Financials Rinnai Corporation

Equities

5947

JP3977400005

Appliances, Tools & Housewares

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,363 ^JPY	+1.97%		+1.91%	+2.91%

Feb. 08	Rinnai Corporation Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI
2023	Rinnai Corporation Announces Dividend for the Second Quarter of Fiscal Year Ending March 31, 2024, Payable on December 8, 2023	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	402,460	393,202	636,824	456,683	473,561	481,601	-	-
Enterprise Value (EV) ¹	245,070	219,748	431,890	271,198	314,941	347,193	352,477	341,846
P/E ratio	19.7 x	18.2 x	23.1 x	19.5 x	18.3 x	20.2 x	17.3 x	15.7 x
Yield	1.2%	1.28%	1.01%	1.53%	1.65%	1.78%	2.16%	2.47%
Capitalization / Revenue	1.16 x	1.15 x	1.85 x	1.25 x	1.11 x	1.12 x	1.05 x	1.02 x
EV / Revenue	0.7 x	0.65 x	1.25 x	0.74 x	0.74 x	0.81 x	0.77 x	0.72 x
EV / EBITDA	5.73 x	4.72 x	8.29 x	5.69 x	5.76 x	6.72 x	5.96 x	5.38 x
EV / FCF	16.3 x	8.3 x	12.2 x	50.2 x	-29.4 x	-56 x	13.9 x	12.7 x
FCF Yield	6.15%	12%	8.22%	1.99%	-3.4%	-1.79%	7.18%	7.87%
Price to Book	1.35 x	1.25 x	1.86 x	1.33 x	1.3 x	1.31 x	1.25 x	1.19 x
Nbr of stocks (in thousands)	154,199	154,197	154,195	149,405	146,387	143,206	-	-
Reference price ²	2,610	2,550	4,130	3,057	3,235	3,363	3,363	3,363
Announcement Date	5/9/19	5/8/20	5/12/21	5/10/22	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	348,022	340,460	344,364	366,185	425,229	430,012	458,038	473,500
EBITDA ¹	42,755	46,556	52,103	47,658	54,696	51,650	59,098	63,572
EBIT ¹	30,879	34,422	40,690	35,864	41,418	36,525	43,961	47,782
Operating Margin	8.87%	10.11%	11.82%	9.79%	9.74%	8.49%	9.6%	10.09%
Earnings before Tax (EBT) ¹	33,164	34,834	43,846	39,060	44,565	41,504	46,731	50,387
Net income ¹	20,480	21,561	27,581	23,748	26,096	24,133	27,905	30,641
Net margin	5.88%	6.33%	8.01%	6.49%	6.14%	5.61%	6.09%	6.47%
EPS ²	132.8	139.8	178.9	156.8	176.9	166.6	194.4	214.6
Free Cash Flow ¹	15,070	26,462	35,517	5,401	-10,700	-6,200	25,300	26,900
FCF margin	4.33%	7.77%	10.31%	1.47%	-2.52%	-1.44%	5.52%	5.68%
FCF Conversion (EBITDA)	35.25%	56.84%	68.17%	11.33%	-	-	42.81%	42.31%
FCF Conversion (Net income)	73.58%	122.73%	128.77%	22.74%	-	-	90.66%	87.79%
Dividend per Share ²	31.33	32.67	41.67	46.67	53.33	60.00	72.50	83.12
Announcement Date	5/9/19	5/8/20	5/12/21	5/10/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	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
Net sales ¹	160,361	148,945	195,419	95,214	179,721	94,042	92,422	186,464	95,006	99,341	194,347	119,746	111,136	230,882	89,853	102,841	192,694	117,468	123,028
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	13,240	12,957	27,733	10,927	20,107	7,935	8,083	15,757	10,079	9,005	19,084	14,604	7,730	22,334	3,113	7,007	10,120	15,348	12,386
Operating Margin	8.26%	8.7%	14.19%	11.48%	11.19%	8.44%	8.75%	8.45%	10.61%	9.06%	9.82%	12.2%	6.96%	9.67%	3.46%	6.81%	5.25%	13.07%	10.07%
Earnings before Tax (EBT) ¹	13,849	15,365	28,481	11,757	21,687	8,722	8,651	17,373	11,437	10,776	22,213	14,274	8,078	22,352	5,895	9,015	14,910	15,521	13,553
Net income ¹	7,990	10,029	17,552	7,055	13,247	5,118	4,406	10,501	7,014	6,368	13,382	8,041	4,673	12,714	3,288	4,614	7,902	9,473	8,050
Net margin	4.98%	6.73%	8.98%	7.41%	7.37%	5.44%	4.77%	5.63%	7.38%	6.41%	6.89%	6.72%	4.2%	5.51%	3.66%	4.49%	4.1%	8.06%	6.54%
EPS ²	51.82	65.04	-	46.33	86.46	34.30	31.40	70.34	46.99	43.14	90.14	54.77	32.01	-	22.49	31.89	54.38	65.72	55.10
Dividend per Share ²	16.00	18.33	-	-	23.33	-	23.33	-	-	-	25.00	-	28.33	-	-	30.00	30.00	-	30.00
Announcement Date	11/7/19	11/6/20	5/12/21	11/5/21	11/5/21	2/9/22	5/10/22	5/10/22	8/5/22	11/4/22	11/4/22	2/8/23	5/10/23	5/10/23	8/4/23	11/7/23	11/7/23	2/8/24	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	157,390	173,454	204,934	185,485	158,620	134,409	129,124	139,756
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	15,070	26,462	35,517	5,401	-10,700	-6,200	25,300	26,900
ROE (net income / shareholders' equity)	7%	7%	8.4%	6.9%	7.4%	6.78%	7.58%	8.08%
ROA (Net income/ Total Assets)	7.79%	8.1%	8.95%	7.73%	8.41%	5.5%	6.17%	6.5%
Assets ¹	262,969	266,308	308,262	307,082	310,347	438,779	452,519	471,405
Book Value Per Share ²	1,940	2,047	2,220	2,297	2,488	2,568	2,688	2,816
Cash Flow per Share ²	210.0	219.0	253.0	235.0	267.0	234.0	273.0	338.0
Capex ¹	14,409	11,232	13,974	23,295	27,317	50,100	28,750	25,750
Capex / Sales	4.14%	3.3%	4.06%	6.36%	6.42%	11.65%	6.28%	5.44%
Announcement Date	5/9/19	5/8/20	5/12/21	5/10/22	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 Rinnai Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,363 JPY

Average target price

3,654 JPY

Spread / Average Target

+8.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Household Appliances

	1st Jan change	Capi.
RINNAI CORPORATION	+2.91%	3.06B
GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI	+22.79%	28.64B
BEIJING ROBOROCK TECHNOLOGY CO., LTD.	+35.11%	6.93B
HISENSE HOME APPLIANCES GROUP CO., LTD.	+81.37%	6.43B
WHIRLPOOL CORPORATION	-22.31%	5.17B
ECOVACS ROBOTICS CO., LTD.	+0.22%	3.3B
ARÇELIK ANONIM SIRKETI	+28.72%	3.14B
SHANGHAI FLYCO ELECTRICAL APPLIANCE CO., LTD.	-0.02%	3.04B
HANGZHOU ROBAM APPLIANCES CO., LTD.	+4.27%	2.96B
COWAY CO., LTD.	-1.92%	2.96B

Household Appliances