Financials Makita Corporation

Equities

6586

JP3862400003

Industrial Machinery & Equipment

Delayed Japan Exchange Other stock markets 08:00:00 03/06/2024 am IST			5-day change	1st Jan Change
4,677 ^JPY	+0.95%		-3.90%	+20.23%

29/04	Makita's Attributable Profit Up 273.3% in Fiscal 2024	MT
26/04	Makita Corporation Proposes Dividend for the Year Ended March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,46,507	9,00,080	12,88,398	10,68,481	8,90,657	12,46,388	-	-
Enterprise Value (EV) ¹	8,73,966	7,39,403	11,24,143	10,71,817	9,14,327	11,48,705	10,26,350	10,22,017
P/E ratio	18.8 x	18.9 x	20.8 x	16.5 x	76.1 x	26.3 x	22.6 x	20.2 x
Yield	1.61%	1.6%	1.45%	1.83%	0.64%	1.33%	1.42%	1.63%
Capitalization / Revenue	2.13 x	1.83 x	2.12 x	1.45 x	1.16 x	1.55 x	1.66 x	1.59 x
EV / Revenue	1.78 x	1.5 x	1.85 x	1.45 x	1.2 x	1.55 x	1.37 x	1.3 x
EV / EBITDA	9.76 x	9.43 x	10.7 x	9.51 x	16.9 x	13 x	9.6 x	8.83 x
EV / FCF	112 x	57.3 x	76.6 x	-6.55 x	135 x	9.24 x	20.4 x	20.8 x
FCF Yield	0.9%	1.74%	1.31%	-15.3%	0.74%	10.8%	4.89%	4.82%
Price to Book	1.83 x	1.58 x	1.96 x	1.43 x	1.16 x	1.32 x	1.4 x	1.36 x
Nbr of stocks (in thousands)	2,71,467	2,71,517	2,71,528	2,71,533	2,71,542	2,69,024	-	-
Reference price ²	3,855	3,315	4,745	3,935	3,280	4,633	4,633	4,633
Announcement Date	26/04/19	21/05/20	27/04/21	27/04/22	27/04/23	26/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,90,578	4,92,617	6,08,331	7,39,260	7,64,702	7,41,391	7,50,692	7,85,321
EBITDA ¹	89,576	78,395	1,04,955	1,12,730	54,135	86,661	1,06,939	1,15,765
EBIT ¹	78,305	64,046	88,464	91,728	28,246	66,169	79,143	88,167
Operating Margin	15.96%	13%	14.54%	12.41%	3.69%	8.92%	10.54%	11.23%
Earnings before Tax (EBT) ¹	79,919	66,008	87,199	92,483	23,887	64,017	78,634	87,660
Net income ¹	55,750	47,731	62,018	64,770	11,705	43,691	55,364	61,795
Net margin	11.36%	9.69%	10.19%	8.76%	1.53%	5.89%	7.38%	7.87%
EPS ²	205.4	175.8	228.4	238.5	43.11	162.1	205.4	229.1
Free Cash Flow ¹	7,826	12,901	14,682	-1,63,597	6,750	1,22,001	50,234	49,228
FCF margin	1.6%	2.62%	2.41%	-22.13%	0.88%	16.87%	6.69%	6.27%
FCF Conversion (EBITDA)	8.74%	16.46%	13.99%	-	12.47%	140.78%	46.97%	42.52%
FCF Conversion (Net income)	14.04%	27.03%	23.67%	-	57.67%	295.65%	90.73%	79.66%
Dividend per Share ²	62.00	53.00	69.00	72.00	21.00	57.00	65.60	75.73
Announcement Date	26/04/19	21/05/20	27/04/21	27/04/22	27/04/23	26/04/24	-	-

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	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 S1	2025 Q3	2025 Q4
Net sales ¹	2,43,547	2,49,070	2,83,156	3,25,175	1,78,933	3,64,230	1,82,601	1,92,429	1,95,348	1,95,970	3,91,318	1,88,965	1,84,419	1,84,455	1,85,212	3,69,667	1,80,947	1,90,777	3,71,724	1,84,000	1,81,600	3,59,000	1,87,200	1,94,400
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	32,416	31,630	38,165	50,299	23,778	52,160	21,073	18,495	15,228	6,691	21,919	5,239	2,244	16,311	15,449	31,760	16,289	18,120	34,409	20,050	21,600	39,000	21,250	22,100
Operating Margin	13.31%	12.7%	13.48%	15.47%	13.29%	14.32%	11.54%	9.61%	7.8%	3.41%	5.6%	2.77%	1.22%	8.84%	8.34%	8.59%	9%	9.5%	9.26%	10.9%	11.89%	10.86%	11.35%	11.37%
Earnings before Tax (EBT)	34,475	-	38,273	-	22,735	52,600	19,876	20,007	15,719	2,518	18,237	7,765	-2,115	16,045	13,991	30,036	16,077	-	-	-	-	-	-	-
Net income	24,979	-	27,141	-	16,208	37,820	13,535	13,415	10,563	515	11,078	3,141	-2,514	11,185	9,631	20,816	11,821	-	-	-	-	-	-	-
Net margin	10.26%	-	9.59%	-	9.06%	10.38%	7.41%	6.97%	5.41%	0.26%	2.83%	1.66%	-1.36%	6.06%	5.2%	5.63%	6.53%	-	-	-	-	-	-	-
EPS ²	92.01	-	99.96	-	59.70	139.3	49.84	49.41	38.90	1.900	40.80	11.56	-9.250	41.30	35.81	77.11	43.93	41.09	-	-	-	-	-	-
Dividend per Share	10.00	-	10.00	-	10.00	10.00	-	62.00	-	10.00	10.00	-	-	-	10.00	10.00	-	-	-	-	-	-	-	-
Announcement Date	30/10/19	21/05/20	30/10/20	27/04/21	28/10/21	28/10/21	31/01/22	27/04/22	26/07/22	28/10/22	28/10/22	31/01/23	27/04/23	31/07/23	31/10/23	31/10/23	31/01/24	26/04/24	26/04/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	3,336	23,670	-	-	-
Net Cash position ¹	1,72,541	1,60,677	1,64,255	-	-	1,18,512	2,20,037	2,24,371
Leverage (Debt/EBITDA)	-	-	-	0.0296 x	0.4372 x	-	-	-
Free Cash Flow ¹	7,826	12,901	14,682	-1,63,597	6,750	1,22,001	50,234	49,228
ROE (net income / shareholders' equity)	9.9%	8.3%	10.1%	9.2%	1.5%	5.3%	6.16%	6.72%
ROA (Net income/ Total Assets)	12%	9.74%	11.7%	10.2%	2.27%	5.94%	5.03%	5.68%
Assets ¹	4,64,338	4,89,839	5,28,952	6,37,445	5,16,194	7,35,438	11,01,430	10,88,754
Book Value Per Share ²	2,110	2,104	2,423	2,749	2,833	3,227	3,318	3,418
Cash Flow per Share ²	247.0	229.0	289.0	316.0	138.0	269.0	299.0	319.0
Capex ¹	23,867	44,409	49,855	59,937	39,088	27,155	29,441	29,426
Capex / Sales	4.87%	9.01%	8.2%	8.11%	5.11%	3.76%	3.92%	3.75%
Announcement Date	26/04/19	21/05/20	27/04/21	27/04/22	27/04/23	26/04/24	-	-

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 Makita Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,633 JPY

Average target price

4,825 JPY

Spread / Average Target

+4.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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