TOKYO ELECTRON LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 34,230 JPY | +1.88% |
|
+2.09% | +35.54% |
| Apr. 26 | Japan's Nikkei extends early gains as BOJ holds rates steady | RE |
| Apr. 26 | Japan's Nikkei rises as chip shares rebound; BOJ decision in focus | RE |
Valuation
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 2,623,146 | 3,165,208 | 7,276,081 | 9,849,367 | 7,511,064 | 15,845,221 | - | - |
| Enterprise Value (EV) 1 | 2,230,512 | 2,826,802 | 6,964,529 | 9,478,093 | 7,037,964 | 15,303,695 | 15,154,919 | 14,969,969 |
| P/E ratio | 10.6 x | 17.4 x | 30 x | 22.5 x | 15.9 x | 46.4 x | 35.1 x | 26.6 x |
| Yield | 4.74% | 2.89% | 1.67% | 2.22% | 3.56% | 1.07% | 1.41% | 1.86% |
| Capitalization / Revenue | 2.05 x | 2.81 x | 5.2 x | 4.92 x | 3.4 x | 8.68 x | 7.44 x | 6.27 x |
| EV / Revenue | 1.74 x | 2.51 x | 4.98 x | 4.73 x | 3.19 x | 8.38 x | 7.12 x | 5.93 x |
| EV / EBITDA | 6.65 x | 10.6 x | 19.6 x | 14.9 x | 10.7 x | 30.9 x | 23.6 x | 18.3 x |
| EV / FCF | 21.1 x | 13.9 x | 54.6 x | 41.6 x | 19.6 x | 46.1 x | 43.7 x | 32.2 x |
| FCF Yield | 4.73% | 7.21% | 1.83% | 2.4% | 5.11% | 2.17% | 2.29% | 3.11% |
| Price to Book | 2.98 x | 3.86 x | 7.18 x | 7.38 x | 4.73 x | 9.47 x | 8.23 x | 7.07 x |
| Nbr of stocks (in thousands) | 491,840 | 466,501 | 466,515 | 467,164 | 468,271 | 462,905 | - | - |
| Reference price 2 | 5,333 | 6,785 | 15,597 | 21,083 | 16,040 | 34,230 | 34,230 | 34,230 |
| Announcement Date | 4/26/19 | 4/30/20 | 4/30/21 | 5/12/22 | 5/11/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,278,240 | 1,127,286 | 1,399,102 | 2,003,805 | 2,209,025 | 1,825,186 | 2,128,664 | 2,526,226 |
| EBITDA 1 | 335,248 | 266,595 | 354,727 | 635,998 | 660,650 | 495,371 | 642,484 | 818,158 |
| EBIT 1 | 310,571 | 237,292 | 320,685 | 599,271 | 617,723 | 448,886 | 593,154 | 782,124 |
| Operating Margin | 24.3% | 21.05% | 22.92% | 29.91% | 27.96% | 24.59% | 27.87% | 30.96% |
| Earnings before Tax (EBT) 1 | 321,508 | 244,626 | 317,038 | 596,698 | 624,856 | 452,323 | 593,936 | 789,645 |
| Net income 1 | 248,228 | 185,206 | 242,941 | 437,076 | 471,584 | 341,693 | 451,018 | 594,797 |
| Net margin | 19.42% | 16.43% | 17.36% | 21.81% | 21.35% | 18.72% | 21.19% | 23.54% |
| EPS 2 | 504.5 | 390.2 | 520.7 | 935.9 | 1,008 | 736.9 | 976.2 | 1,288 |
| Free Cash Flow 1 | 105,539 | 203,748 | 127,614 | 227,755 | 359,373 | 331,896 | 346,514 | 465,590 |
| FCF margin | 8.26% | 18.07% | 9.12% | 11.37% | 16.27% | 18.18% | 16.28% | 18.43% |
| FCF Conversion (EBITDA) | 31.48% | 76.43% | 35.98% | 35.81% | 54.4% | 67% | 53.93% | 56.91% |
| FCF Conversion (Net income) | 42.52% | 110.01% | 52.53% | 52.11% | 76.21% | 97.13% | 76.83% | 78.28% |
| Dividend per Share 2 | 252.7 | 196.0 | 260.3 | 467.7 | 570.3 | 366.3 | 484.3 | 637.6 |
| Announcement Date | 4/26/19 | 4/30/20 | 4/30/21 | 5/12/22 | 5/11/23 | - | - | - |
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 | 508,442 | 618,844 | 668,160 | 730,942 | 480,465 | 932,514 | 506,474 | 564,817 | 1,071,291 | 473,654 | 709,243 | 1,182,897 | 467,831 | 558,297 | 1,026,128 | 391,746 | 427,826 | 819,572 | 463,662 | 547,339 | 1,022,428 | 478,140 | 506,182 | 940,000 | 532,449 | 604,371 | 1,060,000 |
| EBITDA 1 | - | - | - | - | 141,817 | - | 165,602 | 178,854 | - | 127,243 | 242,598 | - | 125,976 | 164,833 | - | 93,037 | 108,762 | - | 146,265 | 168,228 | - | 144,745 | 146,132 | - | 157,477 | 190,000 | - |
