Financials Mitsuboshi Belting Ltd.

Equities

5192

JP3904000001

Heavy Electrical Equipment

Market Closed - Japan Exchange Other stock markets 11:30:00 02/05/2024 am IST			5-day change	1st Jan Change
4,735 ^JPY	-1.25%		-1.97%	+7.98%

2023	Mitsuboshi Belting Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI
2022	Nippon Active Value Withdraws Shareholder Proposal to Mitsuboshi Belting	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	59,572	35,503	51,786	58,342	1,11,577	1,34,324	-	-
Enterprise Value (EV) ¹	33,108	11,367	23,040	27,761	84,499	1,06,573	1,05,477	1,07,373
P/E ratio	9.68 x	6.65 x	12.7 x	9.2 x	15.8 x	19.9 x	17.8 x	19.5 x
Yield	3.05%	4.42%	3.2%	7.05%	6.35%	5.28%	3.91%	4.01%
Capitalization / Revenue	0.83 x	0.5 x	0.8 x	0.78 x	1.35 x	1.59 x	1.56 x	1.52 x
EV / Revenue	0.46 x	0.16 x	0.36 x	0.37 x	1.02 x	1.26 x	1.22 x	1.21 x
EV / EBITDA	-	-	-	-	-	8.39 x	8.11 x	7.78 x
EV / FCF	6.01 x	8.73 x	4.66 x	5.94 x	16.4 x	13.7 x	12.9 x	20.7 x
FCF Yield	16.6%	11.5%	21.5%	16.8%	6.09%	7.29%	7.76%	4.84%
Price to Book	0.82 x	0.49 x	0.66 x	0.67 x	1.27 x	1.54 x	1.56 x	1.53 x
Nbr of stocks (in thousands)	30,255	29,077	29,077	28,782	28,355	28,368	-	-
Reference price ²	1,969	1,221	1,781	2,027	3,935	4,735	4,735	4,735
Announcement Date	14/05/19	25/05/20	14/05/21	13/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	72,002	71,051	64,862	74,870	82,911	84,250	86,200	88,600
EBITDA ¹	-	-	-	-	-	12,700	13,000	13,800
EBIT ¹	8,127	7,299	4,968	7,640	9,030	8,150	8,100	9,200
Operating Margin	11.29%	10.27%	7.66%	10.2%	10.89%	9.67%	9.4%	10.38%
Earnings before Tax (EBT) ¹	8,876	7,814	5,857	8,740	9,814	9,400	8,510	9,610
Net income ¹	6,157	5,464	4,066	6,380	7,071	6,760	6,122	6,892
Net margin	8.55%	7.69%	6.27%	8.52%	8.53%	8.02%	7.1%	7.78%
EPS ²	203.5	183.6	139.8	220.3	249.1	238.3	265.8	243.0
Free Cash Flow ¹	5,506	1,302	4,943	4,675	5,145	7,765	8,188	5,196
FCF margin	7.65%	1.83%	7.62%	6.24%	6.21%	9.22%	9.5%	5.86%
FCF Conversion (EBITDA)	-	-	-	-	-	61.14%	62.98%	37.65%
FCF Conversion (Net income)	89.43%	23.83%	121.57%	73.28%	72.76%	114.87%	133.75%	75.39%
Dividend per Share ²	60.00	54.00	57.00	143.0	250.0	250.0	185.0	190.0
Announcement Date	14/05/19	25/05/20	14/05/21	13/05/22	12/05/23	-	-	-

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
Net sales ¹	37,200	33,851	30,459	34,403	17,805	37,068	18,606	19,196	37,802	20,600	21,968	42,568	21,259	19,084	40,343	20,549	21,479	42,028	21,008	21,964	42,972
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,404	2,895	1,959	3,009	1,681	3,998	2,003	1,639	3,642	2,144	2,453	4,597	2,683	1,750	4,433	2,027	2,110	4,137	2,088	1,775	3,863
Operating Margin	11.84%	8.55%	6.43%	8.75%	9.44%	10.79%	10.77%	8.54%	9.63%	10.41%	11.17%	10.8%	12.62%	9.17%	10.99%	9.86%	9.82%	9.84%	9.94%	8.08%	8.99%
Earnings before Tax (EBT)	4,329	-	2,296	-	-	4,439	2,386	-	-	3,003	-	5,731	2,295	-	-	3,246	-	5,611	1,938	-	-
Net income	3,068	-	1,600	-	-	2,917	1,826	-	-	2,043	-	3,919	1,690	-	-	2,191	-	3,593	1,540	-	-
Net margin	8.25%	-	5.25%	-	-	7.87%	9.81%	-	-	9.92%	-	9.21%	7.95%	-	-	10.66%	-	8.55%	7.33%	-	-
EPS	101.4	-	55.03	-	-	100.2	63.14	-	-	71.76	-	137.9	59.60	-	-	77.29	-	126.7	54.28	-	-
Dividend per Share	27.00	-	27.00	-	-	33.00	-	-	-	-	-	120.0	-	-	-	-	-	125.0	-	-	-
Announcement Date	08/11/19	25/05/20	09/11/20	14/05/21	08/11/21	08/11/21	07/02/22	13/05/22	13/05/22	08/08/22	08/11/22	08/11/22	08/02/23	12/05/23	12/05/23	07/08/23	08/11/23	08/11/23	07/02/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	26,464	24,136	28,746	30,581	27,078	27,751	28,847	26,951
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,506	1,302	4,943	4,675	5,145	7,765	8,188	5,196
ROE (net income / shareholders' equity)	8.7%	7.6%	5.4%	7.7%	8.1%	7.75%	7.05%	7.9%
ROA (Net income/ Total Assets)	9.02%	7.51%	5.51%	7.53%	8.7%	7.7%	7%	7.9%
Assets ¹	68,256	72,756	73,856	84,683	81,253	87,792	87,457	87,241
Book Value Per Share ²	2,394	2,475	2,692	3,018	3,089	3,076	3,042	3,100
Cash Flow per Share ²	303.0	295.0	276.0	354.0	394.0	392.0	386.0	401.0
Capex ¹	3,259	6,612	3,669	4,347	3,638	7,000	4,300	4,200
Capex / Sales	4.53%	9.31%	5.66%	5.81%	4.39%	8.31%	4.99%	4.74%
Announcement Date	14/05/19	25/05/20	14/05/21	13/05/22	12/05/23	-	-	-

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 Mitsuboshi Belting Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4,735 JPY

Average target price

4,700 JPY

Spread / Average Target

-0.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Elevator & Conveying Equipment

	1st Jan change	Capi.
MITSUBOSHI BELTING LTD.	+7.98%	878M
OTIS WORLDWIDE CORPORATION	+2.96%	37.25B
KONE OYJ	+3.28%	26B
DAIFUKU CO., LTD.	+11.62%	7.72B
INTERROLL HOLDING AG	+13.67%	2.76B
KARDEX HOLDING AG	+9.17%	2.03B
FUJITEC CO., LTD.	+8.86%	1.99B
SHANGHAI MECHANICAL & ELECTRICAL INDUSTRY CO.,LTD.	+8.51%	1.64B
GUANGZHOU GUANGRI STOCK CO.,LTD.	+53.33%	1.34B
ATLANTIS GLORY INC.	-99.92%	1.24B

Elevator & Conveying Equipment