NEC CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 10,945 JPY | +1.81% |
|
+1.53% | +31.08% |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 973,098 | 1,025,023 | 1,776,673 | 1,403,157 | 1,358,384 | 2,916,375 | - | - |
| Enterprise Value (EV) 1 | 1,241,590 | 1,341,190 | 1,956,184 | 1,552,201 | 1,484,571 | 2,928,366 | 2,841,662 | 2,673,812 |
| P/E ratio | 24.2 x | 10.2 x | 11.7 x | 9.93 x | 12 x | 19.6 x | 18.9 x | 16.1 x |
| Yield | 1.07% | 1.77% | 1.38% | 1.94% | 2.16% | 1.1% | 1.24% | 1.43% |
| Capitalization / Revenue | 0.33 x | 0.33 x | 0.59 x | 0.47 x | 0.41 x | 0.84 x | 0.87 x | 0.81 x |
| EV / Revenue | 0.43 x | 0.43 x | 0.65 x | 0.51 x | 0.45 x | 0.84 x | 0.85 x | 0.75 x |
| EV / EBITDA | 7.88 x | 4.56 x | 6.09 x | 4.96 x | 4.2 x | 8.05 x | 6.91 x | 6.03 x |
| EV / FCF | -99.8 x | 7.09 x | 12.8 x | 18.4 x | 14.5 x | 19.9 x | 12.8 x | 12.8 x |
| FCF Yield | -1% | 14.1% | 7.79% | 5.42% | 6.91% | 5.04% | 7.81% | 7.81% |
| Price to Book | 1.13 x | 1.12 x | 1.36 x | 0.93 x | 0.84 x | 1.53 x | 1.6 x | 1.48 x |
| Nbr of stocks (in thousands) | 259,839 | 259,828 | 272,496 | 272,458 | 266,350 | 266,457 | - | - |
| Reference price 2 | 3,745 | 3,945 | 6,520 | 5,150 | 5,100 | 10,945 | 10,945 | 10,945 |
| Announcement Date | 4/26/19 | 5/12/20 | 5/12/21 | 4/28/22 | 4/28/23 | 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 | 2,913,446 | 3,095,234 | 2,994,023 | 3,014,095 | 3,313,018 | 3,477,262 | 3,333,353 | 3,584,474 |
| EBITDA 1 | 157,547 | 293,969 | 321,372 | 313,064 | 353,745 | 379,433 | 411,019 | 443,470 |
| EBIT 1 | 58,465 | 127,609 | 153,759 | 132,525 | 170,447 | 188,012 | 229,389 | 267,759 |
| Operating Margin | 2.01% | 4.12% | 5.14% | 4.4% | 5.14% | 5.41% | 6.88% | 7.47% |
| Earnings before Tax (EBT) 1 | 77,993 | 123,969 | 157,831 | 144,436 | 167,671 | 185,011 | 233,665 | 275,537 |
| Net income 1 | 40,195 | 99,967 | 149,606 | 141,277 | 114,500 | 149,521 | 150,774 | 181,657 |
| Net margin | 1.38% | 3.23% | 5% | 4.69% | 3.46% | 4.3% | 4.52% | 5.07% |
| EPS 2 | 154.8 | 385.0 | 557.2 | 518.5 | 424.5 | 561.2 | 579.1 | 680.5 |
| Free Cash Flow 1 | -12,440 | 189,038 | 152,416 | 84,140 | 102,536 | 153,900 | 222,025 | 208,850 |
| FCF margin | -0.43% | 6.11% | 5.09% | 2.79% | 3.09% | 4.46% | 6.66% | 5.83% |
| FCF Conversion (EBITDA) | - | 64.31% | 47.43% | 26.88% | 28.99% | 40.56% | 54.02% | 47.09% |
| FCF Conversion (Net income) | - | 189.1% | 101.88% | 59.56% | 89.55% | 123.61% | 147.26% | 114.97% |
| Dividend per Share 2 | 40.00 | 70.00 | 90.00 | 100.0 | 110.0 | 120.8 | 136.2 | 156.4 |
| Announcement Date | 4/26/19 | 5/12/20 | 5/12/21 | 4/28/22 | 4/28/23 | 4/26/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: März | 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 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 | 2025 Q1 | 2025 Q2 | 2025 S1 | 2025 Q3 | 2025 Q4 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,448,993 | 1,646,241 | 1,315,030 | 1,678,993 | 730,864 | 1,382,805 | 713,551 | 917,739 | 1,631,290 | 659,669 | 795,702 | 1,455,371 | 813,888 | 1,043,759 | 1,857,647 | 706,542 | 842,259 | 1,548,801 | 844,475 | 1,083,986 | 1,928,461 | 684,660 | 815,921 | - | 807,000 | 1,037,000 | - |
| EBITDA 1 | - | - | - | - | 59,890 | - | 69,818 | 136,746 | - | 28,862 | 74,836 | - | 91,594 | 158,453 | - | 37,930 | 83,239 | - | 90,027 | 159,832 | - | 50,791 | 103,430 | - | - | - | - |
