Financials Nitto Kogyo Corporation

Equities

6651

JP3682400001

Electrical Components & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
4,230 ^JPY	+2.17%		+4.96%	+17.50%

Feb. 05	Nitto Kogyo Corporation Revises Consolidated Earnings Guidance for the Full Fiscal Year Ending March 31, 2024	CI
Feb. 05	Nitto Kogyo Corporation Revises Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	89,578	69,956	82,058	63,786	100,214	160,446	-	-
Enterprise Value (EV) ¹	57,559	44,485	50,108	34,998	85,571	160,446	160,446	160,446
P/E ratio	22.1 x	8.69 x	9.3 x	9.57 x	18.3 x	17.9 x	16.5 x	14.6 x
Yield	1.81%	3.47%	3.25%	3.17%	5.49%	5.58%	5.48%	5.48%
Capitalization / Revenue	0.77 x	0.5 x	0.6 x	0.48 x	0.68 x	1 x	0.92 x	0.84 x
EV / Revenue	0.77 x	0.5 x	0.6 x	0.48 x	0.68 x	1 x	0.92 x	0.84 x
EV / EBITDA	8.21 x	4.08 x	4.81 x	4.76 x	7.89 x	9.44 x	8.23 x	7.83 x
EV / FCF	16.9 x	12.5 x	11 x	18.2 x	-9.88 x	-16.2 x	36.4 x	20.1 x
FCF Yield	5.93%	7.98%	9.06%	5.49%	-10.1%	-6.17%	2.75%	4.97%
Price to Book	1.05 x	0.77 x	0.83 x	0.6 x	0.99 x	1.59 x	1.56 x	1.53 x
Nbr of stocks (in thousands)	40,460	40,460	40,463	40,473	37,931	37,931	-	-
Reference price ²	2,214	1,729	2,028	1,576	2,642	4,230	4,230	4,230
Announcement Date	5/15/19	5/15/20	5/13/21	5/13/22	5/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	116,984	139,421	137,902	132,735	146,698	161,200	174,750	190,000
EBITDA ¹	10,910	17,153	17,049	13,407	12,696	17,000	19,500	20,500
EBIT ¹	6,472	12,402	12,333	8,637	8,172	12,500	13,750	15,500
Operating Margin	5.53%	8.9%	8.94%	6.51%	5.57%	7.75%	7.87%	8.16%
Earnings before Tax (EBT)	6,617	11,949	12,629	9,418	8,193	-	-	-
Net income ¹	4,046	8,048	8,827	6,607	5,476	8,950	9,700	11,000
Net margin	3.46%	5.77%	6.4%	4.98%	3.73%	5.55%	5.55%	5.79%
EPS ²	100.0	198.9	218.2	164.8	144.4	236.0	255.7	290.0
Free Cash Flow ¹	5,313	5,584	7,437	3,505	-10,148	-9,896	4,406	7,978
FCF margin	4.54%	4.01%	5.39%	2.64%	-6.92%	-6.14%	2.52%	4.2%
FCF Conversion (EBITDA)	48.7%	32.55%	43.62%	26.14%	-	-	22.59%	38.92%
FCF Conversion (Net income)	131.31%	69.38%	84.25%	53.05%	-	-	45.42%	72.53%
Dividend per Share ²	40.00	60.00	66.00	50.00	145.0	236.0	232.0	232.0
Announcement Date	5/15/19	5/15/20	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	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	64,887	74,534	63,443	74,459	31,266	61,014	34,820	36,901	71,721	30,578	35,023	65,601	39,384	41,713	34,416	38,747	73,163	43,744	43,093	86,837
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,852	7,330	5,078	7,255	1,932	3,902	2,884	1,851	4,735	335	1,836	2,171	3,155	2,846	1,771	3,000	4,771	4,225	3,502	7,729
Operating Margin	7.48%	9.83%	8%	9.74%	6.18%	6.4%	8.28%	5.02%	6.6%	1.1%	5.24%	3.31%	8.01%	6.82%	5.15%	7.74%	6.52%	9.66%	8.13%	8.9%
Earnings before Tax (EBT)	4,934	-	5,209	-	-	4,054	3,327	-	-	736	-	2,734	3,131	-	2,111	-	5,240	4,310	-	-
Net income	3,124	-	3,255	-	-	2,622	2,409	-	-	386	-	1,698	2,071	-	1,383	-	3,564	3,048	-	-
Net margin	4.81%	-	5.13%	-	-	4.3%	6.92%	-	-	1.26%	-	2.59%	5.26%	-	4.02%	-	4.87%	6.97%	-	-
EPS	77.23	-	80.47	-	-	64.81	59.53	-	-	10.20	-	44.78	54.59	-	36.47	-	93.97	80.36	-	-
Dividend per Share	25.00	-	20.00	-	-	25.00	-	-	-	-	-	88.00	-	-	-	-	72.00	-	-	-
Announcement Date	11/11/19	5/15/20	11/9/20	5/13/21	11/8/21	11/8/21	2/7/22	5/13/22	5/13/22	8/8/22	11/7/22	11/7/22	2/6/23	5/15/23	8/7/23	11/6/23	11/6/23	2/5/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	32,019	25,471	31,950	28,788	14,643	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,313	5,584	7,437	3,505	-10,148	-9,896	4,406	7,978
ROE (net income / shareholders' equity)	4.8%	9.2%	9.3%	6.7%	5.5%	-	-	-
ROA (Net income/ Total Assets)	5.2%	9.08%	10.1%	7.47%	6.97%	-	-	-
Assets ¹	77,767	88,644	87,511	88,494	78,578	-	-	-
Book Value Per Share ²	2,102	2,240	2,435	2,612	2,667	2,667	2,707	2,765
Cash Flow per Share	187.0	299.0	313.0	272.0	255.0	-	-	-
Capex ¹	2,733	7,065	4,813	4,915	11,617	19,200	5,000	5,000
Capex / Sales	2.34%	5.07%	3.49%	3.7%	7.92%	11.91%	2.86%	2.63%
Announcement Date	5/15/19	5/15/20	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

Ratings for Nitto Kogyo Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4,230 JPY

Average target price

4,000 JPY

Spread / Average Target

-5.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Switchgear

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