Financials JVCKENWOOD Corporation

Equities

6632

JP3386410009

Auto, Truck & Motorcycle Parts

Market Closed - Japan Exchange Other stock markets 11:30:00 02/05/2024 am IST			5-day change	1st Jan Change
802 ^JPY	-2.43%		-3.02%	+8.23%

02/05	Japanese Shares Muted Amid Firm Yen, Mixed Wall Street	MT
02/05	Jvckenwood's Attributable Profit Tanks 20% Despite Higher Revenue	MT

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	43,937	31,969	36,067	29,100	62,287	1,20,923	-	-
Enterprise Value (EV) ¹	74,405	66,640	93,624	50,231	68,582	1,42,333	1,20,923	1,20,923
P/E ratio	10.7 x	33.5 x	16.7 x	4.96 x	3.84 x	11.2 x	9.57 x	8.7 x
Yield	2.24%	2.56%	2.27%	3.37%	3.15%	1.5%	2%	2%
Capitalization / Revenue	0.14 x	0.11 x	0.13 x	0.1 x	0.18 x	0.4 x	0.34 x	0.33 x
EV / Revenue	0.14 x	0.11 x	0.13 x	0.1 x	0.18 x	0.4 x	0.34 x	0.33 x
EV / EBITDA	1.75 x	1.32 x	1.49 x	1.11 x	1.59 x	3.31 x	3.1 x	3.02 x
EV / FCF	-9.18 x	16.3 x	1.5 x	-10.6 x	3.23 x	12.1 x	9.19 x	8.17 x
FCF Yield	-10.9%	6.15%	66.6%	-9.43%	31%	8.3%	10.9%	12.2%
Price to Book	0.71 x	0.57 x	0.56 x	0.37 x	0.63 x	1.24 x	1.08 x	0.95 x
Nbr of stocks (in thousands)	1,63,944	1,63,942	1,63,941	1,63,486	1,63,484	1,50,776	-	-
Reference price ²	268.0	195.0	220.0	178.0	381.0	802.0	802.0	802.0
Announcement Date	26/04/19	20/05/20	27/04/21	27/04/22	27/04/23	26/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,07,627	2,91,304	2,73,609	2,82,088	3,36,910	3,59,459	3,60,000	3,61,500
EBITDA ¹	25,057	24,279	24,209	26,174	39,249	36,500	39,000	40,000
EBIT ¹	7,263	4,080	4,893	9,054	21,634	18,226	20,750	22,000
Operating Margin	2.36%	1.4%	1.79%	3.21%	6.42%	5.07%	5.76%	6.09%
Earnings before Tax (EBT) ¹	6,401	2,877	4,533	8,515	21,161	18,245	18,500	20,050
Net income ¹	3,847	954	2,154	5,873	16,229	13,016	12,500	13,550
Net margin	1.25%	0.33%	0.79%	2.08%	4.82%	3.62%	3.47%	3.75%
EPS ²	25.00	5.820	13.14	35.89	99.27	84.34	83.80	92.15
Free Cash Flow ¹	-4,785	1,967	24,025	-2,745	19,278	10,035	13,158	14,808
FCF margin	-1.56%	0.68%	8.78%	-0.97%	5.72%	2.82%	3.65%	4.1%
FCF Conversion (EBITDA)	-	8.1%	99.24%	-	49.12%	27.49%	33.74%	37.02%
FCF Conversion (Net income)	-	206.18%	1,115.37%	-	118.79%	83.62%	105.26%	109.28%
Dividend per Share ²	6.000	5.000	5.000	6.000	12.00	12.00	16.00	16.00
Announcement Date	26/04/19	20/05/20	27/04/21	27/04/22	27/04/23	26/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Maart	2020 S1	2020 S2	2021 S1	2021 S2	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	1,46,696	1,44,608	1,17,698	1,55,911	59,923	1,24,433	70,193	87,462	72,000	86,108	1,58,108	89,389	89,413	85,598	89,106	1,74,704	92,554	92,201	85,500	88,500	92,000	94,000
