	34,800	40,000
FCF margin	-1.94%	2.42%	6.97%	7.19%	6%	4.48%	4.21%	4.72%
FCF Conversion (EBITDA)	-	39.58%	75.24%	68.51%	48.76%	39.76%	34.54%	36.63%
FCF Conversion (Net income)	-	-	-	123.34%	118.38%	77.65%	68.73%	71.43%
Dividend per Share ²	12.00	5.000	-	10.00	30.00	49.11	54.00	59.25
Announcement Date	5/14/19	6/10/20	5/14/21	5/12/22	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 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	343,499	328,815	300,512	343,224	165,405	328,093	167,739	174,518	342,257	180,906	218,161	399,067	213,721	193,665	407,386	190,207	201,727	391,934	207,057	194,584	403,100	198,000	204,000	-	215,000	205,000	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,773	-2,427	8,906	15,516	8,916	18,597	9,351	10,340	19,691	11,285	23,967	35,252	21,257	12,902	34,159	12,572	18,206	30,778	20,665	12,917	34,200	14,000	18,000	-	21,500	16,500	-
Operating Margin	1.68%	-0.74%	2.96%	4.52%	5.39%	5.67%	5.57%	5.92%	5.75%	6.24%	10.99%	8.83%	9.95%	6.66%	8.38%	6.61%	9.03%	7.85%	9.98%	6.64%	8.48%	7.07%	8.82%	-	10%	8.05%	-
Earnings before Tax (EBT)	4,628	-	4,038	-	-	21,761	12,735	-	-	12,373	-	41,036	17,161	-	-	15,618	-	33,588	16,516	-	-	-	-	-	-	-	-
Net income ¹	814	-	746	-	10,619	17,188	8,989	12,924	-	8,260	23,530	31,790	14,706	-6,185	-	11,112	14,072	25,184	10,613	10,701	-	9,500	13,000	-	15,000	9,000	-
Net margin	0.24%	-	0.25%	-	6.42%	5.24%	5.36%	7.41%	-	4.57%	10.79%	7.97%	6.88%	-3.19%	-	5.84%	6.98%	6.43%	5.13%	5.5%	-	4.8%	6.37%	-	6.98%	4.39%	-
EPS ²	2.850	-	2.710	-	-	62.37	32.60	-	-	29.96	-	115.3	53.33	-22.44	-	40.29	51.02	91.31	38.48	33.75	-	-	-	-	-	-	-
Dividend per Share	5.000	-	-	-	-	-	-	-	10.00	-	-	13.00	-	-	17.00	-	-	22.50	-	-	26.50	-	-	26.50	-	-	26.50
Announcement Date	10/31/19	6/10/20	11/2/20	5/14/21	11/8/21	11/8/21	2/9/22	5/12/22	5/12/22	8/5/22	11/9/22	11/9/22	2/9/23	5/12/23	5/12/23	8/10/23	11/8/23	11/8/23	2/8/24	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	216,710	216,008	142,189	120,450	101,172	67,592	32,622	-
Net Cash position ¹	-	-	-	-	-	-	-	1,978
Leverage (Debt/EBITDA)	3.543 x	5.254 x	2.385 x	1.711 x	1.019 x	0.7565 x	0.3237 x	-
Free Cash Flow ¹	-13,772	16,274	44,851	48,228	48,407	35,525	34,800	40,000
ROE (net income / shareholders' equity)	0.7%	-20.9%	-3.4%	20.4%	16.7%	15.6%	14.9%	15%
ROA (Net income/ Total Assets)	3.29%	0.22%	3.21%	5.77%	10.6%	7.83%	6.8%	7.25%
Assets ¹	44,114	-17,822,928	-167,265	677,118	386,116	584,043	744,564	772,387
Book Value Per Share ²	759.0	552.0	591.0	800.0	981.0	1,135	1,254	1,385
Cash Flow per Share ²	116.0	-9.930	103.0	253.0	254.0	252.0	275.0	281.0
Capex ¹	55,785	30,141	17,736	16,214	15,720	20,250	28,250	29,250
Capex / Sales	7.85%	4.48%	2.76%	2.42%	1.95%	2.55%	3.42%	3.45%
Announcement Date	5/14/19	6/10/20	5/14/21	5/12/22	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 Fujikura Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,700 JPY

Average target price

2,421 JPY

Spread / Average Target

-10.32%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electrical Component

	1st Jan change	Capi.
FUJIKURA LTD.	+148.96%	4.73B
TE CONNECTIVITY LTD.	-0.21%	42.94B
XIAMEN FARATRONIC CO., LTD.	+1.47%	2.92B
FANGDA CARBON NEW MATERIAL CO.,LTD	-6.30%	2.7B
MPI CORPORATION	+84.83%	1.16B
ACBEL POLYTECH INC.	-3.89%	1.04B
BEIJING YUANLIU HONGYUAN ELECTRONIC TECHNOLOGY CO., LTD.	-34.98%	1.04B
TOYO TANSO CO., LTD.	+61.96%	1.03B
NINGBO SUNRISE ELC TECHNOLOGY CO.,LTD	-16.00%	900M
JIANGSU LETTALL ELECTRONIC CO.,LTD	-21.49%	869M

Electrical Component