Financials Makita Corporation

Equities

6586

JP3862400003

Industrial Machinery & Equipment

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
4,208 ^JPY	+1.13%		+1.57%	+8.17%

02:52am	Makita's Attributable Profit Up 273.3% in Fiscal 2024	MT
Apr. 26	Makita Corporation Proposes Dividend for the Year Ended March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,046,507	900,080	1,288,398	1,068,481	890,657	1,132,026	-	-
Enterprise Value (EV) ¹	873,966	739,403	1,124,143	1,071,817	914,327	1,148,705	985,400	955,666
P/E ratio	18.8 x	18.9 x	20.8 x	16.5 x	76.1 x	26.3 x	20.8 x	19.1 x
Yield	1.61%	1.6%	1.45%	1.83%	0.64%	1.17%	1.2%	1.65%
Capitalization / Revenue	2.13 x	1.83 x	2.12 x	1.45 x	1.16 x	1.55 x	1.52 x	1.45 x
EV / Revenue	1.78 x	1.5 x	1.85 x	1.45 x	1.2 x	1.55 x	1.32 x	1.22 x
EV / EBITDA	9.76 x	9.43 x	10.7 x	9.51 x	16.9 x	11.7 x	9.27 x	8.48 x
EV / FCF	112 x	57.3 x	76.6 x	-6.55 x	135 x	8.31 x	23.3 x	22.8 x
FCF Yield	0.9%	1.74%	1.31%	-15.3%	0.74%	12%	4.29%	4.39%
Price to Book	1.83 x	1.58 x	1.96 x	1.43 x	1.16 x	1.32 x	1.33 x	1.27 x
Nbr of stocks (in thousands)	271,467	271,517	271,528	271,533	271,542	269,018	-	-
Reference price ²	3,855	3,315	4,745	3,935	3,280	4,208	4,208	4,208
Announcement Date	4/26/19	5/21/20	4/27/21	4/27/22	4/27/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	490,578	492,617	608,331	739,260	764,702	741,391	746,731	780,691
EBITDA ¹	89,576	78,395	104,955	112,730	54,135	86,661	106,300	112,632
EBIT ¹	78,305	64,046	88,464	91,728	28,246	66,169	77,959	85,111
Operating Margin	15.96%	13%	14.54%	12.41%	3.69%	8.92%	10.44%	10.9%
Earnings before Tax (EBT) ¹	79,919	66,008	87,199	92,483	23,887	64,017	77,541	83,866
Net income ¹	55,750	47,731	62,018	64,770	11,705	43,691	54,542	59,336
Net margin	11.36%	9.69%	10.19%	8.76%	1.53%	5.89%	7.3%	7.6%
EPS ²	205.4	175.8	228.4	238.5	43.11	162.1	202.6	220.4
Free Cash Flow ¹	7,826	12,901	14,682	-163,597	6,750	122,001	42,252	41,972
FCF margin	1.6%	2.62%	2.41%	-22.13%	0.88%	16.87%	5.66%	5.38%
FCF Conversion (EBITDA)	8.74%	16.46%	13.99%	-	12.47%	140.78%	39.75%	37.26%
FCF Conversion (Net income)	14.04%	27.03%	23.67%	-	57.67%	295.65%	77.47%	70.74%
Dividend per Share ²	62.00	53.00	69.00	72.00	21.00	49.36	50.50	69.57
Announcement Date	4/26/19	5/21/20	4/27/21	4/27/22	4/27/23	4/26/24	-	-

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	243,547	249,070	283,156	325,175	178,933	364,230	182,601	192,429	195,348	195,970	391,318	188,965	184,419	184,455	185,212	369,667	180,947	190,777	371,724	175,200	177,200	185,800	197,600
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	32,416	31,630	38,165	50,299	23,778	52,160	21,073	18,495	15,228	6,691	21,919	5,239	2,244	16,311	15,449	31,760	16,289	18,120	34,409	17,300	17,300	20,900	22,500
Operating Margin	13.31%	12.7%	13.48%	15.47%	13.29%	14.32%	11.54%	9.61%	7.8%	3.41%	5.6%	2.77%	1.22%	8.84%	8.34%	8.59%	9%	9.5%	9.26%	9.87%	9.76%	11.25%	11.39%
Earnings before Tax (EBT)	34,475	-	38,273	-	22,735	52,600	19,876	20,007	15,719	2,518	18,237	7,765	-2,115	16,045	13,991	30,036	16,077	-	-	-	-	-	-
Net income	24,979	-	27,141	-	16,208	37,820	13,535	13,415	10,563	515	11,078	3,141	-2,514	11,185	9,631	20,816	11,821	-	-	-	-	-	-
Net margin	10.26%	-	9.59%	-	9.06%	10.38%	7.41%	6.97%	5.41%	0.26%	2.83%	1.66%	-1.36%	6.06%	5.2%	5.63%	6.53%	-	-	-	-	-	-
EPS ²	92.01	-	99.96	-	59.70	139.3	49.84	49.41	38.90	1.900	40.80	11.56	-9.250	41.30	35.81	77.11	43.93	41.09	-	-	-	-	-
Dividend per Share	10.00	-	10.00	-	10.00	10.00	-	62.00	-	10.00	10.00	-	-	-	10.00	10.00	-	-	-	-	-	-	-
Announcement Date	10/30/19	5/21/20	10/30/20	4/27/21	10/28/21	10/28/21	1/31/22	4/27/22	7/26/22	10/28/22	10/28/22	1/31/23	4/27/23	7/31/23	10/31/23	10/31/23	1/31/24	4/26/24	4/26/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	3,336	23,670	-	-	-
Net Cash position ¹	172,541	160,677	164,255	-	-	118,512	146,626	176,360
Leverage (Debt/EBITDA)	-	-	-	0.0296 x	0.4372 x	-	-	-
Free Cash Flow ¹	7,826	12,901	14,682	-163,597	6,750	122,001	42,253	41,972
ROE (net income / shareholders' equity)	9.9%	8.3%	10.1%	9.2%	1.5%	5.3%	6.48%	6.95%
ROA (Net income/ Total Assets)	12%	9.74%	11.7%	10.2%	2.27%	5.94%	5.01%	5.78%
Assets ¹	464,338	489,839	528,952	637,445	516,194	735,438	1,089,635	1,026,531
Book Value Per Share ²	2,110	2,104	2,423	2,749	2,833	3,227	3,154	3,312
Cash Flow per Share ²	247.0	229.0	289.0	316.0	138.0	269.0	294.0	315.0
Capex ¹	23,867	44,409	49,855	59,937	39,088	27,155	32,071	34,235
Capex / Sales	4.87%	9.01%	8.2%	8.11%	5.11%	3.76%	4.29%	4.39%
Announcement Date	4/26/19	5/21/20	4/27/21	4/27/22	4/27/23	4/26/24	-	-

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 Makita Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,208 JPY

Average target price

4,434 JPY

Spread / Average Target

+5.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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