Financials Organo Corporation

Equities

6368

JP3201600008

Environmental Services & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
7,560 ^JPY	+3.85%		+3.85%	+29.45%

Feb. 09	Organo Corporation Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024	CI
2023	Organo Corporation Announces Dividend for the Second Quarter Ended September 30, 2023, Payable on December 4, 2023; Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	35,813	62,767	76,274	116,036	165,430	347,338	-	-
Enterprise Value (EV) ¹	38,195	58,734	79,475	111,466	182,891	357,269	341,536	325,844
P/E ratio	8.07 x	8.75 x	10.8 x	12.6 x	14.1 x	21.6 x	21.1 x	19.1 x
Yield	2.33%	1.9%	1.72%	1.58%	1.72%	1.08%	1.22%	1.37%
Capitalization / Revenue	0.39 x	0.65 x	0.76 x	1.04 x	1.25 x	2.32 x	2.17 x	2.02 x
EV / Revenue	0.41 x	0.61 x	0.79 x	0.99 x	1.38 x	2.38 x	2.14 x	1.9 x
EV / EBITDA	-	-	7.36 x	-	10.7 x	14.9 x	13.2 x	11.4 x
EV / FCF	7.85 x	7.94 x	-14.2 x	15.1 x	-9.14 x	47.9 x	25.1 x	23.8 x
FCF Yield	12.7%	12.6%	-7.04%	6.64%	-10.9%	2.09%	3.99%	4.2%
Price to Book	0.66 x	1.03 x	1.13 x	1.53 x	1.92 x	3.53 x	3.15 x	2.82 x
Nbr of stocks (in thousands)	45,694	45,815	45,948	45,819	45,889	45,944	-	-
Reference price ²	783.8	1,370	1,660	2,532	3,605	7,560	7,560	7,560
Announcement Date	5/9/19	5/12/20	5/11/21	5/12/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	92,273	96,515	100,638	112,069	132,426	150,000	159,800	171,900
EBITDA ¹	-	-	10,791	-	17,036	24,000	25,800	28,600
EBIT ¹	6,558	9,908	9,579	10,850	15,212	21,367	23,100	25,500
Operating Margin	7.11%	10.27%	9.52%	9.68%	11.49%	14.24%	14.46%	14.83%
Earnings before Tax (EBT) ¹	6,392	9,850	9,695	12,696	16,035	22,131	23,233	25,633
Net income ¹	4,452	7,162	7,074	9,210	11,730	16,098	16,433	18,133
Net margin	4.82%	7.42%	7.03%	8.22%	8.86%	10.73%	10.28%	10.55%
EPS ²	97.12	156.5	154.2	200.7	255.8	350.5	357.8	394.9
Free Cash Flow ¹	4,865	7,399	-5,597	7,400	-20,002	7,453	13,630	13,693
FCF margin	5.27%	7.67%	-5.56%	6.6%	-15.1%	4.97%	8.53%	7.97%
FCF Conversion (EBITDA)	-	-	-	-	-	31.05%	52.83%	47.88%
FCF Conversion (Net income)	109.28%	103.31%	-	80.35%	-	46.3%	82.94%	75.51%
Dividend per Share ²	18.25	26.00	28.50	40.00	62.00	82.00	92.00	103.3
Announcement Date	5/9/19	5/12/20	5/11/21	5/12/22	5/12/23	-	-	-

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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	46,675	49,840	45,322	55,316	27,694	50,001	27,833	27,835	34,282	62,117	33,010	37,299	29,612	35,857	65,469	40,767	44,120	84,531	-	37,000	-	49,700
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,444	4,464	3,182	6,397	2,433	3,771	2,370	2,219	4,291	6,510	3,430	5,272	2,861	4,994	7,855	6,339	7,486	14,145	3,400	5,200	5,600	7,900
Operating Margin	11.66%	8.96%	7.02%	11.56%	8.79%	7.54%	8.52%	7.97%	12.52%	10.48%	10.39%	14.13%	9.66%	13.93%	12%	15.55%	16.97%	16.73%	-	14.05%	-	15.9%
Earnings before Tax (EBT) ¹	5,316	-	3,288	-	-	4,202	3,611	2,636	-	7,446	3,524	-	3,094	-	8,527	6,460	6,561	-	3,400	5,200	5,600	8,300
Net income ¹	3,640	3,522	2,080	-	-	2,696	2,601	1,495	-	5,027	2,525	-	1,597	-	5,538	4,712	5,162	-	2,100	3,900	4,300	6,200
Net margin	7.8%	7.07%	4.59%	-	-	5.39%	9.35%	5.37%	-	8.09%	7.65%	-	5.39%	-	8.46%	11.56%	11.7%	-	-	10.54%	-	12.47%
EPS ²	79.63	-	45.38	-	-	58.70	56.66	32.64	77.03	109.7	55.04	91.06	34.81	85.83	120.6	102.6	129.4	-	-	-	-	-
Dividend per Share	11.75	-	13.00	-	-	18.00	-	-	-	29.00	-	-	-	-	41.00	-	-	-	-	-	-	-
Announcement Date	11/5/19	5/12/20	10/29/20	5/11/21	11/1/21	11/1/21	2/1/22	8/1/22	10/31/22	10/31/22	2/1/23	5/12/23	8/1/23	11/1/23	11/1/23	2/2/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,382	-	3,201	-	17,461	9,931	-	-
Net Cash position ¹	-	4,033	-	4,570	-	-	5,802	21,494
Leverage (Debt/EBITDA)	-	-	0.2966 x	-	1.025 x	0.4138 x	-	-
Free Cash Flow ¹	4,865	7,399	-5,597	7,400	-20,002	7,453	13,630	13,693
ROE (net income / shareholders' equity)	8.4%	12.4%	11.1%	12.9%	14.5%	17.4%	15.5%	15.3%
ROA (Net income/ Total Assets)	6.63%	9.8%	9.15%	9.4%	10.8%	11.9%	12%	12.4%
Assets ¹	67,178	73,108	77,335	97,930	108,133	135,277	136,944	146,237
Book Value Per Share ²	1,196	1,325	1,464	1,655	1,878	2,140	2,402	2,684
Cash Flow per Share	117.0	182.0	181.0	230.0	296.0	-	-	-
Capex ¹	781	1,154	1,254	3,387	1,466	2,000	2,200	2,400
Capex / Sales	0.85%	1.2%	1.25%	3.02%	1.11%	1.33%	1.38%	1.4%
Announcement Date	5/9/19	5/12/20	5/11/21	5/12/22	5/12/23	-	-	-

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 Organo Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7,560 JPY

Average target price

8,000 JPY

Spread / Average Target

+5.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Purification & Treatment Equipment

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Purification & Treatment Equipment