IHI CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3,564 JPY | +0.71% |
|
-5.51% | +29.08% |
| Apr. 25 | IHI Corp. Subsidiary Found Liable of Misconduct for Altering Engine Test Results | MT |
| Apr. 10 | Japan's Nikkei falls on caution ahead of US inflation data | RE |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 410,181 | 187,531 | 333,396 | 446,185 | 502,219 | 539,418 | - | - |
| Enterprise Value (EV) 1 | 652,828 | 501,105 | 818,565 | 806,249 | 896,958 | 890,861 | 941,542 | 959,385 |
| P/E ratio | 10.3 x | 15 x | 25.5 x | 6.71 x | 9.64 x | -7.28 x | 7.27 x | 6.79 x |
| Yield | 2.63% | 3.96% | - | 2.37% | 2.71% | 2.81% | 3.41% | 3.68% |
| Capitalization / Revenue | 0.28 x | 0.14 x | 0.3 x | 0.38 x | 0.37 x | 0.41 x | 0.36 x | 0.34 x |
| EV / Revenue | 0.44 x | 0.36 x | 0.74 x | 0.69 x | 0.66 x | 0.67 x | 0.62 x | 0.61 x |
| EV / EBITDA | 5.21 x | 4.61 x | 7.84 x | 4.87 x | 5.59 x | -204 x | 5.29 x | 4.84 x |
| EV / FCF | -19.9 x | -8.16 x | -57 x | 5.67 x | 507 x | -17.8 x | 46.8 x | 36.2 x |
| FCF Yield | -5.04% | -12.3% | -1.75% | 17.6% | 0.2% | -5.63% | 2.14% | 2.76% |
| Price to Book | 1.17 x | 0.57 x | 0.93 x | 1.17 x | 1.16 x | 1.62 x | 1.37 x | 1.17 x |
| Nbr of stocks (in thousands) | 154,261 | 148,598 | 148,506 | 151,249 | 151,271 | 151,352 | - | - |
| Reference price 2 | 2,659 | 1,262 | 2,245 | 2,950 | 3,320 | 3,564 | 3,564 | 3,564 |
| Announcement Date | 5/8/19 | 5/19/20 | 5/13/21 | 5/10/22 | 5/9/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,483,442 | 1,386,503 | 1,112,900 | 1,172,904 | 1,352,940 | 1,321,611 | 1,509,170 | 1,569,100 |
| EBITDA 1 | 125,300 | 108,797 | 104,401 | 165,690 | 160,456 | -4,375 | 178,120 | 198,360 |
| EBIT 1 | 82,400 | 60,797 | 27,900 | 81,497 | 89,522 | -74,533 | 108,830 | 123,360 |
| Operating Margin | 5.55% | 4.38% | 2.51% | 6.95% | 6.62% | -5.64% | 7.21% | 7.86% |
| Earnings before Tax (EBT) 1 | 69,400 | 38,779 | 27,600 | 87,637 | 72,402 | -67,350 | 103,960 | 117,960 |
| Net income 1 | 39,800 | 12,812 | 13,000 | 66,065 | 52,082 | -73,290 | 74,610 | 79,738 |
| Net margin | 2.68% | 0.92% | 1.17% | 5.63% | 3.85% | -5.55% | 4.94% | 5.08% |
| EPS 2 | 258.5 | 84.21 | 88.13 | 439.8 | 344.3 | -489.4 | 490.1 | 524.9 |
| Free Cash Flow 1 | -32,878 | -61,386 | -14,356 | 142,081 | 1,769 | -50,140 | 20,139 | 26,518 |
| FCF margin | -2.22% | -4.43% | -1.29% | 12.11% | 0.13% | -3.79% | 1.33% | 1.69% |
| FCF Conversion (EBITDA) | - | - | - | 85.75% | 1.1% | - | 11.31% | 13.37% |
| FCF Conversion (Net income) | - | - | - | 215.06% | 3.4% | - | 26.99% | 33.26% |
| Dividend per Share 2 | 70.00 | 50.00 | - | 70.00 | 90.00 | 100.0 | 121.4 | 131.3 |
| Announcement Date | 5/8/19 | 5/19/20 | 5/13/21 | 5/10/22 | 5/9/23 | - | - | - |
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 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 594,916 | 791,587 | 482,807 | - | 271,286 | 516,548 | 299,644 | 356,712 | - | 264,290 | 330,110 | 594,400 | 351,926 | 406,558 | 298,457 | 171,853 | 470,300 | 396,353 | 440,021 | 298,650 | 347,700 | 393,000 | 449,100 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 10,586 | 50,211 | -6,107 | - | 6,117 | 26,376 | 19,139 | 35,982 | - | 7,553 | 25,947 | 33,500 | 31,411 | 24,585 | 8,929 | -165,960 | -157,000 | 53,244 | 37,759 | 10,300 | 22,900 | 32,600 | 44,250 |
