Financials Musashi Seimitsu Industry Co., Ltd.

Equities

7220

JP3912700006

Auto, Truck & Motorcycle Parts

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,616 ^JPY	-2.00%		+0.50%	+7.02%

Mar. 13	Dodai Group, Inc. announced that it has received $3 million in funding from Nissay Capital Co., Ltd., Musashi Seimitsu Industry Co., Ltd., Inclusion Japan,Inc.	CI
Feb. 22	Dodai Group, Inc. announced that it expects to receive $3.947555 million in funding	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	97,678	54,349	123,240	98,678	121,919	105,826	-	-
Enterprise Value (EV) ¹	159,354	112,790	176,590	167,705	194,971	176,537	172,636	167,739
P/E ratio	9.64 x	-7.87 x	16.7 x	18.2 x	50 x	11.6 x	8.83 x	7.49 x
Yield	2.8%	3.78%	1.85%	2.98%	1.61%	2.48%	3.48%	4.21%
Capitalization / Revenue	0.38 x	0.23 x	0.6 x	0.41 x	0.4 x	0.31 x	0.29 x	0.28 x
EV / Revenue	0.62 x	0.48 x	0.86 x	0.69 x	0.65 x	0.51 x	0.48 x	0.44 x
EV / EBITDA	4.82 x	4.35 x	7.44 x	6.61 x	7.33 x	5.02 x	4.44 x	3.94 x
EV / FCF	14.8 x	12.1 x	33.6 x	-11.7 x	132 x	26.1 x	17.7 x	15.6 x
FCF Yield	6.73%	8.28%	2.97%	-8.54%	0.76%	3.82%	5.64%	6.39%
Price to Book	1.07 x	0.76 x	1.45 x	0.98 x	1.19 x	0.93 x	0.87 x	0.8 x
Nbr of stocks (in thousands)	65,119	65,167	65,241	65,264	65,302	65,486	-	-
Reference price ²	1,500	834.0	1,889	1,512	1,867	1,616	1,616	1,616
Announcement Date	5/9/19	5/29/20	5/12/21	5/10/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	255,934	236,355	204,714	241,896	301,500	343,702	360,140	377,500
EBITDA ¹	33,072	25,907	23,726	25,377	26,585	35,185	38,909	42,605
EBIT ¹	14,107	7,285	7,507	8,413	7,677	15,925	19,520	22,680
Operating Margin	5.51%	3.08%	3.67%	3.48%	2.55%	4.63%	5.42%	6.01%
Earnings before Tax (EBT) ¹	14,669	-9,861	9,744	8,712	6,994	14,873	17,525	20,800
Net income ¹	9,885	-6,902	7,378	5,429	2,436	9,136	11,960	14,100
Net margin	3.86%	-2.92%	3.6%	2.24%	0.81%	2.66%	3.32%	3.74%
EPS ²	155.6	-106.0	113.1	83.20	37.32	139.8	183.0	215.7
Free Cash Flow ¹	10,732	9,344	5,250	-14,326	1,478	6,752	9,737	10,727
FCF margin	4.19%	3.95%	2.56%	-5.92%	0.49%	1.96%	2.7%	2.84%
FCF Conversion (EBITDA)	32.45%	36.07%	22.13%	-	5.56%	19.19%	25.03%	25.18%
FCF Conversion (Net income)	108.57%	-	71.16%	-	60.67%	73.91%	81.42%	76.08%
Dividend per Share ²	42.00	31.50	35.00	45.00	30.00	40.00	56.25	68.00
Announcement Date	5/9/19	5/29/20	5/12/21	5/10/22	5/12/23	-	-	-

