NIKON CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,630 JPY | +1.21% |
|
+0.40% | +16.76% |
| 09/05 | Transcript : Nikon Corporation, 2024 Earnings Call, May 09, 2024 | |
| 09/05 | Nikon Corporation Provides Dividend Guidance for the Year Ended March 31, 2025 | CI |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 6,18,539 | 3,66,323 | 3,80,000 | 4,82,528 | 4,70,152 | 5,64,725 | - | - |
| Enterprise Value (EV) 1 | 3,33,894 | 1,63,116 | 1,61,097 | 2,42,313 | 3,92,835 | 5,30,409 | 5,41,753 | 5,32,124 |
| P/E ratio | 9.3 x | 50.1 x | -11 x | 11.3 x | 10.8 x | 16.3 x | 18.2 x | 13.5 x |
| Yield | 3.84% | 4.01% | 1.93% | 3.04% | 3.32% | 3.27% | 3.25% | 3.47% |
| Capitalization / Revenue | 0.87 x | 0.62 x | 0.84 x | 0.89 x | 0.75 x | 0.74 x | 0.78 x | 0.74 x |
| EV / Revenue | 0.47 x | 0.28 x | 0.36 x | 0.45 x | 0.63 x | 0.74 x | 0.75 x | 0.7 x |
| EV / EBITDA | 3.02 x | 3.99 x | -5.71 x | 3.24 x | 4.68 x | 7.18 x | 7.08 x | 5.75 x |
| EV / FCF | 8.09 x | -33.5 x | -6.03 x | 7.83 x | -3.5 x | -11.2 x | -225 x | 27.2 x |
| FCF Yield | 12.4% | -2.98% | -16.6% | 12.8% | -28.5% | -8.95% | -0.45% | 3.68% |
| Price to Book | 1 x | 0.68 x | 0.71 x | 0.81 x | 0.76 x | 0.78 x | 0.83 x | 0.84 x |
| Nbr of stocks (in thousands) | 3,96,245 | 3,67,058 | 3,67,150 | 3,67,221 | 3,46,976 | 3,46,457 | - | - |
| Reference price 2 | 1,561 | 998.0 | 1,035 | 1,314 | 1,355 | 1,630 | 1,630 | 1,630 |
| Announcement Date | 09/05/19 | 28/05/20 | 13/05/21 | 12/05/22 | 11/05/23 | 09/05/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 7,08,660 | 5,91,012 | 4,51,223 | 5,39,612 | 6,28,105 | 7,17,245 | 7,26,687 | 7,58,728 |
| EBITDA 1 | 1,10,458 | 40,856 | -28,214 | 74,791 | 83,964 | 71,981 | 76,544 | 92,558 |
| EBIT 1 | 82,653 | 6,751 | -56,241 | 49,934 | 54,908 | 39,776 | 39,180 | 53,906 |
| Operating Margin | 11.66% | 1.14% | -12.46% | 9.25% | 8.74% | 5.55% | 5.39% | 7.1% |
| Earnings before Tax (EBT) 1 | 87,915 | 11,864 | -45,342 | 57,096 | 57,058 | 42,669 | 41,984 | 56,363 |
| Net income 1 | 66,513 | 7,693 | -34,497 | 42,679 | 44,944 | 32,570 | 31,181 | 41,897 |
| Net margin | 9.39% | 1.3% | -7.65% | 7.91% | 7.16% | 4.54% | 4.29% | 5.52% |
| EPS 2 | 167.9 | 19.93 | -93.96 | 116.2 | 125.5 | 94.03 | 89.57 | 120.6 |
| Free Cash Flow 1 | 41,291 | -4,862 | -26,731 | 30,966 | -1,12,131 | -47,498 | -2,412 | 19,592 |
| FCF margin | 5.83% | -0.82% | -5.92% | 5.74% | -17.85% | -6.62% | -0.33% | 2.58% |
| FCF Conversion (EBITDA) | 37.38% | - | - | 41.4% | - | - | - | 21.17% |
| FCF Conversion (Net income) | 62.08% | - | - | 72.56% | - | - | - | 46.76% |
| Dividend per Share 2 | 60.00 | 40.00 | 20.00 | 40.00 | 45.00 | 50.00 | 53.00 | 56.50 |
| Announcement Date | 09/05/19 | 28/05/20 | 13/05/21 | 12/05/22 | 11/05/23 | 09/05/24 | - | - |
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 | 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 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,91,052 | 2,99,960 | 1,75,647 | 2,75,576 | 1,40,768 | 2,73,049 | 1,33,300 | 1,33,263 | 2,66,563 | 1,45,648 | 1,42,682 | 2,88,330 | 1,67,700 | 1,72,075 | - | 1,58,146 | 1,73,150 | 3,31,296 | 1,97,700 | 1,88,249 | 3,85,949 | 1,66,020 | 1,69,868 | 2,02,135 | 1,96,327 |
| EBITDA 1 | - | - | - | - | 18,195 | - | 21,000 | 9,572 | - | 22,007 | 15,983 | - | 33,278 | 12,700 | - | - | - | - | - | 9,299 | - | 18,360 | 10,588 | 30,212 | 11,694 |