EBITDA	-	-	-	-	3,528	-	5,644	9,537	5,077	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,177	903	-3,352	8,245	-803	2,071	1,554	5,429	516	5,244	5,760	13,746	2,128	5,012	4,795	9,807	5,175	3,244	4,000	4,500	5,500	5,000
Operating Margin	2.17%	0.62%	-2.85%	5.29%	-1.34%	1.66%	2.21%	6.21%	0.72%	6.09%	3.64%	15.38%	2.38%	5.86%	5.38%	5.61%	5.59%	3.52%	4.68%	5.08%	5.98%	5.32%
Earnings before Tax (EBT)	2,690	187	-3,605	8,138	-	1,731	1,346	-	539	-	5,784	13,559	-	4,873	-	9,740	5,192	-	-	-	-	-
Net income	1,203	-249	-4,292	6,446	-	-256	759	-	-246	-	3,677	11,836	-	3,477	-	6,750	4,172	-	-	-	-	-
Net margin	0.82%	-0.17%	-3.65%	4.13%	-	-0.21%	1.08%	-	-0.34%	-	2.33%	13.24%	-	4.06%	-	3.86%	4.51%	-	-	-	-	-
EPS	7.340	-1.520	-26.18	-	-10.53	-1.560	4.640	32.81	-1.510	-	22.49	72.40	-	21.84	-	43.04	27.20	-	-	-	-	-
Dividend per Share	-	5.000	-	5.000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	31/10/19	20/05/20	30/10/20	27/04/21	29/10/21	29/10/21	01/02/22	27/04/22	29/07/22	31/10/22	31/10/22	01/02/23	27/04/23	01/08/23	31/10/23	31/10/23	01/02/24	26/04/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	30,468	34,671	57,557	21,131	6,295	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.216 x	1.428 x	2.378 x	0.8073 x	0.1604 x	-	-	-
Free Cash Flow ¹	-4,785	1,967	24,025	-2,745	19,278	10,035	13,158	14,808
ROE (net income / shareholders' equity)	6.8%	1.6%	3.6%	8.1%	18.2%	12.2%	11.9%	11.6%
ROA (Net income/ Total Assets)	1.57%	1.15%	1.76%	3.12%	7.29%	5.92%	6%	6.1%
Assets ¹	2,45,032	82,957	1,22,119	1,87,996	2,22,472	2,19,789	2,08,333	2,22,131
Book Value Per Share ²	378.0	345.0	394.0	486.0	604.0	761.0	739.0	848.0
Cash Flow per Share ²	141.0	129.0	131.0	141.0	207.0	202.0	220.0	228.0
Capex ¹	7,860	8,170	13,912	12,300	11,400	21,750	20,000	19,500
Capex / Sales	2.56%	2.8%	5.08%	4.36%	3.38%	6.12%	5.56%	5.39%
Announcement Date	26/04/19	20/05/20	27/04/21	27/04/22	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 JVCKENWOOD Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

802 JPY

Average target price

950 JPY

Spread / Average Target

+18.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Auto, Truck & Motorcycle Parts

	1st Jan change	Capi.
JVCKENWOOD CORPORATION	+8.23%	791M
DENSO CORPORATION	+26.07%	51.05B
APTIV PLC	-9.91%	22.04B
WEICHAI POWER CO., LTD.	+25.92%	20.17B
FUYAO GLASS INDUSTRY GROUP CO., LTD.	+33.27%	17.52B
HYUNDAI MOBIS CO.,LTD	-4.64%	15.13B
MAGNA INTERNATIONAL INC.	-18.39%	13.41B
CONTINENTAL AG	-19.97%	13.26B
SUMITOMO ELECTRIC INDUSTRIES, LTD.	+33.81%	12.25B
SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	+28.63%	10.66B

Other Auto, Truck & Motorcycle Parts