Financials Advantest Corporation

Equities

6857

JP3122400009

Semiconductor Equipment & Testing

Market Closed - Japan Exchange Other stock markets 11:30:00 30/04/2024 am IST			5-day change	1st Jan Change
4,996 ^JPY	-7.29%		-5.18%	+4.15%

29/04	Advantest Fiscal 2023 Attributable Net Income More Than Halves	MT
26/04	Transcript : Advantest Corporation, 2024 Earnings Call, Apr 26, 2024

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,98,770	8,60,935	18,99,395	18,59,608	22,37,070	36,87,926	-	-
Enterprise Value (EV) ¹	3,78,827	7,44,520	17,62,081	17,86,489	22,02,377	50,33,620	36,45,255	35,65,821
P/E ratio	8.51 x	16.1 x	27.4 x	21.5 x	17.4 x	80.7 x	40.5 x	25.6 x
Yield	3.58%	1.89%	1.22%	1.24%	1.11%	0.74%	0.85%	1.3%
Capitalization / Revenue	1.77 x	3.12 x	6.07 x	4.46 x	3.99 x	10.3 x	6.67 x	5.56 x
EV / Revenue	1.34 x	2.7 x	5.63 x	4.29 x	3.93 x	10.3 x	6.59 x	5.38 x
EV / EBITDA	5.44 x	10.7 x	21.4 x	13.8 x	11.6 x	46.7 x	24.9 x	16.7 x
EV / FCF	13.1 x	26.9 x	31.8 x	55.9 x	50.6 x	50.4 x	60 x	34 x
FCF Yield	7.62%	3.71%	3.14%	1.79%	1.98%	1.98%	1.67%	2.94%
Price to Book	2.56 x	3.72 x	6.78 x	6.23 x	6.07 x	11.7 x	7.83 x	6.88 x
Nbr of stocks (in thousands)	7,75,390	7,93,488	7,84,874	7,69,228	7,35,878	7,38,176	-	-
Reference price ²	643.2	1,085	2,420	2,418	3,040	4,996	4,996	4,996
Announcement Date	25/04/19	24/04/20	27/04/21	27/04/22	26/04/23	26/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,82,456	2,75,894	3,12,789	4,16,901	5,60,191	4,86,507	5,53,067	6,63,227
EBITDA ¹	69,629	69,600	82,482	1,29,702	1,89,083	1,07,732	1,46,339	2,13,288
EBIT ¹	64,662	58,708	70,726	1,14,734	1,67,687	81,628	1,20,438	1,89,511
Operating Margin	22.89%	21.28%	22.61%	27.52%	29.93%	16.78%	21.78%	28.57%
Earnings before Tax (EBT) ¹	66,211	58,574	69,618	1,16,343	1,71,270	78,170	1,19,779	1,88,926
Net income ¹	56,993	53,532	69,787	87,301	1,30,400	62,290	91,026	1,43,382
Net margin	20.18%	19.4%	22.31%	20.94%	23.28%	12.8%	16.46%	21.62%
EPS ²	75.59	67.53	88.47	112.4	174.4	84.45	123.4	195.0
Free Cash Flow ¹	28,877	27,656	55,415	31,982	43,518	71,433	60,733	1,04,936
FCF margin	10.22%	10.02%	17.72%	7.67%	7.77%	14.82%	10.98%	15.82%
FCF Conversion (EBITDA)	41.47%	39.74%	67.18%	24.66%	23.02%	63.79%	41.5%	49.2%
FCF Conversion (Net income)	50.67%	51.66%	79.41%	36.63%	33.37%	107.36%	66.72%	73.19%
Dividend per Share ²	23.00	20.50	29.50	30.00	33.75	37.04	42.39	64.82
Announcement Date	25/04/19	24/04/20	27/04/21	27/04/22	26/04/23	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	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	2025 S2	2026 S1	2026 S2
Net sales ¹	1,37,751	1,38,143	1,44,102	1,68,687	90,874	1,87,990	1,12,077	1,16,834	2,28,911	1,35,943	1,38,863	2,74,806	1,37,993	1,47,392	2,85,385	1,01,251	1,16,260	2,17,511	1,33,233	1,35,763	2,68,996	1,25,131	1,31,968	2,74,000	1,46,185	1,50,523	2,98,000	-	-
EBITDA ¹	-	-	-	-	24,905	-	37,494	37,781	-	49,704	48,115	-	46,583	45,008	-	20,292	27,469	-	33,470	26,501	-	28,577	34,561	-	44,005	-	-	-	-
