TOPCON CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,824 JPY | +0.03% |
|
+6.08% | +20.00% |
| Mar. 27 | Olympus Corp. Completes 80 Billion Yen Buyback Program; Will Cancel 3% of Shares Effective April 30 | MT |
| Feb. 26 | ProStar Announces PointMan Technology Integration with Topcon's GNSS Antennas | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 138,477 | 84,340 | 141,162 | 164,654 | 187,637 | 192,162 | - | - |
| Enterprise Value (EV) 1 | 173,137 | 115,577 | 168,171 | 187,890 | 223,460 | 223,762 | 222,062 | 218,762 |
| P/E ratio | 21.1 x | 90.4 x | 59.4 x | 15.4 x | 15.9 x | 57.1 x | 17 x | 13.6 x |
| Yield | 1.84% | 2.99% | 0.75% | 2.3% | 2.36% | 2.3% | 2.52% | 2.91% |
| Capitalization / Revenue | 0.93 x | 0.61 x | 1.03 x | 0.93 x | 0.87 x | 0.91 x | 0.84 x | 0.79 x |
| EV / Revenue | 1.16 x | 0.83 x | 1.23 x | 1.07 x | 1.04 x | 1.06 x | 0.97 x | 0.9 x |
| EV / EBITDA | 7.97 x | 8.18 x | 10.6 x | 7.34 x | 7.09 x | 10.1 x | 7.35 x | 6.33 x |
| EV / FCF | 19.7 x | 139 x | 18 x | 17.5 x | -76.2 x | 149 x | 24.1 x | 16.4 x |
| FCF Yield | 5.07% | 0.72% | 5.55% | 5.72% | -1.31% | 0.67% | 4.14% | 6.09% |
| Price to Book | 2.01 x | 1.34 x | 2.04 x | 1.97 x | 1.97 x | 1.89 x | 1.75 x | 1.6 x |
| Nbr of stocks (in thousands) | 106,032 | 105,162 | 105,188 | 105,210 | 105,296 | 105,352 | - | - |
| Reference price 2 | 1,306 | 802.0 | 1,342 | 1,565 | 1,782 | 1,824 | 1,824 | 1,824 |
| Announcement Date | 4/26/19 | 5/21/20 | 5/11/21 | 5/12/22 | 5/12/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 148,688 | 138,916 | 137,247 | 176,421 | 215,625 | 211,020 | 227,898 | 242,964 |
| EBITDA 1 | 21,724 | 14,137 | 15,867 | 25,589 | 31,509 | 22,254 | 30,230 | 34,540 |
| EBIT 1 | 13,596 | 5,381 | 6,593 | 15,914 | 19,537 | 11,177 | 17,640 | 21,563 |
| Operating Margin | 9.14% | 3.87% | 4.8% | 9.02% | 9.06% | 5.3% | 7.74% | 8.87% |
| Earnings before Tax (EBT) 1 | 6,478 | 2,912 | 4,919 | 14,645 | 16,038 | 5,575 | 16,450 | 20,864 |
| Net income 1 | 6,548 | 935 | 2,376 | 10,699 | 11,806 | 3,319 | 11,302 | 14,125 |
| Net margin | 4.4% | 0.67% | 1.73% | 6.06% | 5.48% | 1.57% | 4.96% | 5.81% |
| EPS 2 | 61.76 | 8.870 | 22.59 | 101.7 | 112.2 | 31.94 | 107.0 | 134.1 |
| Free Cash Flow 1 | 8,772 | 830 | 9,330 | 10,748 | -2,931 | 1,500 | 9,198 | 13,333 |
| FCF margin | 5.9% | 0.6% | 6.8% | 6.09% | -1.36% | 0.71% | 4.04% | 5.49% |
| FCF Conversion (EBITDA) | 40.38% | 5.87% | 58.8% | 42% | - | 6.74% | 30.43% | 38.6% |
| FCF Conversion (Net income) | 133.96% | 88.77% | 392.68% | 100.46% | - | 45.2% | 81.39% | 94.39% |
| Dividend per Share 2 | 24.00 | 24.00 | 10.00 | 36.00 | 42.00 | 42.00 | 46.00 | 53.17 |
| Announcement Date | 4/26/19 | 5/21/20 | 5/11/21 | 5/12/22 | 5/12/23 | - | - | - |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 69,527 | 69,389 | 58,465 | 78,782 | 42,353 | 81,251 | 43,583 | 51,587 | 95,170 | 47,018 | 55,697 | 102,715 | 54,075 | 58,835 | 112,910 | 49,695 | 54,802 | 104,497 | 52,363 | 54,886 | 106,653 | 51,010 | 56,330 | 110,000 | 57,700 | 64,060 |
