AISIN CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5,993 JPY | +6.32% |
|
-3.37% | +21.49% |
| 24/04 | ASK Automotive Gets Board Nod to Set Up Joint Venture with AISIN Group | MT |
| 07/03 | Morgan Stanley Adjusts Aisin Corporation’s Price Target to 6,000 Yen From 6,200 Yen, Keeps at Equalweight | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 10,65,830 | 7,17,960 | 11,31,967 | 11,30,614 | 9,82,414 | 16,15,321 | - | - |
| Enterprise Value (EV) 1 | 13,18,976 | 9,94,786 | 15,37,015 | 16,26,377 | 15,75,186 | 16,76,774 | 20,91,209 | 20,70,694 |
| P/E ratio | 9.68 x | 29.8 x | 10.7 x | 7.97 x | 26.1 x | 18.5 x | 10.1 x | 8.5 x |
| Yield | 3.79% | 4.5% | 2.86% | 4.05% | 4.66% | 2.86% | 2.98% | 3.53% |
| Capitalization / Revenue | 0.26 x | 0.19 x | 0.32 x | 0.29 x | 0.22 x | 0.34 x | 0.32 x | 0.31 x |
| EV / Revenue | 0.33 x | 0.26 x | 0.44 x | 0.42 x | 0.36 x | 0.34 x | 0.41 x | 0.39 x |
| EV / EBITDA | 3.05 x | 3.19 x | 3.85 x | 3.69 x | 4.7 x | 4.87 x | 4.13 x | 3.79 x |
| EV / FCF | -22.1 x | 18.5 x | 10.7 x | -140 x | 30.8 x | 10.8 x | 10.7 x | 10.5 x |
| FCF Yield | -4.52% | 5.4% | 9.3% | -0.71% | 3.24% | 9.24% | 9.39% | 9.5% |
| Price to Book | 0.79 x | 0.56 x | 0.74 x | 0.64 x | 0.56 x | 0.79 x | 0.76 x | 0.76 x |
| Nbr of stocks (in thousands) | 2,69,489 | 2,69,505 | 2,69,516 | 2,69,515 | 2,69,524 | 2,69,535 | - | - |
| Reference price 2 | 3,955 | 2,664 | 4,200 | 4,195 | 3,645 | 5,993 | 5,993 | 5,993 |
| Announcement Date | 26/04/19 | 30/04/20 | 28/04/21 | 28/04/22 | 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 | 40,43,110 | 37,84,585 | 35,25,799 | 39,17,434 | 44,02,823 | 49,09,557 | 50,43,191 | 52,85,277 |
| EBITDA 1 | 4,31,980 | 3,11,678 | 3,98,791 | 4,40,630 | 3,35,129 | 4,15,778 | 5,06,511 | 5,46,456 |
| EBIT 1 | 2,05,562 | 56,129 | 1,45,332 | 1,82,011 | 57,942 | 1,43,396 | 2,43,377 | 2,83,365 |
| Operating Margin | 5.08% | 1.48% | 4.12% | 4.65% | 1.32% | 2.92% | 4.83% | 5.36% |
| Earnings before Tax (EBT) 1 | 2,17,486 | 53,395 | 1,67,523 | 2,19,983 | 73,741 | 1,49,877 | 2,59,336 | 2,99,850 |
| Net income 1 | 1,10,123 | 24,061 | 1,05,638 | 1,41,941 | 37,670 | 90,813 | 1,58,245 | 1,84,039 |
| Net margin | 2.72% | 0.64% | 3% | 3.62% | 0.86% | 1.85% | 3.14% | 3.48% |
| EPS 2 | 408.6 | 89.28 | 392.0 | 526.7 | 139.8 | 336.9 | 596.0 | 704.9 |
| Free Cash Flow 1 | -59,552 | 53,676 | 1,43,001 | -11,609 | 51,113 | 1,87,035 | 1,96,278 | 1,96,682 |
| FCF margin | -1.47% | 1.42% | 4.06% | -0.3% | 1.16% | 3.78% | 3.89% | 3.72% |
| FCF Conversion (EBITDA) | - | 17.22% | 35.86% | - | 15.25% | 44.98% | 38.75% | 35.99% |
| FCF Conversion (Net income) | - | 223.08% | 135.37% | - | 135.69% | 191.27% | 124.03% | 106.87% |
| Dividend per Share 2 | 150.0 | 120.0 | 120.0 | 170.0 | 170.0 | 171.5 | 178.9 | 211.5 |
| Announcement Date | 26/04/19 | 30/04/20 | 28/04/21 | 28/04/22 | 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 | 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 | 19,13,765 | 18,70,820 | 14,55,991 | 20,69,808 | 8,87,195 | 18,64,721 | 10,03,657 | 10,49,056 | 20,52,713 | 9,97,887 | 11,08,729 | 21,06,616 | 11,04,521 | 11,91,686 | 22,96,207 | 11,91,724 | 12,62,977 | 24,54,701 | 12,74,039 | 11,80,817 | 24,54,856 | 12,13,341 | 12,56,878 | 12,68,289 | 12,18,350 |
| EBITDA 1 | - | - | - | - | 88,214 | - | 1,19,984 | 1,10,116 | - | 75,267 | 90,044 | - | 69,798 | 1,10,670 | - | 1,02,101 | 1,24,474 | - | - | 1,26,853 | - | 1,07,708 | 1,27,445 | 1,36,884 | 1,26,122 |
