Financials Fujitsu Limited

Equities

6702

JP3818000006

IT Services & Consulting

Market Closed - Japan Exchange Other stock markets 01:00:00 2023-11-29 am EST			5-day change	1st Jan Change
20,980.00 ^JPY	+0.10%		+1.55%	+19.10%

Nov. 17	Japanese Companies Revamp Traditional Staff Transfer Policies to Adapt to Change	MT
Nov. 15	AEQUITA SE & Co KGaA entered into a definitive agreement to acquire Fujitsu Services Gmbh from Fujitsu Limited.	CI

Valuation

Fiscal Period : March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1 618 641	1 953 446	3 184 037	3 618 813	3 359 071	3 949 832	-	-
Enterprise Value (EV) ¹	1 518 168	1 907 158	3 018 530	3 420 112	3 214 345	3 774 794	3 767 922	3 677 809
P/E ratio	15,6x	12,3x	15,8x	19,9x	16,1x	19,0x	15,3x	13,1x
Yield	1,88%	1,85%	1,25%	1,19%	1,35%	1,24%	1,32%	1,41%
Capitalization / Revenue	0,41x	0,51x	0,89x	1,01x	0,90x	1,05x	1,00x	0,97x
EV / Revenue	0,38x	0,49x	0,84x	0,95x	0,87x	1,00x	0,96x	0,90x
EV / EBITDA	5,27x	4,48x	6,83x	8,43x	7,56x	8,25x	7,22x	6,37x
EV / FCF	15,9x	8,18x	12,8x	18,1x	18,1x	21,8x	15,5x	14,4x
FCF Yield	6,28%	12,2%	7,83%	5,53%	5,52%	4,58%	6,47%	6,93%
Price to Book	1,43x	1,57x	2,20x	2,27x	2,12x	2,31x	2,11x	1,92x
Nbr of stocks (in thousands)	202 685	200 251	199 002	196 514	188 342	188 446	-	-
Reference price ²	7 986	9 755	16 000	18 415	17 835	20 960	20 960	20 960
Announcement Date	04/26/19	05/14/20	04/28/21	04/28/22	04/27/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3 952 437	3 857 797	3 589 700	3 586 800	3 713 700	3 765 212	3 936 522	4 076 732
EBITDA ¹	288 333	425 520	442 152	405 577	425 200	457 823	521 883	577 508
EBIT ¹	130 227	211 483	266 300	219 200	335 600	292 041	355 843	409 043
Operating Margin	3,29%	5,48%	7,42%	6,11%	9,04%	7,76%	9,04%	10,0%
Earnings before Tax (EBT) ¹	161 785	228 564	291 800	239 900	371 800	319 024	386 711	442 127
Net income ¹	104 562	160 042	202 700	182 600	215 100	205 803	247 088	277 582
Net margin	2,65%	4,15%	5,65%	5,09%	5,79%	5,47%	6,28%	6,81%
EPS ²	513	791	1 014	924	1 108	1 103	1 370	1 595
Free Cash Flow ¹	95 274	233 057	236 386	189 080	177 520	172 800	243 780	254 760
FCF margin	2,41%	6,04%	6,59%	5,27%	4,78%	4,59%	6,19%	6,25%
FCF Conversion (EBITDA)	33,0%	54,8%	53,5%	46,6%	41,7%	37,7%	46,7%	44,1%
FCF Conversion (Net income)	91,1%	146%	117%	104%	82,5%	84,0%	98,7%	91,8%
Dividend per Share ²	150	180	200	220	240	259	278	296
Announcement Date	26.04.19	14.05.20	28.04.21	28.04.22	27.04.23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : March	2020 S1	2020 S2	2021 S1	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	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 S2
Net sales ¹	1 828 763	2 029 034	1 631 800	1 957 900	801 900	861 031	1 663 011	880 526	1 043 300	1 923 800	818 862	886 400	1 705 300	931 424	1 076 976	2 008 400	799 640	912 257	1 711 897	956 653	1 142 798	2 122 900	865 209	965 153	1 874 000	1 024 000	2 206 000
EBITDA ¹	-	-	-	-	78 034	93 046	-	110 068	124 396	-	70 285	118 038	-	115 260	121 617	-	37 683	87 534	-	112 151	194 255	-	57 556	98 073	-	-	-
EBIT ¹	71 060	140 423	62 200	204 100	33 700	47 744	81 483	65 185	72 500	137 600	25 602	75 367	100 900	72 316	162 384	234 700	-1 665	46 445	44 780	72 015	165 954	233 950	27 666	74 123	122 000	84 000	278 000
Operating Margin	3,89%	6,92%	3,81%	10,4%	4,20%	5,54%	4,90%	7,40%	6,95%	7,15%	3,13%	8,50%	5,92%	7,76%	15,1%	11,7%	-0,21%	5,09%	2,62%	7,53%	14,5%	11,0%	3,20%	7,68%	6,51%	8,20%	12,6%
Earnings before Tax (EBT) ¹	80 805	147 759	68 000	223 800	39 500	49 917	89 512	68 910	81 478	150 388	38 339	92 311	130 600	73 983	167 217	241 200	8 572	51 623	60 195	79 431	173 398	245 000	39 000	93 000	132 000	89 000	289 000
Net income ¹	63 659	96 383	47 100	155 600	24 100	28 774	52 939	71 344	58 317	129 661	17 283	54 698	71 900	40 768	102 432	143 200	4 354	33 458	37 812	49 383	111 844	165 000	18 662	52 305	77 351	55 236	190 391
Net margin	3,48%	4,75%	2,89%	7,95%	3,01%	3,34%	3,18%	8,10%	5,59%	6,74%	2,11%	6,17%	4,22%	4,38%	9,51%	7,13%	0,54%	3,67%	2,21%	5,16%	9,79%	7,77%	2,16%	5,42%	4,13%	5,39%	8,63%
EPS ²	314	477	235	778	122	145	267	361	297	657	88,0	278	366	209	532	-	23,1	178	201	258	607	-	102	286	411	293	1 011
Dividend per Share ²	80,0	100	100	100	-	110	110	-	110	110	-	120	120	-	120	120	-	130	130	-	130	130	-	135	140	-	140
Announcement Date	10/29/19	05/14/20	10/27/20	04/28/21	07/29/21	10/27/21	10/27/21	01/27/22	04/28/22	04/28/22	07/29/22	10/27/22	10/27/22	01/31/23	04/27/23	04/27/23	07/27/23	10/26/23	10/26/23	-	-	-	-	-	-	-	-

