Financials JTEKT Corporation

Equities

6473

JP3292200007

Auto, Truck & Motorcycle Parts

Delayed Japan Exchange Other stock markets 08:00:00 08/05/2024 am IST			5-day change	1st Jan Change
1,214 ^JPY	-1.74%		-0.08%	+1.72%

30/04	Japanese Shares End Higher As Yen Weakens After Intervention Bets	MT
30/04	Jtekt's Attributable Profit Up More Than 17% in Fiscal Year Ended March	MT

Valuation

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,67,128	2,52,083	3,87,553	3,30,618	3,50,177	4,23,762	-	-
Enterprise Value (EV) ¹	6,06,001	4,45,355	5,55,127	4,68,125	4,81,495	4,89,789	4,95,688	4,56,132
P/E ratio	18.9 x	-66.5 x	485 x	16 x	10.2 x	12.2 x	8.18 x	7.1 x
Yield	3.23%	5.17%	1.42%	1.87%	2.94%	2.52%	3.24%	4.05%
Capitalization / Revenue	0.31 x	0.18 x	0.31 x	0.23 x	0.21 x	0.26 x	0.22 x	0.21 x
EV / Revenue	0.4 x	0.31 x	0.45 x	0.33 x	0.29 x	0.26 x	0.25 x	0.23 x
EV / EBITDA	4.54 x	4.43 x	7.03 x	4.28 x	3.64 x	3.57 x	3.15 x	2.64 x
EV / FCF	21.9 x	-26.2 x	14.8 x	11.2 x	21.4 x	7.42 x	12.8 x	8.17 x
FCF Yield	4.57%	-3.82%	6.74%	8.92%	4.67%	13.5%	7.79%	12.2%
Price to Book	0.87 x	0.5 x	0.7 x	0.53 x	0.52 x	0.62 x	0.54 x	0.53 x
Nbr of stocks (in thousands)	3,42,972	3,42,970	3,42,968	3,42,965	3,42,975	3,42,988	-	-
Reference price ²	1,362	735.0	1,130	964.0	1,021	1,236	1,236	1,236
Announcement Date	26/04/19	30/04/20	28/04/21	28/04/22	27/04/23	26/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	15,20,893	14,18,896	12,46,286	14,28,426	16,78,146	18,91,504	19,56,550	19,74,020
EBITDA ¹	1,33,509	1,00,614	78,968	1,09,336	1,32,151	1,48,133	1,57,167	1,73,067
EBIT ¹	66,608	37,557	15,912	42,346	62,658	72,898	90,733	1,04,260
Operating Margin	4.38%	2.65%	1.28%	2.96%	3.73%	3.85%	4.64%	5.28%
Earnings before Tax (EBT) ¹	61,034	15,073	15,352	43,934	55,889	72,513	86,327	1,01,996
Net income ¹	24,663	-3,794	800	20,682	34,276	40,257	51,820	59,660
Net margin	1.62%	-0.27%	0.06%	1.45%	2.04%	2.13%	2.65%	3.02%
EPS ²	71.91	-11.06	2.330	60.31	99.94	117.4	151.1	174.0
Free Cash Flow ¹	27,698	-17,008	37,400	41,774	22,496	66,004	38,600	55,842
FCF margin	1.82%	-1.2%	3%	2.92%	1.34%	3.49%	1.97%	2.83%
FCF Conversion (EBITDA)	20.75%	-	47.36%	38.21%	17.02%	22.89%	24.56%	32.27%
FCF Conversion (Net income)	112.31%	-	4,675%	201.98%	65.63%	163.96%	74.49%	93.6%
Dividend per Share ²	44.00	38.00	16.00	18.00	30.00	36.00	40.00	50.00
Announcement Date	26/04/19	30/04/20	28/04/21	28/04/22	27/04/23	26/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	7,21,957	6,96,613	5,20,226	3,19,981	6,64,140	3,57,841	4,06,445	3,71,686	4,32,890	8,04,576	4,20,333	4,53,237	4,45,681	4,76,550	9,22,231	4,89,596	4,79,677	4,60,500	4,95,850	5,05,950	4,94,250
