Financials Maxell, Ltd.

Equities

6810

JP3791800000

Electronic Equipment & Parts

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,508 ^JPY	+0.27%		+0.47%	-3.33%

Apr. 26	Maxell, Ltd. Announces Dividend for the Year Ended March 31, 2024, Payable on June 4, 2024; Provides Dividend Guidance for the Second Quarter of Year Ending March 31, 2025	CI
Apr. 26	Maxell, Ltd. Provides Consolidated Earnings Guidance for the Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	82,960	52,624	69,194	59,450	64,913	69,132	-	-
Enterprise Value (EV) ¹	85,838	74,398	73,868	46,490	52,737	73,028	40,984	40,107
P/E ratio	15.6 x	-5.18 x	-7.38 x	-16.2 x	14.1 x	9.68 x	10.7 x	9.26 x
Yield	2.29%	25.2%	-	3.33%	2.6%	3.14%	2.98%	3.1%
Capitalization / Revenue	0.55 x	0.36 x	0.5 x	0.43 x	0.49 x	0.57 x	0.53 x	0.51 x
EV / Revenue	0.57 x	0.51 x	0.53 x	0.34 x	0.4 x	0.57 x	0.31 x	0.29 x
EV / EBITDA	8.52 x	13 x	7.98 x	3.35 x	5.08 x	3.33 x	2.9 x	2.58 x
EV / FCF	-1.88 x	35 x	15.8 x	3.2 x	9.23 x	4.83 x	8.97 x	6.63 x
FCF Yield	-53.3%	2.86%	6.34%	31.3%	10.8%	20.7%	11.2%	15.1%
Price to Book	0.67 x	0.58 x	0.85 x	0.73 x	0.85 x	0.78 x	0.74 x	0.71 x
Nbr of stocks (in thousands)	52,841	49,459	49,459	49,459	42,179	45,843	-	-
Reference price ²	1,570	1,064	1,399	1,202	1,539	1,508	1,508	1,508
Announcement Date	4/26/19	5/13/20	4/28/21	5/13/22	4/27/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	150,584	145,041	139,055	138,215	132,776	129,139	130,875	136,417
EBITDA ¹	10,073	5,738	9,252	13,874	10,375	12,600	14,120	15,560
EBIT ¹	5,424	-137	3,806	9,332	5,638	8,083	8,320	9,800
Operating Margin	3.6%	-0.09%	2.74%	6.75%	4.25%	6.26%	6.36%	7.18%
Earnings before Tax (EBT) ¹	7,665	-9,426	-7,698	-1,549	7,265	9,133	8,500	9,667
Net income ¹	5,311	-10,487	-9,373	-3,659	5,193	7,544	6,233	7,288
Net margin	3.53%	-7.23%	-6.74%	-2.65%	3.91%	5.84%	4.76%	5.34%
EPS ²	100.5	-205.2	-189.5	-73.98	109.3	164.6	140.5	162.8
Free Cash Flow ¹	-45,753	2,128	4,686	14,534	5,714	8,675	4,571	6,050
FCF margin	-30.38%	1.47%	3.37%	10.52%	4.3%	6.77%	3.49%	4.43%
FCF Conversion (EBITDA)	-	37.09%	50.65%	104.76%	55.07%	68.85%	32.37%	38.88%
FCF Conversion (Net income)	-	-	-	-	110.03%	140.82%	73.33%	83.02%
Dividend per Share ²	36.00	268.0	-	40.00	40.00	50.00	45.00	46.80
Announcement Date	4/26/19	5/13/20	4/28/21	5/13/22	4/27/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	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	73,599	63,640	34,331	69,261	35,292	33,662	68,954	32,227	32,978	65,205	34,030	33,541	32,225	33,395	65,620	31,684	31,835	30,500	32,250	33,750	34,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	702	827	2,570	6,146	2,425	761	3,186	1,286	1,175	2,461	2,103	1,074	2,024	2,542	4,566	1,905	1,612	1,823	1,867	2,233	2,150
Operating Margin	0.95%	1.3%	7.49%	8.87%	6.87%	2.26%	4.62%	3.99%	3.56%	3.77%	6.18%	3.2%	6.28%	7.61%	6.96%	6.01%	5.06%	5.98%	5.79%	6.62%	6.23%
Earnings before Tax (EBT)	728	522	-	6,396	1,502	-	-	1,921	2,026	3,947	1,881	-	3,109	-	5,850	1,188	-	-	-	-	-
Net income ¹	817	-844	1,321	3,972	1,350	-8,981	-	1,645	1,495	3,140	1,839	214	2,346	2,588	4,934	751	1,859	-	-	-	-
Net margin	1.11%	-1.33%	3.85%	5.73%	3.83%	-26.68%	-	5.1%	4.53%	4.82%	5.4%	0.64%	7.28%	7.75%	7.52%	2.37%	5.84%	-	-	-	-
EPS ²	15.60	-17.06	26.71	80.31	27.29	-181.6	-	33.43	31.19	64.62	39.14	5.570	51.20	56.46	107.7	16.38	40.55	28.22	30.18	33.20	-
Dividend per Share	268.0	-	-	20.00	-	-	-	-	-	20.00	-	-	-	-	20.00	-	-	-	-	-	-
Announcement Date	10/30/19	10/29/20	10/28/21	10/28/21	1/27/22	5/13/22	5/13/22	7/27/22	10/28/22	10/28/22	1/31/23	4/27/23	7/27/23	10/30/23	10/30/23	1/31/24	4/26/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,878	21,774	4,674	-	-	-	-	-
Net Cash position ¹	-	-	-	12,960	12,176	27,232	28,148	29,025
Leverage (Debt/EBITDA)	0.2857 x	3.795 x	0.5052 x	-	-	-	-	-
Free Cash Flow ¹	-45,753	2,128	4,686	14,534	5,714	8,675	4,571	6,050
ROE (net income / shareholders' equity)	4.4%	-9.8%	-10.9%	-4.5%	6.3%	8.5%	6.8%	7.89%
ROA (Net income/ Total Assets)	3.56%	-5.54%	2.16%	5.58%	3.89%	5.77%	4.1%	4.43%
Assets ¹	149,035	189,129	-433,409	-65,561	133,439	130,774	152,033	164,380
Book Value Per Share ²	2,328	1,829	1,641	1,648	1,807	2,048	2,025	2,136
Cash Flow per Share ²	188.0	-90.30	-79.40	17.90	209.0	269.0	274.0	308.0
Capex ¹	7,973	5,148	8,343	4,183	5,131	6,000	6,833	5,667
Capex / Sales	5.29%	3.55%	6%	3.03%	3.86%	4.68%	5.22%	4.15%
Announcement Date	4/26/19	5/13/20	4/28/21	5/13/22	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 Maxell, Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,508 JPY

Average target price

1,787 JPY

Spread / Average Target

+18.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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