Financials Osaki Electric Co., Ltd.

Equities

6644

JP3187600006

Electrical Components & Equipment

Delayed Japan Exchange Other stock markets 02:00:00 2024-05-01 am EDT			5-day change	1st Jan Change
693 ^JPY	+0.43%		+3.28%	+8.11%

2023	Osaki Electric Co., Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI
2023	Tranche Update on Osaki Electric Co., Ltd.'s Equity Buyback Plan announced on February 1, 2022.	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	33,707	26,124	29,920	22,806	24,985	32,371	-	-
Enterprise Value (EV) ¹	31,321	29,922	25,835	19,487	22,836	32,371	32,371	32,371
P/E ratio	18.6 x	21.8 x	62 x	-34.9 x	19.1 x	13.5 x	12.9 x	11.1 x
Yield	2.9%	3.75%	3.28%	4.27%	3.76%	2.9%	2.9%	2.9%
Capitalization / Revenue	0.41 x	0.29 x	0.39 x	0.3 x	0.28 x	0.35 x	0.35 x	0.33 x
EV / Revenue	0.41 x	0.29 x	0.39 x	0.3 x	0.28 x	0.35 x	0.35 x	0.33 x
EV / EBITDA	4.86 x	3.96 x	5.51 x	5.98 x	5.19 x	4.26 x	4.4 x	3.95 x
EV / FCF	-12.3 x	-5.79 x	3.21 x	7.12 x	-18.1 x	55.1 x	14.3 x	83 x
FCF Yield	-8.13%	-17.3%	31.1%	14%	-5.54%	1.81%	6.99%	1.2%
Price to Book	0.71 x	0.56 x	0.64 x	0.5 x	0.54 x	0.68 x	0.66 x	0.63 x
Nbr of stocks (in thousands)	48,921	48,921	49,048	48,730	46,964	46,914	-	-
Reference price ²	689.0	534.0	610.0	468.0	532.0	690.0	690.0	690.0
Announcement Date	5/14/19	5/27/20	5/11/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	82,089	90,069	76,255	76,184	89,253	92,250	92,500	98,500
EBITDA ¹	6,933	6,596	5,433	3,813	4,813	7,600	7,350	8,200
EBIT ¹	4,299	3,691	2,684	1,277	2,226	5,250	4,850	5,500
Operating Margin	5.24%	4.1%	3.52%	1.68%	2.49%	5.69%	5.24%	5.58%
Earnings before Tax (EBT)	4,277	3,474	2,530	1,114	3,574	-	-	-
Net income ¹	1,806	1,197	482	-658	1,319	2,400	2,500	2,900
Net margin	2.2%	1.33%	0.63%	-0.86%	1.48%	2.6%	2.7%	2.94%
EPS ²	36.95	24.47	9.840	-13.42	27.86	51.20	53.35	61.90
Free Cash Flow ¹	-2,742	-4,514	9,316	3,203	-1,383	587	2,264	390
FCF margin	-3.34%	-5.01%	12.22%	4.2%	-1.55%	0.64%	2.45%	0.4%
FCF Conversion (EBITDA)	-	-	171.47%	84%	-	7.72%	30.8%	4.76%
FCF Conversion (Net income)	-	-	1,932.78%	-	-	24.46%	90.56%	13.45%
Dividend per Share ²	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00
Announcement Date	5/14/19	5/27/20	5/11/21	5/12/22	5/11/23	-	-	-

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	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	43,580	46,489	35,734	40,521	18,367	36,087	17,668	22,429	40,097	19,377	20,185	39,562	21,080	28,611	49,691	21,367	22,807	44,174	24,218	23,633	50,826
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,033	1,658	767	1,917	6	461	329	487	816	540	-5	535	528	1,163	1,692	1,169	1,156	2,325	2,037	1,281	3,675
Operating Margin	4.66%	3.57%	2.15%	4.73%	0.03%	1.28%	1.86%	2.17%	2.04%	2.79%	-0.02%	1.35%	2.5%	4.06%	3.41%	5.47%	5.07%	5.26%	8.41%	5.42%	7.23%
Earnings before Tax (EBT)	1,946	-	744	-	-	531	277	-	-	2,567	-	1,905	201	-	-	1,365	-	2,400	1,562	-	-
Net income	845	-	-202	-	-	-236	-248	-	-	2,116	-	1,041	-498	-	-	768	-	1,356	828	-	-
Net margin	1.94%	-	-0.57%	-	-	-0.65%	-1.4%	-	-	10.92%	-	2.63%	-2.36%	-	-	3.59%	-	3.07%	3.42%	-	-
EPS	17.28	-	-4.140	-	-	-4.830	-5.050	-	-	44.22	-	21.83	-10.40	-	-	16.43	-	28.97	17.65	-	-
Dividend per Share	10.00	-	10.00	-	-	10.00	-	-	-	-	-	10.00	-	-	-	-	-	10.00	-	-	-
Announcement Date	11/6/19	5/27/20	11/4/20	5/11/21	11/2/21	11/2/21	2/1/22	5/12/22	5/12/22	8/2/22	11/8/22	11/8/22	2/7/23	5/11/23	5/11/23	8/1/23	11/7/23	11/7/23	2/6/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	3,798	-	-	-	-	-	-
Net Cash position	2,386	-	4,085	3,319	2,149	-	-	-
Leverage (Debt/EBITDA)	-	0.5758 x	-	-	-	-	-	-
Free Cash Flow ¹	-2,742	-4,514	9,316	3,203	-1,383	587	2,264	390
ROE (net income / shareholders' equity)	3.8%	2.5%	1%	-1.4%	2.9%	4.9%	5.2%	6%
ROA (Net income/ Total Assets)	4.66%	3.61%	3.06%	1.31%	2.04%	4.8%	4.9%	5.5%
Assets ¹	38,772	33,147	15,768	-50,418	64,547	50,000	51,020	52,727
Book Value Per Share ²	975.0	956.0	950.0	937.0	981.0	1,012	1,045	1,087
Cash Flow per Share	90.80	83.90	65.90	38.30	82.50	-	-	-
Capex ¹	1,611	2,005	1,332	2,444	1,643	3,300	3,500	3,300
Capex / Sales	1.96%	2.23%	1.75%	3.21%	1.84%	3.58%	3.78%	3.35%
Announcement Date	5/14/19	5/27/20	5/11/21	5/12/22	5/11/23	-	-	-

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 Osaki Electric Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

690 JPY

Average target price

775 JPY

Spread / Average Target

+12.32%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electrical Measuring & Testing Instruments

	1st Jan change	Capi.
OSAKI ELECTRIC CO., LTD.	+8.11%	206M
NINGBO SANXING MEDICAL ELECTRIC CO.,LTD.	+64.39%	6.57B
ZHONGHANG ELECTRONIC MEASURING INSTRUMENTS CO.,LTD	-2.79%	3.44B
CHROMA ATE INC.	+25.12%	3.46B
HEFEI MEYER OPTOELECTRONIC TECHNOLOGY INC.	-8.76%	2.18B
LEM HOLDING SA	-24.53%	1.95B
JIANGSU LINYANG ENERGY CO., LTD.	+3.60%	1.87B
KELI SENSING TECHNOLOGY (NINGBO) CO.,LTD.	-16.78%	1.17B
HANGZHOU SUNRISE TECHNOLOGY CO.,LTD.	+6.22%	1.02B
CHANGCHUN UP OPTOTECH CO.,LTD.	-19.20%	902M

Electrical Measuring & Testing Instruments