EBIT ¹	32,878	25,830	30,937	39,789	21,351	47,476	33,566	33,692	67,052	44,783	43,133	87,916	41,224	38,874	79,771	14,269	21,000	35,269	26,830	19,529	46,359	22,163	24,865	-	35,051	34,800	-	-	-
Operating Margin	23.87%	18.7%	21.47%	23.59%	23.5%	25.25%	29.95%	28.84%	29.29%	32.94%	31.06%	31.99%	29.87%	26.37%	27.95%	14.09%	18.06%	16.21%	20.14%	14.38%	17.23%	17.71%	18.84%	-	23.98%	23.12%	-	-	-
Earnings before Tax (EBT) ¹	33,279	25,295	29,320	40,298	21,519	47,260	34,075	35,008	69,083	48,416	46,831	95,247	37,611	38,412	76,023	12,961	20,356	33,317	26,250	18,603	44,853	20,600	22,000	-	37,200	38,900	-	-	-
Net income ¹	26,772	26,760	24,491	45,296	15,902	35,246	25,647	26,408	52,055	36,496	34,665	71,161	28,645	30,594	59,239	9,202	16,736	25,938	21,205	15,147	36,352	16,420	18,639	-	28,963	28,838	-	-	-
Net margin	19.44%	19.37%	17%	26.85%	17.5%	18.75%	22.88%	22.6%	22.74%	26.85%	24.96%	25.89%	20.76%	20.76%	20.76%	9.09%	14.4%	11.92%	15.92%	11.16%	13.51%	13.12%	14.12%	-	19.81%	19.16%	-	-	-
EPS ²	33.80	33.73	30.90	57.56	20.27	44.88	33.02	34.48	67.51	48.04	45.84	93.88	38.87	41.60	80.48	12.49	22.69	35.18	28.74	20.53	49.27	24.12	26.66	-	38.69	34.31	-	-	-
Dividend per Share ²	10.25	10.25	9.500	20.00	12.50	12.50	-	17.50	17.50	-	16.25	16.25	-	-	17.50	-	16.25	16.25	-	18.46	27.80	-	22.72	17.25	-	25.22	20.75	20.00	34.00
Announcement Date	30/10/19	24/04/20	29/10/20	27/04/21	28/10/21	28/10/21	27/01/22	27/04/22	27/04/22	28/07/22	27/10/22	27/10/22	31/01/23	26/04/23	26/04/23	26/07/23	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	-	-	-	-	-	-	-	-
Net Cash position ¹	1,19,943	1,16,415	1,37,314	73,119	34,693	84,692	42,670	1,22,105
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	28,877	27,656	55,415	31,982	43,518	71,433	60,733	1,04,936
ROE (net income / shareholders' equity)	35.3%	24.9%	27.3%	30.4%	39.3%	15.6%	22.7%	29.8%
ROA (Net income/ Total Assets)	23.7%	17.7%	17.9%	25.4%	31.3%	12.3%	14.4%	21.6%
Assets ¹	2,40,647	3,01,757	3,90,154	3,44,174	4,16,820	5,06,581	6,31,163	6,62,280
Book Value Per Share ²	251.0	292.0	357.0	388.0	501.0	584.0	638.0	726.0
Cash Flow per Share ²	82.20	81.30	103.0	132.0	203.0	120.0	122.0	185.0
Capex ¹	5,891	8,141	12,415	17,158	22,535	20,800	22,000	24,983
Capex / Sales	2.09%	2.95%	3.97%	4.12%	4.02%	4.31%	3.98%	3.77%
Announcement Date	25/04/19	24/04/20	27/04/21	27/04/22	26/04/23	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 Advantest Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,996 JPY

Average target price

6,762 JPY

Spread / Average Target

+35.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Semiconductor Testing Equipment & Service

	1st Jan change	Capi.
ADVANTEST CORPORATION	+4.15%	25.39B
KLA CORPORATION	+20.07%	96.12B
LASERTEC CORPORATION	-6.91%	19.62B
TONGFU MICROELECTRONICS CO.,LTD	-9.26%	4.44B
KING YUAN ELECTRONICS CO., LTD.	+12.84%	3.71B
TIANSHUI HUATIAN TECHNOLOGY CO., LTD.	-3.87%	3.61B
HANGZHOU CHANGCHUAN TECHNOLOGY CO.,LTD	-22.74%	2.6B
ISC CO., LTD.	-7.72%	1.21B
ARDENTEC CORPORATION	-0.95%	1.05B
SIGURD MICROELECTRONICS CORPORATION	+13.80%	1.03B

Semiconductor Testing Equipment & Service