Financials Ebara Corporation

Equities

6361

JP3166000004

Industrial Machinery & Equipment

Delayed Japan Exchange Other stock markets 11:30:00 02/05/2024 am IST			5-day change	1st Jan Change
13,360 ^JPY	+0.60%		+5.86%	+60.04%

14/03	Tech, Geopolitical Issues Roil Asian Stock Markets	MT
15/02	Tech-led U.S. 'exceptionalism' underlined	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,16,286	3,21,398	5,89,794	4,34,508	7,70,714	12,33,647	-	-
Enterprise Value (EV) ¹	3,00,480	2,73,089	5,58,544	4,34,508	7,64,799	12,31,091	12,12,470	11,63,972
P/E ratio	13.8 x	13.1 x	13.8 x	8.6 x	12.8 x	20.5 x	17.8 x	15.5 x
Yield	1.8%	2.67%	2.55%	4.09%	2.74%	1.78%	1.97%	2.21%
Capitalization / Revenue	0.61 x	0.61 x	0.98 x	0.64 x	1.01 x	1.51 x	1.41 x	1.31 x
EV / Revenue	0.58 x	0.52 x	0.93 x	0.64 x	1.01 x	1.51 x	1.38 x	1.23 x
EV / EBITDA	5.96 x	5.07 x	6.75 x	4.59 x	6.79 x	10.7 x	9.28 x	7.91 x
EV / FCF	114 x	7.77 x	13.5 x	-346 x	26.1 x	35.6 x	24.4 x	19.3 x
FCF Yield	0.88%	12.9%	7.43%	-0.29%	3.83%	2.81%	4.09%	5.17%
Price to Book	1.12 x	1.08 x	1.88 x	1.21 x	1.88 x	2.82 x	2.55 x	2.27 x
Nbr of stocks (in thousands)	95,124	95,370	92,300	92,057	92,323	92,339	-	-
Reference price ²	3,325	3,370	6,390	4,720	8,348	13,360	13,360	13,360
Announcement Date	12/02/20	12/02/21	14/02/22	14/02/23	14/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,22,424	5,23,727	6,03,213	6,80,870	7,59,328	8,14,867	8,76,733	9,43,900
EBITDA ¹	50,430	53,842	82,807	94,640	1,12,615	1,14,600	1,30,700	1,47,133
EBIT ¹	35,298	37,879	61,372	70,572	86,025	84,617	97,500	1,10,200
Operating Margin	6.76%	7.23%	10.17%	10.36%	11.33%	10.38%	11.12%	11.67%
Earnings before Tax (EBT) ¹	35,184	36,045	60,302	69,481	84,733	83,900	96,800	1,09,500
Net income ¹	23,349	24,473	43,616	50,488	60,283	60,083	69,423	79,350
Net margin	4.47%	4.67%	7.23%	7.42%	7.94%	7.37%	7.92%	8.41%
EPS ²	241.8	256.8	463.4	548.6	653.6	651.2	752.5	859.7
Free Cash Flow ¹	2,643	35,163	41,497	-1,254	29,313	34,628	49,648	60,157
FCF margin	0.51%	6.71%	6.88%	-0.18%	3.86%	4.25%	5.66%	6.37%
FCF Conversion (EBITDA)	5.24%	65.31%	50.11%	-	26.03%	30.22%	37.99%	40.89%
FCF Conversion (Net income)	11.32%	143.68%	95.14%	-	48.63%	57.63%	71.51%	75.81%
Dividend per Share ²	60.00	90.00	163.0	193.0	229.0	238.0	263.6	295.5
Announcement Date	12/02/20	12/02/21	14/02/22	14/02/23	14/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	2,74,369	2,45,479	2,74,154	1,45,772	1,83,287	1,52,808	1,59,610	3,12,418	1,67,636	2,00,816	1,84,071	1,79,762	3,63,833	1,87,382	2,08,113	1,95,000	2,05,000	4,00,000	1,75,000	2,65,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	22,325	13,656	24,858	12,534	23,980	14,177	13,006	27,183	15,476	27,913	15,264	18,502	33,766	23,189	29,070	21,500	20,500	42,000	19,000	29,000
Operating Margin	8.14%	5.56%	9.07%	8.6%	13.08%	9.28%	8.15%	8.7%	9.23%	13.9%	8.29%	10.29%	9.28%	12.38%	13.97%	11.03%	10%	10.5%	10.86%	10.94%
Earnings before Tax (EBT) ¹	-	12,111	25,673	11,921	22,708	15,569	12,608	28,177	14,372	26,932	15,183	18,902	34,085	22,771	27,877	14,900	15,900	-	18,200	26,000
Net income ¹	15,324	7,434	16,926	7,761	18,929	10,251	7,814	18,065	9,229	23,194	8,098	12,485	20,583	14,322	25,378	10,200	11,200	-	13,500	15,100
Net margin	5.59%	3.03%	6.17%	5.32%	10.33%	6.71%	4.9%	5.78%	5.51%	11.55%	4.4%	6.95%	5.66%	7.64%	12.19%	5.23%	5.46%	-	7.71%	5.7%
EPS	-	78.08	177.7	82.95	-	111.4	-	196.4	100.3	-	87.95	-	223.4	155.2	-	-	-	-	-	-
Dividend per Share	-	30.00	50.00	-	-	-	-	85.00	-	-	-	-	97.50	-	-	-	-	-	-	-
Announcement Date	12/02/20	11/08/20	13/08/21	12/11/21	14/02/22	12/05/22	12/08/22	12/08/22	14/11/22	14/02/23	15/05/23	14/08/23	14/08/23	14/11/23	14/02/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	15,806	48,309	31,250	-	5,915	2,556	21,177	69,675
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,643	35,163	41,497	-1,254	29,313	34,628	49,648	60,157
ROE (net income / shareholders' equity)	8.3%	8.4%	14.5%	15%	15.7%	13.9%	14.5%	14.3%
ROA (Net income/ Total Assets)	5.99%	6.06%	8.99%	8.98%	9.73%	7.78%	8.37%	7.6%
Assets ¹	3,89,521	4,03,960	4,85,081	5,62,345	6,19,652	7,72,769	8,29,874	10,44,079
Book Value Per Share ²	2,982	3,106	3,396	3,910	4,440	4,739	5,231	5,881
Cash Flow per Share ²	398.0	424.0	691.0	810.0	942.0	866.0	994.0	-
Capex ¹	34,369	32,295	25,755	27,597	40,699	41,333	42,000	50,000
Capex / Sales	6.58%	6.17%	4.27%	4.05%	5.36%	5.07%	4.79%	5.3%
Announcement Date	12/02/20	12/02/21	14/02/22	14/02/23	14/02/24	-	-	-

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 Ebara Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

13,360 JPY

Average target price

12,033 JPY

Spread / Average Target

-9.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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