NIHON KOHDEN CORPORATION Financials Nihon Kohden Corporation
Equities
6849
JP3706800004
Advanced Medical Equipment & Technology
|
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 4,300 JPY | +0.70% |
|
+2.75% | -3.65% |
| Mar. 27 | Japanese Shares End in Green as Yen Weakens | MT |
| Mar. 27 | Nihon Kohden to Book Extraordinary Gains of 4 Billion Yen in Fiscal Q4 Following Adjustment in Retirement Plan | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 280,165 | 345,733 | 275,098 | 249,128 | 302,014 | 360,756 | - | - |
| Enterprise Value (EV) 1 | 245,789 | 310,167 | 230,893 | 188,562 | 257,996 | 304,646 | 296,509 | 289,554 |
| P/E ratio | 25 x | 35.1 x | 15.1 x | 10.7 x | 17.7 x | 23.1 x | 22.9 x | 21.5 x |
| Yield | 1.06% | 0.86% | 1.7% | 2.27% | 1.7% | 1.42% | 1.43% | 1.49% |
| Capitalization / Revenue | 1.57 x | 1.87 x | 1.38 x | 1.21 x | 1.46 x | 1.62 x | 1.57 x | 1.49 x |
| EV / Revenue | 1.37 x | 1.68 x | 1.16 x | 0.92 x | 1.25 x | 1.37 x | 1.29 x | 1.2 x |
| EV / EBITDA | 13.1 x | 16.1 x | 7.3 x | 5.47 x | 10.4 x | 11.9 x | 10.8 x | 9.91 x |
| EV / FCF | 35 x | 67.3 x | 21 x | 8.81 x | -23.9 x | 31.4 x | 30.5 x | 32.6 x |
| FCF Yield | 2.86% | 1.49% | 4.76% | 11.3% | -4.19% | 3.19% | 3.28% | 3.07% |
| Price to Book | 2.41 x | 2.84 x | 1.98 x | 1.59 x | 1.8 x | 2.03 x | 1.91 x | 1.8 x |
| Nbr of stocks (in thousands) | 85,156 | 85,156 | 85,170 | 84,422 | 84,126 | 83,897 | - | - |
| Reference price 2 | 3,290 | 4,060 | 3,230 | 2,951 | 3,590 | 4,300 | 4,300 | 4,300 |
| Announcement Date | 5/13/19 | 5/13/20 | 5/13/21 | 5/13/22 | 5/15/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 178,799 | 185,007 | 199,727 | 205,129 | 206,603 | 222,023 | 230,160 | 241,313 |
| EBITDA 1 | 18,736 | 19,248 | 31,637 | 34,482 | 24,911 | 25,703 | 27,419 | 29,212 |
| EBIT 1 | 15,044 | 15,503 | 27,094 | 30,992 | 21,120 | 21,548 | 23,324 | 24,913 |
| Operating Margin | 8.41% | 8.38% | 13.57% | 15.11% | 10.22% | 9.71% | 10.13% | 10.32% |
| Earnings before Tax (EBT) 1 | 15,519 | 13,980 | 27,166 | 34,263 | 24,716 | 23,932 | 23,294 | 24,351 |
| Net income 1 | 11,191 | 9,854 | 18,243 | 23,435 | 17,110 | 15,821 | 16,025 | 17,084 |
| Net margin | 6.26% | 5.33% | 9.13% | 11.42% | 8.28% | 7.13% | 6.96% | 7.08% |
| EPS 2 | 131.4 | 115.7 | 214.2 | 276.5 | 203.3 | 186.4 | 187.7 | 200.2 |
| Free Cash Flow 1 | 7,025 | 4,610 | 10,999 | 21,396 | -10,807 | 9,715 | 9,717 | 8,883 |
| FCF margin | 3.93% | 2.49% | 5.51% | 10.43% | -5.23% | 4.38% | 4.22% | 3.68% |
| FCF Conversion (EBITDA) | 37.49% | 23.95% | 34.77% | 62.05% | - | 37.8% | 35.44% | 30.41% |
| FCF Conversion (Net income) | 62.77% | 46.78% | 60.29% | 91.3% | - | 61.41% | 60.63% | 52% |
| Dividend per Share 2 | 35.00 | 35.00 | 55.00 | 67.00 | 61.00 | 61.00 | 61.54 | 64.23 |
| Announcement Date | 5/13/19 | 5/13/20 | 5/13/21 | 5/13/22 | 5/15/23 | - | - | - |
