Stock 7701 SHIMADZU CORPORATION
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Financials Shimadzu Corporation

Equities

7701

JP3357200009

Office Equipment

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
4,223 JPY +1.10% Intraday chart for Shimadzu Corporation +2.90% +7.13%
Feb. 28 Shimadzu Corporation acquired Gas chromatograph (GC) catalytic microreactor Business from Activated Research Company, LLC. CI
2023 Certain Common Stock of AR advanced technology, Inc. are subject to a Lock-Up Agreement Ending on 19-DEC-2023. CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 942,617 838,043 1,180,056 1,247,857 1,219,940 1,244,614 - -
Enterprise Value (EV) 1 886,513 769,286 1,069,039 1,091,600 1,071,936 1,050,315 1,016,215 983,560
P/E ratio 29 x 26.4 x 32.7 x 26.4 x 23.4 x 22.6 x 21.8 x 20.4 x
Yield 0.88% 1.05% 0.85% 1.13% 1.3% 1.36% 1.42% 1.52%
Capitalization / Revenue 2.41 x 2.17 x 3 x 2.91 x 2.53 x 2.44 x 2.35 x 2.25 x
EV / Revenue 2.27 x 2 x 2.72 x 2.55 x 2.22 x 2.06 x 1.92 x 1.77 x
EV / EBITDA 15.8 x 14 x 16.4 x 13.6 x 12.5 x 11.5 x 10.6 x 9.52 x
EV / FCF 135 x 32.8 x 21.4 x 19 x 41.6 x 23.2 x 21.4 x 19.4 x
FCF Yield 0.74% 3.05% 4.67% 5.25% 2.41% 4.3% 4.67% 5.16%
Price to Book 3.27 x 2.77 x 3.52 x 3.27 x 2.88 x 2.7 x 2.47 x 2.27 x
Nbr of stocks (in thousands) 294,568 294,567 294,646 294,653 294,672 294,723 - -
Reference price 2 3,200 2,845 4,005 4,235 4,140 4,223 4,223 4,223
Announcement Date 5/10/19 5/20/20 5/11/21 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 1 391,213 385,443 393,499 428,175 482,240 511,086 529,227 554,345
EBITDA 1 55,986 55,101 65,278 80,011 85,743 91,478 96,110 103,319
EBIT 1 44,480 41,845 49,742 63,806 68,219 73,501 76,708 82,310
Operating Margin 11.37% 10.86% 12.64% 14.9% 14.15% 14.38% 14.49% 14.85%
Earnings before Tax (EBT) 1 44,652 43,113 49,817 65,947 70,832 74,506 78,291 84,186
Net income 1 32,523 31,766 36,097 47,289 52,048 55,174 57,186 60,993
Net margin 8.31% 8.24% 9.17% 11.04% 10.79% 10.8% 10.81% 11%
EPS 2 110.4 107.8 122.5 160.5 176.6 187.2 194.0 206.9
Free Cash Flow 1 6,557 23,447 49,941 57,323 25,791 45,181 47,475 50,800
FCF margin 1.68% 6.08% 12.69% 13.39% 5.35% 8.84% 8.97% 9.16%
FCF Conversion (EBITDA) 11.71% 42.55% 76.51% 71.64% 30.08% 49.39% 49.4% 49.17%
FCF Conversion (Net income) 20.16% 73.81% 138.35% 121.22% 49.55% 81.89% 83.02% 83.29%
Dividend per Share 2 28.00 30.00 34.00 48.00 54.00 57.60 59.80 64.22
Announcement Date 5/10/19 5/20/20 5/11/21 5/10/22 5/10/23 - - -
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 2025 Q1 2025 Q2 2025 S1 2025 Q3 2025 Q4 2025 S2
Net sales 1 186,479 198,964 178,765 214,734 107,769 202,067 103,791 122,317 226,108 98,639 123,254 221,893 117,579 142,768 260,347 109,200 130,314 239,514 126,109 146,590 272,986 114,225 132,850 186,950 134,500 153,633 282,000