| EBIT 1 | 102,454 | 134,838 | 147,429 | 173,256 | 132,855 | 274,647 | 156,044 | 168,580 | 324,624 | 117,519 | 232,646 | 350,165 | 114,771 | 152,787 | 267,558 | 82,433 | 96,145 | 178,578 | 132,460 | 140,833 | 271,422 | 126,454 | 135,901 | 235,000 | 148,973 | 178,286 | 285,000 |
| Operating Margin | 20.15% | 21.79% | 22.06% | 23.7% | 27.65% | 29.45% | 30.81% | 29.85% | 30.3% | 24.81% | 32.8% | 29.6% | 24.53% | 27.37% | 26.07% | 21.04% | 22.47% | 21.79% | 28.57% | 25.73% | 26.55% | 26.45% | 26.85% | 25% | 27.98% | 29.5% | 26.89% |
| Earnings before Tax (EBT) 1 | 106,629 | - | 147,709 | 169,329 | 135,017 | 273,050 | 155,518 | 168,130 | 323,648 | 117,642 | 235,274 | 352,916 | 116,302 | 155,638 | 271,940 | 83,014 | 98,122 | 181,136 | 134,443 | 137,372 | 242,718 | 131,300 | 135,360 | 237,000 | 150,640 | 173,100 | 287,000 |
| Net income 1 | 78,722 | 106,484 | 112,012 | 130,929 | 99,856 | 200,219 | 110,026 | 126,831 | 236,857 | 88,095 | 179,251 | 267,346 | 85,574 | 118,664 | 204,238 | 64,312 | 73,179 | 137,491 | 101,533 | 106,305 | 192,509 | 95,292 | 105,664 | 180,973 | 112,983 | 130,901 | 219,153 |
| Net margin | 15.48% | 17.21% | 16.76% | 17.91% | 20.78% | 21.47% | 21.72% | 22.46% | 22.11% | 18.6% | 25.27% | 22.6% | 18.29% | 21.25% | 19.9% | 16.42% | 17.1% | 16.78% | 21.9% | 19.42% | 18.83% | 19.93% | 20.87% | 19.25% | 21.22% | 21.66% | 20.67% |
| EPS 2 | 163.4 | 226.8 | 240.1 | 280.6 | 213.8 | 428.9 | 232.2 | 274.9 | 507.0 | 188.5 | 383.2 | 571.8 | 182.7 | 253.4 | 436.1 | 137.5 | 157.7 | 295.1 | 219.0 | 230.0 | 407.2 | 202.6 | 222.9 | 391.0 | 244.0 | 279.4 | 473.5 |
| Dividend per Share 2 | 82.00 | 114.0 | 120.0 | 140.3 | 214.3 | 214.3 | - | 253.3 | 253.3 | - | 285.7 | 285.7 | - | 284.7 | 284.7 | - | 148.0 | 148.0 | - | 199.8 | 202.0 | - | 224.8 | 200.0 | - | 240.8 | 232.0 |
| Announcement Date | 10/31/19 | 4/30/20 | 10/29/20 | 4/30/21 | 11/12/21 | 11/12/21 | 2/10/22 | 5/12/22 | 5/12/22 | 8/8/22 | 11/10/22 | 11/10/22 | 2/9/23 | 5/11/23 | 5/11/23 | 8/10/23 | 11/10/23 | 11/10/23 | 2/9/24 | - | - | - | - | - | - | - | - |
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 | 392,634 | 338,406 | 311,552 | 371,274 | 473,100 | 541,526 | 690,302 | 875,252 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 105,539 | 203,748 | 127,614 | 227,755 | 359,373 | 331,896 | 346,514 | 465,590 |
| ROE (net income / shareholders' equity) | 30.1% | 21.8% | 26.5% | 37.2% | 32.3% | 21% | 24.7% | 28.6% |
| ROA (Net income/ Total Assets) | 26.1% | 19.3% | 23.8% | 36.3% | 29.7% | 17.7% | 19.5% | 21.9% |
| Assets 1 | 951,640 | 958,664 | 1,019,671 | 1,205,714 | 1,586,336 | 1,935,935 | 2,315,049 | 2,714,190 |
| Book Value Per Share 2 | 1,791 | 1,756 | 2,171 | 2,857 | 3,390 | 3,613 | 4,161 | 4,843 |
| Cash Flow per Share 2 | 554.0 | 452.0 | 593.0 | 1,015 | 1,100 | 832.0 | 1,020 | 1,341 |
| Capex 1 | 46,517 | 49,369 | 53,806 | 56,153 | 66,897 | 121,889 | 98,055 | 105,609 |
| Capex / Sales | 3.64% | 4.38% | 3.85% | 2.8% | 3.03% | 6.68% | 4.61% | 4.18% |
| Announcement Date | 4/26/19 | 4/30/20 | 4/30/21 | 5/12/22 | 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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
BUY
Number of Analysts
19
Last Close Price
34,230
JPY
Average target price
38,743
JPY
Spread / Average Target
+13.19%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +35.54% | 101B | |
| +25.98% | 360B | |
| +18.14% | 121B | |
| +10.67% | 19.99B | |
| +5.56% | 18.83B | |
| +35.96% | 9.77B | |
| +24.11% | 9.34B | |
| -7.97% | 7.54B | |
| -23.57% | 6.08B | |
| +36.78% | 5.4B |
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