Financials NTN Corporation

Equities

6472

JP3165600002

Industrial Machinery & Equipment

Delayed Japan Exchange Other stock markets 10:01:31 07/05/2024 am IST			5-day change	1st Jan Change
310.8 ^JPY	+1.14%		-1.02%	+19.54%

02/02	NTN Corporation Revises Consolidated Earning Guidance for the Fiscal Year Ending March 31, 2024	CI
02/02	NTN Corporation Provides Dividend Guidance for the Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,74,187	1,00,387	1,81,127	1,13,605	1,78,912	1,63,168	-	-
Enterprise Value (EV) ¹	4,34,287	3,85,235	4,48,961	3,78,992	4,38,546	4,30,606	4,11,698	3,89,182
P/E ratio	-25 x	-2.28 x	-15.6 x	15.5 x	17.3 x	15.1 x	9.94 x	8.06 x
Yield	4.57%	2.65%	-	-	1.48%	3.25%	3.61%	4.47%
Capitalization / Revenue	0.24 x	0.15 x	0.32 x	0.18 x	0.23 x	0.2 x	0.19 x	0.18 x
EV / Revenue	0.59 x	0.59 x	0.8 x	0.59 x	0.57 x	0.52 x	0.48 x	0.44 x
EV / EBITDA	6.74 x	8.68 x	13.9 x	8.46 x	7.41 x	6.55 x	5.51 x	4.79 x
EV / FCF	-19.4 x	-21.3 x	24,222 x	33 x	21.5 x	21.9 x	16.9 x	13.4 x
FCF Yield	-5.16%	-4.69%	0%	3.03%	4.64%	4.56%	5.91%	7.44%
Price to Book	0.76 x	0.64 x	1.06 x	0.57 x	0.81 x	0.7 x	0.67 x	0.64 x
Nbr of stocks (in thousands)	5,31,057	5,31,149	5,31,164	5,30,865	5,30,896	5,30,972	-	-
Reference price ²	328.0	189.0	341.0	214.0	337.0	307.3	307.3	307.3
Announcement Date	15/05/19	17/06/20	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	7,33,569	6,51,495	5,62,847	6,42,023	7,73,960	8,31,800	8,60,150	8,87,650
EBITDA ¹	64,450	44,362	32,340	44,778	59,193	65,720	74,700	81,200
EBIT ¹	26,945	7,056	-3,138	6,880	17,145	25,300	33,100	38,683
Operating Margin	3.67%	1.08%	-0.56%	1.07%	2.22%	3.04%	3.85%	4.36%
Earnings before Tax (EBT) ¹	2,938	-33,949	-1,256	17,619	10,807	17,200	26,375	31,825
Net income ¹	-6,958	-43,992	-11,641	7,341	10,367	10,808	16,408	20,242
Net margin	-0.95%	-6.75%	-2.07%	1.14%	1.34%	1.3%	1.91%	2.28%
EPS ²	-13.10	-82.83	-21.92	13.83	19.53	20.35	30.90	38.13
Free Cash Flow ¹	-22,390	-18,058	18.54	11,468	20,361	19,633	24,333	28,961
FCF margin	-3.05%	-2.77%	0%	1.79%	2.63%	2.36%	2.83%	3.26%
FCF Conversion (EBITDA)	-	-	0.06%	25.61%	34.4%	29.87%	32.57%	35.67%
FCF Conversion (Net income)	-	-	-	156.22%	196.4%	181.65%	148.3%	143.08%
Dividend per Share ²	15.00	5.000	-	-	5.000	10.00	11.08	13.75
Announcement Date	15/05/19	17/06/20	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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	3,34,493	3,17,002	2,39,221	3,23,626	1,49,173	3,05,796	1,62,330	1,73,897	1,72,614	1,99,088	3,71,702	1,97,720	2,04,538	2,00,768	2,08,879	4,09,647	2,10,898	2,12,385	2,12,850	2,17,450	2,21,100	2,20,150
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,486	2,570	-12,323	9,185	-46	1,608	934	4,338	-783	4,643	3,860	6,031	7,254	1,490	5,273	6,763	8,630	10,902	3,950	5,950	9,700	10,750
Operating Margin	1.34%	0.81%	-5.15%	2.84%	-0.03%	0.53%	0.58%	2.49%	-0.45%	2.33%	1.04%	3.05%	3.55%	0.74%	2.52%	1.65%	4.09%	5.13%	1.86%	2.74%	4.39%	4.88%
Earnings before Tax (EBT) ¹	2,145	-	-12,894	-	-951	1,603	1,049	-	10	3,583	3,593	2,893	4,321	1,925	-	4,478	6,536	7,500	700	4,300	7,800	8,300
Net income ¹	1,134	-	-14,413	-	-2,232	-1,048	-460	8,849	-2,487	854	-1,633	879	11,121	1,641	2,483	4,124	3,558	5,259	-400	3,200	6,700	7,100
Net margin	0.34%	-	-6.02%	-	-1.5%	-0.34%	-0.28%	5.09%	-1.44%	0.43%	-0.44%	0.44%	5.44%	0.82%	1.19%	1.01%	1.69%	2.48%	-0.19%	1.47%	3.03%	3.23%
EPS	2.140	-	-27.14	-	-4.200	-1.970	-0.8700	16.67	-4.690	1.610	-3.080	1.660	20.95	3.090	-	7.770	6.700	-	-	-	-	-
Dividend per Share	5.000	-	-	-	-	-	-	-	-	-	2.500	-	-	-	-	5.000	-	-	-	-	-	-
Announcement Date	31/10/19	17/06/20	30/10/20	14/05/21	29/10/21	29/10/21	31/01/22	13/05/22	02/08/22	31/10/22	31/10/22	02/02/23	12/05/23	02/08/23	31/10/23	31/10/23	02/02/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,60,100	2,84,848	2,67,834	2,65,387	2,59,634	2,67,438	2,48,531	2,26,014
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.036 x	6.421 x	8.282 x	5.927 x	4.386 x	4.069 x	3.327 x	2.783 x
Free Cash Flow ¹	-22,390	-18,058	18.5	11,468	20,361	19,633	24,333	28,961
ROE (net income / shareholders' equity)	-2.9%	-22.8%	-7.1%	4%	5%	4.55%	6.91%	8.13%
ROA (Net income/ Total Assets)	2.65%	-5.5%	-0.72%	0.87%	1.4%	1.62%	2.06%	2.38%
Assets ¹	-2,63,034	7,99,855	16,16,177	8,46,020	7,42,356	6,65,231	7,97,295	8,50,044
Book Value Per Share ²	433.0	294.0	321.0	373.0	416.0	439.0	459.0	484.0
Cash Flow per Share ²	60.20	82.40	44.90	85.20	98.70	97.00	108.0	117.0
Capex ¹	54,812	57,675	31,430	25,399	26,035	28,250	29,500	29,750
Capex / Sales	7.47%	8.85%	5.58%	3.96%	3.36%	3.4%	3.43%	3.35%
Announcement Date	15/05/19	17/06/20	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 NTN Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

307.3 JPY

Average target price

338.3 JPY

Spread / Average Target

+10.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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