NIPPON TELEGRAPH AND TELEPHONE CORPORATION

Financials Nippon Telegraph and Telephone Corporation

Equities

9432

JP3735400008

Integrated Telecommunications Services

Market Closed - Japan Exchange Other stock markets 02:30:00 2025-06-20 am EDT			5-day change	1st Jan Change
152.30 ^JPY	-1.30%		-2.31%	-3.61%

05:05am	Nippon Telegraph and Telephone Corporation completed the acquisition of remaining 42.27% stake in NTT DATA Group Corporation from a group of shareholders.	CI
02:44am	Japanese Shares End Week in Red as BOJ Flags Wage-Price Spiral Risk	MT

Projected Income Statement: Nippon Telegraph and Telephone Corporation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	11,899,415	11,943,966	12,156,447	13,136,200	13,374,569	13,704,727	14,046,802	14,373,488
Change	-	0.37%	1.78%	8.06%	1.81%	2.47%	2.5%	2.33%
EBITDA ¹	3,027,461	3,178,544	3,329,776	3,290,200	3,551,496	3,371,606	3,520,867	3,619,049
Change	-	4.99%	4.76%	-1.19%	7.94%	-5.07%	4.43%	2.79%
EBIT ¹	1,562,151	1,671,391	1,768,593	1,829,000	1,922,910	1,649,571	1,825,861	1,903,800
Change	-	6.99%	5.82%	3.42%	5.13%	-14.21%	10.69%	4.27%
Interest Paid ¹	-50,253	-50,830	-56,250	-79,424	-130,485	-169,514	-159,209	-158,660
Earnings before Tax (EBT) ¹	1,570,141	1,652,575	1,795,525	1,817,700	1,980,457	1,564,696	1,701,267	1,768,217
Change	-	5.25%	8.65%	1.24%	8.95%	-20.99%	8.73%	3.94%
Net income ¹	855,306	916,181	1,181,083	1,213,100	1,279,521	1,000,016	1,123,159	1,193,229
Change	-	7.12%	28.91%	2.71%	5.48%	-21.84%	12.31%	6.24%
Announcement Date	5/15/20	5/12/21	5/12/22	5/12/23	5/10/24	5/9/25	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	2,973,140	3,036,724	2,766,457	2,944,907	3,026,642	3,205,960	2,892,570	2,995,100	3,035,579	3,233,268	3,068,871	3,217,306	3,286,400	3,563,600	3,111,073	3,253,497	3,352,286	3,657,713	3,240,000	3,350,600	3,459,100	3,563,097	3,279,745	3,449,327	3,540,752	3,727,576
Change	-	2.14%	-8.9%	6.45%	2.78%	5.92%	-9.78%	3.54%	1.35%	6.51%	-5.08%	4.84%	2.15%	8.43%	-12.7%	4.58%	3.04%	9.11%	-11.42%	3.41%	3.24%	3.01%	-7.95%	5.17%	2.65%	5.28%
EBITDA ¹	832,774	776,162	865,818	884,555	873,285	554,886	868,776	876,300	918,696	632,180	892,994	884,857	880,200	702,400	870,797	874,956	942,311	863,432	815,300	870,300	866,900	838,758	-	-	-	-
Change	-	-6.8%	11.55%	2.16%	-1.27%	-36.46%	56.57%	0.87%	4.84%	-31.19%	41.26%	-0.91%	-0.53%	-20.2%	23.97%	0.48%	7.7%	-8.37%	-5.57%	6.75%	-0.39%	-3.25%	-	-	-	-
EBIT ¹	467,623	111,723	497,586	510,994	493,746	169,065	486,274	523,000	530,392	228,901	503,352	493,187	524,300	308,200	474,650	476,296	535,241	436,723	435,800	484,500	478,900	370,968	411,700	501,433	492,133	306,933
Change	-	-76.11%	345.37%	2.69%	-3.38%	-65.76%	187.63%	7.55%	1.41%	-56.84%	119.9%	-2.02%	6.31%	-41.22%	54.01%	0.35%	12.38%	-18.41%	-0.21%	11.17%	-1.16%	-22.54%	10.98%	21.8%	-1.85%	-37.63%
Charge d'intérêts ¹	-	-	-10,993	-	-11,371	-15,916	-13,842	-15,108	-12,635	-14,665	-16,312	-	-27,065	-17,567	-31,074	-27,581	-35,058	-36,772	-42,415	-49,032	-38,321	-	-	-	-	-
Earnings before Tax (EBT) ¹	465,925	102,357	496,619	508,448	490,030	157,478	496,282	519,000	538,664	241,561	525,537	493,915	510,500	287,800	577,536	461,567	517,739	423,615	429,392	449,453	462,841	308,300	373,000	561,000	471,000	240,000
Change	-	-78.03%	385.18%	2.38%	-3.62%	-67.86%	215.14%	4.58%	3.79%	-55.16%	117.56%	-6.02%	3.36%	-43.62%	100.67%	-20.08%	12.17%	-18.18%	1.36%	4.67%	2.98%	-33.39%	20.99%	50.4%	-16.04%	-49.04%
Net income ¹	249,252	58,384	272,638	268,873	289,663	85,007	339,987	335,800	354,514	150,769	368,570	328,037	335,900	180,600	375,775	295,069	340,271	268,406	274,136	280,670	295,899	284,180	248,000	389,000	326,000	163,000
Change	-	-76.58%	366.97%	-1.38%	7.73%	-70.65%	299.95%	-1.23%	5.57%	-57.47%	144.46%	-11%	2.4%	-46.23%	108.07%	-21.48%	15.32%	-21.12%	2.13%	2.38%	5.43%	-3.96%	-12.73%	56.85%	-16.2%	-50%
Announcement Date	2/6/20	5/15/20	8/11/20	11/6/20	2/5/21	5/12/21	8/6/21	11/10/21	2/7/22	5/12/22	8/8/22	11/8/22	2/9/23	5/12/23	8/9/23	11/7/23	2/8/24	5/10/24	8/7/24	11/7/24	2/7/25	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2026 S1
Net sales ¹	5,711,364	6,232,602	5,887,600	6,268,847	6,286,177	6,850,023	6,364,570	7,009,999	6,590,600	6,870,000
Change	-	9.13%	-5.54%	6.48%	0.28%	8.97%	-7.09%	10.14%	-5.98%	4.24%
EBITDA	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,008,580	662,811	1,009,300	759,293	996,539	832,461	950,946	971,964	920,300	994,000
Change	-	-34.28%	52.28%	-24.77%	31.25%	-16.46%	14.23%	2.21%	-5.32%	8.01%
Charge d'intérêts	-23,543	-	-28,950	-	-34,792	-	-58,655	-	-91,447	-
Earnings before Tax (EBT) ¹	1,005,067	647,508	1,015,300	780,225	1,019,452	798,248	1,039,103	941,354	878,845	934,000
Change	-	-35.58%	56.8%	-23.15%	30.66%	-21.7%	30.17%	-9.41%	-6.64%	6.28%
Net income ¹	541,511	374,670	675,800	505,283	696,607	516,493	670,844	608,677	554,792	637
Change	-	-30.81%	80.37%	-25.23%	37.86%	-25.86%	29.88%	-9.27%	-8.85%	-99.89%
Announcement Date	11/6/20	5/12/21	11/10/21	5/12/22	11/8/22	5/12/23	11/7/23	5/10/24	11/7/24	-