| EBIT 1 | 17,504 | -10,753 | -46,635 | - | 12,143 | 32,105 | 14,800 | 3,029 | 17,829 | 15,357 | 9,062 | 24,419 | 26,200 | 4,289 | 30,489 | 3,290 | 10,339 | 13,629 | 20,800 | 5,347 | 26,147 | 7,864 | 4,778 | 17,944 | 8,329 |
| Operating Margin | 6.01% | -3.58% | -26.55% | - | 8.63% | 11.76% | 11.1% | 2.27% | 6.69% | 10.54% | 6.35% | 8.47% | 15.62% | 2.49% | - | 2.08% | 5.97% | 4.11% | 10.52% | 2.84% | 6.77% | 4.74% | 2.81% | 8.88% | 4.24% |
| Earnings before Tax (EBT) 1 | 20,138 | -8,274 | -38,896 | - | 14,786 | 35,913 | 16,600 | 4,583 | 21,183 | 16,507 | 9,528 | 26,035 | 26,300 | 4,723 | 31,023 | 4,817 | 10,443 | 15,260 | 21,000 | 6,409 | 27,409 | 9,300 | 3,500 | 15,700 | 13,100 |
| Net income 1 | 16,343 | -8,650 | -31,537 | - | 10,604 | 26,464 | 12,600 | 3,615 | 16,215 | 11,866 | 7,014 | 18,880 | 20,600 | 5,464 | 26,064 | 2,576 | 7,225 | 9,801 | 15,100 | 7,669 | 22,769 | 6,407 | 3,323 | 14,134 | 6,280 |
| Net margin | 5.62% | -2.88% | -17.95% | - | 7.53% | 9.69% | 9.45% | 2.71% | 6.08% | 8.15% | 4.92% | 6.55% | 12.28% | 3.18% | - | 1.63% | 4.17% | 2.96% | 7.64% | 4.07% | 5.9% | 3.86% | 1.96% | 6.99% | 3.2% |
| EPS 2 | 41.70 | -21.77 | -85.90 | - | 28.88 | 72.07 | 34.34 | 9.820 | 44.16 | 32.38 | 19.47 | 51.85 | 57.36 | 16.25 | 73.61 | 7.440 | 20.86 | 28.30 | 43.80 | 21.93 | 65.73 | 16.27 | 13.36 | 41.26 | 12.39 |
| Dividend per Share | 30.00 | - | 10.00 | - | 20.00 | 20.00 | - | 20.00 | - | - | 20.00 | 20.00 | - | 25.00 | - | - | 25.00 | 25.00 | - | - | - | - | - | - | - |
| Announcement Date | 07/11/19 | 28/05/20 | 05/11/20 | 13/05/21 | 04/11/21 | 04/11/21 | 03/02/22 | 12/05/22 | 12/05/22 | 04/08/22 | 10/11/22 | 10/11/22 | 09/02/23 | 11/05/23 | 11/05/23 | 08/08/23 | 09/11/23 | 09/11/23 | 08/02/24 | 09/05/24 | 09/05/24 | - | - | - | - |
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 | 2,84,645 | 2,03,207 | 2,18,903 | 2,40,215 | 77,317 | 47,865 | 22,972 | 32,602 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 41,291 | -4,862 | -26,731 | 30,966 | -1,12,131 | -47,498 | -2,412 | 19,592 |
| ROE (net income / shareholders' equity) | 11.2% | 1.3% | -6.4% | 7.5% | 7.4% | 5% | 4.61% | 6.19% |
| ROA (Net income/ Total Assets) | 7.87% | 1.11% | -4.54% | 5.63% | 5.46% | 3.88% | 3% | 4.04% |
| Assets 1 | 8,44,824 | 6,94,101 | 7,59,150 | 7,58,448 | 8,23,070 | 8,38,648 | 10,40,485 | 10,36,963 |
| Book Value Per Share 2 | 1,554 | 1,473 | 1,464 | 1,627 | 1,776 | 1,974 | 1,953 | 1,940 |
| Cash Flow per Share 2 | 238.0 | 108.0 | -17.60 | 184.0 | 207.0 | 197.0 | 158.0 | 231.0 |
| Capex 1 | 27,610 | 19,463 | 31,697 | 45,857 | 1,35,547 | 78,265 | 59,700 | 45,333 |
| Capex / Sales | 3.9% | 3.29% | 7.02% | 8.5% | 21.58% | 10.91% | 8.22% | 5.97% |
| Announcement Date | 09/05/19 | 28/05/20 | 13/05/21 | 12/05/22 | 11/05/23 | 09/05/24 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
HOLD
Number of Analysts
10
Last Close Price
1,630
JPY
Average target price
1,736
JPY
Spread / Average Target
+6.53%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +16.76% | 3.59B | |
| -20.73% | 9.34B | |
| +26.04% | 1.84B | |
| +83.53% | 1.22B | |
| +66.17% | 1.17B | |
| -39.85% | 1.14B | |
| -31.84% | 1.12B | |
| +36.71% | 1.04B | |
| -29.72% | 956M | |
| -14.57% | 644M |
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