Financials Honda Motor Co., Ltd. Nyse

Equities

HMC

US4381283088

Auto & Truck Manufacturers

Market Closed - Nyse Other stock markets 01:30:02 01/06/2024 am IST			5-day change	1st Jan Change
33.92 ^USD	+1.83%		+2.05%	+9.74%

24/05	South Korea's Hybrid Car Registrations Jump 41% in First Four Months of 2024	MT
23/05	Thailand car production drops 11% y/y in April, domestic sales fall	RE

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	42,46,671	57,30,736	59,64,717	58,75,926	91,70,901	85,32,783	-	-
Enterprise Value (EV) ¹	90,44,004	1,06,93,701	1,03,92,342	97,38,080	1,44,67,229	1,29,34,368	1,24,99,610	1,19,38,082
P/E ratio	9.34 x	8.72 x	8.48 x	9.14 x	8.37 x	7.82 x	7.74 x	7.16 x
Yield	4.61%	3.31%	3.44%	3.42%	3.6%	3.93%	4.1%	4.32%
Capitalization / Revenue	0.28 x	0.44 x	0.41 x	0.35 x	0.45 x	0.41 x	0.4 x	0.39 x
EV / Revenue	0.61 x	0.81 x	0.71 x	0.58 x	0.71 x	0.61 x	0.58 x	0.54 x
EV / EBITDA	6.78 x	8.33 x	7.01 x	6.24 x	6.65 x	6.18 x	6.02 x	5.42 x
EV / FCF	25.1 x	38.8 x	7.97 x	6.71 x	-6.04 x	8.88 x	9.65 x	10.3 x
FCF Yield	3.98%	2.58%	12.5%	14.9%	-16.5%	11.3%	10.4%	9.75%
Price to Book	0.52 x	0.63 x	0.57 x	0.52 x	0.72 x	0.65 x	0.62 x	0.57 x
Nbr of stocks (in thousands)	52,42,803	51,79,936	51,31,675	50,22,159	48,49,763	48,22,143	-	-
Reference price ²	810.0	1,106	1,162	1,170	1,891	1,770	1,770	1,770
Announcement Date	12/05/20	14/05/21	13/05/22	11/05/23	10/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,49,31,000	1,31,70,500	1,45,52,600	1,69,07,725	2,04,28,802	2,10,39,708	2,13,80,267	2,19,22,321
EBITDA ¹	13,33,514	12,84,447	14,82,263	15,61,028	21,76,343	20,92,784	20,76,636	22,02,996
EBIT ¹	6,33,600	6,60,200	8,71,200	8,39,398	13,81,977	14,97,244	14,80,880	15,55,139
Operating Margin	4.24%	5.01%	5.99%	4.96%	6.76%	7.12%	6.93%	7.09%
Earnings before Tax (EBT) ¹	7,89,900	9,14,000	10,70,100	8,79,565	16,42,384	16,23,689	16,39,131	17,42,491
Net income ¹	4,55,700	6,57,400	7,07,000	6,51,416	11,07,174	10,75,986	11,01,286	11,77,888
Net margin	3.05%	4.99%	4.86%	3.85%	5.42%	5.11%	5.15%	5.37%
EPS ²	86.71	126.9	137.0	128.0	225.9	226.2	228.7	247.1
Free Cash Flow ¹	3,59,934	2,75,498	13,03,566	14,50,962	-23,93,901	14,55,894	12,95,531	11,63,900
FCF margin	2.41%	2.09%	8.96%	8.58%	-11.72%	6.92%	6.06%	5.31%
FCF Conversion (EBITDA)	26.99%	21.45%	87.94%	92.95%	-	69.57%	62.39%	52.83%
FCF Conversion (Net income)	78.98%	41.91%	184.38%	222.74%	-	135.31%	117.64%	98.81%
Dividend per Share ²	37.33	36.67	40.00	40.00	68.00	69.62	72.63	76.51
Announcement Date	12/05/20	14/05/21	13/05/22	11/05/23	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	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2	2026 Q1	2026 S1	2026 S2	2027 S1
Net sales ¹	72,05,700	57,75,100	73,95,400	69,88,200	36,88,700	38,75,860	75,64,400	38,29,500	42,55,804	80,85,304	44,38,100	43,84,321	88,22,421	46,24,996	49,84,396	96,09,392	53,90,100	54,29,310	1,08,19,410	50,26,038	52,72,166	1,06,23,061	53,26,307	55,25,702	1,04,51,846	52,11,209	1,09,74,963	1,09,65,204	1,14,83,058
