Financials Tadano Ltd.

Equities

6395

JP3465000002

Heavy Machinery & Vehicles

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,246 ^JPY	+1.14%		+2.00%	+5.73%

Apr. 17	Tadano Disposes of 58,609 Treasury Shares for 78.54 Million Yen as Restricted Stock Compensation	MT
Feb. 14	Tadano Ltd. Announces Dividend for the Year Ended December 31, 2023, Scheduled Date of Commencing Dividend Payments of March 28, 2024 and Provides Dividend Guidance for the Mid Year Ending December 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	126,757	111,870	140,465	116,309	149,630	158,196	-	-
Enterprise Value (EV) ¹	90,968	114,382	131,941	111,870	142,342	160,755	148,527	145,160
P/E ratio	11.1 x	14.2 x	-10.8 x	52.6 x	19.2 x	15.1 x	12.8 x	12 x
Yield	2.6%	3.17%	0.27%	0.87%	1.61%	1.7%	1.72%	2.49%
Capitalization / Revenue	0.67 x	0.49 x	0.76 x	0.6 x	0.53 x	0.5 x	0.51 x	0.5 x
EV / Revenue	0.48 x	0.5 x	0.71 x	0.58 x	0.51 x	0.51 x	0.48 x	0.45 x
EV / EBITDA	4.83 x	5.79 x	88 x	10.2 x	6.16 x	6.01 x	5.2 x	4.88 x
EV / FCF	-7.62 x	-7.2 x	8.93 x	-7.03 x	23.2 x	42.3 x	14 x	14.6 x
FCF Yield	-13.1%	-13.9%	11.2%	-14.2%	4.31%	2.36%	7.14%	6.84%
Price to Book	0.82 x	0.7 x	0.97 x	0.7 x	0.83 x	0.84 x	0.81 x	0.77 x
Nbr of stocks (in thousands)	126,630	126,694	126,774	126,837	126,912	126,912	-	-
Reference price ²	1,001	883.0	1,108	917.0	1,179	1,246	1,246	1,246
Announcement Date	4/26/19	4/28/20	4/28/21	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	188,451	227,949	186,040	192,932	280,266	314,050	307,600	319,425
EBITDA ¹	18,819	19,770	1,499	10,976	23,099	26,760	28,540	29,750
EBIT ¹	15,835	15,623	-4,196	7,191	18,349	20,680	22,917	23,850
Operating Margin	8.4%	6.85%	-2.26%	3.73%	6.55%	6.58%	7.45%	7.47%
Earnings before Tax (EBT) ¹	16,218	13,504	-12,358	7,623	18,287	18,300	20,908	21,925
Net income ¹	11,462	7,876	-12,987	2,210	7,773	10,482	12,435	13,208
Net margin	6.08%	3.46%	-6.98%	1.15%	2.77%	3.34%	4.04%	4.13%
EPS ²	90.52	62.20	-102.5	17.43	61.26	82.58	97.56	104.0
Free Cash Flow ¹	-11,943	-15,884	14,782	-15,902	6,138	3,802	10,609	9,925
FCF margin	-6.34%	-6.97%	7.95%	-8.24%	2.19%	1.21%	3.45%	3.11%
FCF Conversion (EBITDA)	-	-	986.12%	-	26.57%	14.21%	37.17%	33.36%
FCF Conversion (Net income)	-	-	-	-	78.97%	36.27%	85.31%	75.15%
Dividend per Share ²	26.00	28.00	3.000	8.000	19.00	21.25	21.50	31.00
Announcement Date	4/26/19	4/28/20	4/28/21	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2
Net sales ¹	106,179	100,304	127,645	91,106	41,437	53,497	77,658	-	53,652	-	61,622	64,886	68,381	133,267	70,655	76,344	146,999
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	10,092	7,573	8,050	-1,038	-796	-2,362	1,829	-	2,611	922	2,751	3,527	5,270	8,797	4,396	6,312	9,552
Operating Margin	9.5%	7.55%	6.31%	-1.14%	-1.92%	-4.42%	2.36%	-	4.87%	-	4.46%	5.44%	7.71%	6.6%	6.22%	8.27%	6.5%
Earnings before Tax (EBT) ¹	-	7,739	-	-1,504	-5,785	-	-	-	-	-	2,319	3,036	-	7,884	4,153	6,250	10,403
Net income ¹	7,381	5,064	2,812	-2,566	-5,102	-5,319	1,884	-	94	-	2,951	847	2,403	3,250	1,687	2,836	4,523
Net margin	6.95%	5.05%	2.2%	-2.82%	-12.31%	-9.94%	2.43%	-	0.18%	-	4.79%	1.31%	3.51%	2.44%	2.39%	3.71%	3.08%
EPS	-	39.99	-	-20.26	-40.28	-	-	-	-	-	-	6.680	-	25.62	13.30	-	-
Dividend per Share	-	14.00	-	-	-	-	-	-	-	-	-	-	-	4.000	-	-	-
Announcement Date	4/26/19	10/30/19	4/28/20	10/30/20	1/29/21	4/28/21	8/10/22	8/10/22	11/14/22	2/14/23	2/14/23	5/15/23	8/10/23	8/10/23	11/14/23	2/14/24	2/14/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	2,512	-	-	-	2,559	-	-
Net Cash position ¹	35,789	-	8,524	4,439	7,288	-	9,669	13,037
Leverage (Debt/EBITDA)	-	0.1271 x	-	-	-	0.0956 x	-	-
Free Cash Flow ¹	-11,943	-15,884	14,782	-15,902	6,138	3,802	10,609	9,925
ROE (net income / shareholders' equity)	7.6%	5%	-8.6%	1.4%	4.5%	6.13%	6.64%	6.64%
ROA (Net income/ Total Assets)	6.22%	5.45%	-1.47%	0.63%	2.15%	3.49%	3.54%	3.87%
Assets ¹	184,138	144,632	881,838	350,682	360,964	300,444	350,800	341,573
Book Value Per Share ²	1,216	1,253	1,137	1,318	1,426	1,479	1,542	1,612
Cash Flow per Share ²	114.0	95.00	-57.60	-161.0	109.0	-114.0	105.0	121.0
Capex ¹	14,458	12,902	5,666	4,679	3,115	4,872	6,023	4,705
Capex / Sales	7.67%	5.66%	3.05%	2.43%	1.11%	1.55%	1.96%	1.47%
Announcement Date	4/26/19	4/28/20	4/28/21	2/14/23	2/14/24	-	-	-

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 Tadano Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,246 JPY

Average target price

1,360 JPY

Spread / Average Target

+9.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Construction Machinery

	1st Jan change	Capi.
TADANO LTD.	+5.73%	1B
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ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO., LTD.	+32.01%	9.69B
DOOSAN BOBCAT INC.	+3.17%	3.78B
CHINA RAILWAY CONSTRUCTION HEAVY INDUSTRY CORPORATION LIMITED	-0.76%	2.9B
GUANGXI LIUGONG MACHINERY CO., LTD.	+58.46%	2.88B
ACTION CONSTRUCTION EQUIPMENT LIMITED	+84.29%	2.18B
TAKEUCHI MFG. CO., LTD.	+37.22%	1.78B

Construction Machinery