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	21,185	13,508	-23,329	6,577	15,508	9,754	17,084	2,875	15,180	18,055	14,045	30,558	13,980	17,554	31,534	23,025	18,339	19,400	14,600	31,600	25,800
Operating Margin	2.93%	1.94%	-4.48%	2.06%	2.34%	2.73%	4.2%	0.77%	3.51%	2.24%	3.34%	6.74%	3.14%	3.68%	3.42%	4.7%	3.82%	4.21%	2.94%	6.25%	5.22%
Earnings before Tax (EBT) ¹	16,056	-	-23,969	7,085	17,781	9,974	16,179	9,115	17,316	26,431	10,312	19,146	24,940	16,577	41,517	19,686	11,310	14,850	19,800	29,450	24,500
Net income ¹	4,709	-	-24,044	1,043	6,769	3,362	10,551	3,132	9,101	12,233	6,099	15,944	14,983	8,131	23,114	13,297	3,846	7,950	11,700	18,950	13,350
Net margin	0.65%	-	-4.62%	0.33%	1.02%	0.94%	2.6%	0.84%	2.1%	1.52%	1.45%	3.52%	3.36%	1.71%	2.51%	2.72%	0.8%	1.73%	2.36%	3.75%	2.7%
EPS	13.73	-	-70.11	3.040	19.74	9.800	30.77	9.130	26.52	35.67	17.78	46.49	43.69	-	67.39	38.77	-	-	-	-	-
Dividend per Share	22.00	-	8.000	-	8.000	-	-	-	-	11.00	-	-	-	-	16.00	-	-	-	-	-	-
Announcement Date	31/10/19	30/04/20	29/10/20	29/10/21	29/10/21	02/02/22	28/04/22	29/07/22	28/10/22	28/10/22	03/02/23	27/04/23	28/07/23	31/10/23	31/10/23	02/02/24	26/04/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,38,873	1,93,272	1,67,574	1,37,507	1,31,318	1,05,592	71,926	32,370
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.04 x	1.921 x	2.122 x	1.258 x	0.9937 x	0.7128 x	0.4576 x	0.187 x
Free Cash Flow ¹	27,698	-17,008	37,400	41,774	22,496	66,004	38,600	55,842
ROE (net income / shareholders' equity)	4.6%	-1.3%	0.2%	3.5%	5.3%	5.5%	6.85%	7.81%
ROA (Net income/ Total Assets)	5.47%	1.2%	0.06%	3.28%	3.95%	4.72%	4.5%	4.75%
Assets ¹	4,50,519	-3,16,151	12,67,829	6,30,280	8,67,132	8,52,148	11,51,556	12,56,000
Book Value Per Share ²	1,564	1,456	1,606	1,819	1,945	2,300	2,282	2,345
Cash Flow per Share ²	267.0	177.0	186.0	256.0	303.0	328.0	302.0	385.0
Capex ¹	71,161	79,320	54,357	54,122	65,912	88,457	65,000	71,667
Capex / Sales	4.68%	5.59%	4.36%	3.79%	3.93%	4.68%	3.32%	3.63%
Announcement Date	26/04/19	30/04/20	28/04/21	28/04/22	27/04/23	26/04/24	-	-

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 JTEKT Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,236 JPY

Average target price

1,720 JPY

Spread / Average Target

+39.21%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Automotive Systems

	1st Jan change	Capi.
JTEKT CORPORATION	+1.72%	2.71B
BREMBO	+9.48%	4.19B
BETHEL AUTOMOTIVE SAFETY SYSTEMS CO., LTD	-17.47%	3.46B
HANON SYSTEMS	-22.91%	2.55B
IMOTION AUTOMOTIVE TECHNOLOGY (SUZHOU) CO., LTD.	+78.04%	1.73B
NEXTEER AUTOMOTIVE GROUP LIMITED	-8.52%	1.41B
AOTECAR NEW ENERGY TECHNOLOGY CO., LTD.	-11.69%	1.3B
ZHEJIANG VIE SCIENCE & TECHNOLOGY CO., LTD.	+60.33%	1.25B
ZHEJIANG WANLIYANG CO., LTD.	-17.99%	1.11B
FRAS-LE S.A.	+7.65%	965M

Automotive Systems