Financials Micronics Japan Co., Ltd.

Equities

6871

JP3750400008

Semiconductor Equipment & Testing

Market Closed - Japan Exchange Other stock markets 11:30:00 02/05/2024 am IST			5-day change	1st Jan Change
7,310 ^JPY	+8.94%		+6.56%	+99.18%

2023	Micronics Japan Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2023	CI
2022	Nomura Adjusts Micronics Japan's Price Target to 2,406 Yen From 2,626 Yen, Keeps at Buy	MT

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	49,528	70,816	50,104	1,41,596	2,82,035	-	-
Enterprise Value (EV) ¹	37,781	52,944	29,825	1,24,945	2,71,775	2,66,719	2,59,177
P/E ratio	15.9 x	8.62 x	6.65 x	34.3 x	35 x	23.8 x	18.5 x
Yield	2.08%	3.51%	4.53%	0.9%	0.83%	1.27%	1.59%
Capitalization / Revenue	1.23 x	1.77 x	1.13 x	3.7 x	5.69 x	4.36 x	3.64 x
EV / Revenue	0.94 x	1.32 x	0.67 x	3.26 x	5.48 x	4.12 x	3.34 x
EV / EBITDA	7.25 x	5.2 x	2.63 x	16.6 x	18.1 x	12.7 x	10 x
EV / FCF	29.4 x	9.73 x	-	-70 x	-40.9 x	259 x	33.4 x
FCF Yield	3.4%	10.3%	-	-1.43%	-2.45%	0.39%	2.99%
Price to Book	1.93 x	2.16 x	1.3 x	3.44 x	5.47 x	4.55 x	3.77 x
Nbr of stocks (in thousands)	38,157	38,197	38,483	38,582	38,582	-	-
Reference price ²	1,298	1,854	1,302	3,670	7,310	7,310	7,310
Announcement Date	12/02/21	10/02/22	14/02/23	14/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	40,130	39,998	44,321	38,292	49,600	64,750	77,500
EBITDA ¹	5,208	10,172	11,356	7,515	15,000	21,000	25,800
EBIT ¹	2,775	8,243	9,225	5,312	10,900	15,950	20,700
Operating Margin	6.92%	20.61%	20.81%	13.87%	21.98%	24.63%	26.71%
Earnings before Tax (EBT)	4,251	11,245	10,361	5,501	-	-	-
Net income ¹	3,111	8,237	7,530	4,127	7,800	11,450	14,800
Net margin	7.75%	20.59%	16.99%	10.78%	15.73%	17.68%	19.1%
EPS ²	81.54	215.1	195.7	107.0	208.9	306.6	396.0
Free Cash Flow ¹	1,284	5,441	-	-1,785	-6,648	1,030	7,750
FCF margin	3.2%	13.6%	-	-4.66%	-13.4%	1.59%	10%
FCF Conversion (EBITDA)	24.65%	53.49%	-	-	-	4.9%	30.04%
FCF Conversion (Net income)	41.27%	66.06%	-	-	-	9%	52.36%
Dividend per Share ²	27.00	65.00	59.00	33.00	61.00	92.50	116.5
Announcement Date	12/02/21	10/02/22	14/02/23	14/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	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
Net sales ¹	23,700	17,554	10,902	11,542	22,444	9,803	9,767	19,570	10,565	14,186	24,751	9,769	7,216	16,985	8,537	12,770	21,307	12,300	12,100	24,400	11,400	11,400	22,800
EBITDA	-	-	-	-	-	-	-	-	-	-	6,253	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,874	3,839	2,537	1,867	4,404	2,163	1,938	4,101	2,201	2,923	5,124	1,974	-224	1,750	913	2,649	3,562	2,590	2,510	5,100	2,360	2,340	4,700
Operating Margin	7.91%	21.87%	23.27%	16.18%	19.62%	22.06%	19.84%	20.96%	20.83%	20.6%	20.7%	20.21%	-3.1%	10.3%	10.69%	20.74%	16.72%	21.06%	20.74%	20.9%	20.7%	20.53%	20.61%
Earnings before Tax (EBT)	2,033	4,047	2,772	4,426	7,198	2,217	2,229	4,446	2,661	3,254	5,915	1,885	-261	1,624	1,156	-	-	-	-	-	-	-	-
Net income ¹	1,617	2,793	1,805	3,639	5,444	1,258	1,615	2,873	1,574	3,083	4,657	1,107	36	1,143	593	2,391	2,984	1,830	1,770	3,600	1,660	1,640	3,300
Net margin	6.82%	15.91%	16.56%	31.53%	24.26%	12.83%	16.54%	14.68%	14.9%	21.73%	18.82%	11.33%	0.5%	6.73%	6.95%	18.72%	14%	14.88%	14.63%	14.75%	14.56%	14.39%	14.47%
EPS	-	73.15	47.10	94.89	142.0	32.71	41.98	74.69	40.89	80.11	121.0	28.71	0.9300	29.64	15.38	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	65.00	-	-	-	-	-	59.00	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/08/20	11/08/21	10/11/21	10/02/22	10/02/22	11/05/22	09/08/22	09/08/22	11/11/22	14/02/23	14/02/23	12/05/23	10/08/23	10/08/23	13/11/23	14/02/24	14/02/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	11,747	17,872	20,279	16,651	10,260	15,316	22,858
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	1,284	5,441	-	-1,785	-6,648	1,030	7,750
ROE (net income / shareholders' equity)	12.9%	28.1%	21.1%	10.3%	21.1%	26.1%	27.5%
ROA (Net income/ Total Assets)	7.94%	19.5%	20%	10.3%	-	-	-
Assets ¹	39,191	42,156	37,611	40,082	-	-	-
Book Value Per Share ²	672.0	857.0	1,000	1,068	1,336	1,608	1,939
Cash Flow per Share	145.0	266.0	251.0	164.0	-	-	-
Capex ¹	2,303	3,245	4,220	6,622	14,000	7,000	6,000
Capex / Sales	5.74%	8.11%	9.52%	17.29%	28.23%	10.81%	7.74%
Announcement Date	12/02/21	10/02/22	14/02/23	14/02/24	-	-	-

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 Micronics Japan Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7,310 JPY

Average target price

8,450 JPY

Spread / Average Target

+15.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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ZHEJIANG JINGSHENG MECHANICAL & ELECTRICAL CO., LTD.	-22.43%	6.13B

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