Financials NOK Corporation

Equities

7240

JP3164800009

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
2,267 ^JPY	+1.43%		+8.47%	+20.49%

Jan. 22	Tranche Update on NOK Corporation's Equity Buyback Plan announced on November 8, 2023.	CI
Jan. 18	NOK Corporation's Equity Buyback announced on November 8, 2023, has closed with 5,435,000 shares, representing 3.2% for ¥9,999.83 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	298,030	206,355	259,626	198,395	250,394	372,956	-	-
Enterprise Value (EV) ¹	303,767	201,013	229,280	156,253	217,559	323,749	317,486	310,833
P/E ratio	87.2 x	-93 x	-191 x	7.68 x	18.9 x	15.3 x	14.7 x	11.5 x
Yield	2.9%	3.14%	1.67%	5.23%	5.13%	3.86%	3.59%	3.71%
Capitalization / Revenue	0.45 x	0.33 x	0.44 x	0.29 x	0.35 x	0.5 x	0.48 x	0.46 x
EV / Revenue	0.45 x	0.32 x	0.38 x	0.23 x	0.31 x	0.44 x	0.41 x	0.39 x
EV / EBITDA	4.34 x	3.63 x	4.16 x	2.11 x	3.56 x	4.7 x	4.04 x	3.54 x
EV / FCF	-40 x	9.6 x	8.46 x	9.18 x	20 x	9.06 x	10.8 x	9.73 x
FCF Yield	-2.5%	10.4%	11.8%	10.9%	5%	11%	9.23%	10.3%
Price to Book	0.67 x	0.51 x	0.57 x	0.4 x	0.47 x	0.71 x	0.69 x	0.66 x
Nbr of stocks (in thousands)	172,972	172,971	172,969	172,969	171,151	164,515	-	-
Reference price ²	1,723	1,193	1,501	1,147	1,463	2,267	2,267	2,267
Announcement Date	5/13/19	5/14/20	5/13/21	5/12/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	669,482	626,815	596,369	682,507	709,956	740,635	769,471	802,143
EBITDA ¹	69,969	55,340	55,131	73,928	61,136	68,947	78,575	87,750
EBIT ¹	23,140	12,028	14,467	31,337	15,378	21,221	31,086	41,000
Operating Margin	3.46%	1.92%	2.43%	4.59%	2.17%	2.87%	4.04%	5.11%
Earnings before Tax (EBT) ¹	12,909	6,880	7,994	45,278	27,739	39,423	42,827	52,007
Net income ¹	3,419	-2,218	-1,361	25,835	13,320	25,040	25,786	32,615
Net margin	0.51%	-0.35%	-0.23%	3.79%	1.88%	3.38%	3.35%	4.07%
EPS ²	19.77	-12.83	-7.870	149.4	77.55	147.9	154.6	197.9
Free Cash Flow ¹	-7,602	20,945	27,105	17,027	10,871	35,728	29,291	31,958
FCF margin	-1.14%	3.34%	4.55%	2.49%	1.53%	4.82%	3.81%	3.98%
FCF Conversion (EBITDA)	-	37.85%	49.16%	23.03%	17.78%	51.82%	37.28%	36.42%
FCF Conversion (Net income)	-	-	-	65.91%	81.61%	142.69%	113.59%	97.99%
Dividend per Share ²	50.00	37.50	25.00	60.00	75.00	87.50	81.42	84.00
Announcement Date	5/13/19	5/14/20	5/13/21	5/12/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	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	308,364	318,451	255,200	167,633	324,368	181,884	176,255	161,031	191,738	352,769	187,446	169,741	163,957	190,282	354,239	213,308	175,553	174,550	194,150	199,174	191,326
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,164	9,864	-8,612	7,986	14,868	8,372	8,097	-1,394	7,511	6,117	8,961	300	-1,226	6,089	4,863	12,728	4,054	3,650	8,700	9,900	8,400
Operating Margin	0.7%	3.1%	-3.37%	4.76%	4.58%	4.6%	4.59%	-0.87%	3.92%	1.73%	4.78%	0.18%	-0.75%	3.2%	1.37%	5.97%	2.31%	2.09%	4.48%	4.97%	4.39%
Earnings before Tax (EBT)	4,104	-	-9,304	-	21,735	11,960	-	7,495	13,088	20,583	6,280	-	6,168	-	21,313	12,971	-	-	-	-	-
Net income ¹	1,370	-3,588	-10,464	6,155	13,001	5,878	6,956	2,053	8,132	10,185	3,344	-209	2,297	9,884	12,181	8,948	2,645	3,400	6,750	7,350	6,850
Net margin	0.44%	-1.13%	-4.1%	3.67%	4.01%	3.23%	3.95%	1.27%	4.24%	2.89%	1.78%	-0.12%	1.4%	5.19%	3.44%	4.19%	1.51%	1.95%	3.48%	3.69%	3.58%
EPS	7.920	-	-60.50	35.59	75.17	33.98	-	11.87	-	59.02	19.59	-	13.56	-	71.84	53.31	-	-	-	-	-
Dividend per Share	25.00	-	12.50	-	25.00	-	-	-	-	25.00	-	-	-	-	37.50	-	-	-	-	-	-
Announcement Date	11/12/19	5/14/20	11/11/20	11/10/21	11/10/21	2/14/22	5/12/22	8/2/22	11/10/22	11/10/22	2/3/23	5/10/23	8/2/23	11/8/23	11/8/23	2/2/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,737	-	-	-	-	-	-	-
Net Cash position ¹	-	5,342	30,346	42,142	32,835	49,207	55,470	62,123
Leverage (Debt/EBITDA)	0.082 x	-	-	-	-	-	-	-
Free Cash Flow ¹	-7,602	20,945	27,105	17,027	10,871	35,728	29,291	31,958
ROE (net income / shareholders' equity)	0.8%	-0.5%	-0.31%	5.4%	2.6%	4.63%	4.86%	5.93%
ROA (Net income/ Total Assets)	3.94%	2.3%	-0.18%	5.56%	3.09%	3.8%	4.2%	5.24%
Assets ¹	86,786	-96,635	765,898	464,548	431,363	658,939	614,398	622,362
Book Value Per Share ²	2,568	2,354	2,644	2,904	3,083	3,195	3,295	3,452
Cash Flow per Share	291.0	238.0	227.0	396.0	344.0	-	-	-
Capex ¹	71,456	47,669	25,728	41,030	47,759	53,733	52,667	52,667
Capex / Sales	10.67%	7.6%	4.31%	6.01%	6.73%	7.26%	6.84%	6.57%
Announcement Date	5/13/19	5/14/20	5/13/21	5/12/22	5/10/23	-	-	-

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 NOK Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,267 JPY

Average target price

2,155 JPY

Spread / Average Target

-4.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Auto, Truck & Motorcycle Parts

	1st Jan change	Capi.
NOK CORPORATION	+20.49%	2.37B
DENSO CORPORATION	+29.62%	50.98B
WEICHAI POWER CO., LTD.	+25.77%	20.39B
APTIV PLC	-20.63%	19.42B
HYUNDAI MOBIS CO.,LTD	+1.48%	15.84B
FUYAO GLASS INDUSTRY GROUP CO., LTD.	+31.67%	17.27B
MAGNA INTERNATIONAL INC.	-14.23%	14.09B
CONTINENTAL AG	-18.75%	13.35B
SUMITOMO ELECTRIC INDUSTRIES, LTD.	+31.97%	11.74B
AISIN CORPORATION	+14.27%	9.65B

Other Auto, Truck & Motorcycle Parts