Financials EM Systems Co., Ltd.

Equities

4820

JP3130200003

IT Services & Consulting

Market Closed - Japan Exchange Other stock markets 11:30:00 26/04/2024 am IST			5-day change	1st Jan Change
660 ^JPY	+0.61%		+4.60%	-5.31%

01/04	Tranche Update on EM Systems Co., Ltd.'s Equity Buyback Plan announced on February 14, 2024.	CI
14/02	EM Systems Co., Ltd. announces an Equity Buyback for 1,600,000 shares, representing 2.26% for ¥1,000 million.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	69,043	67,240	53,607	57,475	49,276	46,479	-	-
Enterprise Value (EV) ¹	61,781	67,240	45,323	48,703	42,401	46,479	46,479	46,479
P/E ratio	35.1 x	63.3 x	29.4 x	30.4 x	25.1 x	21.6 x	19 x	17.1 x
Yield	0.97%	1.06%	1.46%	1.47%	2.01%	2.12%	2.58%	2.88%
Capitalization / Revenue	5.26 x	6.96 x	3.71 x	3.4 x	2.42 x	2.11 x	1.99 x	1.87 x
EV / Revenue	5.26 x	6.96 x	3.71 x	3.4 x	2.42 x	2.11 x	1.99 x	1.87 x
EV / EBITDA	22.2 x	39.1 x	19.5 x	17.1 x	-	11.6 x	10.9 x	10.2 x
EV / FCF	111 x	228 x	33.6 x	-	-27.2 x	20.1 x	18.4 x	17.9 x
FCF Yield	0.9%	0.44%	2.98%	-	-3.68%	4.99%	5.44%	5.57%
Price to Book	4.17 x	3.81 x	2.87 x	2.96 x	2.41 x	2.16 x	2.02 x	1.9 x
Nbr of stocks (in thousands)	70,668	71,003	71,003	70,608	70,697	70,422	-	-
Reference price ²	977.0	947.0	755.0	814.0	697.0	660.0	660.0	660.0
Announcement Date	08/05/19	10/02/21	09/02/22	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	13,133	9,660	14,436	16,919	20,355	22,000	23,400	24,800
EBITDA ¹	3,107	1,720	2,746	3,365	-	4,010	4,260	4,560
EBIT ¹	2,622	1,037	1,870	2,395	2,330	2,600	3,000	3,500
Operating Margin	19.96%	10.73%	12.95%	14.16%	11.45%	11.82%	12.82%	14.11%
Earnings before Tax (EBT) ¹	3,030	1,520	2,599	2,789	2,750	3,200	3,600	4,000
Net income ¹	1,971	1,062	1,829	1,893	1,962	2,160	2,450	2,720
Net margin	15.01%	10.99%	12.67%	11.19%	9.64%	9.82%	10.47%	10.97%
EPS ²	27.86	14.95	25.72	26.75	27.76	30.60	34.70	38.50
Free Cash Flow ¹	622	295	1,596	-	-1,813	2,317	2,530	2,590
FCF margin	4.74%	3.05%	11.06%	-	-8.91%	10.53%	10.81%	10.44%
FCF Conversion (EBITDA)	20.02%	17.15%	58.12%	-	-	57.78%	59.39%	56.8%
FCF Conversion (Net income)	31.56%	27.78%	87.26%	-	-	107.27%	103.27%	95.22%
Dividend per Share ²	9.500	10.00	11.00	12.00	14.00	14.00	17.00	19.00
Announcement Date	08/05/19	10/02/21	09/02/22	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	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	6,539	-	6,672	3,714	4,050	7,764	3,985	4,179	8,164	4,327	4,428	8,755	4,877	4,941	9,818	5,380	5,250	5,400	10,650	5,550	5,800	11,350
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,154	-	582	590	698	1,288	679	681	1,360	753	282	1,035	851	293	1,144	660	510	340	850	860	890	1,750
Operating Margin	17.65%	-	8.72%	15.89%	17.23%	16.59%	17.04%	16.3%	16.66%	17.4%	6.37%	11.82%	17.45%	5.93%	11.65%	12.27%	9.71%	6.3%	7.98%	15.5%	15.34%	15.42%
Earnings before Tax (EBT) ¹	1,263	-	1,021	739	839	1,578	824	779	1,603	854	332	1,186	820	-	1,244	837	650	530	1,180	1,000	1,020	2,020
Net income ¹	774	-	687	564	578	1,142	563	526	1,089	555	249	804	511	278	789	568	330	450	780	630	750	1,380
Net margin	11.84%	-	10.3%	15.19%	14.27%	14.71%	14.13%	12.59%	13.34%	12.83%	5.62%	9.18%	10.48%	5.63%	8.04%	10.56%	6.29%	8.33%	7.32%	11.35%	12.93%	12.16%
EPS	-	-	9.680	7.920	-	-	7.930	-	15.35	7.860	-	-	7.240	-	11.17	8.040	-	-	-	-	-	-
Dividend per Share	-	4.000	4.000	-	-	-	-	-	4.000	-	-	-	-	-	7.000	-	-	-	-	-	-	-
Announcement Date	08/05/19	12/08/20	10/08/21	10/11/21	09/02/22	09/02/22	13/05/22	09/08/22	09/08/22	10/11/22	14/02/23	14/02/23	11/05/23	09/08/23	09/08/23	10/11/23	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	7,262	-	8,284	8,772	6,875	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	622	295	1,596	-	-1,813	2,317	2,530	2,590
ROE (net income / shareholders' equity)	12.2%	6.01%	10.1%	9.9%	9.8%	10.3%	11%	11.4%
ROA (Net income/ Total Assets)	14.7%	4.6%	7.64%	10.9%	10.3%	8.5%	9.3%	10.6%
Assets ¹	13,424	23,097	23,952	17,349	19,058	25,412	26,344	25,660
Book Value Per Share ²	235.0	249.0	263.0	275.0	289.0	306.0	327.0	348.0
Cash Flow per Share	34.70	-	38.00	39.10	45.40	-	-	-
Capex ¹	1,224	373	629	595	3,397	850	850	850
Capex / Sales	9.32%	3.86%	4.36%	3.52%	16.69%	3.86%	3.63%	3.43%
Announcement Date	08/05/19	10/02/21	09/02/22	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 EM Systems Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

660 JPY

Average target price

1,300 JPY

Spread / Average Target

+96.97%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Computer Programming