Financials Sanyo Denki Co., Ltd.

Equities

6516

JP3340800006

Electrical Components & Equipment

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
7,330 ^JPY	+1.52%		+6.85%	+16.91%

Feb. 06	Tranche Update on Sanyo Denki Co., Ltd.'s Equity Buyback Plan announced on February 5, 2024.	CI
Feb. 06	Sanyo Denki Co., Ltd.'s Equity Buyback announced on February 5, 2024, has closed with 191,300 shares, representing 1.58% for ¥1,138.24 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	48,057	52,714	71,289	59,603	74,491	88,824	-	-
Enterprise Value (EV) ¹	51,360	57,045	75,169	60,810	74,096	85,431	64,802	62,834
P/E ratio	9.64 x	124 x	18.1 x	6.61 x	6.52 x	8.13 x	11.5 x	9.32 x
Yield	2.77%	2.07%	1.53%	2.34%	2.2%	1.91%	1.91%	1.98%
Capitalization / Revenue	0.57 x	0.75 x	0.92 x	0.59 x	0.62 x	0.76 x	0.85 x	0.78 x
EV / Revenue	0.61 x	0.81 x	0.97 x	0.6 x	0.61 x	0.76 x	0.62 x	0.55 x
EV / EBITDA	4.78 x	9.1 x	7.33 x	3.66 x	3.81 x	4.36 x	4.1 x	3.26 x
EV / FCF	-10,058,835 x	15,594,588 x	92,572,105 x	12,600,513 x	19,315,972 x	6,089,571 x	-	-
FCF Yield	-0%	0%	0%	0%	0%	0%	-	-
Price to Book	0.74 x	0.84 x	1.01 x	0.74 x	0.8 x	0.76 x	0.81 x	0.74 x
Nbr of stocks (in thousands)	12,105	12,104	12,103	12,102	12,112	12,118	-	-
Reference price ²	3,970	4,355	5,890	4,925	6,150	7,330	7,330	7,330
Announcement Date	4/25/19	5/11/20	4/27/21	4/27/22	4/27/23	4/25/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	84,678	70,706	77,506	101,123	120,803	112,904	104,500	114,500
EBITDA ¹	10,747	6,266	10,259	16,622	19,435	17,400	15,800	19,300
EBIT ¹	6,590	1,043	4,830	10,971	13,421	11,811	10,000	12,300
Operating Margin	7.78%	1.48%	6.23%	10.85%	11.11%	10.46%	9.57%	10.74%
Earnings before Tax (EBT) ¹	6,890	986	4,996	11,787	14,226	13,323	-	12,300
Net income ¹	4,983	426	3,942	9,015	11,410	10,477	7,650	9,450
Net margin	5.88%	0.6%	5.09%	8.91%	9.45%	9.28%	7.32%	8.25%
EPS ²	411.7	35.22	325.7	744.9	942.9	867.5	636.8	786.2
Free Cash Flow	-5,106	3,658	812	4,826	3,836	14,029	-	-
FCF margin	-6.03%	5.17%	1.05%	4.77%	3.18%	12.43%	-	-
FCF Conversion (EBITDA)	-	58.38%	7.92%	29.03%	19.74%	-	-	-
FCF Conversion (Net income)	-	858.69%	20.6%	53.53%	33.62%	133.9%	-	-
Dividend per Share ²	110.0	90.00	90.00	115.0	135.0	140.0	140.0	145.0
Announcement Date	4/25/19	5/11/20	4/27/21	4/27/22	4/27/23	4/25/24	-	-

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
Net sales	34,338	36,368	33,817	43,689	25,113	49,799	24,745	26,579	51,324	27,714	31,122	58,836	30,467	31,500	61,967	31,061	29,593	60,654	25,902	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-139	1,182	701	4,129	2,850	5,325	2,310	3,336	5,646	2,895	3,753	6,648	3,068	3,705	6,773	3,800	3,123	6,923	2,751	2,137
Operating Margin	-0.4%	3.25%	2.07%	9.45%	11.35%	10.69%	9.34%	12.55%	11%	10.45%	12.06%	11.3%	10.07%	11.76%	10.93%	12.23%	10.55%	11.41%	10.62%	-
Earnings before Tax (EBT)	-247	1,233	605	4,391	2,898	5,510	2,564	3,713	6,277	3,939	4,264	8,203	2,272	3,751	6,023	4,817	3,465	8,282	2,381	-
Net income	-491	917	391	3,551	2,163	4,072	1,972	2,971	4,943	3,309	2,944	6,253	1,958	3,199	5,157	3,447	2,349	5,796	2,018	-
Net margin	-1.43%	2.52%	1.16%	8.13%	8.61%	8.18%	7.97%	11.18%	9.63%	11.94%	9.46%	10.63%	6.43%	10.16%	8.32%	11.1%	7.94%	9.56%	7.79%	-
EPS	-40.62	75.84	32.31	293.4	178.7	336.5	162.9	245.5	408.4	273.5	243.2	516.8	161.8	264.4	426.2	284.9	193.9	478.8	166.6	-
Dividend per Share	50.00	40.00	35.00	55.00	-	55.00	-	-	60.00	-	-	65.00	-	-	-	-	-	70.00	-	-
Announcement Date	10/31/19	5/11/20	10/30/20	4/27/21	10/29/21	10/29/21	1/31/22	4/27/22	4/27/22	8/1/22	10/31/22	10/31/22	1/31/23	4/27/23	4/27/23	7/31/23	10/31/23	10/31/23	1/31/24	4/25/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,303	4,331	3,880	1,207	-	-	-	-
Net Cash position ¹	-	-	-	-	395	12,896	24,021	25,990
Leverage (Debt/EBITDA)	0.3073 x	0.6912 x	0.3782 x	0.0726 x	-	-	-	-
Free Cash Flow	-5,106	3,658	812	4,826	3,836	14,029	-	-
ROE (net income / shareholders' equity)	7.9%	0.7%	5.9%	11.9%	13.1%	10.3%	7.14%	8.94%
ROA (Net income/ Total Assets)	4.66%	0.93%	4.54%	9.72%	10.4%	9.05%	-	-
Assets ¹	106,968	45,885	86,819	92,784	109,295	115,818	-	-
Book Value Per Share ²	5,355	5,166	5,815	6,664	7,695	9,259	9,045	9,854
Cash Flow per Share	755.0	467.0	774.0	1,212	1,440	1,351	-	-
Capex	6,946	5,070	4,147	4,528	3,944	7,423	-	-
Capex / Sales	8.2%	7.17%	5.35%	4.48%	3.26%	6.57%	-	-
Announcement Date	4/25/19	5/11/20	4/27/21	4/27/22	4/27/23	4/25/24	-	-

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 Sanyo Denki Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

7,330 JPY

Average target price

6,000 JPY

Spread / Average Target

-18.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electrical Components & Equipment

	1st Jan change	Capi.
SANYO DENKI CO., LTD.	+16.91%	564M
SIEMENS AG	+4.53%	149B
EATON CORPORATION PLC	+34.66%	130B
SCHNEIDER ELECTRIC SE	+19.57%	130B
EMERSON ELECTRIC CO.	+12.90%	62.82B
AMETEK, INC.	+7.65%	41.04B
VERTIV HOLDINGS CO	+94.65%	35B
WEG S.A.	+6.26%	32.1B
ROCKWELL AUTOMATION, INC.	-9.78%	32.1B
LEGRAND	+3.97%	27.31B

Other Electrical Components & Equipment