Financials Daifuku Co., Ltd.

Equities

6383

JP3497400006

Heavy Electrical Equipment

Market Closed - Japan Exchange Other stock markets 11:30:00 05/07/2024 am IST			5-day change	1st Jan Change
3,014 ^JPY	-0.50%		+0.13%	+5.66%

04/06	Jefferies Adjusts Daifuku’s Price Target to 3,800 Yen From 4,100 Yen, Keeps at Buy	MT
18/03	Jefferies Adjusts Daifuku’s Price Target to 4,100 Yen From 3,500 Yen, Keeps at Buy	MT

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	8,62,354	13,65,713	11,07,694	9,23,594	13,28,417	11,17,143	-	-
Enterprise Value (EV) ¹	8,24,864	13,06,689	10,15,281	8,32,307	11,95,901	10,11,155	9,92,646	10,02,234
P/E ratio	30.7 x	42.2 x	30.9 x	22.4 x	29.5 x	21.1 x	19.3 x	18 x
Yield	1.09%	0.74%	1.02%	1.5%	1.12%	1.7%	1.93%	2.22%
Capitalization / Revenue	1.94 x	2.88 x	2.16 x	1.53 x	2.17 x	1.7 x	1.58 x	1.51 x
EV / Revenue	1.86 x	2.76 x	1.98 x	1.38 x	1.96 x	1.53 x	1.41 x	1.35 x
EV / EBITDA	17.9 x	25.6 x	17.6 x	12.4 x	16.7 x	12.1 x	11 x	11.1 x
EV / FCF	-640 x	42.5 x	21.7 x	102 x	159 x	28.6 x	34.5 x	37 x
FCF Yield	-0.16%	2.35%	4.62%	0.98%	0.63%	3.5%	2.9%	2.7%
Price to Book	3.7 x	5.31 x	3.81 x	2.78 x	3.71 x	2.67 x	2.44 x	2.25 x
Nbr of stocks (in thousands)	3,77,673	3,77,965	3,78,053	3,78,057	3,70,652	3,70,651	-	-
Reference price ²	2,283	3,613	2,930	2,443	3,584	3,014	3,014	3,014
Announcement Date	12/05/20	11/05/21	13/05/22	12/05/23	10/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	4,43,694	4,73,902	5,12,268	6,01,922	6,11,477	6,58,982	7,05,283	7,41,000
EBITDA ¹	46,164	50,967	57,578	67,376	71,648	83,354	89,981	90,000
EBIT ¹	40,497	44,566	50,252	58,854	62,079	71,598	78,617	87,000
Operating Margin	9.13%	9.4%	9.81%	9.78%	10.15%	10.87%	11.15%	11.74%
Earnings before Tax (EBT) ¹	39,808	45,109	50,978	55,052	63,287	70,780	79,180	86,900
Net income ¹	28,063	32,390	35,877	41,248	45,461	53,440	58,505	62,900
Net margin	6.32%	6.83%	7%	6.85%	7.43%	8.11%	8.3%	8.49%
EPS ²	74.32	85.71	94.90	109.1	121.6	142.7	155.9	167.4
Free Cash Flow ¹	-1,289	30,767	46,863	8,160	7,500	35,403	28,752	27,083
FCF margin	-0.29%	6.49%	9.15%	1.36%	1.23%	5.37%	4.08%	3.65%
FCF Conversion (EBITDA)	-	60.37%	81.39%	12.11%	10.47%	42.47%	31.95%	30.09%
FCF Conversion (Net income)	-	94.99%	130.62%	19.78%	16.5%	66.25%	49.15%	43.06%
Dividend per Share ²	25.00	26.67	30.00	36.67	40.00	51.38	58.20	67.00
Announcement Date	12/05/20	11/05/21	13/05/22	12/05/23	10/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	2,34,960	2,30,006	2,43,896	2,43,422	1,26,058	1,42,788	2,68,846	1,30,200	1,47,500	2,77,700	1,57,907	1,66,315	3,24,222	1,34,500	1,46,700	2,81,200	1,56,122	1,74,155	1,45,500	1,58,250	1,73,250	1,77,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	21,084	-	-	-	-	-	-	-	-	-	-
