Financials Glory Ltd.

Equities

6457

JP3274400005

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,769 ^JPY	+0.33%		+0.60%	+2.86%

Apr. 02	Glory Appoints Joseph Gnorski as President of Americas	CI
Feb. 06	Glory Ltd. Revises Consolidated Earnings Guidance for the Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	160,397	151,323	144,638	125,920	162,308	153,993	-	-
Enterprise Value (EV) ¹	112,857	126,289	124,945	128,478	209,293	185,893	171,393	159,693
P/E ratio	13.4 x	16.8 x	23.8 x	19.2 x	-17.3 x	5.3 x	10.6 x	10.1 x
Yield	2.41%	2.65%	2.77%	3.28%	2.35%	3.61%	3.25%	3.43%
Capitalization / Revenue	0.68 x	0.68 x	0.67 x	0.56 x	0.63 x	0.42 x	0.47 x	0.46 x
EV / Revenue	0.48 x	0.56 x	0.57 x	0.57 x	0.82 x	0.51 x	0.53 x	0.48 x
EV / EBITDA	3.41 x	3.96 x	4.25 x	4.67 x	17 x	3.06 x	4.77 x	4.39 x
EV / FCF	7.06 x	17.1 x	26.8 x	-8.3 x	-29.4 x	12.1 x	6.61 x	9.24 x
FCF Yield	14.2%	5.85%	3.73%	-12.1%	-3.4%	8.23%	15.1%	10.8%
Price to Book	0.85 x	0.81 x	0.74 x	0.61 x	0.83 x	0.71 x	0.67 x	0.64 x
Nbr of stocks (in thousands)	60,390	60,772	60,772	60,772	56,065	55,613	-	-
Reference price ²	2,656	2,490	2,380	2,072	2,895	2,769	2,769	2,769
Announcement Date	5/10/19	5/29/20	5/13/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	235,762	224,170	217,423	226,562	255,857	364,600	325,833	334,000
EBITDA ¹	33,143	31,865	29,410	27,503	12,284	60,700	35,950	36,400
EBIT ¹	20,576	17,927	14,201	10,297	522	48,350	23,967	24,967
Operating Margin	8.73%	8%	6.53%	4.54%	0.2%	13.26%	7.36%	7.48%
Earnings before Tax (EBT) ¹	20,562	15,491	12,590	13,783	-6,661	47,700	23,950	24,650
Net income ¹	12,256	8,961	6,044	6,509	-9,538	28,700	14,533	15,267
Net margin	5.2%	4%	2.78%	2.87%	-3.73%	7.87%	4.46%	4.57%
EPS ²	198.7	148.3	100.0	107.6	-167.0	522.4	260.5	273.5
Free Cash Flow ¹	15,976	7,387	4,666	-15,484	-7,122	15,300	25,932	17,278
FCF margin	6.78%	3.3%	2.15%	-6.83%	-2.78%	4.2%	7.96%	5.17%
FCF Conversion (EBITDA)	48.2%	23.18%	15.87%	-	-	25.21%	72.13%	47.47%
FCF Conversion (Net income)	130.35%	82.43%	77.2%	-	-	53.31%	178.43%	113.17%
Dividend per Share ²	64.00	66.00	66.00	68.00	68.00	100.0	90.00	95.00
Announcement Date	5/10/19	5/29/20	5/13/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	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	108,505	88,625	128,798	54,939	103,154	55,555	67,853	52,980	59,162	112,142	66,361	77,354	-	69,680	88,159	157,839	101,867	104,494	94,000	78,000	73,000	77,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,018	1,589	12,612	3,705	5,735	2,904	1,658	-913	-3,798	-4,711	3,090	2,143	5,233	4,150	12,633	16,783	18,552	13,365	12,300	5,200	1,800	7,700
Operating Margin	8.31%	1.79%	9.79%	6.74%	5.56%	5.23%	2.44%	-1.72%	-6.42%	-4.2%	4.66%	2.77%	-	5.96%	14.33%	10.63%	18.21%	12.79%	13.09%	6.67%	2.47%	10%
Earnings before Tax (EBT)	8,186	1,864	11,102	-	5,332	6,527	-	-1,291	-	-5,405	2,267	-	-	4,420	-	14,140	18,149	-	-	-	-	-
Net income ¹	4,859	-63	6,107	-	2,443	3,964	102	-1,899	-	-6,195	1,506	-	-	2,005	-	8,308	12,598	9,200	-	-	-	-
Net margin	4.48%	-0.07%	4.74%	-	2.37%	7.14%	0.15%	-3.58%	-	-5.52%	2.27%	-	-	2.88%	-	5.26%	12.37%	8.8%	-	-	-	-
EPS	80.43	-1.060	-	-	40.42	65.55	-	-31.99	-	-106.0	24.58	-	-	36.07	-	149.4	226.5	-	-	-	-	-
Dividend per Share	32.00	30.00	-	-	34.00	-	-	-	-	34.00	-	-	-	-	-	40.00	-	-	-	-	-	-
Announcement Date	11/7/19	11/6/20	5/13/21	11/5/21	11/5/21	3/14/22	5/12/22	8/5/22	11/8/22	11/8/22	2/7/23	5/11/23	5/11/23	8/4/23	11/7/23	11/7/23	2/6/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	2,558	46,985	31,900	17,400	5,700
Net Cash position ¹	47,540	25,034	19,693	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.093 x	3.825 x	0.5255 x	0.484 x	0.1566 x
Free Cash Flow ¹	15,976	7,387	4,666	-15,484	-7,122	15,300	25,932	17,278
ROE (net income / shareholders' equity)	6.5%	4.8%	3%	3.3%	-4.8%	14.3%	6%	5%
ROA (Net income/ Total Assets)	6.62%	4.99%	1.89%	3%	-2.56%	7.9%	3.4%	2.8%
Assets ¹	185,011	179,423	319,992	216,967	372,273	363,291	427,451	545,238
Book Value Per Share ²	3,134	3,065	3,196	3,395	3,475	3,915	4,124	4,313
Cash Flow per Share	344.0	316.0	271.0	305.0	38.90	-	-	-
Capex ¹	8,324	10,687	8,464	4,809	9,817	11,000	11,250	11,250
Capex / Sales	3.53%	4.77%	3.89%	2.12%	3.84%	3.02%	3.45%	3.37%
Announcement Date	5/10/19	5/29/20	5/13/21	5/12/22	5/11/23	-	-	-

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 Glory Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,769 JPY

Average target price

4,207 JPY

Spread / Average Target

+51.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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