Financials GS Yuasa Corporation

Equities

6674

JP3385820000

Electrical Components & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,910 ^JPY	-0.43%		+0.14%	+46.57%

Feb. 07	Bond Yields, Wall Street Cues Undergird Asian Stock Markets	MT
Feb. 07	Japan's Mitsubishi hits all-time high on share buyback plan; cash pile in focus	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	178,451	117,972	241,817	183,304	191,639	291,833	-	-
Enterprise Value (EV) ¹	224,047	163,120	280,626	253,122	267,552	331,999	353,283	381,233
P/E ratio	13.2 x	8.64 x	21.1 x	22.2 x	13.8 x	11.7 x	11.9 x	10.7 x
Yield	1.75%	3.44%	1.67%	2.14%	2.1%	2.06%	2.35%	2.75%
Capitalization / Revenue	0.43 x	0.3 x	0.63 x	0.42 x	0.37 x	0.51 x	0.49 x	0.46 x
EV / Revenue	0.54 x	0.41 x	0.73 x	0.59 x	0.52 x	0.58 x	0.59 x	0.61 x
EV / EBITDA	5.54 x	4.01 x	6.35 x	6.09 x	5.07 x	5 x	5.01 x	5.17 x
EV / FCF	19.6 x	12.4 x	16.8 x	-14.6 x	152 x	56.2 x	-50.2 x	-21.4 x
FCF Yield	5.11%	8.06%	5.96%	-6.84%	0.66%	1.78%	-1.99%	-4.68%
Price to Book	1 x	0.67 x	1.2 x	0.87 x	0.83 x	0.98 x	0.92 x	0.86 x
Nbr of stocks (in thousands)	82,198	81,136	80,606	78,301	80,453	100,304	-	-
Reference price ²	2,171	1,454	3,000	2,341	2,382	2,910	2,910	2,910
Announcement Date	5/13/19	5/12/20	5/12/21	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	413,089	395,553	386,511	432,133	517,735	567,570	599,748	628,060
EBITDA ¹	40,474	40,687	44,176	41,530	52,762	66,387	70,544	73,750
EBIT ¹	22,654	21,676	24,810	22,664	31,500	43,496	46,700	49,540
Operating Margin	5.48%	5.48%	6.42%	5.24%	6.08%	7.66%	7.79%	7.89%
Earnings before Tax (EBT) ¹	25,224	23,311	24,847	19,246	27,137	41,373	45,339	50,177
Net income ¹	13,524	13,674	11,455	8,468	13,925	23,363	24,532	27,100
Net margin	3.27%	3.46%	2.96%	1.96%	2.69%	4.12%	4.09%	4.31%
EPS ²	164.7	168.2	141.9	105.2	173.1	248.0	244.8	271.3
Free Cash Flow ¹	11,449	13,149	16,713	-17,325	1,763	5,912	-7,033	-17,850
FCF margin	2.77%	3.32%	4.32%	-4.01%	0.34%	1.04%	-1.17%	-2.84%
FCF Conversion (EBITDA)	28.29%	32.32%	37.83%	-	3.34%	8.9%	-	-
FCF Conversion (Net income)	84.66%	96.16%	145.9%	-	12.66%	25.3%	-	-
Dividend per Share ²	38.00	50.00	50.00	50.00	50.00	60.00	68.33	80.00
Announcement Date	5/13/19	5/12/20	5/12/21	5/12/22	5/11/23	-	-	-

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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	190,414	205,139	172,325	214,186	99,666	195,124	118,022	118,987	111,429	123,795	235,224	139,656	142,855	120,540	136,265	256,805	154,786	155,650	313,200	128,500	135,100	158,700	157,200
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7,549	14,127	5,294	19,516	2,016	5,226	8,676	8,762	3,570	4,654	8,224	10,770	12,506	4,836	7,838	12,674	16,705	14,300	30,800	6,900	8,600	15,900	14,600
Operating Margin	3.96%	6.89%	3.07%	9.11%	2.02%	2.68%	7.35%	7.36%	3.2%	3.76%	3.5%	7.71%	8.75%	4.01%	5.75%	4.94%	10.79%	9.19%	9.83%	5.37%	6.37%	10.02%	9.29%
Earnings before Tax (EBT) ¹	8,895	-	3,430	-	1,230	6,430	4,554	8,262	3,148	4,066	7,214	9,973	9,950	4,685	7,026	11,711	17,178	12,100	29,300	6,600	8,400	16,300	13,700
Net income ¹	4,774	8,900	121	11,334	-474	2,207	1,141	5,120	612	1,101	1,713	6,136	6,076	1,649	4,309	5,958	11,783	5,700	18,000	2,800	3,800	9,000	7,400
Net margin	2.51%	4.34%	0.07%	5.29%	-0.48%	1.13%	0.97%	4.3%	0.55%	0.89%	0.73%	4.39%	4.25%	1.37%	3.16%	2.32%	7.61%	3.66%	5.75%	2.18%	2.81%	5.67%	4.71%
EPS	58.63	-	1.500	-	-5.850	27.42	14.19	63.62	7.620	13.68	21.30	76.27	-	20.51	-	74.06	141.7	-	-	-	-	-	-
Dividend per Share	15.00	-	-	-	-	15.00	-	-	-	-	15.00	-	-	-	-	15.00	-	-	-	-	-	-	-
Announcement Date	11/6/19	5/12/20	11/6/20	5/12/21	11/5/21	11/5/21	2/4/22	5/12/22	8/3/22	11/8/22	11/8/22	2/7/23	5/11/23	8/3/23	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	45,596	45,148	38,809	69,818	75,913	40,166	61,450	89,400
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.127 x	1.11 x	0.8785 x	1.681 x	1.439 x	0.605 x	0.8711 x	1.212 x
Free Cash Flow ¹	11,449	13,149	16,713	-17,325	1,763	5,912	-7,033	-17,850
ROE (net income / shareholders' equity)	7.6%	7.7%	6.1%	4.1%	6.2%	9.06%	8.12%	8.41%
ROA (Net income/ Total Assets)	6.38%	6.01%	6.68%	5.41%	4.74%	6.23%	6.3%	6.3%
Assets ¹	212,083	227,710	171,606	156,550	293,783	374,813	389,389	430,159
Book Value Per Share ²	2,179	2,173	2,509	2,676	2,867	2,962	3,177	3,402
Cash Flow per Share ²	382.0	385.0	365.0	331.0	434.0	495.0	499.0	504.0
Capex ¹	20,044	19,970	19,104	29,954	32,800	51,000	66,000	73,000
Capex / Sales	4.85%	5.05%	4.94%	6.93%	6.34%	8.99%	11%	11.62%
Announcement Date	5/13/19	5/12/20	5/12/21	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 GS Yuasa Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,910 JPY

Average target price

3,610 JPY

Spread / Average Target

+24.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electrical Components & Equipment

	1st Jan change	Capi.
GS YUASA CORPORATION	+46.57%	1.85B
SIEMENS AG	+4.53%	149B
EATON CORPORATION PLC	+34.66%	130B
SCHNEIDER ELECTRIC SE	+19.57%	130B
EMERSON ELECTRIC CO.	+12.90%	62.82B
AMETEK, INC.	+7.65%	41.04B
VERTIV HOLDINGS CO	+94.65%	35B
WEG S.A.	+6.26%	32.1B
ROCKWELL AUTOMATION, INC.	-9.78%	32.1B
LEGRAND	+3.97%	27.31B

Other Electrical Components & Equipment