Financials Tamura Corporation

Equities

6768

JP3471000004

Electrical Components & Equipment

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
623 ^JPY	+2.81%		+6.13%	+12.25%

Feb. 06	Tamura Corporation Provides Dividend Guidance for the Year Ending March 31, 2024	CI
2023	Tamura Corporation Announces Dividend for the Second Quarter-End Ended September 30, 2023, Payable on December 1, 2023; Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	50,110	32,498	41,966	50,597	67,295	50,931	-	-
Enterprise Value (EV) ¹	51,272	38,127	46,886	68,073	88,164	69,881	68,247	67,357
P/E ratio	7.83 x	31.7 x	77.3 x	-604 x	32.9 x	30.1 x	16.4 x	15.9 x
Yield	1.64%	2.53%	1.57%	1.62%	1.21%	1.61%	1.61%	1.61%
Capitalization / Revenue	0.58 x	0.41 x	0.57 x	0.57 x	0.62 x	0.48 x	0.46 x	0.44 x
EV / Revenue	0.59 x	0.48 x	0.63 x	0.77 x	0.82 x	0.65 x	0.62 x	0.59 x
EV / EBITDA	7.52 x	6.86 x	8.59 x	13.8 x	10.1 x	7.85 x	7.58 x	7.4 x
EV / FCF	89,635,825 x	40,821,666 x	53,953,900 x	-7,112,469 x	-74,905,471 x	-	-	-
FCF Yield	0%	0%	0%	-0%	-0%	-	-	-
Price to Book	1.07 x	0.7 x	0.88 x	1.01 x	1.28 x	0.95 x	0.91 x	0.87 x
Nbr of stocks (in thousands)	82,013	82,067	82,125	82,139	81,668	81,751	-	-
Reference price ²	611.0	396.0	511.0	616.0	824.0	623.0	623.0	623.0
Announcement Date	5/10/19	5/14/20	5/11/21	5/11/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	87,008	79,655	73,906	88,328	107,993	107,000	110,000	115,000
EBITDA ¹	6,814	5,555	5,460	4,925	8,744	8,900	9,000	9,100
EBIT ¹	4,600	2,289	1,969	1,564	4,829	4,900	5,000	5,100
Operating Margin	5.29%	2.87%	2.66%	1.77%	4.47%	4.58%	4.55%	4.43%
Earnings before Tax (EBT)	7,112	2,470	2,268	1,210	2,798	-	-	-
Net income ¹	6,397	1,024	542	-84	2,047	1,690	3,100	3,200
Net margin	7.35%	1.29%	0.73%	-0.1%	1.9%	1.58%	2.82%	2.78%
EPS ²	78.00	12.48	6.610	-1.020	25.01	20.68	37.94	39.16
Free Cash Flow	572	934	869	-9,571	-1,177	-	-	-
FCF margin	0.66%	1.17%	1.18%	-10.84%	-1.09%	-	-	-
FCF Conversion (EBITDA)	8.39%	16.81%	15.92%	-	-	-	-	-
FCF Conversion (Net income)	8.94%	91.21%	160.33%	-	-	-	-	-
Dividend per Share ²	10.00	10.00	8.000	10.00	10.00	10.00	10.00	10.00
Announcement Date	5/10/19	5/14/20	5/11/21	5/11/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	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
Net sales ¹	39,008	40,647	33,325	40,581	21,610	41,139	21,353	25,836	47,189	23,981	25,465	49,446	28,880	29,667	58,547	24,498	27,373	51,871	27,035
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	941	1,348	309	1,660	178	282	159	1,123	1,282	677	971	1,648	1,496	1,685	3,181	620	1,104	1,724	1,499
Operating Margin	2.41%	3.32%	0.93%	4.09%	0.82%	0.69%	0.74%	4.35%	2.72%	2.82%	3.81%	3.33%	5.18%	5.68%	5.43%	2.53%	4.03%	3.32%	5.54%
Earnings before Tax (EBT) ¹	1,212	1,258	348	1,920	374	610	-8	608	600	688	812	1,500	1,211	87	1,298	720	217	937	1,261
Net income ¹	766	258	27	515	211	-55	-424	395	-29	158	1,092	1,250	731	66	797	26	26	52	686
Net margin	1.96%	0.63%	0.08%	1.27%	0.98%	-0.13%	-1.99%	1.53%	-0.06%	0.66%	4.29%	2.53%	2.53%	0.22%	1.36%	0.11%	0.09%	0.1%	2.54%
EPS ²	9.340	3.140	0.3300	6.280	2.560	-0.6800	-5.160	4.820	-0.3400	1.930	13.31	15.24	8.950	0.8200	9.770	0.3200	0.3200	0.6400	8.400
Dividend per Share	5.000	5.000	3.000	5.000	-	5.000	-	-	5.000	-	5.000	5.000	-	-	5.000	-	-	5.000	-
Announcement Date	11/5/19	5/14/20	11/5/20	5/11/21	11/5/21	11/5/21	2/4/22	5/11/22	5/11/22	8/5/22	11/7/22	11/7/22	2/3/23	5/11/23	5/11/23	8/4/23	11/7/23	11/7/23	2/5/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,162	5,629	4,920	17,476	20,869	18,950	17,317	16,427
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.1705 x	1.013 x	0.9011 x	3.548 x	2.387 x	2.129 x	1.924 x	1.805 x
Free Cash Flow	572	934	869	-9,571	-1,177	-	-	-
ROE (net income / shareholders' equity)	14.3%	2.2%	1.2%	-0.2%	4%	3.2%	5.77%	5.72%
ROA (Net income/ Total Assets)	7.6%	2.87%	2.65%	-0.09%	4.01%	-	-	-
Assets ¹	84,171	35,629	20,422	97,561	51,031	-	-	-
Book Value Per Share ²	570.0	565.0	583.0	608.0	644.0	657.0	685.0	714.0
Cash Flow per Share	105.0	52.30	49.10	39.90	72.90	-	-	-
Capex	6,119	4,522	4,180	5,902	3,357	-	-	-
Capex / Sales	7.03%	5.68%	5.66%	6.68%	3.11%	-	-	-
Announcement Date	5/10/19	5/14/20	5/11/21	5/11/22	5/11/23	-	-	-

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 Tamura Corporation

Trading Rating

Investor Rating

ESG Refinitiv

D-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

623 JPY

Average target price

610 JPY

Spread / Average Target

-2.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electrical Component

	1st Jan change	Capi.
TAMURA CORPORATION	+12.25%	324M
TE CONNECTIVITY LTD.	-0.21%	42.94B
FUJIKURA LTD.	+148.96%	4.73B
XIAMEN FARATRONIC CO., LTD.	+1.47%	2.92B
FANGDA CARBON NEW MATERIAL CO.,LTD	-6.30%	2.7B
MPI CORPORATION	+84.83%	1.16B
ACBEL POLYTECH INC.	-3.89%	1.04B
BEIJING YUANLIU HONGYUAN ELECTRONIC TECHNOLOGY CO., LTD.	-34.98%	1.04B
TOYO TANSO CO., LTD.	+61.96%	1.03B
NINGBO SUNRISE ELC TECHNOLOGY CO.,LTD	-16.00%	900M

Electrical Component