EBITDA 24,399 - - - 20,415 - 20,662 22,482 - 13,690 23,722 - 21,292 27,039 - 17,759 23,917 - - - - - - - - - -
EBIT 1 17,869 23,976 19,638 30,104 16,418 28,836 16,621 18,349 34,970 9,449 19,463 28,912 16,868 22,439 39,307 13,249 19,256 32,505 18,242 22,783 40,995 13,725 19,925 25,950 20,175 25,400 44,000
Operating Margin 9.58% 12.05% 10.99% 14.02% 15.23% 14.27% 16.01% 15% 15.47% 9.58% 15.79% 13.03% 14.35% 15.72% 15.1% 12.13% 14.78% 13.57% 14.47% 15.54% 15.02% 12.02% 15% 13.88% 15% 16.53% 15.6%
Earnings before Tax (EBT) 1 18,080 - 19,354 - 15,837 28,601 17,507 19,839 - 12,098 21,274 33,372 15,201 22,259 - 15,669 20,234 35,903 17,039 22,400 - 15,600 19,800 - 19,700 24,500 -
Net income 1 13,246 18,520 13,916 22,181 11,759 20,485 13,392 13,412 26,804 8,685 15,815 24,500 11,422 16,126 27,548 11,100 15,450 26,550 12,505 15,358 27,212 10,632 15,058 26,110 14,166 18,386 32,903
Net margin 7.1% 9.31% 7.78% 10.33% 10.91% 10.14% 12.9% 10.96% 11.85% 8.8% 12.83% 11.04% 9.71% 11.3% 10.58% 10.16% 11.86% 11.08% 9.92% 10.48% 9.97% 9.31% 11.33% 13.97% 10.53% 11.97% 11.67%
EPS 2 44.97 62.87 47.24 75.28 39.91 69.53 45.45 45.51 90.96 29.48 53.67 83.15 38.76 54.73 93.49 37.67 52.42 90.09 42.43 50.35 92.35 34.75 53.00 88.60 47.30 64.40 111.6
Dividend per Share 2 15.00 - 15.00 19.00 20.00 20.00 - 28.00 28.00 - - 22.00 - 32.00 32.00 - 24.00 24.00 - 34.00 34.00 - 26.00 26.00 - 36.00 36.00
Announcement Date 11/8/19 5/20/20 11/9/20 5/11/21 11/5/21 11/5/21 2/4/22 5/10/22 5/10/22 8/5/22 11/7/22 11/7/22 2/6/23 5/10/23 5/10/23 8/4/23 11/7/23 11/7/23 2/6/24 - - - - - - - -
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 56,104 68,757 111,017 156,257 148,004 194,299 228,399 261,054
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 6,557 23,447 49,941 57,323 25,791 45,181 47,475 50,800
ROE (net income / shareholders' equity) 11.7% 10.8% 11.3% 13.2% 12.9% 12.5% 12% 11.8%
ROA (Net income/ Total Assets) 10.6% 9.76% 10.3% 12.4% 12% 10.8% 10.6% 10.8%
Assets 1 306,528 325,636 348,852 381,469 433,010 508,806 541,136 565,780
Book Value Per Share 2 977.0 1,028 1,139 1,294 1,437 1,565 1,707 1,860
Cash Flow per Share 2 149.0 153.0 175.0 215.0 236.0 303.0 273.0 297.0
Capex 1 20,784 15,868 13,312 10,131 22,512 23,934 24,576 25,637
Capex / Sales 5.31% 4.12% 3.38% 2.37% 4.67% 4.68% 4.64% 4.62%
Announcement Date 5/10/19 5/20/20 5/11/21 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 Shimadzu Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
4,223 JPY
Average target price
5,176 JPY
Spread / Average Target
+22.57%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Scientific & Precision Equipment

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Scientific & Precision Equipment
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