Financials Yaskawa Electric Corporation

Equities

6506

JP3932000007

Electrical Components & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
6,360 ^JPY	+2.37%		+6.35%	+7.98%

Apr. 17	Japan Inc makes a renewed U.S. push as China fears mount	RE
Apr. 15	Jefferies Adjusts YASKAWA Electric’s Price Target to 6,500 Yen From 6,300 Yen, Keeps at Hold	MT

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	834,972	884,675	1,390,642	1,194,660	1,401,348	1,662,401	-	-
Enterprise Value (EV) ¹	841,501	925,946	1,414,271	1,207,553	1,439,533	1,655,030	1,696,630	1,689,093
P/E ratio	20.3 x	57 x	73.5 x	31.1 x	27.1 x	31.6 x	31.3 x	27.1 x
Yield	1.64%	1.54%	0.45%	1.14%	1.19%	1.05%	1.08%	1.2%
Capitalization / Revenue	1.76 x	2.15 x	3.57 x	2.49 x	2.52 x	2.78 x	2.83 x	2.66 x
EV / Revenue	1.77 x	2.25 x	3.63 x	2.52 x	2.59 x	2.88 x	2.89 x	2.71 x
EV / EBITDA	13.1 x	24 x	32.6 x	17.1 x	16.4 x	18.9 x	18.3 x	15.7 x
EV / FCF	147 x	-232 x	45.6 x	48.3 x	-	81.1 x	39 x	49.7 x
FCF Yield	0.68%	-0.43%	2.19%	2.07%	-	1.23%	2.56%	2.01%
Price to Book	3.38 x	3.87 x	5.65 x	4.1 x	4.03 x	4.01 x	3.84 x	3.57 x
Nbr of stocks (in thousands)	263,814	261,352	261,399	261,413	261,446	261,384	-	-
Reference price ²	3,165	3,385	5,320	4,570	5,360	6,360	6,360	6,360
Announcement Date	4/11/19	4/10/20	4/9/21	4/8/22	4/7/23	4/5/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	474,638	410,957	389,712	479,082	555,955	575,658	586,567	623,971
EBITDA ¹	64,080	38,551	43,376	70,416	87,974	87,561	92,702	107,376
EBIT ¹	49,766	24,198	27,180	52,860	68,301	66,225	70,495	83,734
Operating Margin	10.49%	5.89%	6.97%	11.03%	12.29%	11.5%	12.02%	13.42%
Earnings before Tax (EBT) ¹	54,163	24,642	27,172	55,378	62,899	69,078	73,973	85,506
Net income ¹	41,164	15,572	18,927	38,354	51,783	50,687	53,218	62,405
Net margin	8.67%	3.79%	4.86%	8.01%	9.31%	8.81%	9.07%	10%
EPS ²	155.9	59.42	72.41	146.7	198.1	193.9	203.0	234.5
Free Cash Flow ¹	5,721	-3,985	30,993	25,006	-	20,398	43,495	33,976
FCF margin	1.21%	-0.97%	7.95%	5.22%	-	3.54%	7.42%	5.45%
FCF Conversion (EBITDA)	8.93%	-	71.45%	35.51%	-	23.3%	46.92%	31.64%
FCF Conversion (Net income)	13.9%	-	163.75%	65.2%	-	40.24%	81.73%	54.44%
Dividend per Share ²	52.00	52.00	24.00	52.00	64.00	64.00	68.62	76.24
Announcement Date	4/11/19	4/10/20	4/9/21	4/8/22	4/7/23	4/5/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	211,780	199,177	186,846	202,866	120,905	239,907	117,471	121,704	120,312	143,216	263,528	143,992	148,435	142,513	146,465	288,978	135,352	151,328	286,680	138,600	142,600	138,750	150,200
EBITDA	-	-	-	-	-	-	-	17,308	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	12,457	9,882	13,294	13,886	13,923	26,867	13,065	12,928	13,953	17,307	31,260	16,872	20,169	16,449	16,613	33,062	13,485	19,678	33,163	13,900	16,650	14,500	22,150