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 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 89,735 | - | 87,240 | - | 55,161 | 102,343 | 45,735 | 57,051 | - | 44,363 | 49,986 | 94,349 | 50,208 | 62,046 | - | 48,728 | 54,808 | 103,536 | 52,633 | 63,750 | 46,634 | 58,893 | 52,142 | 71,122 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 7,009 | - | 8,758 | - | 10,991 | 17,414 | 5,902 | 7,676 | - | 1,817 | 5,400 | 7,217 | 4,160 | 9,743 | - | 2,205 | 5,286 | 7,491 | 3,024 | 9,779 | 800 | 6,389 | 2,200 | 12,549 |
| Operating Margin | 7.81% | - | 10.04% | - | 19.93% | 17.02% | 12.9% | 13.45% | - | 4.1% | 10.8% | 7.65% | 8.29% | 15.7% | - | 4.53% | 9.64% | 7.24% | 5.75% | 15.34% | 1.72% | 10.85% | 4.22% | 17.64% |
| Earnings before Tax (EBT) | 5,665 | - | 8,157 | - | 11,202 | 17,945 | 6,683 | 9,635 | - | 5,483 | 7,492 | 12,975 | 915 | 10,826 | - | 5,794 | - | 12,545 | 710 | - | - | - | - | - |
| Net income 1 | 3,943 | - | 5,826 | - | 7,757 | 12,294 | 4,617 | 6,524 | - | 3,679 | 4,862 | 8,541 | 319 | 8,250 | - | 3,787 | 4,210 | 7,997 | -71 | 7,212 | 552 | 4,409 | 1,518 | 8,659 |
| Net margin | 4.39% | - | 6.68% | - | 14.06% | 12.01% | 10.1% | 11.44% | - | 8.29% | 9.73% | 9.05% | 0.64% | 13.3% | - | 7.77% | 7.68% | 7.72% | -0.13% | 11.31% | 1.18% | 7.49% | 2.91% | 12.17% |
| EPS 2 | 46.31 | - | 68.42 | - | 91.47 | 144.8 | 54.51 | 77.15 | - | 43.66 | - | 101.4 | 3.820 | - | - | 45.02 | 50.03 | 95.05 | -0.8500 | 87.32 | - | - | - | - |
| Dividend per Share 2 | 17.00 | 18.00 | 17.00 | 38.00 | 19.00 | 19.00 | - | 48.00 | 48.00 | - | - | 20.00 | - | - | 41.00 | - | 30.00 | 30.00 | - | 30.50 | - | 31.00 | - | 31.00 |
| Announcement Date | 11/5/19 | 5/13/20 | 11/6/20 | 5/13/21 | 11/8/21 | 11/8/21 | 2/2/22 | 5/13/22 | 5/13/22 | 8/3/22 | 11/9/22 | 11/9/22 | 2/2/23 | 5/15/23 | 5/15/23 | 8/3/23 | 11/8/23 | 11/8/23 | 2/2/24 | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 34,376 | 35,566 | 44,205 | 60,566 | 44,018 | 56,110 | 64,247 | 71,202 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 7,025 | 4,610 | 10,999 | 21,396 | -10,807 | 9,715 | 9,717 | 8,883 |
| ROE (net income / shareholders' equity) | 9.9% | 8.3% | 14% | 15.9% | 10.6% | 9.28% | 8.83% | 8.82% |
| ROA (Net income/ Total Assets) | 9.69% | 8.8% | 15.7% | 17.1% | 11.3% | 8.3% | 7.91% | 7.94% |
| Assets 1 | 115,549 | 112,008 | 115,993 | 136,703 | 151,413 | 190,545 | 202,707 | 215,153 |
| Book Value Per Share 2 | 1,363 | 1,430 | 1,632 | 1,852 | 1,992 | 2,121 | 2,248 | 2,385 |
| Cash Flow per Share 2 | 173.0 | 158.0 | 252.0 | 317.0 | 247.0 | 284.0 | 227.0 | 221.0 |
| Capex 1 | 2,794 | 3,106 | 3,384 | 2,450 | 8,294 | 5,099 | 5,380 | 5,660 |
| Capex / Sales | 1.56% | 1.68% | 1.69% | 1.19% | 4.01% | 2.3% | 2.34% | 2.35% |
| Announcement Date | 5/13/19 | 5/13/20 | 5/13/21 | 5/13/22 | 5/15/23 | - | - | - |
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
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
4,270
JPY
Average target price
4,465
JPY
Spread / Average Target
+4.57%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -3.65% | 2.29B | |
| +7.80% | 220B | |
| +6.31% | 183B | |
| +10.01% | 133B | |
| +24.39% | 107B | |
| -0.95% | 63.05B | |
| +11.46% | 51.74B | |
| +4.81% | 50.47B | |
| -0.55% | 40.91B | |
| +23.67% | 31.91B |
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