Financials Canon Inc. OTC Markets

Equities

CAJPY

US1380063099

Office Equipment

Market Closed - OTC Markets Other stock markets 01:29:54 10/05/2024 am IST			5-day change	1st Jan Change
28.11 ^USD	+1.04%		+1.70%	+9.80%

08/05	Canon Repurchases 3 Billion Yen Worth of Shares in April	MT
07/05	Tranche Update on Canon Inc.'s Equity Buyback Plan announced on January 30, 2024.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	31,77,145	20,68,543	29,29,211	28,99,801	35,75,836	42,67,706	-	-
Enterprise Value (EV) ¹	31,61,938	20,57,857	27,49,080	29,44,208	35,88,005	41,71,020	40,75,344	39,44,948
P/E ratio	25.5 x	24.9 x	13.6 x	12.1 x	13.7 x	14.2 x	13.6 x	13.1 x
Yield	5.36%	4.04%	3.57%	4.2%	3.87%	3.53%	3.67%	3.78%
Capitalization / Revenue	0.88 x	0.65 x	0.83 x	0.72 x	0.86 x	0.98 x	0.97 x	0.96 x
EV / Revenue	0.88 x	0.65 x	0.78 x	0.73 x	0.86 x	0.96 x	0.93 x	0.89 x
EV / EBITDA	7.67 x	6.08 x	5.46 x	5.08 x	5.84 x	6.29 x	5.91 x	5.62 x
EV / FCF	24.3 x	12 x	10 x	36 x	20.4 x	13.6 x	12.5 x	11.9 x
FCF Yield	4.11%	8.36%	9.96%	2.78%	4.9%	7.34%	8.01%	8.44%
Price to Book	1.18 x	0.8 x	1.02 x	0.93 x	1.07 x	1.23 x	1.18 x	1.13 x
Nbr of stocks (in thousands)	10,63,836	10,45,775	10,45,773	10,15,514	9,87,800	9,83,796	-	-
Reference price ²	2,986	1,978	2,801	2,856	3,620	4,338	4,338	4,338
Announcement Date	29/01/20	28/01/21	27/01/22	30/01/23	30/01/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	35,93,300	31,60,243	35,13,357	40,31,414	41,80,972	43,37,712	43,95,552	44,48,677
EBITDA ¹	4,12,000	3,38,372	5,03,164	5,79,891	6,14,042	6,62,870	6,89,153	7,02,394
EBIT ¹	1,74,700	1,10,547	2,81,918	3,53,399	3,75,366	4,22,024	4,38,693	4,47,555
Operating Margin	4.86%	3.5%	8.02%	8.77%	8.98%	9.73%	9.98%	10.06%
Earnings before Tax (EBT) ¹	1,95,700	1,30,280	3,02,706	3,52,440	3,90,767	4,39,180	4,55,261	4,67,085
Net income ¹	1,25,100	83,318	2,14,718	2,43,961	2,64,513	3,00,908	3,11,805	3,17,045
Net margin	3.48%	2.64%	6.11%	6.05%	6.33%	6.94%	7.09%	7.13%
EPS ²	116.9	79.37	205.4	236.7	264.2	305.5	320.0	329.9
Free Cash Flow ¹	1,29,900	1,72,078	2,73,678	81,783	1,75,818	3,05,970	3,26,564	3,32,858
FCF margin	3.62%	5.45%	7.79%	2.03%	4.21%	7.05%	7.43%	7.48%
FCF Conversion (EBITDA)	31.53%	50.85%	54.39%	14.1%	28.63%	46.16%	47.39%	47.39%
FCF Conversion (Net income)	103.84%	206.53%	127.46%	33.52%	66.47%	101.68%	104.73%	104.99%
Dividend per Share ²	160.0	80.00	100.0	120.0	140.0	153.2	159.4	164.2
Announcement Date	29/01/20	28/01/21	27/01/22	30/01/23	30/01/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	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
Net sales ¹	18,22,965	14,55,627	17,04,616	17,24,584	8,33,324	9,55,449	17,88,773	8,79,350	9,98,799	18,78,149	9,96,090	11,57,175	21,53,265	9,71,125	10,20,882	19,92,007	10,25,247	11,63,718	21,88,965	9,88,519	10,56,500	20,44,728	10,65,229	12,14,912	23,19,508	10,22,400
