Financials ORIX Corporation Nyse

Equities

IX

US6863301015

Consumer Lending

Market Closed - Nyse Other stock markets 01:30:02 14/05/2024 am IST			5-day change	1st Jan Change
107.1 ^USD	-1.13%		+1.67%	+14.69%

09/05	Japanese shares rises on value stocks' appeal as rate hike looms	RE
08/05	Orix's Attributable Profit Up 19.2% in Fiscal 2024	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	20,34,499	16,37,499	22,73,907	28,53,231	24,96,074	38,39,052	-	-
Enterprise Value (EV) ¹	53,69,238	52,71,019	60,46,767	67,65,089	69,82,733	37,98,268	88,04,588	89,91,269
P/E ratio	6.28 x	5.48 x	12 x	9.44 x	9.41 x	11.1 x	9.82 x	8.76 x
Yield	4.78%	5.84%	4.18%	3.5%	3.93%	2.83%	3.51%	4.14%
Capitalization / Revenue	0.84 x	0.72 x	0.99 x	1.13 x	0.94 x	1.35 x	1.31 x	1.21 x
EV / Revenue	2.21 x	2.31 x	2.64 x	2.68 x	2.62 x	1.35 x	3 x	2.83 x
EV / EBITDA	8.59 x	-	23.4 x	10.7 x	10.5 x	5.24 x	21.4 x	20 x
EV / FCF	-10,59,31,378 x	1,05,24,966 x	-	1,08,03,831 x	-	-	-	-
FCF Yield	-0%	0%	-	0%	-	-	-	-
Price to Book	0.7 x	0.54 x	0.75 x	0.9 x	0.76 x	0.96 x	0.98 x	0.91 x
Nbr of stocks (in thousands)	12,79,962	12,59,130	12,17,295	11,65,774	11,46,829	11,51,485	-	-
Reference price ²	1,590	1,300	1,868	2,448	2,176	3,334	3,334	3,334
Announcement Date	07/05/19	21/05/20	13/05/21	11/05/22	10/05/23	08/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	24,34,864	22,80,329	22,92,708	25,20,365	26,66,373	28,14,361	29,31,200	31,72,261
EBITDA ¹	6,25,027	-	2,58,814	6,32,434	6,67,422	7,24,955	4,12,014	4,49,668
EBIT ¹	3,29,438	2,69,681	2,58,814	3,02,083	3,13,988	3,60,713	5,10,000	5,52,235
Operating Margin	13.53%	11.83%	11.29%	11.99%	11.78%	12.82%	17.4%	17.41%
Earnings before Tax (EBT) ¹	3,95,730	4,12,561	2,87,561	5,04,876	3,67,168	4,69,975	5,54,967	6,22,303
Net income ¹	3,23,745	3,02,700	1,92,384	3,12,135	2,73,075	3,46,132	3,89,067	4,33,396
Net margin	13.3%	13.27%	8.39%	12.38%	10.24%	12.3%	13.27%	13.66%
EPS ²	252.9	237.4	155.5	259.4	231.4	298.6	339.6	380.7
Free Cash Flow	-50,686	5,00,811	-	6,26,175	-	-	-	-
FCF margin	-2.08%	21.96%	-	24.84%	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	99.01%	-	-	-	-
FCF Conversion (Net income)	-	165.45%	-	200.61%	-	-	-	-
Dividend per Share ²	76.00	76.00	78.00	85.60	85.60	94.25	117.0	138.0
Announcement Date	07/05/19	21/05/20	13/05/21	11/05/22	10/05/23	08/05/24	-	-

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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales	11,12,678	-	10,84,738	-	6,32,721	12,41,534	6,26,579	6,52,252	6,57,813	7,07,003	13,64,816	6,30,028	6,71,529	6,76,974	6,82,761	13,59,735	6,78,125	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	1,61,702	-	1,19,839	-	1,06,938	2,08,917	73,202	19,964	83,293	65,840	1,49,133	88,175	76,680	83,252	80,783	1,64,035	96,163	-	-	-	-	-
Operating Margin	14.53%	-	11.05%	-	16.9%	16.83%	11.68%	3.06%	12.66%	9.31%	10.93%	14%	11.42%	12.3%	11.83%	12.06%	14.18%	-	-	-	-	-
Earnings before Tax (EBT)	2,28,629	-	1,34,174	-	1,20,733	2,20,789	95,900	1,88,187	85,015	79,331	1,64,346	1,19,127	83,695	89,392	95,075	1,84,467	1,25,540	-	-	-	-	-
Net income ¹	1,59,150	-	93,842	-	81,466	1,46,682	64,659	1,00,794	61,862	59,914	1,21,776	89,612	61,687	62,966	65,134	1,28,100	91,105	1,26,927	83,500	98,400	96,000	1,04,000
Net margin	14.3%	-	8.65%	-	12.88%	11.81%	10.32%	15.45%	9.4%	8.47%	8.92%	14.22%	9.19%	9.3%	9.54%	9.42%	13.43%	-	-	-	-	-
EPS	124.3	-	75.22	-	67.47	121.1	54.05	84.20	51.90	50.62	102.5	76.11	52.72	53.87	56.05	109.9	78.76	-	-	-	-	-
Dividend per Share	35.00	41.00	35.00	43.00	39.00	39.00	-	46.60	-	42.80	42.80	-	46.60	-	42.80	42.80	-	-	-	-	-	-
Announcement Date	28/10/19	21/05/20	02/11/20	13/05/21	04/11/21	04/11/21	07/02/22	11/05/22	03/08/22	07/11/22	07/11/22	06/02/23	10/05/23	04/08/23	01/11/23	01/11/23	07/02/24	08/05/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	33,34,739	36,33,520	37,72,860	39,11,858	44,86,659	48,13,343	49,65,536	51,52,217
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.335 x	-	14.58 x	6.185 x	6.722 x	13.98 x	12.05 x	11.46 x
Free Cash Flow	-50,686	5,00,811	-	6,26,175	-	-	-	-
ROE (net income / shareholders' equity)	11.6%	10.3%	6.4%	9.9%	8.3%	9.2%	10.2%	10.9%
ROA (Net income/ Total Assets)	3.35%	3.27%	2.16%	3.63%	2.49%	2.98%	2.47%	2.64%
Assets ¹	96,53,886	92,60,307	89,08,193	86,03,975	1,09,83,762	1,16,32,226	1,57,72,952	1,64,33,617
Book Value Per Share ²	2,263	2,386	2,488	2,733	2,868	3,423	3,386	3,662
Cash Flow per Share	484.0	476.0	411.0	534.0	531.0	613.0	-	-
Capex	6,38,364	5,41,655	7,09,999	9,17,296	10,80,074	-	-	-
Capex / Sales	26.22%	23.75%	30.97%	36.4%	40.51%	-	-	-
Announcement Date	07/05/19	21/05/20	13/05/21	11/05/22	10/05/23	08/05/24	-	-

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 ORIX Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,334 JPY

Average target price

3,558 JPY

Spread / Average Target

+6.70%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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