Financials Olympus Corporation

Equities

7733

JP3201200007

Advanced Medical Equipment & Technology

Market Closed - Japan Exchange Other stock markets 11:30:00 26/04/2024 am IST			5-day change	1st Jan Change
2,174 ^JPY	-0.57%		+3.72%	+6.57%

08/04	Olympus to Return Land and Building to Shenzhen City Government	MT
28/03	Olympus Corporation Provides Earnings Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	16,41,547	20,08,074	29,45,342	29,77,530	29,06,166	25,34,645	-	-
Enterprise Value (EV) ¹	17,06,301	21,26,495	30,72,860	30,61,085	30,76,894	24,55,816	24,08,036	23,21,910
P/E ratio	201 x	39.7 x	228 x	25.9 x	20.5 x	10.1 x	23.5 x	19.2 x
Yield	0.62%	0.64%	0.52%	0.6%	0.69%	0.82%	0.91%	1.04%
Capitalization / Revenue	2.07 x	2.52 x	4.03 x	3.43 x	3.3 x	2.73 x	2.56 x	2.43 x
EV / Revenue	2.15 x	2.67 x	4.21 x	3.52 x	3.49 x	2.64 x	2.43 x	2.22 x
EV / EBITDA	19.6 x	14 x	21.7 x	14 x	12.1 x	16.2 x	10.3 x	8.71 x
EV / FCF	86 x	37.7 x	122 x	31 x	76.8 x	7.14 x	25.6 x	22.7 x
FCF Yield	1.16%	2.65%	0.82%	3.22%	1.3%	14%	3.91%	4.4%
Price to Book	3.72 x	5.42 x	7.47 x	5.84 x	4.54 x	3.46 x	3.13 x	2.83 x
Nbr of stocks (in thousands)	13,65,680	12,85,579	12,85,614	12,72,993	12,53,468	11,65,622	-	-
Reference price ²	1,202	1,562	2,291	2,339	2,318	2,174	2,174	2,174
Announcement Date	10/05/19	29/05/20	07/05/21	11/05/22	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	7,93,862	7,97,411	7,30,544	8,68,867	8,81,923	9,29,526	9,89,034	10,44,889
EBITDA ¹	86,950	1,51,778	1,41,922	2,18,513	2,53,350	1,51,450	2,33,386	2,66,464
EBIT ¹	28,281	83,469	81,985	1,53,898	1,86,609	69,694	1,61,028	1,89,423
Operating Margin	3.56%	10.47%	11.22%	17.71%	21.16%	7.5%	16.28%	18.13%
Earnings before Tax (EBT) ¹	20,117	77,798	76,810	1,49,873	1,82,294	55,620	1,55,304	1,86,631
Net income ¹	8,147	51,670	12,918	1,15,742	1,43,432	2,58,677	1,10,078	1,33,202
Net margin	1.03%	6.48%	1.77%	13.32%	16.26%	27.83%	11.13%	12.75%
EPS ²	5.970	39.37	10.05	90.22	113.2	214.5	92.58	113.2
Free Cash Flow ¹	19,849	56,360	25,187	98,713	40,076	3,44,076	94,171	1,02,207
FCF margin	2.5%	7.07%	3.45%	11.36%	4.54%	37.02%	9.52%	9.78%
FCF Conversion (EBITDA)	22.83%	37.13%	17.75%	45.17%	15.82%	227.19%	40.35%	38.36%
FCF Conversion (Net income)	243.64%	109.08%	194.98%	85.29%	27.94%	133.01%	85.55%	76.73%
Dividend per Share ²	7.500	10.00	12.00	14.00	16.00	17.86	19.89	22.68
Announcement Date	10/05/19	29/05/20	07/05/21	11/05/22	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	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	3,89,189	4,08,222	3,16,500	4,14,044	2,21,500	4,13,100	2,16,698	2,39,110	2,14,100	2,55,700	4,69,800	2,24,485	1,87,638	4,12,123	2,07,723	2,28,900	4,36,600	2,39,070	2,55,090	5,08,756	2,24,978	2,41,247	2,49,067	2,72,772
