Financials MegaChips Corporation

Equities

6875

JP3920860008

Semiconductors

Delayed Japan Exchange Other stock markets 06:53:47 13/05/2024 am IST			5-day change	1st Jan Change
4,235 ^JPY	+7.62%		+15.02%	-9.19%

04/04	MegaChips Buys Back 500 Million Yen of Shares	MT
03/04	Tranche Update on MegaChips Corporation's Equity Buyback Plan announced on February 9, 2024.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	36,975	33,841	76,823	68,418	62,769	70,781	-	-
Enterprise Value (EV) ¹	79,584	45,077	60,206	42,649	43,504	70,832	53,794	48,068
P/E ratio	-21.4 x	-18.9 x	3.67 x	2.8 x	8.85 x	16 x	17.6 x	11.6 x
Yield	1%	1.09%	2.27%	2.38%	2.75%	2.84%	2.29%	2.29%
Capitalization / Revenue	0.39 x	0.51 x	0.92 x	0.91 x	0.89 x	1.22 x	1.36 x	1.02 x
EV / Revenue	0.84 x	0.69 x	0.72 x	0.57 x	0.62 x	1.22 x	1.03 x	0.69 x
EV / EBITDA	13.9 x	7.27 x	8.68 x	5.81 x	6.76 x	8.6 x	7.31 x	5.35 x
EV / FCF	-4.91 x	1.75 x	2.67 x	2.15 x	-10.2 x	14.2 x	8.41 x	12.2 x
FCF Yield	-20.4%	57%	37.4%	46.5%	-9.84%	7.05%	11.9%	8.22%
Price to Book	1.41 x	1.21 x	1.54 x	1.07 x	0.84 x	0.69 x	0.97 x	0.87 x
Nbr of stocks (in thousands)	21,763	21,763	21,763	18,100	19,195	17,988	-	-
Reference price ²	1,699	1,555	3,530	3,780	3,270	3,935	3,935	3,935
Announcement Date	10/05/19	13/05/20	14/05/21	13/05/22	12/05/23	10/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	95,145	65,764	83,815	75,256	70,722	57,942	52,000	69,698
EBITDA ¹	5,719	6,199	6,937	7,338	6,435	6,244	7,356	8,978
EBIT ¹	573	972	5,025	7,030	6,029	5,483	5,567	7,480
Operating Margin	0.6%	1.48%	6%	9.34%	8.52%	9.46%	10.71%	10.73%
Earnings before Tax (EBT) ¹	-1,054	-1,965	26,834	36,361	10,272	8,223	7,800	10,695
Net income ¹	-1,727	-1,792	20,920	27,544	7,086	4,486	4,100	6,196
Net margin	-1.82%	-2.72%	24.96%	36.6%	10.02%	7.74%	7.88%	8.89%
EPS ²	-79.40	-82.35	961.3	1,349	369.4	242.3	223.3	339.2
Free Cash Flow ¹	-16,201	25,715	22,536	19,824	-4,279	3,785	6,398	3,951
FCF margin	-17.03%	39.1%	26.89%	26.34%	-6.05%	5.99%	12.3%	5.67%
FCF Conversion (EBITDA)	-	414.84%	324.89%	270.15%	-	60.62%	86.98%	44.01%
FCF Conversion (Net income)	-	-	107.73%	71.97%	-	104.1%	156.06%	63.77%
Dividend per Share ²	17.00	17.00	80.00	90.00	90.00	110.0	90.00	90.00
Announcement Date	10/05/19	13/05/20	14/05/21	13/05/22	12/05/23	10/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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 Q3	2025 Q4
Net sales ¹	34,282	31,482	45,912	37,903	21,568	38,903	22,473	13,880	36,353	14,925	21,074	35,999	20,071	14,652	34,723	17,290	19,211	36,501	11,100	10,341	21,441	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	30	942	2,398	2,627	2,477	4,112	1,750	1,168	2,918	1,115	2,452	3,567	1,975	487	2,462	1,586	2,136	3,722	735	1,026	1,761	1,000	1,800	2,200	1,200
Operating Margin	0.09%	2.99%	5.22%	6.93%	11.48%	10.57%	7.79%	8.41%	8.03%	7.47%	11.64%	9.91%	9.84%	3.32%	7.09%	9.17%	11.12%	10.2%	6.62%	9.92%	8.21%	-	-	-	-
Earnings before Tax (EBT)	-378	-	2,984	-	2,428	3,724	31,271	-	-	1,630	-	4,192	2,618	-	-	1,555	-	3,109	806	-	-	-	-	-	-
Net income ¹	-859	-	2,199	-	1,541	2,286	23,962	1,296	-	1,180	1,706	2,886	1,792	2,408	-	952	737	1,689	398	2,399	-	500	1,200	1,500	900
Net margin	-2.51%	-	4.79%	-	7.14%	5.88%	106.63%	9.34%	-	7.91%	8.1%	8.02%	8.93%	16.43%	-	5.51%	3.84%	4.63%	3.59%	23.2%	-	-	-	-	-
EPS	-39.49	-	101.1	-	-	108.2	1,155	-	-	61.58	-	150.6	93.36	-	-	50.21	-	90.39	21.95	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	01/11/19	13/05/20	30/10/20	14/05/21	05/11/21	05/11/21	04/02/22	13/05/22	13/05/22	05/08/22	08/11/22	08/11/22	03/02/23	12/05/23	12/05/23	04/08/23	08/11/23	08/11/23	09/02/24	10/05/24	10/05/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	42,609	11,236	-	-	-	-	-	-
Net Cash position ¹	-	-	16,617	25,769	19,265	17,057	16,987	22,713
Leverage (Debt/EBITDA)	7.451 x	1.813 x	-	-	-	-	-	-
Free Cash Flow ¹	-16,201	25,715	22,536	19,824	-4,279	3,785	6,399	3,951
ROE (net income / shareholders' equity)	-6%	-6.6%	53.6%	46.9%	10%	5.1%	5.6%	7.55%
ROA (Net income/ Total Assets)	0.54%	0.78%	5.32%	9.55%	8.17%	3.21%	7.2%	8.05%
Assets ¹	-3,20,992	-2,30,414	3,92,988	2,88,287	86,679	1,39,948	56,944	76,968
Book Value Per Share ²	1,205	1,290	2,299	3,517	3,883	5,640	4,072	4,531
Cash Flow per Share ²	114.0	116.0	1,064	1,398	426.0	271.0	307.0	413.0
Capex ¹	1,018	845	650	788	946	1,500	1,550	1,550
Capex / Sales	1.07%	1.28%	0.78%	1.05%	1.34%	2.37%	2.98%	2.22%
Announcement Date	10/05/19	13/05/20	14/05/21	13/05/22	12/05/23	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 MegaChips Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,935 JPY

Average target price

5,600 JPY

Spread / Average Target

+42.31%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Integrated Circuits