EBIT ¹	23,211	19,669	24,897	20,327	12,666	17,259	29,925	10,200	14,200	24,400	15,704	18,750	34,454	8,200	10,800	19,000	18,031	25,048	13,150	15,250	19,550	21,300
Operating Margin	9.88%	8.55%	10.21%	8.35%	10.05%	12.09%	11.13%	7.83%	9.63%	8.79%	9.95%	11.27%	10.63%	6.1%	7.36%	6.76%	11.55%	14.38%	9.04%	9.64%	11.28%	12%
Earnings before Tax (EBT) ¹	-	20,183	-	20,426	13,334	17,218	-	8,461	14,458	22,919	16,187	15,946	-	9,380	10,922	20,302	18,338	24,647	14,800	17,000	19,100	22,800
Net income ¹	-	14,732	-	13,919	9,936	12,022	-	5,800	11,200	17,000	11,750	12,498	-	7,100	7,100	14,206	13,238	18,017	9,800	12,000	14,100	17,300
Net margin	-	6.41%	-	5.72%	7.88%	8.42%	-	4.45%	7.59%	6.12%	7.44%	7.51%	-	5.28%	4.84%	5.05%	8.48%	10.35%	6.74%	7.58%	8.14%	9.75%
EPS ²	-	38.99	-	36.82	26.28	31.80	-	15.43	29.57	45.00	31.08	33.03	-	18.99	18.70	37.69	35.53	48.41	24.28	29.68	38.72	38.72
Dividend per Share	-	10.00	-	11.67	-	18.33	-	-	13.33	13.33	-	20.00	-	-	14.00	14.00	-	-	-	-	-	-
Announcement Date	12/05/20	06/11/20	11/05/21	05/11/21	04/02/22	13/05/22	13/05/22	08/08/22	08/11/22	08/11/22	09/02/23	12/05/23	12/05/23	08/08/23	08/11/23	08/11/23	08/02/24	10/05/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	37,490	59,024	92,413	91,287	1,32,516	1,05,988	1,24,497	1,14,909
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-1,289	30,767	46,863	8,160	7,500	35,403	28,752	27,083
ROE (net income / shareholders' equity)	12.4%	13.2%	13.1%	13.2%	13.2%	15.2%	13.5%	14.6%
ROA (Net income/ Total Assets)	9.98%	10.7%	11%	11.5%	10.7%	10.1%	11%	-
Assets ¹	2,81,092	3,02,501	3,25,071	3,57,155	4,24,011	5,28,668	5,30,832	-
Book Value Per Share ²	617.0	680.0	769.0	878.0	967.0	1,127	1,237	1,342
Cash Flow per Share ²	89.30	103.0	114.0	132.0	147.0	1.860	2.010	-
Capex ¹	13,220	7,462	11,565	16,811	21,410	21,367	21,967	20,000
Capex / Sales	2.98%	1.57%	2.26%	2.79%	3.5%	3.24%	3.11%	2.7%
Announcement Date	12/05/20	11/05/21	13/05/22	12/05/23	10/05/24	-	-	-

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

Ratings for Daifuku Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,014 JPY

Average target price

3,569 JPY

Spread / Average Target

+18.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Elevator & Conveying Equipment

	1st Jan change	Capi.
DAIFUKU CO., LTD.	+5.66%	696.65Cr
OTIS WORLDWIDE CORPORATION	+8.28%	3.9TCr
SCHINDLER HOLDING AG	+13.28%	2.71TCr
KONE OYJ	+4.52%	2.66TCr
INTERROLL HOLDING AG	+3.00%	251.36Cr
FUJITEC CO., LTD.	+20.67%	209.75Cr
KARDEX HOLDING AG	+7.34%	199.77Cr
SHANGHAI MECHANICAL & ELECTRICAL INDUSTRY CO.,LTD.	-7.67%	140.36Cr
GUANGZHOU GUANGRI STOCK CO.,LTD.	+48.57%	132.59Cr
ATLANTIS GLORY INC.	-99.92%	123.81Cr

Elevator & Conveying Equipment