EBITDA	-	-	-	-	1,13,126	1,35,231	-	1,30,490	1,55,227	-	1,36,563	1,57,611	-	1,36,947	1,50,998	-	1,45,540	-	-	-	-	-	-	-	-	-
EBIT ¹	91,145	15,122	95,425	1,47,833	58,728	75,357	1,34,085	76,140	98,475	1,74,615	81,440	97,344	1,78,784	84,475	92,274	1,76,749	82,624	1,15,993	1,98,617	80,083	97,914	1,83,194	99,757	1,31,131	2,41,708	87,100
Operating Margin	5%	1.04%	5.6%	8.57%	7.05%	7.89%	7.5%	8.66%	9.86%	9.3%	8.18%	8.41%	8.3%	8.7%	9.04%	8.87%	8.06%	9.97%	9.07%	8.1%	9.27%	8.96%	9.36%	10.79%	10.42%	8.52%
Earnings before Tax (EBT) ¹	98,552	27,288	1,02,992	1,51,821	79,326	71,559	1,50,885	67,697	85,196	1,52,893	79,076	1,20,471	1,99,547	87,534	1,01,128	1,88,662	87,320	1,14,785	2,02,105	89,222	99,333	2,76,407	96,500	1,39,000	2,53,389	-
Net income ¹	59,322	13,071	70,247	1,05,603	49,317	59,798	1,09,115	45,975	59,025	1,05,000	54,118	84,843	1,38,961	56,410	65,403	1,21,813	62,134	80,566	1,42,700	59,949	69,382	1,31,436	67,363	87,805	1,78,928	64,100
Net margin	3.25%	0.9%	4.12%	6.12%	5.92%	6.26%	6.1%	5.23%	5.91%	5.59%	5.43%	7.33%	6.45%	5.81%	6.41%	6.12%	6.06%	6.92%	6.52%	6.06%	6.57%	6.43%	6.32%	7.23%	7.71%	6.27%
EPS ²	55.71	12.41	66.96	101.0	47.16	57.20	104.4	43.97	56.85	100.8	52.90	82.99	135.9	55.56	64.80	120.4	62.62	81.22	143.8	60.70	66.60	128.6	69.30	108.6	178.6	-
Dividend per Share ²	80.00	40.00	40.00	45.00	-	55.00	55.00	-	60.00	60.00	-	60.00	60.00	-	70.00	70.00	-	70.00	70.00	-	80.00	80.00	-	80.00	80.00	-
Announcement Date	29/01/20	28/07/20	28/01/21	28/07/21	26/10/21	27/01/22	27/01/22	26/04/22	26/07/22	26/07/22	26/10/22	30/01/23	30/01/23	26/04/23	27/07/23	27/07/23	26/10/23	30/01/24	30/01/24	24/04/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	44,407	12,169	-	-	-
Net Cash position ¹	15,207	10,686	1,80,131	-	-	96,686	1,92,362	3,22,758
Leverage (Debt/EBITDA)	-	-	-	0.0766 x	0.0198 x	-	-	-
Free Cash Flow ¹	1,29,900	1,72,078	2,73,678	81,783	1,75,818	3,05,970	3,26,564	3,32,858
ROE (net income / shareholders' equity)	4.5%	3.2%	7.9%	8.1%	8.2%	8.9%	9.05%	8.81%
ROA (Net income/ Total Assets)	4.05%	2.77%	6.46%	7.16%	7.43%	6.4%	6.46%	6.54%
Assets ¹	30,89,415	30,03,858	33,25,512	34,07,871	35,57,860	47,00,221	48,28,502	48,48,975
Book Value Per Share ²	2,531	2,463	2,748	3,066	3,395	3,530	3,664	3,839
Cash Flow per Share ²	339.0	296.0	417.0	456.0	503.0	541.0	569.0	589.0
Capex ¹	1,78,100	1,61,727	1,79,000	1,83,291	2,31,725	2,32,814	2,34,050	2,37,460
Capex / Sales	4.96%	5.12%	5.09%	4.55%	5.54%	5.37%	5.32%	5.34%
Announcement Date	29/01/20	28/01/21	27/01/22	30/01/23	30/01/24	-	-	-

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 Canon Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,338 JPY

Average target price

4,350 JPY

Spread / Average Target

+0.28%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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