Financials Nippon Ceramic Co., Ltd.

Equities

6929

JP3725200004

Electronic Equipment & Parts

Delayed Japan Exchange Other stock markets 06:00:23 21/05/2024 am IST			5-day change	1st Jan Change
2,497 ^JPY	+1.50%		-0.24%	-10.91%

17/05	Tranche Update on Nippon Ceramic Co., Ltd.'s Equity Buyback Plan announced on March 11, 2024.	CI
16/05	Nippon Ceramic Co., Ltd.'s Equity Buyback announced on March 11, 2024, has closed with 378,900 shares, representing 1.61% for ¥999.87 million.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	72,414	74,763	70,604	56,068	66,175	57,104	-	-
Enterprise Value (EV) ¹	38,036	42,305	37,801	25,682	33,910	35,112	38,242	39,649
P/E ratio	26.9 x	35.3 x	25.4 x	11.5 x	17.9 x	15.3 x	13.7 x	12.4 x
Yield	1.84%	1.72%	1.78%	5.3%	3.57%	4.47%	4.73%	4.88%
Capitalization / Revenue	3.9 x	4.37 x	3.31 x	2.41 x	2.71 x	2.23 x	2.1 x	1.96 x
EV / Revenue	2.05 x	2.47 x	1.77 x	1.1 x	1.39 x	1.37 x	1.4 x	1.36 x
EV / EBITDA	9.31 x	11 x	8.36 x	4.69 x	5.59 x	5.89 x	5.73 x	5.49 x
EV / FCF	12 x	23.2 x	-	8.69 x	6.73 x	8.08 x	14.8 x	12 x
FCF Yield	8.32%	4.31%	-	11.5%	14.9%	12.4%	6.75%	8.35%
Price to Book	1.45 x	1.55 x	1.45 x	1.14 x	1.31 x	1.12 x	1.08 x	1.05 x
Nbr of stocks (in thousands)	26,672	25,772	25,072	23,758	23,592	23,213	-	-
Reference price ²	2,715	2,901	2,816	2,360	2,805	2,460	2,460	2,460
Announcement Date	07/02/20	05/02/21	04/02/22	03/02/23	09/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	18,575	17,116	21,358	23,258	24,449	25,622	27,225	29,117
EBITDA ¹	4,087	3,844	4,522	5,479	6,066	5,965	6,670	7,217
EBIT ¹	3,169	2,846	3,380	4,178	4,574	4,850	5,365	5,883
Operating Margin	17.06%	16.63%	15.83%	17.96%	18.71%	18.93%	19.71%	20.21%
Earnings before Tax (EBT) ¹	3,632	3,116	3,924	7,863	5,270	5,680	6,240	6,830
Net income ¹	2,722	2,133	2,817	5,022	3,693	3,818	4,138	4,457
Net margin	14.65%	12.46%	13.19%	21.59%	15.1%	14.9%	15.2%	15.31%
EPS ²	101.1	82.19	110.6	206.0	156.6	161.0	179.8	198.2
Free Cash Flow ¹	3,166	1,822	-	2,957	5,038	4,346	2,580	3,310
FCF margin	17.04%	10.65%	-	12.71%	20.61%	16.96%	9.48%	11.37%
FCF Conversion (EBITDA)	77.47%	47.4%	-	53.97%	83.05%	72.86%	38.68%	45.87%
FCF Conversion (Net income)	116.31%	85.42%	-	58.88%	136.42%	113.84%	62.35%	74.27%
Dividend per Share ²	50.00	50.00	50.00	125.0	100.0	110.0	116.2	120.0
Announcement Date	07/02/20	05/02/21	04/02/22	03/02/23	09/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	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	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	9,137	7,560	9,556	10,381	5,531	10,977	5,129	5,847	10,976	6,114	6,168	12,282	5,801	6,088	11,889	6,572	5,988	5,678	6,434	12,000	6,576	6,815	13,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,936	-	-	-	-	-	-	-	-
EBIT ¹	1,449	1,080	1,766	1,938	840	1,442	872	1,089	1,961	1,104	1,113	2,217	1,047	1,178	2,225	1,302	1,047	978	1,231	2,200	1,317	1,291	2,500
Operating Margin	15.86%	14.29%	18.48%	18.67%	15.19%	13.14%	17%	18.62%	17.87%	18.06%	18.04%	18.05%	18.05%	19.35%	18.71%	19.81%	17.48%	17.22%	19.13%	18.33%	20.02%	18.94%	19.23%
Earnings before Tax (EBT) ¹	-	1,366	1,750	2,241	-	-	1,262	3,215	4,477	2,641	745	-	1,213	1,581	2,794	1,504	972	1,238	1,470	-	1,530	1,420	-
Net income ¹	-	893	1,240	1,573	-	-	925	2,228	3,153	1,822	47	-	981	980	1,961	1,046	686	867	1,040	-	1,080	1,000	-
Net margin	-	11.81%	12.98%	15.15%	-	-	18.03%	38.11%	28.73%	29.8%	0.76%	-	16.91%	16.1%	16.49%	15.92%	11.46%	15.27%	16.16%	-	16.42%	14.67%	-
EPS ²	-	34.19	-	61.24	28.63	-	37.07	90.53	127.6	74.90	3.500	-	41.61	41.52	83.13	44.36	29.06	36.78	38.42	-	41.58	41.27	-
Dividend per Share	50.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	07/02/20	07/08/20	05/02/21	06/08/21	04/02/22	04/02/22	06/05/22	05/08/22	05/08/22	04/11/22	03/02/23	03/02/23	12/05/23	04/08/23	04/08/23	02/11/23	09/02/24	10/05/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	34,378	32,458	32,803	30,386	32,265	21,992	18,861	17,454
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,166	1,822	-	2,957	5,038	4,346	2,580	3,310
ROE (net income / shareholders' equity)	5.4%	4.4%	5.8%	10.3%	7.4%	7.9%	8.5%	9.2%
ROA (Net income/ Total Assets)	6.33%	5.49%	7.14%	8.57%	9.09%	-	-	-
Assets ¹	43,027	38,845	39,427	58,570	40,636	-	-	-
Book Value Per Share ²	1,870	1,867	1,948	2,066	2,139	2,206	2,274	2,352
Cash Flow per Share	135.0	121.0	156.0	259.0	220.0	-	-	-
Capex ¹	907	1,096	1,408	2,130	1,329	2,000	1,900	1,900
Capex / Sales	4.88%	6.4%	6.59%	9.16%	5.44%	7.81%	6.98%	6.53%
Announcement Date	07/02/20	05/02/21	04/02/22	03/02/23	09/02/24	-	-	-

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 Nippon Ceramic Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,460 JPY

Average target price

3,150 JPY

Spread / Average Target

+28.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

	1st Jan change	Capi.
NIPPON CERAMIC CO., LTD.	-10.91%	370M
AMPHENOL CORPORATION	+34.53%	79.23B
HON HAI PRECISION INDUSTRY CO., LTD.	+60.29%	73.18B
MURATA MANUFACTURING CO., LTD	-1.44%	34.75B
LUXSHARE PRECISION INDUSTRY CO., LTD.	-8.21%	31.45B
JABIL INC.	-5.02%	13.87B
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	-4.49%	10.89B
LENS TECHNOLOGY CO., LTD.	+10.98%	10.09B
BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED	-6.15%	9.76B
COHERENT CORP.	+35.29%	8.86B

Electronic Component