Financials Fujikura Ltd.

Equities

5803

JP3811000003

Electrical Components & Equipment

Market Closed - Japan Exchange Other stock markets 11:30:00 02/05/2024 am IST			5-day change	1st Jan Change
2,780 ^JPY	+0.98%		+6.62%	+156.29%

11/04	Kyoto Fusioneering Ltd. announced that it has received ¥12.06 billion in funding from a group of investors	CI
11/04	Kyoto Fusioneering Ltd. announced that it has received funding from Fujikura Ltd.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,18,975	86,185	1,49,544	1,72,312	2,58,805	7,59,142	-	-
Enterprise Value (EV) ¹	3,35,685	3,02,193	2,91,733	2,92,762	3,59,977	8,26,734	7,91,764	7,57,164
P/E ratio	81.9 x	-2.29 x	-27.8 x	4.41 x	6.33 x	16.6 x	15.1 x	13.6 x
Yield	2.88%	1.6%	-	1.6%	3.2%	1.78%	1.96%	2.15%
Capitalization / Revenue	0.17 x	0.13 x	0.23 x	0.26 x	0.32 x	0.96 x	0.92 x	0.9 x
EV / Revenue	0.47 x	0.45 x	0.45 x	0.44 x	0.45 x	1.04 x	0.96 x	0.89 x
EV / EBITDA	5.49 x	7.35 x	4.89 x	4.16 x	3.63 x	9.25 x	7.86 x	6.93 x
EV / FCF	-24.4 x	18.6 x	6.5 x	6.07 x	7.44 x	23.3 x	22.8 x	18.9 x
FCF Yield	-4.1%	5.39%	15.4%	16.5%	13.4%	4.3%	4.4%	5.28%
Price to Book	0.55 x	0.57 x	0.92 x	0.78 x	0.96 x	2.42 x	2.2 x	1.99 x
Nbr of stocks (in thousands)	2,85,313	2,75,351	2,75,403	2,75,699	2,75,911	2,75,801	-	-
Reference price ²	417.0	313.0	543.0	625.0	938.0	2,752	2,752	2,752
Announcement Date	14/05/19	10/06/20	14/05/21	12/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,10,778	6,72,314	6,43,736	6,70,350	8,06,453	7,93,839	8,26,200	8,47,612
EBITDA ¹	61,171	41,115	59,611	70,393	99,275	89,352	1,00,767	1,09,188
EBIT ¹	27,679	3,346	24,422	38,288	70,163	64,052	74,052	80,616
Operating Margin	3.89%	0.5%	3.79%	5.71%	8.7%	8.07%	8.96%	9.51%
Earnings before Tax (EBT) ¹	10,507	-19,763	1,174	51,675	50,742	63,275	69,524	76,176
Net income ¹	1,453	-38,510	-5,369	39,101	40,891	45,750	50,630	55,998
Net margin	0.2%	-5.73%	-0.83%	5.83%	5.07%	5.76%	6.13%	6.61%
EPS ²	5.090	-136.6	-19.50	141.8	148.3	165.9	182.5	202.1
Free Cash Flow ¹	-13,772	16,274	44,851	48,228	48,407	35,525	34,800	40,000
FCF margin	-1.94%	2.42%	6.97%	7.19%	6%	4.48%	4.21%	4.72%
FCF Conversion (EBITDA)	-	39.58%	75.24%	68.51%	48.76%	39.76%	34.54%	36.63%
FCF Conversion (Net income)	-	-	-	123.34%	118.38%	77.65%	68.73%	71.43%
Dividend per Share ²	12.00	5.000	-	10.00	30.00	49.11	54.00	59.25
Announcement Date	14/05/19	10/06/20	14/05/21	12/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	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 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	3,43,499	3,28,815	3,00,512	3,43,224	1,65,405	3,28,093	1,67,739	1,74,518	3,42,257	1,80,906	2,18,161	3,99,067	2,13,721	1,93,665	4,07,386	1,90,207	2,01,727	3,91,934	2,07,057	1,94,584	4,03,100	1,98,000	2,04,000	-	2,15,000	2,05,000	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,773	-2,427	8,906	15,516	8,916	18,597	9,351	10,340	19,691	11,285	23,967	35,252	21,257	12,902	34,159	12,572	18,206	30,778	20,665	12,917	34,200	14,000	18,000	-	21,500	16,500	-