Operating Margin	5.88%	4.96%	7.11%	6.84%	11.52%	11.2%	11.12%	10.62%	11.6%	12.08%	11.86%	11.72%	13.59%	11.54%	11.34%	11.44%	9.96%	13%	11.57%	10.03%	11.68%	10.45%	14.75%
Earnings before Tax (EBT) ¹	12,652	-	13,109	-	14,303	27,836	13,391	14,151	15,160	18,307	33,467	17,604	20,063	16,977	17,566	34,543	13,888	20,647	-	13,800	17,800	14,300	24,400
Net income ¹	8,793	5,656	9,510	-	11,085	21,164	9,610	7,580	10,362	13,345	23,707	13,482	14,594	11,665	12,563	24,228	10,560	15,899	-	10,000	13,000	10,500	18,200
Net margin	4.15%	2.84%	5.09%	-	9.17%	8.82%	8.18%	6.23%	8.61%	9.32%	9%	9.36%	9.83%	8.19%	8.58%	8.38%	7.8%	10.51%	-	7.22%	9.12%	7.57%	12.12%
EPS ²	33.49	-	36.38	-	42.40	80.96	36.77	28.99	39.64	51.05	90.69	51.56	55.82	44.62	48.04	92.66	40.39	60.82	-	38.20	49.70	40.20	69.50
Dividend per Share	26.00	-	12.00	-	26.00	26.00	-	26.00	-	32.00	32.00	-	32.00	-	32.00	-	-	-	-	-	-	-	-
Announcement Date	10/10/19	4/10/20	10/9/20	4/9/21	10/8/21	10/8/21	1/11/22	4/8/22	7/8/22	10/7/22	10/7/22	1/10/23	4/7/23	7/7/23	10/6/23	10/6/23	1/12/24	4/5/24	4/5/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,529	41,271	23,629	12,893	38,185	55,621	34,229	26,692
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.1019 x	1.071 x	0.5447 x	0.1831 x	0.434 x	0.6352 x	0.3692 x	0.2486 x
Free Cash Flow ¹	5,721	-3,985	30,993	25,006	-	20,398	43,495	33,976
ROE (net income / shareholders' equity)	17.1%	6.1%	8%	14.3%	33.6%	13.6%	12.8%	13.5%
ROA (Net income/ Total Assets)	11.3%	5.44%	4.04%	10.6%	11.7%	10.2%	7.25%	7.91%
Assets ¹	363,195	286,291	468,780	362,384	441,208	497,297	734,035	789,424
Book Value Per Share ²	935.0	874.0	942.0	1,114	1,329	1,528	1,658	1,783
Cash Flow per Share ²	210.0	124.0	134.0	214.0	273.0	275.0	309.0	300.0
Capex ¹	23,057	25,465	8,609	24,227	6,445	34,221	39,375	41,279
Capex / Sales	4.86%	6.2%	2.21%	5.06%	1.16%	5.94%	6.71%	6.62%
Announcement Date	4/11/19	4/10/20	4/9/21	4/8/22	4/7/23	4/5/24	-	-

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 Yaskawa Electric Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6,360 JPY

Average target price

6,288 JPY

Spread / Average Target

-1.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electrical Components & Equipment

	1st Jan change	Capi.
YASKAWA ELECTRIC CORPORATION	+7.98%	10.56B
SIEMENS AG	+4.53%	149B
EATON CORPORATION PLC	+34.66%	130B
SCHNEIDER ELECTRIC SE	+19.57%	130B
EMERSON ELECTRIC CO.	+12.90%	62.82B
AMETEK, INC.	+7.65%	41.04B
VERTIV HOLDINGS CO	+94.65%	35B
WEG S.A.	+6.26%	32.1B
ROCKWELL AUTOMATION, INC.	-9.78%	32.1B
LEGRAND	+3.97%	27.31B

Other Electrical Components & Equipment