SMC CORPORATION |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 80,730 JPY | +3.50% |
|
+5.25% | +6.56% |
| 25/03 | SMC Repurchases 5.68 Billion Yen Worth of Shares in March | MT |
| 22/03 | Tranche Update on SMC Corporation's Equity Buyback Plan announced on November 14, 2023. | CI |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 27,91,616 | 30,43,226 | 42,49,298 | 44,98,029 | 45,04,091 | 51,81,188 | - | - |
| Enterprise Value (EV) 1 | 22,47,268 | 25,35,133 | 36,19,539 | 38,12,519 | 38,92,781 | 45,61,472 | 45,40,789 | 45,11,982 |
| P/E ratio | 21.4 x | 27.6 x | 35.1 x | 23.5 x | 20.3 x | 29.4 x | 26.4 x | 23 x |
| Yield | 0.96% | 0.87% | 0.78% | 1.09% | 1.29% | 1.11% | 1.22% | 1.38% |
| Capitalization / Revenue | 4.84 x | 5.79 x | 7.7 x | 6.18 x | 5.46 x | 6.67 x | 6.14 x | 5.62 x |
| EV / Revenue | 3.9 x | 4.82 x | 6.56 x | 5.24 x | 4.72 x | 5.87 x | 5.38 x | 4.89 x |
| EV / EBITDA | 11.4 x | 15.6 x | 21.1 x | 15.3 x | 13.7 x | 18.9 x | 16 x | 13.9 x |
| EV / FCF | 134 x | 25.4 x | 18.7 x | 95.6 x | 268 x | 33.1 x | 31.1 x | 30.3 x |
| FCF Yield | 0.75% | 3.93% | 5.36% | 1.05% | 0.37% | 3.02% | 3.22% | 3.3% |
| Price to Book | 2.25 x | 2.43 x | 3.09 x | 2.89 x | 2.65 x | 2.88 x | 2.71 x | 2.53 x |
| Nbr of stocks (in thousands) | 67,219 | 66,519 | 66,075 | 65,340 | 64,501 | 64,179 | - | - |
| Reference price 2 | 41,530 | 45,750 | 64,310 | 68,840 | 69,830 | 80,730 | 80,730 | 80,730 |
| Announcement Date | 15/05/19 | 15/05/20 | 14/05/21 | 13/05/22 | 15/05/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,76,948 | 5,26,000 | 5,52,100 | 7,27,397 | 8,24,772 | 7,76,766 | 8,43,354 | 9,22,223 |
| EBITDA 1 | 1,96,458 | 1,62,923 | 1,71,800 | 2,48,414 | 2,83,967 | 2,41,150 | 2,84,612 | 3,24,322 |
| EBIT 1 | 1,80,203 | 1,46,254 | 1,53,300 | 2,27,857 | 2,58,200 | 2,08,964 | 2,48,567 | 2,84,875 |
| Operating Margin | 31.23% | 27.8% | 27.77% | 31.32% | 31.31% | 26.9% | 29.47% | 30.89% |
| Earnings before Tax (EBT) 1 | 1,97,081 | 1,58,133 | 1,72,482 | 2,72,851 | 3,08,777 | 2,43,724 | 2,75,432 | 3,10,591 |
| Net income 1 | 1,30,631 | 1,10,500 | 1,21,700 | 1,92,991 | 2,24,609 | 1,77,076 | 1,96,377 | 2,24,477 |
| Net margin | 22.64% | 21.01% | 22.04% | 26.53% | 27.23% | 22.8% | 23.29% | 24.34% |
| EPS 2 | 1,943 | 1,656 | 1,832 | 2,924 | 3,445 | 2,742 | 3,058 | 3,504 |
| Free Cash Flow 1 | 16,827 | 99,687 | 1,93,913 | 39,878 | 14,531 | 1,37,733 | 1,46,201 | 1,49,073 |
| FCF margin | 2.92% | 18.95% | 35.12% | 5.48% | 1.76% | 17.73% | 17.34% | 16.16% |
| FCF Conversion (EBITDA) | 8.57% | 61.19% | 112.87% | 16.05% | 5.12% | 57.12% | 51.37% | 45.96% |
| FCF Conversion (Net income) | 12.88% | 90.21% | 159.34% | 20.66% | 6.47% | 77.78% | 74.45% | 66.41% |
| Dividend per Share 2 | 400.0 | 400.0 | 500.0 | 750.0 | 900.0 | 900.0 | 980.9 | 1,111 |
| Announcement Date | 15/05/19 | 15/05/20 | 14/05/21 | 13/05/22 | 15/05/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2020 S2 | 2021 S1 | 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 S1 | 2025 Q3 | 2025 Q4 | 2025 S2 | 2026 S1 | 2026 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,64,470 | 2,61,530 | 2,51,993 | 1,75,917 | 3,58,691 | 1,83,747 | 1,84,959 | 2,11,359 | 2,10,170 | 4,21,529 | 2,05,946 | 1,97,297 | - | 1,98,970 | 1,94,581 | 3,93,551 | 1,89,068 | 1,91,374 | - | 1,97,000 | 2,05,500 | - | 2,20,500 | 2,33,000 | - | - | - |
