Financials Shimano Inc.

Equities

7309

JP3358000002

Recreational Products

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
25,100 ^JPY	-0.99%		+8.19%	+14.95%

Apr. 24	Shimano Shares Rise Sharply After Guidance Upgrade on China Road Bike Demand	DJ
Apr. 23	Shimano’s Attributable Profit Jumps 17.2% in Fiscal Q1	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,647,300	2,232,679	2,819,778	1,895,961	1,964,408	2,253,125	-	-
Enterprise Value (EV) ¹	1,381,732	1,927,086	2,458,394	1,467,683	1,473,867	1,723,029	1,697,841	1,657,794
P/E ratio	31.8 x	35.2 x	24.5 x	14.9 x	32.3 x	31.7 x	29.3 x	26.5 x
Yield	0.87%	1.47%	0.77%	1.24%	1.31%	1.14%	1.15%	1.18%
Capitalization / Revenue	4.54 x	5.91 x	5.16 x	3.01 x	4.14 x	5.1 x	4.46 x	4.19 x
EV / Revenue	3.8 x	5.1 x	4.5 x	2.33 x	3.11 x	3.9 x	3.36 x	3.08 x
EV / EBITDA	16 x	19.1 x	14.7 x	7.72 x	13.7 x	18.6 x	15.3 x	13.9 x
EV / FCF	32.7 x	30.2 x	25.5 x	19 x	17.8 x	17.4 x	25 x	20.2 x
FCF Yield	3.05%	3.31%	3.92%	5.27%	5.62%	5.75%	4%	4.95%
Price to Book	3.37 x	4.22 x	4.58 x	2.56 x	2.45 x	2.73 x	2.59 x	2.42 x
Nbr of stocks (in thousands)	92,701	92,700	91,969	90,629	89,966	89,766	-	-
Reference price ²	17,770	24,085	30,660	20,920	21,835	25,100	25,100	25,100
Announcement Date	2/12/20	2/9/21	2/8/22	2/14/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	363,230	378,040	546,515	628,909	474,362	441,932	505,395	537,995
EBITDA ¹	86,140	100,971	167,036	190,150	107,590	92,426	111,062	119,391
EBIT ¹	68,010	82,701	148,287	169,158	83,653	66,653	86,878	96,141
Operating Margin	18.72%	21.88%	27.13%	26.9%	17.63%	15.08%	17.19%	17.87%
Earnings before Tax (EBT) ¹	71,393	84,820	153,728	174,112	83,438	94,717	106,860	117,087
Net income ¹	51,833	63,472	115,937	128,178	61,142	70,159	76,909	84,547
Net margin	14.27%	16.79%	21.21%	20.38%	12.89%	15.88%	15.22%	15.72%
EPS ²	559.2	684.7	1,253	1,408	676.8	792.2	856.3	948.5
Free Cash Flow ¹	42,199	63,841	96,283	77,306	82,807	99,110	67,882	82,100
FCF margin	11.62%	16.89%	17.62%	12.29%	17.46%	22.43%	13.43%	15.26%
FCF Conversion (EBITDA)	48.99%	63.23%	57.64%	40.66%	76.97%	107.23%	61.12%	68.77%
FCF Conversion (Net income)	81.41%	100.58%	83.05%	60.31%	135.43%	141.26%	88.26%	97.11%
Dividend per Share ²	155.0	355.0	235.0	260.0	285.0	285.5	289.5	296.7
Announcement Date	2/12/20	2/9/21	2/8/22	2/14/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	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
Net sales ¹	160,255	264,694	130,493	151,328	144,047	159,639	303,686	163,979	161,244	126,071	137,179	263,250	112,014	99,098	211,112	100,557	104,683	194,100	112,937	128,230	239,100	116,212
EBITDA	-	-	41,490	36,054	42,962	48,178	-	50,534	48,476	33,522	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	28,674	69,922	37,051	41,314	38,033	42,876	80,909	45,667	42,582	28,009	25,899	53,908	18,178	11,567	29,745	13,421	13,078	19,350	17,181	22,245	36,400	25,180
Operating Margin	17.89%	26.42%	28.39%	27.3%	26.4%	26.86%	26.64%	27.85%	26.41%	22.22%	18.88%	20.48%	16.23%	11.67%	14.09%	13.35%	12.49%	9.97%	15.21%	17.35%	15.22%	21.67%
Earnings before Tax (EBT) ¹	39,635	74,124	39,758	39,846	38,290	51,992	90,282	57,601	26,229	28,399	39,687	68,086	10,226	5,126	-	28,792	19,590	-	22,845	23,871	-	-
Net income ¹	31,206	56,007	30,017	29,913	28,740	39,818	68,558	44,928	14,692	20,203	30,175	50,378	9,791	973	-	23,687	14,686	-	17,397	17,657	-	-
Net margin	19.47%	21.16%	23%	19.77%	19.95%	24.94%	22.58%	27.4%	9.11%	16.03%	22%	19.14%	8.74%	0.98%	-	23.56%	14.03%	-	15.4%	13.77%	-	-
EPS ²	336.6	604.2	324.2	324.3	314.0	436.6	750.7	494.3	163.2	223.1	333.7	556.8	108.5	11.42	-	263.7	72.23	-	157.5	248.5	-	-
Dividend per Share ²	77.50	117.5	-	-	-	-	117.5	-	142.5	-	-	142.5	-	142.5	-	-	-	-	-	285.0	-	-
Announcement Date	7/28/20	7/27/21	10/26/21	2/8/22	4/26/22	7/26/22	7/26/22	10/25/22	2/14/23	4/25/23	7/25/23	7/25/23	10/24/23	2/13/24	2/13/24	4/23/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	265,568	305,593	361,384	428,278	490,541	530,096	555,284	595,331
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	42,199	63,841	96,283	77,306	82,807	99,110	67,882	82,100
ROE (net income / shareholders' equity)	11%	12.5%	20.2%	18.9%	7.9%	8.71%	9.36%	9.61%
ROA (Net income/ Total Assets)	13.3%	14.4%	23.5%	23.1%	12.2%	7.35%	8.73%	8.93%
Assets ¹	389,116	439,861	492,357	555,992	502,220	954,550	880,635	946,421
Book Value Per Share ²	5,276	5,710	6,698	8,166	8,905	9,206	9,687	10,367
Cash Flow per Share ²	755.0	882.0	1,455	1,639	942.0	1,467	743.0	1,175
Capex ¹	25,698	27,209	20,529	27,762	31,356	40,000	23,846	23,798
Capex / Sales	7.07%	7.2%	3.76%	4.41%	6.61%	9.05%	4.72%	4.42%
Announcement Date	2/12/20	2/9/21	2/8/22	2/14/23	2/13/24	-	-	-

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 Shimano Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

25,100 JPY

Average target price

22,796 JPY

Spread / Average Target

-9.18%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Bicycle Manufacturing

	1st Jan change	Capi.
SHIMANO INC.	+14.95%	14.31B
MERIDA INDUSTRY CO., LTD.	+29.32%	2.16B
ZHONGLU.CO.,LTD	+98.08%	830M
KMC (KUEI MENG) INTERNATIONAL INC.	+7.98%	548M
SHANGHAI PHOENIX ENTERPRISE (GROUP) CO., LTD.	-14.51%	468M
JOY KIE CORPORATION LIMITED	-19.66%	380M
HL CORP (SHENZHEN)	-30.25%	230M
INNOX CORPORATION	-18.66%	129M
LEE CHI ENTERPRISES COMPANY LTD.	+4.82%	112M
ERAAYA LIFESPACES LIMITED	+383.55%	99.94M

Bicycle Manufacturing