Financials Nittoku Co.,Ltd.

Equities

6145

JP3684700002

Industrial Machinery & Equipment

Delayed Japan Exchange Other stock markets 09:04:37 16/05/2024 am IST			5-day change	1st Jan Change
1,771 ^JPY	-1.94%		-14.14%	-12.25%

01/03	Nittoku Co.,Ltd. agreed to acquire Astecnos.Co.,Ltd. from corporate shareholder for ¥1 billion.	CI
2023	Nittoku Co., Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	50,589	50,228	59,442	46,956	52,628	32,628	-	-
Enterprise Value (EV) ¹	40,264	39,764	47,543	33,227	38,786	35,645	32,628	32,628
P/E ratio	17.7 x	23.7 x	47.6 x	20.3 x	23.7 x	13 x	10.4 x	8.76 x
Yield	1.07%	1.08%	0.91%	1.54%	1.03%	1.72%	2.16%	2.3%
Capitalization / Revenue	1.59 x	1.83 x	2.7 x	1.67 x	1.79 x	1.16 x	0.92 x	0.84 x
EV / Revenue	1.59 x	1.83 x	2.7 x	1.67 x	1.79 x	1.16 x	0.92 x	0.84 x
EV / EBITDA	11.8 x	16.6 x	28.8 x	12 x	13.3 x	7.33 x	6.49 x	5.72 x
EV / FCF	-18.7 x	117 x	33.6 x	20.4 x	52.8 x	-32.5 x	19.1 x	19.6 x
FCF Yield	-5.34%	0.86%	2.98%	4.91%	1.89%	-3.08%	5.24%	5.1%
Price to Book	1.8 x	1.72 x	1.89 x	1.4 x	1.47 x	0.9 x	0.81 x	0.76 x
Nbr of stocks (in thousands)	18,068	18,068	18,067	18,067	18,067	18,066	-	-
Reference price ²	2,800	2,780	3,290	2,599	2,913	1,806	1,806	1,806
Announcement Date	10/05/19	22/05/20	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	31,835	27,492	22,046	28,121	29,461	30,803	35,333	39,000
EBITDA ¹	4,286	3,027	2,063	3,917	3,958	4,450	5,025	5,700
EBIT ¹	3,848	2,484	1,356	2,885	3,096	4,164	4,450	5,100
Operating Margin	12.09%	9.04%	6.15%	10.26%	10.51%	13.52%	12.59%	13.08%
Earnings before Tax (EBT) ¹	4,062	2,764	1,694	3,030	3,067	4,280	4,325	5,150
Net income ¹	2,856	2,120	1,247	2,308	2,224	2,744	3,133	3,725
Net margin	8.97%	7.71%	5.66%	8.21%	7.55%	8.91%	8.87%	9.55%
EPS ²	158.1	117.4	69.05	127.8	123.1	151.9	173.4	206.2
Free Cash Flow ¹	-2,702	431	1,770	2,306	996	-1,098	1,708	1,666
FCF margin	-8.49%	1.57%	8.03%	8.2%	3.38%	-3.56%	4.84%	4.27%
FCF Conversion (EBITDA)	-	14.24%	85.8%	58.87%	25.16%	40.9%	34%	29.22%
FCF Conversion (Net income)	-	20.33%	141.94%	99.91%	44.78%	65.39%	54.53%	44.71%
Dividend per Share ²	30.00	30.00	30.00	40.00	30.00	34.00	39.00	41.50
Announcement Date	10/05/19	22/05/20	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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	14,814	12,678	10,091	11,955	4,739	10,270	7,653	10,198	4,407	11,146	15,553	5,883	8,025	4,195	-	13,162	6,176	11,465
EBITDA	-	-	-	-	190	-	1,315	1,626	247	-	-	-	-	-	-	-	-	-
EBIT ¹	1,780	704	552	804	68	629	925	1,331	-10	1,337	1,327	647	1,122	9	1,653	1,662	329	2,173
Operating Margin	12.02%	5.55%	5.47%	6.73%	1.43%	6.12%	12.09%	13.05%	-0.23%	12%	8.53%	11%	13.98%	0.21%	-	12.63%	5.33%	18.95%
Earnings before Tax (EBT)	1,900	864	936	-	-	760	940	-	12	1,343	1,355	693	1,019	72	-	1,711	404	-
Net income	1,372	748	677	-	102	545	715	1,048	41	889	930	511	783	17	-	1,103	246	-
Net margin	9.26%	5.9%	6.71%	-	2.15%	5.31%	9.34%	10.28%	0.93%	7.98%	5.98%	8.69%	9.76%	0.41%	-	8.38%	3.98%	-
EPS	75.97	-	37.51	-	-	30.17	39.57	-	2.320	-	51.48	28.30	-	0.9600	-	61.08	13.61	-
Dividend per Share	15.00	-	15.00	-	-	15.00	-	-	-	-	15.00	-	-	-	-	17.00	-	-
Announcement Date	07/11/19	22/05/20	12/11/20	14/05/21	11/11/21	11/11/21	10/02/22	13/05/22	09/08/22	11/11/22	11/11/22	10/02/23	12/05/23	10/08/23	10/11/23	10/11/23	09/02/24	10/05/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	10,325	10,464	11,899	13,729	13,842	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-2,702	431	1,770	2,306	996	-1,098	1,709	1,666
ROE (net income / shareholders' equity)	10.5%	7.4%	4.1%	7.1%	6.4%	7.3%	7.8%	9.6%
ROA (Net income/ Total Assets)	10.2%	6.99%	3.38%	6.76%	6.57%	8.19%	6.5%	7.5%
Assets ¹	27,904	30,323	36,935	34,125	33,875	33,486	48,205	49,667
Book Value Per Share ²	1,554	1,616	1,743	1,863	1,977	2,182	2,230	2,380
Cash Flow per Share ²	181.0	147.0	108.0	185.0	171.0	204.0	99.60	114.0
Capex ¹	3,718	2,815	917	572	578	1,623	600	600
Capex / Sales	11.68%	10.24%	4.16%	2.03%	1.96%	5.27%	1.7%	1.54%
Announcement Date	10/05/19	22/05/20	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 Nittoku Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,806 JPY

Average target price

2,565 JPY

Spread / Average Target

+42.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Machinery

	1st Jan change	Capi.
NITTOKU CO.,LTD.	-12.25%	210M
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SUZHOU MAXWELL TECHNOLOGIES CO., LTD.	-3.68%	4.83B
WUXI LEAD INTELLIGENT EQUIPMENT CO.,LTD.	-18.09%	4.61B
KRONES AG	+14.13%	4.36B
TOMRA SYSTEMS ASA	+17.86%	3.89B
IHI CORPORATION	+45.38%	3.8B
KADANT INC.	+0.19%	3.32B

Industrial Machinery