| Operating Margin | 1.78% | 6.34% | -1.26% | - | 2.25% | 5.11% | 6.39% | 10.09% | - | 2.86% | 7.86% | 5.64% | 8.93% | 6.05% | 2.99% | -96.57% | -33.38% | 13.43% | 8.58% | 3.45% | 6.59% | 8.3% | 9.85% |
| Earnings before Tax (EBT) 1 | 3,656 | 35,123 | -8,494 | - | 4,867 | 26,613 | 21,165 | 39,859 | - | 16,902 | 22,598 | 39,516 | 12,831 | 20,055 | 12,731 | -163,731 | -151,083 | 41,174 | 36,967 | 10,800 | 23,400 | 33,100 | 45,750 |
| Net income 1 | -4,870 | 17,682 | -9,567 | - | 992 | 15,171 | 12,461 | 38,433 | - | 8,494 | 12,606 | 21,115 | 5,928 | 25,039 | 5,606 | -143,106 | -137,566 | 27,967 | 28,421 | 4,800 | 15,150 | 22,850 | 47,300 |
| Net margin | -0.82% | 2.23% | -1.98% | - | 0.37% | 2.94% | 4.16% | 10.77% | - | 3.21% | 3.82% | 3.55% | 1.68% | 6.16% | 1.88% | -83.27% | -29.25% | 7.06% | 6.46% | 1.61% | 4.36% | 5.81% | 10.53% |
| EPS 2 | -31.56 | - | -64.37 | - | 6.620 | 101.7 | 82.39 | 255.7 | - | 56.15 | 83.44 | 139.6 | 39.19 | 165.5 | 36.96 | -946.2 | -909.2 | 184.9 | 125.5 | - | - | - | - |
| Dividend per Share | 30.00 | - | - | - | - | 30.00 | - | - | 40.00 | - | - | 40.00 | - | - | - | - | 50.00 | - | - | - | - | - | - |
| Announcement Date | 11/1/19 | 5/19/20 | 11/10/20 | 5/13/21 | 11/9/21 | 11/9/21 | 2/8/22 | 5/10/22 | 5/10/22 | 8/9/22 | 11/8/22 | 11/8/22 | 2/7/23 | 5/9/23 | 8/8/23 | 11/7/23 | 11/7/23 | 2/9/24 | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 242,647 | 313,574 | 485,169 | 360,064 | 394,739 | 351,443 | 402,124 | 419,967 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.937 x | 2.882 x | 4.647 x | 2.173 x | 2.46 x | -80.33 x | 2.258 x | 2.117 x |
| Free Cash Flow 1 | -32,878 | -61,386 | -14,356 | 142,081 | 1,769 | -50,140 | 20,139 | 26,518 |
| ROE (net income / shareholders' equity) | 11.8% | 3.8% | 0.85% | 19.3% | 11% | -22.1% | 20.8% | 19.4% |
| ROA (Net income/ Total Assets) | 4.21% | 0.75% | 0.17% | 4.72% | 3.78% | -4.12% | 3.99% | 4.25% |
| Assets 1 | 945,144 | 1,702,591 | 1,705,882 | 1,399,356 | 1,377,248 | 1,777,050 | 1,868,674 | 1,876,705 |
| Book Value Per Share 2 | 2,263 | 2,196 | 2,417 | 2,526 | 2,850 | 2,206 | 2,609 | 3,043 |
| Cash Flow per Share 2 | 658.0 | 512.0 | 245.0 | 1,000 | 763.0 | 349.0 | 454.0 | 576.0 |
| Capex 1 | 67,310 | 66,351 | 57,458 | 43,329 | 61,154 | 79,500 | 77,333 | 70,833 |
| Capex / Sales | 4.54% | 4.79% | 5.15% | 3.69% | 4.52% | 6.02% | 5.12% | 4.51% |
| Announcement Date | 5/8/19 | 5/19/20 | 5/13/21 | 5/10/22 | 5/9/23 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
3,564
JPY
Average target price
3,728
JPY
Spread / Average Target
+4.60%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +29.08% | 3.43B | |
| -1.42% | 14.89B | |
| +25.00% | 4.92B | |
| -14.84% | 4.68B | |
| +10.91% | 4.18B | |
| -17.31% | 4.12B | |
| +13.00% | 3.73B | |
| +0.73% | 3.31B | |
| -3.89% | 3.18B | |
| -10.73% | 2.74B |
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- Financials IHI Corporation
