Financials Valqua, Ltd.

Equities

7995

JP3744200001

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
4,355 ^JPY	+0.93%		-1.80%	+5.07%

Feb. 29	Shenzhen WOTE Advanced Materials Co.,Ltd agreed to acquire remaining 49% stake in Shanghai WOTE Huaben Semiconductor Technology Co., Ltd. from Valqua, Ltd. for CNY 60.27 million.	CI
2023	Valqua, Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	38,887	30,809	37,604	47,020	61,057	76,540	-	-
Enterprise Value (EV) ¹	35,601	27,541	34,188	44,542	59,582	76,540	76,540	76,540
P/E ratio	9.52 x	10.6 x	12.2 x	9.71 x	9.03 x	14.6 x	11.1 x	8.81 x
Yield	4.29%	5.71%	4.46%	4.7%	4.35%	3.44%	4.21%	5.05%
Capitalization / Revenue	0.76 x	0.64 x	0.84 x	0.88 x	0.98 x	1.23 x	1.15 x	1.06 x
EV / Revenue	0.76 x	0.64 x	0.84 x	0.88 x	0.98 x	1.23 x	1.15 x	1.06 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	14.2 x	15.1 x	54.2 x	30.7 x	19.9 x	-25.5 x	21.4 x	14 x
FCF Yield	7.04%	6.62%	1.85%	3.26%	5.02%	-3.92%	4.67%	7.15%
Price to Book	1.18 x	0.92 x	1.05 x	1.18 x	1.34 x	1.58 x	1.58 x	-
Nbr of stocks (in thousands)	17,572	17,605	17,646	17,683	17,723	17,575	-	-
Reference price ²	2,213	1,750	2,131	2,659	3,445	4,355	4,355	4,355
Announcement Date	5/14/19	5/14/20	5/17/21	5/16/22	5/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	51,243	48,212	44,717	53,167	62,178	62,000	66,650	71,967
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	5,609	4,214	3,475	6,972	8,877	7,488	9,850	12,267
Operating Margin	10.95%	8.74%	7.77%	13.11%	14.28%	12.08%	14.78%	17.04%
Earnings before Tax (EBT) ¹	5,733	4,270	4,506	7,122	10,043	7,600	9,750	12,350
Net income ¹	4,087	2,918	3,090	4,841	6,746	5,335	7,002	8,683
Net margin	7.98%	6.05%	6.91%	9.11%	10.85%	8.6%	10.51%	12.07%
EPS ²	232.4	165.8	175.3	274.0	381.6	299.2	392.6	494.3
Free Cash Flow ¹	2,739	2,039	694	1,532	3,068	-3,000	3,575	5,470
FCF margin	5.35%	4.23%	1.55%	2.88%	4.93%	-4.84%	5.36%	7.6%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	67.02%	69.88%	22.46%	31.65%	45.48%	-	51.06%	62.99%
Dividend per Share ²	95.00	100.0	95.00	125.0	150.0	150.0	183.3	220.0
Announcement Date	5/14/19	5/14/20	5/17/21	5/16/22	5/15/23	-	-	-

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 S1	2025 S2
Net sales ¹	24,915	23,297	21,630	23,087	12,589	24,740	13,949	14,478	28,427	14,263	15,314	29,577	16,084	16,517	32,601	15,489	15,693	31,182	15,061	15,778	30,809	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,545	1,669	1,685	1,790	1,539	2,696	1,941	2,335	4,276	2,046	1,897	3,943	2,583	2,351	4,934	2,001	1,873	3,874	1,573	2,076	3,613	-	-
Operating Margin	10.21%	7.16%	7.79%	7.75%	12.22%	10.9%	13.91%	16.13%	15.04%	14.34%	12.39%	13.33%	16.06%	14.23%	15.13%	12.92%	11.94%	12.42%	10.44%	13.16%	11.73%	-	-
Earnings before Tax (EBT) ¹	2,593	1,677	2,558	-	1,554	2,772	2,014	2,336	4,350	2,197	2,432	4,629	3,634	1,780	5,414	2,109	1,895	4,004	1,707	1,709	3,436	-	-
Net income ¹	1,816	1,102	1,803	1,287	1,184	1,916	1,383	1,542	2,925	1,487	1,686	3,173	2,273	1,300	3,573	1,380	1,318	2,698	1,289	1,313	2,602	-	-
Net margin	7.29%	4.73%	8.34%	5.57%	9.41%	7.74%	9.91%	10.65%	10.29%	10.43%	11.01%	10.73%	14.13%	7.87%	10.96%	8.91%	8.4%	8.65%	8.56%	8.32%	8.45%	-	-
EPS	103.3	-	102.3	-	-	108.5	78.18	-	-	84.11	-	179.3	128.3	-	-	78.63	-	153.7	73.33	-	-	-	-
Dividend per Share	50.00	-	45.00	-	-	50.00	-	-	-	-	-	60.00	-	-	-	-	-	75.00	-	-	75.00	95.00	95.00
Announcement Date	10/30/19	5/14/20	10/28/20	5/17/21	10/27/21	10/27/21	1/26/22	5/16/22	5/16/22	7/26/22	10/26/22	10/26/22	1/30/23	5/15/23	5/15/23	7/28/23	10/30/23	10/30/23	1/30/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	3,286	3,268	3,416	2,478	1,475	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,739	2,039	694	1,532	3,068	-3,000	3,575	5,470
ROE (net income / shareholders' equity)	12.4%	8.8%	9%	12.8%	15.9%	11.3%	13.5%	16.3%
ROA (Net income/ Total Assets)	11.5%	8.72%	7.29%	12.7%	14%	10.7%	-	-
Assets ¹	35,399	33,480	42,408	37,989	48,082	49,860	-	-
Book Value Per Share ²	1,868	1,893	2,020	2,247	2,575	2,757	2,757	-
Cash Flow per Share ²	330.0	285.0	315.0	415.0	533.0	462.0	570.0	706.0
Capex ¹	2,623	3,082	3,892	3,268	3,496	4,650	4,650	4,100
Capex / Sales	5.12%	6.39%	8.7%	6.15%	5.62%	7.5%	6.98%	5.7%
Announcement Date	5/14/19	5/14/20	5/17/21	5/16/22	5/15/23	-	-	-

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 Valqua, Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,355 JPY

Average target price

4,933 JPY

Spread / Average Target

+13.28%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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