SEIKO GROUP CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 4,040 JPY | +2.02% |
|
+0.50% | +49.96% |
| Feb. 22 | Corporate Earnings, Weak Yen Boost Japanese Shares to Fresh 52-Week Peak | MT |
| Feb. 22 | Seiko's Nine-Month Attributable Profit Jumps 31% on Higher Watch Sales in Europe, Asia | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 108,604 | 71,921 | 77,386 | 94,614 | 119,482 | 164,689 | - | - |
| Enterprise Value (EV) 1 | 179,174 | 155,429 | 175,263 | 184,600 | 221,365 | 258,989 | 251,389 | 243,589 |
| P/E ratio | 11.7 x | 21.2 x | 22.3 x | 14.7 x | 23.8 x | 16.4 x | 13.9 x | 12.7 x |
| Yield | 2.85% | 4.3% | 2% | 2.18% | 2.59% | 1.98% | 2.19% | 2.35% |
| Capitalization / Revenue | 0.44 x | 0.3 x | 0.38 x | 0.4 x | 0.46 x | 0.6 x | 0.57 x | 0.55 x |
| EV / Revenue | 0.72 x | 0.65 x | 0.86 x | 0.78 x | 0.85 x | 0.94 x | 0.87 x | 0.81 x |
| EV / EBITDA | 9.75 x | 9.45 x | 13.6 x | 9.39 x | 9.38 x | 9.42 x | 8.28 x | 7.65 x |
| EV / FCF | 15.7 x | -19.5 x | -35.3 x | 16.7 x | -35.3 x | 20.1 x | 19.1 x | 17.7 x |
| FCF Yield | 6.37% | -5.14% | -2.83% | 5.98% | -2.83% | 4.97% | 5.23% | 5.67% |
| Price to Book | 0.99 x | 0.7 x | 0.69 x | 0.79 x | 0.92 x | 1.14 x | 1.07 x | 1.01 x |
| Nbr of stocks (in thousands) | 41,216 | 41,239 | 41,229 | 41,244 | 41,272 | 40,765 | - | - |
| Reference price 2 | 2,635 | 1,744 | 1,877 | 2,294 | 2,895 | 4,040 | 4,040 | 4,040 |
| Announcement Date | 5/14/19 | 5/12/20 | 5/11/21 | 5/10/22 | 5/9/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 247,293 | 239,150 | 202,671 | 237,382 | 260,504 | 275,000 | 290,500 | 300,000 |
| EBITDA 1 | 18,374 | 16,449 | 12,884 | 19,649 | 23,592 | 27,500 | 30,350 | 31,850 |
| EBIT 1 | 9,394 | 6,134 | 2,194 | 8,770 | 11,233 | 14,433 | 17,267 | 18,767 |
| Operating Margin | 3.8% | 2.56% | 1.08% | 3.69% | 4.31% | 5.25% | 5.94% | 6.26% |
| Earnings before Tax (EBT) 1 | 11,774 | 6,201 | 6,424 | 8,876 | 9,642 | 13,900 | 17,100 | 18,500 |
| Net income 1 | 9,249 | 3,394 | 3,475 | 6,415 | 5,028 | 10,067 | 11,867 | 12,967 |
| Net margin | 3.74% | 1.42% | 1.71% | 2.7% | 1.93% | 3.66% | 4.08% | 4.32% |
| EPS 2 | 224.4 | 82.36 | 84.30 | 155.6 | 121.9 | 246.3 | 291.1 | 318.1 |
| Free Cash Flow 1 | 11,415 | -7,984 | -4,964 | 11,040 | -6,274 | 12,866 | 13,150 | 13,800 |
| FCF margin | 4.62% | -3.34% | -2.45% | 4.65% | -2.41% | 4.68% | 4.53% | 4.6% |
| FCF Conversion (EBITDA) | 62.13% | - | - | 56.19% | - | 46.78% | 43.33% | 43.33% |
| FCF Conversion (Net income) | 123.42% | - | - | 172.1% | - | 127.8% | 110.81% | 106.43% |
| Dividend per Share 2 | 75.00 | 75.00 | 37.50 | 50.00 | 75.00 | 80.00 | 88.33 | 95.00 |
| Announcement Date | 5/14/19 | 5/12/20 | 5/11/21 | 5/10/22 | 5/9/23 | - | - | - |
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 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 122,152 | 116,998 | 87,490 | 115,181 | 55,786 | 110,395 | 63,466 | 63,521 | - | 62,078 | 67,843 | 129,921 | 67,538 | 63,045 | 62,949 | 68,346 | 131,295 | 74,377 | 69,328 | 70,000 | 72,100 | 77,400 | 71,500 |