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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	123,893	112,462	82,328	122,386	55,359	113,545	58,847	69,504	63,925	77,926	141,851	75,817	83,832	82,437	87,124	169,561	87,848	86,230	87,800	90,550	91,400	91,950
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,038	3,247	-2,918	10,425	657	2,333	814	5,266	-1,186	2,643	1,457	1,592	4,628	2,303	4,405	6,708	4,818	4,525	4,200	4,700	5,150	5,250
Operating Margin	3.26%	2.89%	-3.54%	8.52%	1.19%	2.05%	1.38%	7.58%	-1.86%	3.39%	1.03%	2.1%	5.52%	2.79%	5.06%	3.96%	5.48%	5.25%	4.78%	5.19%	5.63%	5.71%
Earnings before Tax (EBT) ¹	3,941	-	-1,834	-	171	1,801	1,240	5,671	350	-	3,130	495	3,369	2,515	4,110	6,625	4,467	4,118	4,000	4,000	4,800	4,900
Net income ¹	2,697	-9,599	-1,484	8,862	-314	1,248	458	3,723	-200	606	406	-310	2,340	1,777	1,811	3,588	2,791	2,711	2,650	2,850	3,300	3,200
Net margin	2.18%	-8.54%	-1.8%	7.24%	-0.57%	1.1%	0.78%	5.36%	-0.31%	0.78%	0.29%	-0.41%	2.79%	2.16%	2.08%	2.12%	3.18%	3.14%	3.02%	3.15%	3.61%	3.48%
EPS	41.42	-	-22.77	-	-4.810	19.14	7.020	57.04	-3.080	9.310	6.230	-4.750	-	27.21	27.73	54.94	42.72	-	-	-	-	-
Dividend per Share	21.00	-	5.000	-	-	15.00	-	-	-	-	20.00	-	-	-	-	15.00	-	-	-	-	-	-
Announcement Date	11/6/19	5/29/20	11/4/20	5/12/21	11/4/21	11/4/21	2/8/22	5/10/22	8/5/22	11/8/22	11/8/22	2/8/23	5/12/23	8/9/23	11/6/23	11/6/23	2/8/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	61,676	58,441	53,350	69,027	73,052	70,712	66,810	61,913
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.865 x	2.256 x	2.249 x	2.72 x	2.748 x	2.01 x	1.717 x	1.453 x
Free Cash Flow ¹	10,732	9,344	5,250	-14,326	1,478	6,753	9,737	10,727
ROE (net income / shareholders' equity)	11.3%	-8.5%	9.4%	5.9%	2.4%	8.66%	9.95%	10.9%
ROA (Net income/ Total Assets)	6%	3.15%	3.82%	3.88%	2.66%	4.77%	5.77%	6.7%
Assets ¹	164,758	-219,190	193,163	139,832	91,694	191,660	207,399	210,448
Book Value Per Share ²	1,405	1,096	1,305	1,541	1,573	1,729	1,863	2,017
Cash Flow per Share ²	442.0	166.0	358.0	339.0	323.0	431.0	487.0	536.0
Capex ¹	15,982	17,015	13,009	17,793	15,162	20,000	21,333	22,333
Capex / Sales	6.24%	7.2%	6.35%	7.36%	5.03%	5.82%	5.92%	5.92%
Announcement Date	5/9/19	5/29/20	5/12/21	5/10/22	5/12/23	-	-	-

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 Musashi Seimitsu Industry Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,616 JPY

Average target price

2,100 JPY

Spread / Average Target

+29.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Engine & Powertrain Systems

	1st Jan change	Capi.
MUSASHI SEIMITSU INDUSTRY CO., LTD.	+7.02%	672M
CUMMINS INC.	+21.53%	39.82B
CUMMINS INDIA LIMITED	+64.98%	10.77B
MODINE MANUFACTURING COMPANY	+62.04%	5.05B
VITESCO TECHNOLOGIES GROUP AG	-14.64%	2.85B
DORMAN PRODUCTS, INC.	+6.98%	2.77B
ATMUS FILTRATION TECHNOLOGIES INC.	+33.25%	2.61B
GARRETT MOTION INC.	+1.65%	2.22B
CHONGQING ZONGSHEN POWER MACHINERY CO.,LTD	+89.14%	1.98B
WUXI BEST PRECISION MACHINERY CO., LTD.	-6.47%	1.33B

Engine & Powertrain Systems