| EBIT 1 | 46,856 | 80,753 | 19,973 | 133,786 | 22,072 | 23,205 | 24,057 | 85,263 | 109,320 | -15,341 | 29,208 | 13,867 | 43,232 | 113,348 | 156,580 | -8,125 | 36,120 | 27,995 | 41,820 | 118,197 | 160,017 | -837.5 | 41,618 | 34,000 | 41,333 | 141,667 | 191,000 |
| Operating Margin | 3.23% | 4.91% | 1.52% | 7.97% | 3.02% | 1.68% | 3.37% | 9.29% | 6.7% | -2.33% | 3.67% | 0.95% | 5.31% | 10.86% | 8.43% | -1.15% | 4.29% | 1.81% | 4.95% | 10.9% | 8.3% | -0.12% | 5.1% | - | 5.12% | 13.66% | - |
| Earnings before Tax (EBT) 1 | 46,115 | 77,854 | 19,363 | 138,468 | 22,814 | 25,758 | 23,327 | 95,351 | 118,678 | -6,647 | 30,758 | 24,111 | 33,492 | 110,068 | 143,560 | -2,463 | 34,440 | 31,977 | 36,177 | 116,857 | 153,034 | 7,000 | 29,000 | 36,000 | 31,000 | 158,000 | 189,000 |
| Net income 1 | 29,162 | 70,805 | 11,008 | 138,598 | 13,116 | 13,342 | 11,591 | 116,344 | 127,935 | -13,862 | 17,835 | 3,973 | 22,396 | 88,131 | 110,527 | -7,388 | 20,302 | 12,914 | 21,126 | 115,481 | 136,607 | -2,918 | 25,261 | 21,157 | 20,718 | 119,778 | 140,497 |
| Net margin | 2.01% | 4.3% | 0.84% | 8.25% | 1.79% | 0.96% | 1.62% | 12.68% | 7.84% | -2.1% | 2.24% | 0.27% | 2.75% | 8.44% | 5.95% | -1.05% | 2.41% | 0.83% | 2.5% | 10.65% | 7.08% | -0.43% | 3.1% | - | 2.57% | 11.55% | - |
| EPS 2 | 112.3 | 272.7 | 41.53 | 515.6 | 48.14 | 48.97 | 42.54 | 427.0 | 469.6 | -50.88 | 65.48 | 14.60 | 82.82 | 327.1 | 409.9 | -27.74 | 76.22 | 48.48 | 79.30 | 433.5 | 512.8 | -10.95 | 94.80 | 79.40 | 77.80 | 449.5 | 527.3 |
| Dividend per Share 2 | 30.00 | 40.00 | 40.00 | 50.00 | 50.00 | 50.00 | - | 50.00 | 50.00 | - | 55.00 | 55.00 | - | 55.00 | 55.00 | - | 60.00 | 60.00 | - | 60.00 | 60.00 | - | 65.00 | 65.00 | - | 65.00 | 65.00 |
| Announcement Date | 10/29/19 | 5/12/20 | 10/29/20 | 5/12/21 | 10/29/21 | 10/29/21 | 1/31/22 | 4/28/22 | 4/28/22 | 7/28/22 | 10/28/22 | 10/28/22 | 1/30/23 | 4/28/23 | 4/28/23 | 7/28/23 | 10/30/23 | 10/30/23 | 1/30/24 | 4/26/24 | 4/26/24 | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 268,492 | 316,167 | 179,511 | 149,044 | 126,187 | 139,758 | - | - |
| Net Cash position 1 | - | - | - | - | - | - | 74,713 | 242,563 |
| Leverage (Debt/EBITDA) | 1.704 x | 1.076 x | 0.5586 x | 0.4761 x | 0.3567 x | 0.3683 x | - | - |
| Free Cash Flow 1 | -12,440 | 189,038 | 152,416 | 84,140 | 102,536 | 153,900 | 222,025 | 208,850 |
| ROE (net income / shareholders' equity) | 4.6% | 11.3% | 13.5% | 10% | 7.3% | 8.4% | 8.58% | 9.4% |
| ROA (Net income/ Total Assets) | 2.7% | 4.08% | 4.65% | 3.89% | 4.33% | 4.51% | 4.15% | 4.82% |
| Assets 1 | 1,487,349 | 2,448,953 | 3,218,939 | 3,633,892 | 2,644,739 | 3,318,184 | 3,636,324 | 3,772,199 |
| Book Value Per Share 2 | 3,310 | 3,508 | 4,801 | 5,555 | 6,097 | 7,189 | 6,856 | 7,392 |
| Cash Flow per Share 2 | 536.0 | 1,026 | 1,181 | 1,181 | 1,104 | 1,266 | 1,265 | 1,335 |
| Capex 1 | 48,929 | 72,825 | 70,936 | 71,106 | 77,714 | 85,600 | 77,600 | 80,000 |
| Capex / Sales | 1.68% | 2.35% | 2.37% | 2.36% | 2.35% | 2.48% | 2.33% | 2.23% |
| Announcement Date | 4/26/19 | 5/12/20 | 5/12/21 | 4/28/22 | 4/28/23 | 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
Trading Rating
Investor Rating
ESG Refinitiv
A
Sell
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
10,945
JPY
Average target price
11,533
JPY
Spread / Average Target
+5.38%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +31.08% | 18.53B | |
| -12.23% | 194B | |
| +0.74% | 166B | |
| +2.19% | 153B | |
| +4.34% | 99.85B | |
| +7.04% | 77.56B | |
| +19.09% | 73.55B | |
| -7.30% | 71B | |
| -20.54% | 52.81B | |
| +0.53% | 47.86B |
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