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	100 473	46 288	165 507	198 701	144 726	175 038	181 910	272 023
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	95 274	233 057	236 386	189 080	177 520	172 800	243 780	254 760
ROE (net income / shareholders' equity)	9,40%	13,5%	15,1%	12,0%	13,5%	12,8%	14,6%	15,4%
Shareholders' equity ¹	1 112 362	1 185 496	1 342 384	1 521 667	1 593 333	1 605 989	1 696 547	1 805 973
ROA (Net income/ Total Assets)	5,20%	7,26%	9,15%	7,36%	11,3%	6,25%	7,49%	8,23%
Assets ¹	2 012 057	2 202 951	2 214 712	2 481 228	1 908 026	3 292 058	3 297 875	3 374 853
Book Value Per Share ²	5 585	6 197	7 287	8 095	8 425	9 088	9 924	10 921
Cash Flow per Share	1 287	1 849	1 893	1 867	2 030	-	2 163	2 459
Capex ¹	120 637	132 970	128 771	143 251	121 000	142 421	137 783	141 633
Capex / Sales	3,05%	3,45%	3,59%	3,99%	3,26%	3,78%	3,50%	3,47%
Announcement Date	04/26/19	05/14/20	04/28/21	04/28/22	04/27/23	-	-	-

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 Fujitsu Limited

Trading Rating :

Investor Rating :

ESG Refinitiv :

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

20,980.00JPY

Average target price

21,776.92JPY

Spread / Average Target

+3.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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