Financials Maruwa Co.,Ltd.

Equities

5344

JP3879250003

Electronic Equipment & Parts

Market Closed - Japan Exchange Other stock markets 11:30:00 10/05/2024 am IST			5-day change	1st Jan Change
34,600 ^JPY	-0.86%		+11.61%	+17.29%

25/04	Maruwa Co., Ltd. Provides Consolidated Earnings Guidance for the Six Months Ending September 30, 2024 and Full Year Ending March 31, 2025	CI
25/04	Maruwa Co., Ltd. Announces Year-End Dividend for the Year Ended March 31, 2024, Payable on June 21, 2024; Provides Dividend Guidance for the Second Quarter-End and Full Year of Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	64,442	81,267	1,40,134	2,01,597	2,26,515	4,26,890	-	-
Enterprise Value (EV) ¹	41,815	54,033	1,08,011	1,58,675	1,77,453	3,99,749	3,59,955	3,46,565
P/E ratio	9.53 x	13.8 x	20.2 x	15.1 x	15.1 x	26.3 x	24.3 x	20.7 x
Yield	0.92%	0.79%	0.56%	0.43%	0.42%	0.27%	0.27%	0.31%
Capitalization / Revenue	1.56 x	1.97 x	3.38 x	3.71 x	3.85 x	6.49 x	6.06 x	5.45 x
EV / Revenue	1.56 x	1.97 x	3.38 x	3.71 x	3.85 x	6.49 x	6.06 x	5.45 x
EV / EBITDA	5.55 x	6.97 x	11.3 x	9.7 x	9.75 x	16.7 x	14 x	11 x
EV / FCF	24.9 x	14.9 x	27 x	17.9 x	32.9 x	62.4 x	45.8 x	37.6 x
FCF Yield	4.01%	6.7%	3.71%	5.57%	3.04%	1.6%	2.18%	2.66%
Price to Book	1.17 x	1.37 x	2.11 x	2.53 x	2.4 x	3.66 x	-	-
Nbr of stocks (in thousands)	12,345	12,332	12,336	12,338	12,337	12,338	-	-
Reference price ²	5,220	6,590	11,360	16,340	18,360	34,600	34,600	34,600
Announcement Date	26/04/19	28/04/20	27/04/21	27/04/22	27/04/23	25/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	41,193	41,231	41,438	54,344	58,804	61,564	70,475	78,367
EBITDA ¹	11,616	11,666	12,444	20,785	23,229	23,939	30,500	38,900
EBIT ¹	9,556	9,346	10,248	18,215	20,142	19,801	24,120	28,900
Operating Margin	23.2%	22.67%	24.73%	33.52%	34.25%	32.16%	34.22%	36.88%
Earnings before Tax (EBT) ¹	9,874	8,696	9,884	19,331	21,164	21,016	25,640	31,040
Net income ¹	6,770	5,894	6,935	13,350	15,020	15,216	17,601	20,585
Net margin	16.43%	14.29%	16.74%	24.57%	25.54%	24.72%	24.98%	26.27%
EPS ²	547.9	477.9	562.3	1,082	1,217	1,233	1,427	1,668
Free Cash Flow ¹	2,586	5,447	5,198	11,235	6,890	6,408	9,314	11,356
FCF margin	6.28%	13.21%	12.54%	20.67%	11.72%	10.41%	13.22%	14.49%
FCF Conversion (EBITDA)	22.26%	46.69%	41.77%	54.05%	29.66%	26.77%	30.54%	29.19%
FCF Conversion (Net income)	38.2%	92.41%	74.95%	84.16%	45.87%	42.11%	52.92%	55.17%
Dividend per Share ²	48.00	52.00	64.00	70.00	78.00	86.00	94.00	108.0
Announcement Date	26/04/19	28/04/20	27/04/21	27/04/22	27/04/23	25/04/24	-	-

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 S1	2025 Q3	2025 Q4
Net sales ¹	20,341	20,890	19,534	13,610	24,722	15,348	14,274	13,954	15,714	29,668	14,909	14,227	12,722	15,341	28,063	16,963	16,538	15,511	17,563	34,200	18,602	19,374
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,149	5,197	4,686	4,744	7,926	5,435	4,854	4,749	5,867	10,616	5,423	4,103	3,530	5,119	8,649	5,744	5,408	5,100	6,300	11,800	6,675	7,175
Operating Margin	20.4%	24.88%	23.99%	34.86%	32.06%	35.41%	34.01%	34.03%	37.34%	35.78%	36.37%	28.84%	27.75%	33.37%	30.82%	33.86%	32.7%	32.88%	35.87%	34.5%	35.88%	37.03%
Earnings before Tax (EBT)	4,121	-	4,568	-	8,088	5,690	-	5,743	-	12,221	4,748	-	4,015	-	9,486	5,362	-	-	-	-	-	-
Net income	2,868	-	3,154	-	5,567	3,944	-	4,088	-	8,604	3,330	-	2,846	-	6,777	3,826	-	-	-	-	-	-
Net margin	14.1%	-	16.15%	-	22.52%	25.7%	-	29.3%	-	29%	22.34%	-	22.37%	-	24.15%	22.55%	-	-	-	-	-	-
EPS	232.5	-	255.8	-	451.3	319.7	-	331.4	-	697.4	270.0	-	230.7	-	549.4	310.1	-	263.2	386.4	-	409.9	445.1
Dividend per Share	26.00	-	28.00	-	34.00	-	-	-	-	38.00	-	-	-	-	43.00	-	-	-	-	-	-	-
Announcement Date	30/10/19	28/04/20	28/10/20	27/10/21	27/10/21	28/01/22	27/04/22	27/07/22	27/10/22	27/10/22	31/01/23	27/04/23	27/07/23	26/10/23	26/10/23	31/01/24	25/04/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	22,627	27,234	32,123	42,922	49,062	-	66,935	80,325
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,586	5,447	5,198	11,235	6,890	6,408	9,314	11,356
ROE (net income / shareholders' equity)	13%	10.3%	11%	18.3%	17.3%	15%	15%	15%
ROA (Net income/ Total Assets)	16.1%	14.1%	13.9%	22.1%	20.8%	-	-	-
Assets ¹	42,019	41,885	49,928	60,534	72,286	-	-	-
Book Value Per Share ²	4,452	4,821	5,378	6,458	7,637	8,851	10,104	11,562
Cash Flow per Share	714.0	666.0	738.0	1,290	1,468	1,569	-	-
Capex ¹	4,381	5,252	5,515	3,929	10,537	10,814	11,000	11,000
Capex / Sales	10.64%	12.74%	13.31%	7.23%	17.92%	17.57%	15.6%	14.13%
Announcement Date	26/04/19	28/04/20	27/04/21	27/04/22	27/04/23	25/04/24	-	-

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 Maruwa Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

34,600 JPY

Average target price

35,854 JPY

Spread / Average Target

+3.62%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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