Financials I-PEX Inc.

Equities

6640

JP3476210004

Electronic Equipment & Parts

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,737 ^JPY	+1.70%		+2.72%	+12.65%

Jan. 31	L-B. Engineering Japan Co., Ltd. announced that it has received funding from I-PEX Inc.	CI
2023	I-PEX Inc. Reports Earnings Results for the First Quarter Ended March 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	49,484	37,014	36,231	22,094	28,605	32,222	-	-
Enterprise Value (EV) ¹	57,351	44,837	39,146	25,457	30,264	34,925	35,001	32,222
P/E ratio	48.2 x	32.1 x	6.17 x	131 x	-22.5 x	13.8 x	12 x	9.76 x
Yield	0.95%	1.26%	2.56%	3.36%	2.59%	2.3%	2.11%	2.3%
Capitalization / Revenue	0.92 x	0.68 x	0.54 x	0.37 x	0.48 x	0.51 x	0.48 x	0.46 x
EV / Revenue	1.06 x	0.82 x	0.59 x	0.43 x	0.51 x	0.55 x	0.52 x	0.46 x
EV / EBITDA	8.1 x	4.8 x	2.84 x	3.06 x	5.14 x	3.18 x	3.08 x	2.69 x
EV / FCF	-8,470,020 x	17,494,036 x	8,049,735 x	7,265,070 x	10,544,960 x	-	-	-
FCF Yield	-0%	0%	0%	0%	0%	-	-	-
Price to Book	1 x	0.75 x	0.64 x	0.38 x	0.49 x	0.54 x	0.52 x	0.5 x
Nbr of stocks (in thousands)	18,722	18,722	18,523	18,551	18,551	18,551	-	-
Reference price ²	2,643	1,977	1,956	1,191	1,542	1,737	1,737	1,737
Announcement Date	2/7/20	2/9/21	2/9/22	2/10/23	2/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	54,019	54,531	66,871	59,643	59,014	63,533	67,200	70,000
EBITDA ¹	7,083	9,340	13,773	8,307	5,886	11,000	11,350	12,000
EBIT ¹	1,505	2,911	6,877	978	-759	3,800	4,100	5,000
Operating Margin	2.79%	5.34%	10.28%	1.64%	-1.29%	5.98%	6.1%	7.14%
Earnings before Tax (EBT)	1,344	1,849	7,292	1,133	-688	-	-	-
Net income ¹	925	1,151	5,921	168	-1,269	2,340	2,680	3,300
Net margin	1.71%	2.11%	8.85%	0.28%	-2.15%	3.68%	3.99%	4.71%
EPS ²	54.83	61.50	316.8	9.080	-68.42	126.2	144.5	177.9
Free Cash Flow	-6,771	2,563	4,863	3,504	2,870	-	-	-
FCF margin	-12.53%	4.7%	7.27%	5.87%	4.86%	-	-	-
FCF Conversion (EBITDA)	-	27.44%	35.31%	42.18%	48.76%	-	-	-
FCF Conversion (Net income)	-	222.68%	82.13%	2,085.71%	-	-	-	-
Dividend per Share ²	25.00	25.00	50.00	40.00	40.00	40.00	36.67	40.00
Announcement Date	2/7/20	2/9/21	2/9/22	2/10/23	2/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	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
Net sales ¹	28,597	24,334	30,197	32,799	17,282	16,790	34,072	14,783	14,722	29,505	16,026	14,112	30,138	13,041	14,661	27,702	15,426	15,886	31,312	13,950	16,000	30,000	17,000	17,000	34,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,781	640	2,271	3,631	2,070	1,176	3,246	1,190	520	1,710	520	-1,252	-732	-1,028	-478	-1,506	897	-150	747	-250	800	600	1,700	1,700	3,400
Operating Margin	6.23%	2.63%	7.52%	11.07%	11.98%	7%	9.53%	8.05%	3.53%	5.8%	3.24%	-8.87%	-2.43%	-7.88%	-3.26%	-5.44%	5.81%	-0.94%	2.39%	-1.79%	5%	2%	10%	10%	10%
Earnings before Tax (EBT)	1,947	614	1,235	4,107	2,311	874	3,185	1,049	1,130	2,179	1,126	-2,172	-1,046	-995	-19	-1,014	1,078	-	-	-	-	-	-	-	-
Net income	1,568	301	850	2,953	2,002	966	2,968	588	593	1,181	1,161	-2,174	-1,013	-1,040	-257	-1,297	870	-	-	-	-	-	-	-	-
Net margin	5.48%	1.24%	2.81%	9%	11.58%	5.75%	8.71%	3.98%	4.03%	4%	7.24%	-15.41%	-3.36%	-7.97%	-1.75%	-4.68%	5.64%	-	-	-	-	-	-	-	-
EPS	93.31	16.11	45.39	157.8	106.9	52.13	159.1	31.79	31.97	63.76	62.61	-117.3	-54.68	-56.11	-13.82	-69.93	46.88	-	-	-	-	-	-	-	-
Dividend per Share	20.00	5.000	-	15.00	-	-	35.00	-	-	20.00	-	-	20.00	-	-	20.00	-	-	-	-	-	-	-	-	-
Announcement Date	2/7/20	8/7/20	2/9/21	8/10/21	11/8/21	2/9/22	2/9/22	5/11/22	8/9/22	8/9/22	11/10/22	2/10/23	2/10/23	5/11/23	8/9/23	8/9/23	11/9/23	2/9/24	2/9/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,867	7,823	2,915	3,363	1,659	2,703	2,779	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.111 x	0.8376 x	0.2116 x	0.4048 x	0.2819 x	0.2457 x	0.2448 x	-
Free Cash Flow	-6,771	2,563	4,863	3,504	2,870	-	-	-
ROE (net income / shareholders' equity)	2%	2.3%	11.2%	0.3%	-2.2%	0.94%	2.58%	-
ROA (Net income/ Total Assets)	1.88%	3.29%	8.88%	0.18%	-0.6%	-	-	-
Assets ¹	49,281	34,963	66,710	91,954	210,172	-	-	-
Book Value Per Share ²	2,656	2,642	3,061	3,140	3,142	3,209	3,320	3,496
Cash Flow per Share	385.0	405.0	686.0	404.0	290.0	-	-	-
Capex ¹	12,765	9,631	10,697	5,509	4,971	6,500	7,000	7,000
Capex / Sales	23.63%	17.66%	16%	9.24%	8.42%	10.23%	10.42%	10%
Announcement Date	2/7/20	2/9/21	2/9/22	2/10/23	2/9/24	-	-	-

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 I-PEX Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,737 JPY

Average target price

2,000 JPY

Spread / Average Target

+15.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

	1st Jan change	Capi.
I-PEX INC.	+12.65%	205M
AMPHENOL CORPORATION	+21.55%	72.37B
HON HAI PRECISION INDUSTRY CO., LTD.	+48.33%	65.86B
MURATA MANUFACTURING CO., LTD	-4.21%	34.41B
LUXSHARE PRECISION INDUSTRY CO., LTD.	-16.43%	28.52B
JABIL INC.	-7.17%	14.26B
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	-13.03%	9.92B
LENS TECHNOLOGY CO., LTD.	+5.83%	9.52B
SUZHOU TFC OPTICAL COMMUNICATION CO., LTD.	+71.16%	8.54B
COHERENT CORP.	+26.49%	8.36B

Electronic Component