Financials THK Co., Ltd.

Equities

6481

JP3539250005

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,446 ^JPY	+2.29%		+5.51%	+24.65%

Apr. 16	THK Allocates Treasury Shares Worth 65 Million Yen as Restricted Stock Compensation	MT
Apr. 10	INDUSTRIAL-X Co., Ltd. announced that it has received ¥700 million in funding from Hiroshima Venture Capital Co., Ltd., QR Investment Co., Ltd., TOPPAN Holdings Inc., THK Co., Ltd., Shizuoka Capital Company Limited, Iyogin Capital Co. Ltd. other investors	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	375,653	421,468	348,784	308,290	338,910	422,456	-	-
Enterprise Value (EV) ¹	333,207	376,024	309,674	275,524	291,186	371,309	366,665	356,645
P/E ratio	32.1 x	-42.2 x	15.2 x	14.6 x	18.4 x	22.1 x	16.4 x	14.1 x
Yield	1.08%	0.45%	2.16%	3.46%	1.66%	1.44%	1.93%	2.19%
Capitalization / Revenue	1.37 x	1.92 x	1.1 x	0.78 x	0.96 x	1.17 x	1.08 x	1.03 x
EV / Revenue	1.21 x	1.72 x	0.97 x	0.7 x	0.83 x	1.03 x	0.94 x	0.87 x
EV / EBITDA	9.74 x	37 x	6.32 x	4.98 x	6.4 x	7.81 x	6.31 x	5.54 x
EV / FCF	14.7 x	39.9 x	44.3 x	36.8 x	23.7 x	18.7 x	25.9 x	17.4 x
FCF Yield	6.81%	2.51%	2.26%	2.71%	4.22%	5.35%	3.87%	5.75%
Price to Book	1.34 x	1.58 x	1.14 x	0.93 x	0.95 x	1.14 x	1.09 x	1.04 x
Nbr of stocks (in thousands)	126,568	126,567	125,778	122,581	122,593	122,593	-	-
Reference price ²	2,968	3,330	2,773	2,515	2,764	3,446	3,446	3,446
Announcement Date	2/13/20	2/9/21	2/9/22	2/13/23	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	274,599	218,998	318,188	393,687	351,939	359,629	390,612	408,933
EBITDA ¹	34,196	10,176	49,016	55,294	45,510	47,559	58,119	64,344
EBIT ¹	18,277	-8,499	30,268	34,460	23,707	25,936	35,252	41,200
Operating Margin	6.66%	-3.88%	9.51%	8.75%	6.74%	7.21%	9.02%	10.07%
Earnings before Tax (EBT) ¹	18,168	-9,725	29,984	35,596	25,289	27,330	36,420	42,456
Net income ¹	11,690	-9,992	23,007	21,198	18,398	19,034	25,721	29,944
Net margin	4.26%	-4.56%	7.23%	5.38%	5.23%	5.29%	6.58%	7.32%
EPS ²	92.37	-78.95	182.0	172.7	150.1	156.2	210.4	244.0
Free Cash Flow ¹	22,706	9,434	6,993	7,480	12,287	19,883	14,178	20,511
FCF margin	8.27%	4.31%	2.2%	1.9%	3.49%	5.53%	3.63%	5.02%
FCF Conversion (EBITDA)	66.4%	92.71%	14.27%	13.53%	27%	41.81%	24.39%	31.88%
FCF Conversion (Net income)	194.23%	-	30.4%	35.29%	66.78%	104.46%	55.12%	68.5%
Dividend per Share ²	32.00	15.00	60.00	87.00	46.00	49.55	66.52	75.44
Announcement Date	2/13/20	2/9/21	2/9/22	2/13/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	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
Net sales ¹	128,766	103,051	151,040	79,106	88,042	88,097	98,573	186,670	100,866	106,151	93,537	92,056	185,593	82,526	83,820	166,346	81,733	85,667	169,400	88,467	94,933	186,000
EBITDA	-	-	-	12,766	15,894	14,663	16,294	-	18,623	5,714	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,316	-1,404	11,067	8,125	11,076	9,760	11,145	20,905	13,324	231	9,670	6,801	16,471	2,728	4,508	7,236	3,667	5,167	7,800	7,250	10,350	16,700
Operating Margin	2.58%	-1.36%	7.33%	10.27%	12.58%	11.08%	11.31%	11.2%	13.21%	0.22%	10.34%	7.39%	8.87%	3.31%	5.38%	4.35%	4.49%	6.03%	4.6%	8.2%	10.9%	8.98%
Earnings before Tax (EBT) ¹	-	-2,982	10,809	7,993	11,182	10,349	11,942	22,291	12,781	524	9,371	7,775	17,146	3,055	5,088	-	3,300	6,000	-	8,100	11,100	-
Net income ¹	-	-3,358	7,521	5,392	10,094	6,894	7,472	14,366	8,948	-2,116	6,891	5,151	12,042	2,032	4,324	-	2,400	4,100	-	5,700	8,000	-
Net margin	-	-3.26%	4.98%	6.82%	11.46%	7.83%	7.58%	7.7%	8.87%	-1.99%	7.37%	5.6%	6.49%	2.46%	5.16%	-	2.94%	4.79%	-	6.44%	8.43%	-
EPS	-	-26.53	59.42	42.61	79.94	55.90	60.95	116.8	72.97	-17.15	56.22	42.02	98.24	16.57	35.27	-	-	-	-	-	-	-
Dividend per Share	-	7.500	20.50	-	39.50	-	37.00	37.00	-	50.00	-	30.00	30.00	-	16.00	-	-	-	-	-	-	-
Announcement Date	2/13/20	8/6/20	8/5/21	11/11/21	2/9/22	5/12/22	8/9/22	8/9/22	11/7/22	2/13/23	5/15/23	8/8/23	8/8/23	11/10/23	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	-	-	-	-	-	-	-	-
Net Cash position ¹	42,446	45,444	39,110	32,766	47,724	51,147	55,791	65,811
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	22,706	9,434	6,993	7,480	12,287	19,883	14,178	20,511
ROE (net income / shareholders' equity)	3.4%	-3.7%	8.1%	6.7%	5.3%	5.39%	7.13%	8.1%
ROA (Net income/ Total Assets)	3.9%	-2.15%	4.71%	6.61%	4.53%	3.56%	4.33%	5.02%
Assets ¹	299,937	464,550	488,129	320,504	406,189	534,695	594,715	596,107
Book Value Per Share ²	2,215	2,106	2,443	2,708	2,914	3,020	3,150	3,318
Cash Flow per Share ²	235.0	68.60	330.0	342.0	328.0	312.0	308.0	346.0
Capex ¹	5,677	4,103	3,689	3,436	27,405	35,833	29,000	28,883
Capex / Sales	2.07%	1.87%	1.16%	0.87%	7.79%	9.96%	7.42%	7.06%
Announcement Date	2/13/20	2/9/21	2/9/22	2/13/23	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 THK Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,446 JPY

Average target price

3,571 JPY

Spread / Average Target

+3.62%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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