| EBITDA | - | - | - | 65,409 | - | 62,527 | 58,116 | - | - | - | 70,788 | 67,337 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 73,472 | 72,782 | 65,045 | 60,651 | 1,18,035 | 57,168 | 52,654 | 67,975 | 65,674 | 1,33,649 | 64,162 | 60,389 | - | 56,105 | 49,019 | 1,05,124 | 50,067 | 51,751 | - | 50,500 | 57,000 | - | 70,000 | 79,500 | - | - | - |
| Operating Margin | 27.78% | 27.83% | 25.81% | 34.48% | 32.91% | 31.11% | 28.47% | 32.16% | 31.25% | 31.71% | 31.15% | 30.61% | - | 28.2% | 25.19% | 26.71% | 26.48% | 27.04% | - | 25.63% | 27.74% | - | 31.75% | 34.12% | - | - | - |
| Earnings before Tax (EBT) 1 | 72,925 | - | 67,843 | 64,415 | 1,25,826 | 69,774 | 77,251 | 1,06,182 | 77,316 | 1,83,498 | 53,524 | 71,755 | - | 74,907 | 60,315 | 1,35,222 | 51,409 | 52,372 | - | 56,650 | 63,400 | - | 74,900 | 84,150 | - | - | - |
| Net income 1 | 53,603 | - | 46,281 | 44,306 | 90,269 | 48,750 | 53,972 | 75,403 | 57,651 | 1,33,054 | 40,712 | 50,843 | - | 52,148 | 42,587 | 94,735 | 42,569 | 33,696 | - | 40,900 | 45,250 | - | 53,250 | 62,600 | - | - | - |
| Net margin | 20.27% | - | 18.37% | 25.19% | 25.17% | 26.53% | 29.18% | 35.68% | 27.43% | 31.56% | 19.77% | 25.77% | - | 26.21% | 21.89% | 24.07% | 22.52% | 17.61% | - | 20.76% | 22.02% | - | 24.15% | 26.87% | - | - | - |
| EPS 2 | 801.2 | - | 695.8 | 670.5 | 1,366 | 737.8 | 819.8 | 1,154 | 882.3 | 2,036 | 624.0 | 784.2 | - | 808.5 | 660.3 | 1,469 | 560.2 | 537.7 | - | 632.6 | 689.9 | - | 806.5 | 884.7 | - | - | - |
| Dividend per Share | 200.0 | - | 200.0 | 300.0 | 300.0 | - | 450.0 | - | 450.0 | 450.0 | - | 450.0 | 450.0 | - | 450.0 | 450.0 | - | - | 450.0 | - | - | 450.0 | - | - | 550.0 | 550.0 | 650.0 |
| Announcement Date | 12/11/19 | 15/05/20 | 13/11/20 | 12/11/21 | 12/11/21 | 14/02/22 | 13/05/22 | 10/08/22 | 14/11/22 | 14/11/22 | 14/02/23 | 15/05/23 | 15/05/23 | 09/08/23 | 14/11/23 | 14/11/23 | 13/02/24 | - | - | - | - | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 5,44,348 | 5,08,093 | 6,29,759 | 6,85,510 | 6,11,310 | 6,19,715 | 6,40,398 | 6,69,205 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 16,827 | 99,687 | 1,93,913 | 39,878 | 14,531 | 1,37,733 | 1,46,201 | 1,49,073 |
| ROE (net income / shareholders' equity) | 10.9% | 8.9% | 9.3% | 13.2% | 13.8% | 10% | 10.7% | 11.2% |
| ROA (Net income/ Total Assets) | 14.4% | 11.4% | 11.7% | 16.5% | 16.5% | 8.98% | 9.84% | 10.5% |
| Assets 1 | 9,06,303 | 9,69,306 | 10,37,762 | 11,69,982 | 13,57,245 | 19,71,787 | 19,95,598 | 21,45,286 |
| Book Value Per Share 2 | 18,447 | 18,795 | 20,835 | 23,808 | 26,332 | 28,065 | 29,844 | 31,848 |
| Cash Flow per Share 2 | 2,185 | 1,906 | 2,112 | 3,235 | 3,840 | 3,223 | 3,713 | 4,230 |
| Capex 1 | 31,900 | 38,370 | 27,400 | 77,588 | 81,592 | 1,05,000 | 1,01,250 | 97,500 |
| Capex / Sales | 5.53% | 7.29% | 4.96% | 10.67% | 9.89% | 13.52% | 12.01% | 10.57% |
| Announcement Date | 15/05/19 | 15/05/20 | 14/05/21 | 13/05/22 | 15/05/23 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
80,730
JPY
Average target price
94,136
JPY
Spread / Average Target
+16.61%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +6.56% | 32.91B | |
| +17.38% | 8.1B | |
| -2.71% | 6.98B | |
| +20.18% | 5.45B | |
| -3.97% | 4.13B | |
| +34.04% | 3.95B | |
| +17.24% | 3.8B | |
| +5.47% | 3.4B | |
| -9.99% | 2.72B | |
| +8.20% | 2.43B |
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- Financials SMC Corporation