EBITDA ¹	-	-	-	-	3,78,400	3,52,574	-	3,83,647	4,27,125	-	4,60,077	2,90,286	-	5,80,144	4,90,204	-	4,98,400	4,96,591	-	5,35,000	5,30,000	-	5,16,000	3,90,000	-	-	-	-	-
EBIT ¹	1,61,000	1,69,200	4,91,000	4,42,100	2,29,400	1,99,500	4,29,100	2,22,200	2,31,252	4,53,452	2,80,400	1,05,546	3,85,946	3,94,447	3,02,126	6,96,573	3,79,800	3,05,592	6,85,404	4,41,174	3,83,331	9,30,722	4,14,013	2,62,090	4,36,511	4,73,705	9,74,479	4,40,289	9,38,498
Operating Margin	2.23%	2.93%	6.64%	6.33%	6.22%	5.15%	5.67%	5.8%	5.43%	5.61%	6.32%	2.41%	4.37%	8.53%	6.06%	7.25%	7.05%	5.63%	6.33%	8.78%	7.27%	8.76%	7.77%	4.74%	4.18%	9.09%	8.88%	4.02%	8.17%
Earnings before Tax (EBT) ¹	2,10,500	2,72,200	6,41,800	5,60,300	2,84,800	2,24,900	5,09,800	2,37,400	2,78,431	5,15,831	3,43,500	78,863	4,22,363	5,14,924	3,64,361	8,79,285	3,85,200	3,77,860	7,63,099	4,66,350	4,53,700	-	4,53,050	2,99,000	-	4,20,463	-	-	-
Net income ¹	86,900	1,60,000	4,97,400	3,89,200	1,92,900	1,24,800	3,17,800	1,49,200	1,89,314	3,38,514	2,44,600	1,12,153	3,56,753	3,63,069	2,53,232	6,16,301	2,53,299	2,37,565	4,90,873	3,00,050	2,92,250	-	2,91,900	1,93,400	-	2,77,539	-	-	-
Net margin	1.21%	2.77%	6.73%	5.57%	5.23%	3.22%	4.2%	3.9%	4.45%	4.19%	5.51%	2.56%	4.04%	7.85%	5.08%	6.41%	4.7%	4.38%	4.54%	5.97%	5.54%	-	5.48%	3.5%	-	5.33%	-	-	-
EPS ²	16.83	30.90	96.02	75.14	37.50	24.39	61.89	29.08	36.95	66.03	48.10	22.50	70.60	73.02	51.49	124.6	52.15	49.10	101.2	71.92	59.45	154.1	66.61	35.29	63.00	74.17	163.2	64.20	160.5
Dividend per Share ²	18.67	10.00	26.67	18.33	-	21.67	21.67	21.38	20.00	20.00	-	20.00	20.00	20.00	29.00	29.00	-	39.00	-	-	35.00	-	-	35.00	-	-	-	-	-
Announcement Date	12/05/20	06/11/20	14/05/21	05/11/21	09/02/22	13/05/22	13/05/22	10/08/22	09/11/22	09/11/22	10/02/23	11/05/23	11/05/23	09/08/23	09/11/23	09/11/23	08/02/24	10/05/24	10/05/24	-	-	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	47,97,333	49,62,965	44,27,625	38,62,154	52,96,328	44,01,585	39,66,827	34,05,299
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.598 x	3.864 x	2.987 x	2.474 x	2.434 x	2.103 x	1.91 x	1.546 x
Free Cash Flow ¹	3,59,934	2,75,498	13,03,566	14,50,962	-23,93,901	14,55,894	12,95,531	11,63,900
ROE (net income / shareholders' equity)	5.6%	7.69%	7.2%	6%	9.3%	8.56%	8.21%	7.92%
ROA (Net income/ Total Assets)	3.86%	4.31%	4.66%	3.86%	6.03%	5.3%	5.01%	4.67%
Assets ¹	1,17,91,922	1,52,41,054	1,51,59,540	1,68,87,218	1,83,51,143	2,03,15,047	2,19,71,895	2,52,25,679
Book Value Per Share ²	1,547	1,753	2,041	2,240	2,629	2,715	2,842	3,084
Cash Flow per Share ²	220.0	207.0	255.0	270.0	388.0	461.0	437.0	443.0
Capex ¹	3,70,195	3,18,410	25,03,820	22,33,521	3,48,680	6,20,000	5,15,098	5,39,000
Capex / Sales	2.48%	2.42%	17.21%	13.21%	1.71%	2.95%	2.41%	2.46%
Announcement Date	12/05/20	14/05/21	13/05/22	11/05/23	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 Honda Motor Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,770 JPY

Average target price

1,975 JPY

Spread / Average Target

+11.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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