Financials TOWA Corporation

Equities

6315

JP3555700008

Semiconductor Equipment & Testing

Market Closed - Japan Exchange Other stock markets 11:30:00 14/05/2024 am IST			5-day change	1st Jan Change
12,420 ^JPY	-7.66%		+26.61%	+74.19%

25/03	Towa Pharmaceutical Completes Payment for Director Stock Compensation	MT
07/02	Towa Corporation Provides Dividend Guidance for the Year Ending March 31, 2024	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	16,881	18,657	53,444	61,496	52,391	3,10,485	-	-
Enterprise Value (EV) ¹	19,726	18,425	50,562	59,507	51,717	2,66,737	3,04,109	3,03,315
P/E ratio	19.2 x	50.6 x	20.1 x	7.56 x	7.13 x	41.4 x	35.9 x	26.8 x
Yield	2.37%	2.14%	0.75%	2.03%	1.91%	0.37%	0.38%	0.4%
Capitalization / Revenue	0.6 x	0.74 x	1.8 x	1.21 x	0.97 x	5.28 x	5.06 x	4.52 x
EV / Revenue	0.7 x	0.73 x	1.7 x	1.17 x	0.96 x	5.28 x	4.96 x	4.42 x
EV / EBITDA	8.48 x	7.96 x	9.33 x	4.42 x	4.13 x	28.1 x	22.4 x	17.7 x
EV / FCF	-	5.15 x	27.1 x	-303 x	198 x	62.3 x	136 x	46.7 x
FCF Yield	-	19.4%	3.68%	-0.33%	0.5%	1.61%	0.73%	2.14%
Price to Book	0.61 x	0.69 x	1.71 x	1.51 x	1.11 x	4.56 x	5.08 x	4.34 x
Nbr of stocks (in thousands)	25,009	25,009	25,009	25,009	25,020	24,999	-	-
Reference price ²	675.0	746.0	2,137	2,459	2,094	12,420	12,420	12,420
Announcement Date	13/05/19	28/05/20	13/05/21	12/05/22	11/05/23	10/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	28,272	25,255	29,706	50,666	53,822	50,471	61,357	68,657
EBITDA ¹	2,325	2,315	5,420	13,455	12,535	10,900	13,600	17,100
EBIT ¹	937	812	3,618	11,505	10,037	8,661	12,733	16,367
Operating Margin	3.31%	3.22%	12.18%	22.71%	18.65%	17.16%	20.75%	23.84%
Earnings before Tax (EBT) ¹	997	644	3,814	11,695	10,183	9,115	12,865	17,343
Net income ¹	877	368	2,663	8,129	7,346	6,444	8,640	11,601
Net margin	3.1%	1.46%	8.96%	16.04%	13.65%	12.77%	14.08%	16.9%
EPS ²	35.09	14.75	106.5	325.1	293.7	257.7	345.5	464.0
Free Cash Flow ¹	-	3,579	1,863	-196.4	261	4,928	2,230	6,500
FCF margin	-	14.17%	6.27%	-0.39%	0.48%	10.01%	3.63%	9.47%
FCF Conversion (EBITDA)	-	154.58%	34.37%	-	2.08%	45.21%	16.4%	38.01%
FCF Conversion (Net income)	-	972.55%	69.96%	-	3.55%	83.9%	25.81%	56.03%
Dividend per Share ²	16.00	16.00	16.00	50.00	40.00	40.00	47.33	50.20
Announcement Date	13/05/19	28/05/20	13/05/21	12/05/22	11/05/23	10/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	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
Net sales ¹	11,641	13,614	12,869	16,837	12,372	24,332	13,959	12,375	26,334	14,592	14,191	28,783	11,388	13,651	25,039	9,511	11,754	21,265	10,767	18,439	29,206	12,750
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-181	993	1,087	2,531	2,914	5,675	3,376	2,454	5,830	2,859	3,004	5,863	1,650	2,524	4,174	920	1,468	2,388	1,687	4,586	6,273	1,700
Operating Margin	-1.55%	7.29%	8.45%	15.03%	23.55%	23.32%	24.19%	19.83%	22.14%	19.59%	21.17%	20.37%	14.49%	18.49%	16.67%	9.67%	12.49%	11.23%	15.67%	24.87%	21.48%	13.33%
Earnings before Tax (EBT) ¹	-283	927	1,236	2,578	2,985	5,700	3,380	-	-	3,218	3,261	6,479	1,172	-	-	1,140	1,622	2,762	1,583	4,770	6,353	-
Net income ¹	-201	569	889	1,774	2,167	4,145	2,471	1,513	3,984	2,357	2,411	4,768	863	1,715	2,578	782	1,176	1,958	1,154	3,332	4,486	1,400
Net margin	-1.73%	4.18%	6.91%	10.54%	17.52%	17.04%	17.7%	12.23%	15.13%	16.15%	16.99%	16.57%	7.58%	12.56%	10.3%	8.22%	10.01%	9.21%	10.72%	18.07%	15.36%	10.98%
EPS ²	-8.040	-	35.55	-	-	165.8	98.82	-	-	94.28	-	190.6	34.49	68.55	103.0	31.29	47.00	78.30	46.16	133.2	179.4	56.00
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/11/19	28/05/20	09/11/20	13/05/21	08/11/21	08/11/21	07/02/22	12/05/22	12/05/22	08/08/22	09/11/22	09/11/22	07/02/23	11/05/23	11/05/23	08/08/23	08/11/23	08/11/23	07/02/24	10/05/24	10/05/24	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,845	-	-	-	-	-	-	-
Net Cash position ¹	-	232	2,882	1,989	674	3,651	6,376	7,170
Leverage (Debt/EBITDA)	1.223 x	-	-	-	-	-	-	-
Free Cash Flow ¹	-	3,579	1,863	-196	261	4,928	2,230	6,500
ROE (net income / shareholders' equity)	3.2%	1.4%	9.2%	22.6%	16.7%	12.2%	15.8%	18.2%
ROA (Net income/ Total Assets)	2.22%	1.49%	8.05%	19%	14.1%	11.3%	11.4%	13.7%
Assets ¹	39,424	24,768	33,101	42,685	52,112	57,253	75,789	84,682
Book Value Per Share ²	1,104	1,077	1,247	1,629	1,887	2,338	2,445	2,860
Cash Flow per Share	90.60	74.80	171.0	403.0	394.0	359.0	-	-
Capex ¹	1,453	2,773	3,448	4,772	2,570	2,004	4,000	3,900
Capex / Sales	5.14%	10.98%	11.61%	9.42%	4.77%	3.97%	6.52%	5.68%
Announcement Date	13/05/19	28/05/20	13/05/21	12/05/22	11/05/23	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 TOWA Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

12,420 JPY

Average target price

10,259 JPY

Spread / Average Target

-17.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Semiconductor Machinery Manufacturing

	1st Jan change	Capi.
TOWA CORPORATION	+74.19%	2.15B
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GLOBALFOUNDRIES, INC.	-10.25%	29.13B
NAURA TECHNOLOGY GROUP CO., LTD.	+18.55%	21.41B
ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA	-14.54%	11.23B
BE SEMICONDUCTOR INDUSTRIES N.V.	-3.55%	10.93B
HANMI SEMICONDUCTOR CO., LTD.	+129.82%	9.86B
KOKUSAI ELECTRIC CORPORATION	+26.26%	5.96B

Semiconductor Machinery Manufacturing