| EBIT 1 | 53,473 | 2,656 | -38,547 | 1,83,879 | 25,316 | 85,175 | 53,960 | 42,876 | 96,836 | 6,603 | 20,030 | 26,633 | 431 | 30,878 | 31,309 | 34,467 | 56,383 | 90,850 | 2,935 | 49,611 | 52,546 | 45,382 | 58,089 | 53,997 | 62,324 |
| Operating Margin | 2.79% | 0.14% | -2.65% | 8.88% | 2.85% | 4.57% | 5.38% | 4.09% | 4.72% | 0.66% | 1.81% | 1.26% | 0.04% | 2.59% | 1.36% | 2.89% | 4.46% | 3.7% | 0.23% | 4.2% | 2.14% | 3.74% | 4.62% | 4.26% | 5.12% |
| Earnings before Tax (EBT) 1 | 54,462 | -1,067 | -31,322 | 1,98,845 | 26,231 | 96,103 | 65,533 | 58,347 | 1,23,880 | 31,445 | 23,457 | 54,902 | -8,849 | 27,688 | 18,839 | 54,464 | 53,756 | 1,08,220 | -2,692 | 44,349 | 41,657 | 52,266 | 60,474 | 47,121 | 57,214 |
| Net income 1 | 30,382 | -6,321 | -19,492 | 1,25,130 | 16,312 | 62,332 | 37,546 | 42,063 | 79,609 | 21,637 | 10,285 | 31,922 | -8,309 | 14,057 | 5,748 | 40,990 | 28,655 | 69,645 | -2,246 | 23,414 | 21,168 | 38,815 | 35,424 | 31,444 | 33,671 |
| Net margin | 1.59% | -0.34% | -1.34% | 6.05% | 1.84% | 3.34% | 3.74% | 4.01% | 3.88% | 2.17% | 0.93% | 1.52% | -0.75% | 1.18% | 0.25% | 3.44% | 2.27% | 2.84% | -0.18% | 1.98% | 0.86% | 3.2% | 2.82% | 2.48% | 2.76% |
| EPS 2 | 112.7 | -23.46 | -72.33 | 464.3 | 60.53 | 231.3 | 139.3 | 156.1 | 295.4 | 80.28 | 38.16 | 118.4 | -30.83 | 52.16 | 21.33 | 152.1 | 106.3 | 258.4 | -8.330 | 86.87 | - | 116.3 | 126.1 | 102.5 | 146.0 |
| Dividend per Share 2 | 60.00 | 60.00 | 20.00 | 100.0 | 70.00 | 70.00 | - | 100.0 | 100.0 | - | 70.00 | 70.00 | - | 100.0 | 100.0 | - | 80.00 | 80.00 | - | 90.00 | - | - | 90.00 | - | 90.00 |
| Announcement Date | 31/10/19 | 30/04/20 | 29/10/20 | 28/04/21 | 29/10/21 | 29/10/21 | 02/02/22 | 28/04/22 | 28/04/22 | 29/07/22 | 28/10/22 | 28/10/22 | 03/02/23 | 27/04/23 | 27/04/23 | 28/07/23 | 30/10/23 | 30/10/23 | 02/02/24 | 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 | 2,53,146 | 2,76,826 | 4,05,048 | 4,95,763 | 5,92,772 | 4,09,233 | 4,75,889 | 4,55,374 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.586 x | 0.8882 x | 1.016 x | 1.125 x | 1.769 x | 0.9843 x | 0.9395 x | 0.8333 x |
| Free Cash Flow 1 | -59,552 | 53,676 | 1,43,001 | -11,609 | 51,113 | 1,87,035 | 1,96,278 | 1,96,682 |
| ROE (net income / shareholders' equity) | 8.3% | 1.8% | 7.5% | 8.6% | 2.1% | 4.7% | 8.24% | 9.57% |
| ROA (Net income/ Total Assets) | 5.98% | 1.38% | 4.18% | 5.34% | 1.77% | 3.41% | 5.05% | 5.48% |
| Assets 1 | 18,43,044 | 17,44,929 | 25,28,580 | 26,56,082 | 21,30,632 | 26,59,620 | 31,33,358 | 33,55,600 |
| Book Value Per Share 2 | 4,998 | 4,750 | 5,697 | 6,517 | 6,498 | 7,924 | 7,878 | 7,845 |
| Cash Flow per Share 2 | 1,249 | 1,038 | 1,332 | 1,486 | 1,168 | 1,355 | 1,539 | 1,653 |
| Capex 1 | 3,77,075 | 3,12,776 | 2,00,313 | 2,17,783 | 2,21,494 | 2,39,349 | 2,52,143 | 2,58,857 |
| Capex / Sales | 9.33% | 8.26% | 5.68% | 5.56% | 5.03% | 4.84% | 5% | 4.9% |
| Announcement Date | 26/04/19 | 30/04/20 | 28/04/21 | 28/04/22 | 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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
5,993
JPY
Average target price
6,346
JPY
Spread / Average Target
+5.89%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +21.49% | 9.7B | |
| +26.54% | 51.22B | |
| +23.47% | 20.5B | |
| -20.86% | 19.74B | |
| +33.27% | 17.09B | |
| -3.59% | 15.13B | |
| -15.95% | 14.21B | |
| -20.90% | 13.06B | |
| +35.95% | 11.79B | |
| +28.58% | 10.62B |
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