Financials Okamura Corporation

Equities

7994

JP3192400004

Business Support Supplies

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,352 ^JPY	+1.64%		+3.66%	+7.89%

Mar. 28	Okamura Corporation acquired an unknown stake in GROUND Inc. from INCJ, Ltd.	CI
Mar. 28	GROUND Inc. announced that it has received funding from Okamura Corporation	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	127,663	95,275	130,263	118,681	129,359	222,607	-	-
Enterprise Value (EV) ¹	122,414	84,310	106,817	100,321	111,492	222,607	222,607	222,607
P/E ratio	12.5 x	9.67 x	11.5 x	8.01 x	8.36 x	11.2 x	11.4 x	10.6 x
Yield	2.42%	3.7%	2.47%	3.3%	4.03%	3.66%	3.78%	4%
Capitalization / Revenue	0.51 x	0.38 x	0.53 x	0.45 x	0.47 x	0.76 x	0.73 x	0.71 x
EV / Revenue	0.51 x	0.38 x	0.53 x	0.45 x	0.47 x	0.76 x	0.73 x	0.71 x
EV / EBITDA	7.11 x	4.93 x	6.46 x	5.47 x	5.48 x	7.37 x	6.81 x	6.42 x
EV / FCF	44 x	12.4 x	6.33 x	38.7 x	135 x	12.5 x	13.1 x	12.4 x
FCF Yield	2.27%	8.05%	15.8%	2.58%	0.74%	8%	7.64%	8.04%
Price to Book	0.98 x	0.71 x	0.94 x	0.83 x	0.86 x	1.36 x	1.27 x	1.18 x
Nbr of stocks (in thousands)	110,150	110,145	100,434	97,921	94,838	94,646	-	-
Reference price ²	1,159	865.0	1,297	1,212	1,364	2,352	2,352	2,352
Announcement Date	5/8/19	5/13/20	5/12/21	5/11/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	247,925	253,170	244,454	261,175	277,015	294,500	303,400	312,000
EBITDA ¹	17,955	19,325	20,180	21,709	23,585	30,200	32,700	34,700
EBIT ¹	12,418	13,391	14,175	15,972	17,372	23,900	25,400	27,250
Operating Margin	5.01%	5.29%	5.8%	6.12%	6.27%	8.12%	8.37%	8.73%
Earnings before Tax (EBT) ¹	14,803	14,483	18,007	21,670	23,148	29,400	30,000	32,000
Net income ¹	10,234	9,851	11,971	14,992	15,906	19,850	19,350	20,600
Net margin	4.13%	3.89%	4.9%	5.74%	5.74%	6.74%	6.38%	6.6%
EPS ²	92.92	89.44	112.5	151.3	163.2	209.5	206.4	222.2
Free Cash Flow ¹	2,900	7,672	20,588	3,064	955	17,800	17,000	17,900
FCF margin	1.17%	3.03%	8.42%	1.17%	0.34%	6.04%	5.6%	5.74%
FCF Conversion (EBITDA)	16.15%	39.7%	102.02%	14.11%	4.05%	58.94%	51.99%	51.59%
FCF Conversion (Net income)	28.34%	77.88%	171.98%	20.44%	6%	89.67%	87.86%	86.89%
Dividend per Share ²	28.00	32.00	32.00	40.00	55.00	86.00	89.00	94.00
Announcement Date	5/8/19	5/13/20	5/12/21	5/11/22	5/10/23	-	-	-

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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	118,429	134,741	105,294	139,160	58,663	118,927	63,840	78,408	63,722	66,200	129,922	67,609	79,484	147,093	71,081	68,531	139,612	70,609	82,700
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,542	8,849	2,859	11,316	2,410	6,552	2,834	6,586	3,065	2,346	5,411	2,616	9,345	11,961	5,847	4,245	10,092	3,099	10,700
Operating Margin	3.84%	6.57%	2.72%	8.13%	4.11%	5.51%	4.44%	8.4%	4.81%	3.54%	4.16%	3.87%	11.76%	8.13%	8.23%	6.19%	7.23%	4.39%	12.94%
Earnings before Tax (EBT)	5,019	-	2,799	15,208	-	7,320	3,981	-	3,891	-	8,749	5,079	-	-	8,726	-	14,949	3,767	-
Net income ¹	3,420	-	2,155	9,816	-	5,057	2,725	-	2,563	-	5,842	3,342	-	-	6,062	-	10,181	2,453	6,400
Net margin	2.89%	-	2.05%	7.05%	-	4.25%	4.27%	-	4.02%	-	4.5%	4.94%	-	-	8.53%	-	7.29%	3.47%	7.74%
EPS	31.06	-	19.57	-	-	50.88	27.51	-	26.23	-	59.78	34.20	-	-	64.06	-	107.6	25.92	-
Dividend per Share	16.00	-	12.00	-	-	20.00	-	-	-	-	22.00	-	-	-	-	-	43.00	-	-
Announcement Date	11/1/19	5/13/20	11/6/20	5/12/21	11/5/21	11/5/21	2/3/22	5/11/22	8/4/22	11/4/22	11/4/22	2/3/23	5/10/23	5/10/23	8/4/23	11/2/23	11/2/23	2/9/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	5,249	10,965	23,446	18,360	17,867	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,900	7,672	20,588	3,064	955	17,800	17,000	17,900
ROE (net income / shareholders' equity)	8%	7.5%	8.8%	10.7%	10.8%	12.7%	11.7%	11.8%
ROA (Net income/ Total Assets)	5.88%	6.32%	6.38%	7.13%	7.6%	7.9%	7.6%	7.7%
Assets ¹	173,987	155,881	187,541	210,358	209,410	251,266	254,605	267,532
Book Value Per Share ²	1,180	1,219	1,382	1,459	1,593	1,725	1,859	2,001
Cash Flow per Share	143.0	143.0	169.0	209.0	227.0	-	-	-
Capex ¹	6,564	6,829	6,333	6,665	13,547	10,000	10,000	10,000
Capex / Sales	2.65%	2.7%	2.59%	2.55%	4.89%	3.4%	3.3%	3.21%
Announcement Date	5/8/19	5/13/20	5/12/21	5/11/22	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 Okamura Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,352 JPY

Average target price

2,800 JPY

Spread / Average Target

+19.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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