EBITDA	-	-	-	-	64,736	-	48,772	61,610	58,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	50,937	32,532	30,292	51,693	48,600	76,300	32,654	44,988	40,800	47,900	88,700	48,969	48,940	97,909	22,476	-17,700	4,800	34,246	22,746	50,711	26,438	34,842	41,142	41,831
Operating Margin	13.09%	7.97%	9.57%	12.48%	21.94%	18.47%	15.07%	18.81%	19.06%	18.73%	18.88%	21.81%	26.08%	23.76%	10.82%	-7.73%	1.1%	14.32%	8.92%	9.97%	11.75%	14.44%	16.52%	15.34%
Earnings before Tax (EBT) ¹	48,569	29,229	28,331	48,479	46,900	73,800	29,789	46,238	38,200	51,088	89,321	50,049	42,924	92,973	19,710	-20,700	-1,000	33,976	16,678	48,958	25,950	33,783	38,384	36,712
Net income ¹	36,063	15,607	-22,702	35,620	43,700	62,400	25,270	28,075	24,900	42,000	66,800	41,381	35,251	76,632	2,40,560	-24,300	2,16,300	18,916	3,663	3,654	18,050	25,639	29,072	26,724
Net margin	9.27%	3.82%	-7.17%	8.6%	19.73%	15.11%	11.66%	11.74%	11.63%	16.43%	14.22%	18.43%	18.79%	18.59%	115.81%	-10.62%	49.54%	7.91%	1.44%	0.72%	8.02%	10.63%	11.67%	9.8%
EPS ²	26.93	12.44	-17.66	27.71	34.46	49.00	19.66	22.03	20.00	33.00	53.00	32.62	27.60	60.22	191.9	-17.90	174.0	17.78	12.61	3.000	13.00	-	-	-
Dividend per Share ²	-	10.00	-	12.00	-	-	-	14.00	-	-	-	-	-	-	-	-	-	-	18.00	-	-	-	-	20.00
Announcement Date	06/11/19	29/05/20	13/11/20	07/05/21	05/11/21	05/11/21	04/02/22	11/05/22	09/08/22	11/11/22	11/11/22	10/02/23	12/05/23	12/05/23	09/08/23	09/11/23	09/11/23	14/02/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	64,754	1,18,421	1,27,518	83,555	1,70,728	-	-	-
Net Cash position ¹	-	-	-	-	-	78,830	1,26,610	2,12,735
Leverage (Debt/EBITDA)	0.7447 x	0.7802 x	0.8985 x	0.3824 x	0.6739 x	-	-	-
Free Cash Flow ¹	19,849	56,360	25,187	98,713	40,076	3,44,076	94,171	1,02,207
ROE (net income / shareholders' equity)	1.8%	12.7%	3.4%	25.6%	24.9%	36.5%	14.4%	15.6%
ROA (Net income/ Total Assets)	2.11%	7.99%	6.99%	11.8%	12.7%	7.7%	9.39%	11.1%
Assets ¹	3,86,897	6,46,786	1,84,720	9,80,399	11,27,630	33,60,750	11,72,667	11,94,909
Book Value Per Share ²	323.0	288.0	307.0	401.0	511.0	629.0	694.0	768.0
Cash Flow per Share ²	48.90	91.40	56.70	141.0	166.0	185.0	167.0	193.0
Capex ¹	66,830	77,184	59,227	75,503	72,023	82,152	77,309	80,650
Capex / Sales	8.42%	9.68%	8.11%	8.69%	8.17%	8.84%	7.82%	7.72%
Announcement Date	10/05/19	29/05/20	07/05/21	11/05/22	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 Olympus Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,174 JPY

Average target price

2,430 JPY

Spread / Average Target

+11.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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