| EBITDA | - | - | - | - | 4,628 | - | 5,809 | 5,101 | - | 6,021 | 8,975 | - | 6,404 | 2,109 | 5,918 | 8,635 | - | - | - | - | - | - | - |
| EBIT 1 | 7,016 | -882 | -1,511 | 3,705 | 1,941 | 3,453 | 3,039 | 2,278 | - | 3,105 | 5,742 | 8,847 | 3,599 | -1,213 | 2,823 | 5,337 | 8,160 | 5,983 | 158 | 3,700 | 6,200 | 6,400 | 700 |
| Operating Margin | 5.74% | -0.75% | -1.73% | 3.22% | 3.48% | 3.13% | 4.79% | 3.59% | - | 5% | 8.46% | 6.81% | 5.33% | -1.92% | 4.48% | 7.81% | 6.22% | 8.04% | 0.23% | 5.29% | 8.6% | 8.27% | 0.98% |
| Earnings before Tax (EBT) | 7,827 | -1,626 | 3,469 | 2,955 | 1,355 | 2,707 | 3,641 | 2,528 | 6,169 | 3,947 | 5,503 | 9,450 | 3,040 | -2,848 | 3,732 | 5,396 | 9,128 | 5,434 | - | - | - | - | - |
| Net income | 5,407 | -2,013 | 2,107 | 1,368 | 1,140 | 1,193 | 2,717 | 2,505 | - | 1,707 | 3,585 | 5,292 | 2,812 | -3,076 | 2,411 | 3,870 | 6,281 | 4,362 | - | - | - | - | - |
| Net margin | 4.43% | -1.72% | 2.41% | 1.19% | 2.04% | 1.08% | 4.28% | 3.94% | - | 2.75% | 5.28% | 4.07% | 4.16% | -4.88% | 3.83% | 5.66% | 4.78% | 5.86% | - | - | - | - | - |
| EPS | 131.2 | - | 51.11 | 33.19 | 27.63 | 28.93 | 65.88 | 60.75 | - | 41.40 | 86.89 | 128.3 | 68.14 | -74.57 | 58.43 | 93.70 | 152.1 | 105.8 | - | - | - | - | - |
| Dividend per Share | 37.50 | 37.50 | 12.50 | 25.00 | 25.00 | 25.00 | - | 25.00 | - | - | 37.50 | 37.50 | - | 37.50 | - | 37.50 | 37.50 | - | - | - | - | - | - |
| Announcement Date | 11/12/19 | 5/12/20 | 11/10/20 | 5/11/21 | 11/9/21 | 11/9/21 | 2/8/22 | 5/10/22 | 5/10/22 | 8/9/22 | 11/8/22 | 11/8/22 | 2/14/23 | 5/9/23 | 8/8/23 | 11/14/23 | 11/14/23 | 2/14/24 | - | - | - | - | - |
1JPY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 70,570 | 83,508 | 97,877 | 89,986 | 101,883 | 94,300 | 86,700 | 78,900 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.841 x | 5.077 x | 7.597 x | 4.58 x | 4.319 x | 3.429 x | 2.857 x | 2.477 x |
| Free Cash Flow 1 | 11,415 | -7,984 | -4,964 | 11,040 | -6,274 | 12,866 | 13,150 | 13,800 |
| ROE (net income / shareholders' equity) | 8.7% | 3.2% | 3.2% | 5.5% | 4% | 7.33% | 7.95% | 8.2% |
| ROA (Net income/ Total Assets) | 3.74% | 2.32% | 0.2% | 3.07% | 3.27% | 3% | 3.2% | 3.4% |
| Assets 1 | 247,488 | 146,107 | 1,700,847 | 208,864 | 153,863 | 335,556 | 370,833 | 381,373 |
| Book Value Per Share 2 | 2,650 | 2,500 | 2,709 | 2,911 | 3,145 | 3,539 | 3,768 | 4,016 |
| Cash Flow per Share | 442.0 | 333.0 | 344.0 | 419.0 | 421.0 | - | - | - |
| Capex 1 | 6,341 | 8,852 | 17,735 | 8,797 | 12,182 | 8,500 | 9,000 | 9,500 |
| Capex / Sales | 2.56% | 3.7% | 8.75% | 3.71% | 4.68% | 3.09% | 3.1% | 3.17% |
| Announcement Date | 5/14/19 | 5/12/20 | 5/11/21 | 5/10/22 | 5/9/23 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
4,040
JPY
Average target price
4,733
JPY
Spread / Average Target
+17.16%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +49.96% | 1.05B | |
| +22.95% | 1.6B | |
| -13.80% | 575M | |
| -11.30% | 567M | |
| -6.20% | 555M | |
| -8.33% | 391M | |
| -18.09% | 165M | |
| -25.81% | 90.7M | |
| +2.63% | 89.74M | |
| -4.73% | 79.32M |
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- Financials Seiko Group Corporation