Operating Margin	1.68%	-0.74%	2.96%	4.52%	5.39%	5.67%	5.57%	5.92%	5.75%	6.24%	10.99%	8.83%	9.95%	6.66%	8.38%	6.61%	9.03%	7.85%	9.98%	6.64%	8.48%	7.07%	8.82%	-	10%	8.05%	-
Earnings before Tax (EBT)	4,628	-	4,038	-	-	21,761	12,735	-	-	12,373	-	41,036	17,161	-	-	15,618	-	33,588	16,516	-	-	-	-	-	-	-	-
Net income ¹	814	-	746	-	10,619	17,188	8,989	12,924	-	8,260	23,530	31,790	14,706	-6,185	-	11,112	14,072	25,184	10,613	10,701	-	9,500	13,000	-	15,000	9,000	-
Net margin	0.24%	-	0.25%	-	6.42%	5.24%	5.36%	7.41%	-	4.57%	10.79%	7.97%	6.88%	-3.19%	-	5.84%	6.98%	6.43%	5.13%	5.5%	-	4.8%	6.37%	-	6.98%	4.39%	-
EPS ²	2.850	-	2.710	-	-	62.37	32.60	-	-	29.96	-	115.3	53.33	-22.44	-	40.29	51.02	91.31	38.48	33.75	-	-	-	-	-	-	-
Dividend per Share	5.000	-	-	-	-	-	-	-	10.00	-	-	13.00	-	-	17.00	-	-	22.50	-	-	26.50	-	-	26.50	-	-	26.50
Announcement Date	31/10/19	10/06/20	02/11/20	14/05/21	08/11/21	08/11/21	09/02/22	12/05/22	12/05/22	05/08/22	09/11/22	09/11/22	09/02/23	12/05/23	12/05/23	10/08/23	08/11/23	08/11/23	08/02/24	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,16,710	2,16,008	1,42,189	1,20,450	1,01,172	67,592	32,622	-
Net Cash position ¹	-	-	-	-	-	-	-	1,978
Leverage (Debt/EBITDA)	3.543 x	5.254 x	2.385 x	1.711 x	1.019 x	0.7565 x	0.3237 x	-
Free Cash Flow ¹	-13,772	16,274	44,851	48,228	48,407	35,525	34,800	40,000
ROE (net income / shareholders' equity)	0.7%	-20.9%	-3.4%	20.4%	16.7%	15.6%	14.9%	15%
ROA (Net income/ Total Assets)	3.29%	0.22%	3.21%	5.77%	10.6%	7.83%	6.8%	7.25%
Assets ¹	44,114	-1,78,22,928	-1,67,265	6,77,118	3,86,116	5,84,043	7,44,564	7,72,387
Book Value Per Share ²	759.0	552.0	591.0	800.0	981.0	1,135	1,254	1,385
Cash Flow per Share ²	116.0	-9.930	103.0	253.0	254.0	252.0	275.0	281.0
Capex ¹	55,785	30,141	17,736	16,214	15,720	20,250	28,250	29,250
Capex / Sales	7.85%	4.48%	2.76%	2.42%	1.95%	2.55%	3.42%	3.45%
Announcement Date	14/05/19	10/06/20	14/05/21	12/05/22	12/05/23	-	-	-

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 Fujikura Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,752 JPY

Average target price

2,421 JPY

Spread / Average Target

-12.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electrical Component

	1st Jan change	Capi.
FUJIKURA LTD.	+156.29%	4.82B
TE CONNECTIVITY LTD.	-0.75%	42.7B
XIAMEN FARATRONIC CO., LTD.	+6.37%	3.06B
FANGDA CARBON NEW MATERIAL CO.,LTD	-3.24%	2.79B
MPI CORPORATION	+103.68%	1.28B
BEIJING YUANLIU HONGYUAN ELECTRONIC TECHNOLOGY CO., LTD.	-32.07%	1.09B
ACBEL POLYTECH INC.	-3.28%	1.05B
TOYO TANSO CO., LTD.	+62.59%	1.04B
NINGBO SUNRISE ELC TECHNOLOGY CO.,LTD	-15.46%	906M
JIANGSU LETTALL ELECTRONIC CO.,LTD	-20.38%	891M

Electrical Component