¹JPY in Million

Estimates

Forecast Balance Sheet: Nippon Telegraph and Telephone Corporation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	3,719,182	7,436,361	7,286,490	8,356,613	9,731,137	10,010,100	10,459,734	10,283,427
Change	-	99.95%	-2.02%	14.69%	16.45%	2.87%	13.12%	-1.69%
Announcement Date	5/15/20	5/12/21	5/12/22	5/12/23	5/10/24	5/9/25	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Nippon Telegraph and Telephone Corporation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,806,649	1,728,320	1,687,599	1,862,404	2,084,004	2,087,356	2,068,414	2,076,722
Change	-	-4.34%	-2.36%	10.36%	11.9%	0.16%	3.42%	0.4%
Free Cash Flow (FCF) ¹	1,188,562	1,280,744	1,311,105	524,101	384,924	276,675	555,962	717,455
Change	-	7.76%	2.37%	-60.03%	-26.56%	-28.12%	17.32%	29.05%
Announcement Date	5/15/20	5/12/21	5/12/22	5/12/23	5/10/24	5/9/25	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Nippon Telegraph and Telephone Corporation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	25.44%	26.61%	27.39%	25.05%	26.55%	24.6%	25.07%	25.18%
EBIT Margin (%)	13.13%	13.99%	14.55%	13.92%	14.38%	12.04%	13%	13.25%
EBT Margin (%)	13.2%	13.84%	14.77%	13.84%	14.81%	11.42%	12.11%	12.3%
Net margin (%)	7.19%	7.67%	9.72%	9.23%	9.57%	7.3%	8%	8.3%
FCF margin (%)	9.99%	10.72%	10.79%	3.99%	2.88%	2.02%	3.96%	4.99%
FCF / Net Income (%)	138.96%	139.79%	111.01%	43.2%	30.08%	27.67%	49.5%	60.13%
Profitability
ROA	6.93%	7.19%	7.67%	7.39%	7.2%	5.24%	3.66%	3.64%
ROE	9.3%	11%	14.9%	14.4%	13.9%	10%	11%	11.28%
Financial Health
Leverage (Debt/EBITDA)	1.23x	2.34x	2.19x	2.54x	2.74x	2.97x	2.97x	2.84x
Debt / Free cash flow	3.13x	5.81x	5.56x	15.94x	25.28x	36.18x	18.81x	14.33x
Capital Intensity
CAPEX / Current Assets (%)	15.18%	14.47%	13.88%	14.18%	15.58%	15.23%	14.73%	14.45%
CAPEX / EBITDA (%)	59.68%	54.37%	50.68%	56.6%	58.68%	61.91%	58.75%	57.38%
CAPEX / FCF (%)	152%	134.95%	128.72%	355.35%	541.41%	754.44%	372.04%	289.46%
Items per share
Cash flow per share ¹	25.09	26.26	30.58	32.08	28	32.56	34.49	35.93
Change	-	4.63%	16.48%	4.89%	-12.72%	16.3%	1.5%	4.19%
Dividend per Share ¹	3.8	4.2	4.6	4.8	5.1	5.2	5.33	5.767
Change	-	10.53%	9.52%	4.35%	6.25%	1.96%	2.14%	8.19%
Book Value Per Share ¹	99.7	83.52	93.55	100.4	117.1	123.5	123.1	132.1
Change	-	-16.23%	12.01%	7.37%	16.56%	5.52%	-0.85%	7.29%
EPS ¹	9.248	9.926	13.17	13.92	15.09	11.96	13.7	14.67
Change	-	7.33%	32.7%	5.68%	8.41%	-20.74%	4.86%	7.07%
Nbr of stocks (in thousands)	90,879,905	90,550,810	88,536,882	85,239,584	84,081,549	82,738,351	82,738,351	82,738,351
Announcement Date	5/15/20	5/12/21	5/12/22	5/12/23	5/10/24	5/9/25	-	-