| EBITDA | - | - | - | - | 5,806 | - | 5,288 | 8,754 | - | 6,120 | 8,986 | - | 8,411 | 7,863 | - | - | 4,819 | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 3,810 | 1,571 | -768 | 7,361 | 3,522 | 6,980 | 3,367 | 5,567 | 8,934 | 3,834 | 5,502 | 9,336 | 4,638 | 5,563 | 10,201 | 1,717 | 2,113 | 3,830 | 2,674 | 4,967 | 7,420 | 2,885 | 3,875 | 8,000 | 5,075 | 5,015 |
| Operating Margin | 5.48% | 2.26% | -1.31% | 9.34% | 8.32% | 8.59% | 7.73% | 10.79% | 9.39% | 8.15% | 9.88% | 9.09% | 8.58% | 9.46% | 9.03% | 3.46% | 3.86% | 3.67% | 5.11% | 9.05% | 6.96% | 5.66% | 6.88% | 7.27% | 8.8% | 7.83% |
| Earnings before Tax (EBT) | 2,205 | 707 | -1,960 | 6,879 | 3,573 | 6,781 | 2,757 | 5,107 | 7,864 | 3,993 | 5,009 | 9,002 | 3,101 | 3,935 | 7,036 | 465 | 1,523 | 1,988 | -745 | - | - | - | - | - | - | - |
| Net income 1 | 895 | 40 | -2,037 | 4,413 | 2,060 | 3,883 | 1,869 | 4,947 | 6,816 | 2,790 | 3,242 | 6,032 | 1,827 | 3,947 | 5,774 | -199 | 808 | 609 | -256 | 2,627 | 2,371 | 1,650 | - | - | - | - |
| Net margin | 1.29% | 0.06% | -3.48% | 5.6% | 4.86% | 4.78% | 4.29% | 9.59% | 7.16% | 5.93% | 5.82% | 5.87% | 3.38% | 6.71% | 5.11% | -0.4% | 1.47% | 0.58% | -0.49% | 4.79% | 2.22% | 3.23% | - | - | - | - |
| EPS 2 | 8.470 | 0.4000 | -19.38 | - | 20.00 | 36.92 | 17.76 | 47.03 | 64.79 | 26.52 | 30.80 | 57.32 | 17.35 | 37.49 | 54.84 | -1.900 | 7.680 | 5.780 | -2.430 | 29.50 | 27.10 | 15.70 | - | - | - | - |
| Dividend per Share | 14.00 | 10.00 | - | 10.00 | 10.00 | 10.00 | - | 26.00 | - | - | 20.00 | 20.00 | - | 22.00 | 22.00 | - | - | 20.00 | - | - | - | - | - | - | - | - |
| Announcement Date | 10/31/19 | 5/21/20 | 10/30/20 | 5/11/21 | 10/29/21 | 10/29/21 | 1/28/22 | 5/12/22 | 5/12/22 | 7/26/22 | 10/28/22 | 10/28/22 | 1/30/23 | 5/12/23 | 5/12/23 | 7/26/23 | 10/27/23 | 10/27/23 | 1/29/24 | - | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 34,660 | 31,237 | 27,009 | 23,236 | 35,823 | 31,600 | 29,900 | 26,600 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.595 x | 2.21 x | 1.702 x | 0.908 x | 1.137 x | 1.42 x | 0.9891 x | 0.7701 x |
| Free Cash Flow 1 | 8,772 | 830 | 9,330 | 10,748 | -2,931 | 1,500 | 9,199 | 13,333 |
| ROE (net income / shareholders' equity) | 9.8% | 1.4% | 3.6% | 14% | 13.2% | 5.8% | 13% | 14.8% |
| ROA (Net income/ Total Assets) | 7.16% | 1.8% | 3.39% | 8.39% | 9.08% | 6.08% | 10.7% | 13% |
| Assets 1 | 91,422 | 52,000 | 70,155 | 127,490 | 130,076 | 54,595 | 105,776 | 108,543 |
| Book Value Per Share 2 | 651.0 | 600.0 | 659.0 | 794.0 | 905.0 | 963.0 | 1,041 | 1,139 |
| Cash Flow per Share 2 | 137.0 | 72.90 | 93.10 | 175.0 | 211.0 | 195.0 | 249.0 | 288.0 |
| Capex 1 | 5,739 | 8,814 | 10,109 | 8,807 | 11,809 | 11,000 | 11,167 | 11,500 |
| Capex / Sales | 3.86% | 6.34% | 7.37% | 4.99% | 5.48% | 5.21% | 4.9% | 4.73% |
| Announcement Date | 4/26/19 | 5/21/20 | 5/11/21 | 5/12/22 | 5/12/23 | - | - | - |
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
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
1,824
JPY
Average target price
1,798
JPY
Spread / Average Target
-1.41%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +20.00% | 1.22B | |
| +6.56% | 32.91B | |
| +17.38% | 8.1B | |
| -2.71% | 6.98B | |
| +20.18% | 5.45B | |
| -3.97% | 4.13B | |
| +34.04% | 3.95B | |
| +17.24% | 3.8B | |
| +5.47% | 3.4B | |
| -9.99% | 2.72B |
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