Financials Unipres Corporation

Equities

5949

JP3952550006

Auto, Truck & Motorcycle Parts

Market Closed - Japan Exchange Other stock markets 11:30:00 01/07/2024 am IST			5-day change	1st Jan Change
1,373 ^JPY	+2.54%		+3.78%	+44.07%

13/05	Unipres Logs 2.43 Billion Yen Impairment Loss in Fiscal Q4	MT
10/05	Unipres Corporation Announces Dividend for the Fiscal Year Ended March 31, 2024, Payable on June 21, 2024; Provides Dividend Guidance for the Second Quarter End and Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	43,353	47,805	31,705	40,909	52,223	61,178	-	-
Enterprise Value (EV) ¹	62,151	1,02,635	90,716	75,525	68,511	71,378	58,978	50,378
P/E ratio	-11.1 x	-2.71 x	-3.99 x	16.5 x	9.93 x	10.8 x	7.78 x	6.09 x
Yield	5.71%	0.94%	1.42%	2.17%	2.99%	4.37%	4.92%	5.34%
Capitalization / Revenue	0.15 x	0.2 x	0.12 x	0.13 x	0.16 x	0.18 x	0.17 x	0.17 x
EV / Revenue	0.21 x	0.44 x	0.36 x	0.25 x	0.2 x	0.21 x	0.17 x	0.14 x
EV / EBITDA	2.71 x	10.3 x	7.19 x	2.76 x	1.89 x	2.05 x	1.58 x	1.27 x
EV / FCF	-2.26 x	-3.89 x	-50 x	2.83 x	3.82 x	9.25 x	3.45 x	2.85 x
FCF Yield	-44.2%	-25.7%	-2%	35.4%	26.1%	10.8%	29%	35.1%
Price to Book	0.32 x	0.41 x	0.26 x	0.31 x	0.34 x	0.39 x	0.37 x	0.35 x
Nbr of stocks (in thousands)	44,971	44,971	44,971	44,467	44,559	44,558	-	-
Reference price ²	964.0	1,063	705.0	920.0	1,172	1,373	1,373	1,373
Announcement Date	08/06/20	14/05/21	12/05/22	11/05/23	10/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,95,692	2,34,545	2,54,450	3,04,442	3,35,079	3,41,825	3,52,325	3,65,333
EBITDA ¹	22,906	9,965	12,611	27,369	36,156	34,800	37,267	39,700
EBIT ¹	3,309	-11,330	-7,593	3,738	10,927	11,925	15,025	18,300
Operating Margin	1.12%	-4.83%	-2.98%	1.23%	3.26%	3.49%	4.26%	5.01%
Earnings before Tax (EBT) ¹	949	-14,878	-5,102	5,392	9,777	12,200	15,300	18,500
Net income ¹	-3,977	-17,642	-7,955	2,483	5,256	5,685	7,838	9,790
Net margin	-1.34%	-7.52%	-3.13%	0.82%	1.57%	1.66%	2.22%	2.68%
EPS ²	-86.97	-392.3	-176.9	55.77	118.1	127.6	176.6	225.3
Free Cash Flow ¹	-27,458	-26,357	-1,815	26,699	17,915	7,715	17,100	17,700
FCF margin	-9.29%	-11.24%	-0.71%	8.77%	5.35%	2.26%	4.85%	4.84%
FCF Conversion (EBITDA)	-	-	-	97.55%	49.55%	22.17%	45.89%	44.58%
FCF Conversion (Net income)	-	-	-	1,075.27%	340.85%	135.71%	218.18%	180.8%
Dividend per Share ²	55.00	10.00	10.00	20.00	35.00	60.00	67.50	73.33
Announcement Date	08/06/20	14/05/21	12/05/22	11/05/23	10/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	1,46,997	88,000	1,46,545	1,19,327	58,004	77,119	62,276	70,898	1,33,174	85,417	85,851	-	80,988	80,687	1,61,675	83,372	90,032	81,619	82,376	85,952	98,703
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-638	-15,298	3,968	-7,952	-4,021	4,380	-1,169	-1,602	-2,771	-828	7,337	-	2,872	-117	2,755	2,082	6,090	2,132	1,389	1,978	5,600
Operating Margin	-0.43%	-17.38%	2.71%	-6.66%	-6.93%	5.68%	-1.88%	-2.26%	-2.08%	-0.97%	8.55%	-	3.55%	-0.15%	1.7%	2.5%	6.76%	2.61%	1.69%	2.3%	5.67%
Earnings before Tax (EBT) ¹	-	-14,921	-	-7,319	-3,039	-	69	-	-1,421	-611	-	-	3,398	-	3,268	2,140	-	2,100	2,600	2,600	5,300
Net income ¹	-5,286	-13,789	-3,853	-7,775	-3,133	2,953	-1,149	-690	-1,839	-201	4,523	-	1,348	-541	807	1,679	2,770	700	1,100	1,100	3,200
Net margin	-3.6%	-15.67%	-2.63%	-6.52%	-5.4%	3.83%	-1.85%	-0.97%	-1.38%	-0.24%	5.27%	-	1.66%	-0.67%	0.5%	2.01%	3.08%	0.86%	1.34%	1.28%	3.24%
EPS ²	-	-306.6	-	-172.9	-69.66	65.66	-25.67	-15.57	-41.24	-4.560	101.6	-	30.34	-12.20	18.14	37.71	62.21	22.90	-7.350	10.59	89.29
Dividend per Share	-	-	-	-	-	-	-	-	10.00	-	-	10.00	-	-	15.00	-	-	-	-	-	-
Announcement Date	08/06/20	11/11/20	14/05/21	11/11/21	10/02/22	12/05/22	10/08/22	10/11/22	10/11/22	13/02/23	11/05/23	11/05/23	09/08/23	09/11/23	09/11/23	13/02/24	10/05/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	18,798	54,830	59,011	34,616	16,288	10,200	-	-
Net Cash position ¹	-	-	-	-	-	-	2,200	10,800
Leverage (Debt/EBITDA)	0.8207 x	5.502 x	4.679 x	1.265 x	0.4505 x	0.2931 x	-	-
Free Cash Flow ¹	-27,458	-26,357	-1,815	26,699	17,915	7,715	17,100	17,700
ROE (net income / shareholders' equity)	-2.8%	-13.9%	-6.6%	1.9%	3.7%	4.07%	5.14%	6.45%
ROA (Net income/ Total Assets)	1.3%	-3.22%	-1.6%	1.63%	3.86%	3.6%	4.6%	5.6%
Assets ¹	-3,05,923	5,47,572	4,97,769	1,51,983	1,36,036	1,57,917	1,70,380	1,74,821
Book Value Per Share ²	3,043	2,618	2,731	2,991	3,451	3,540	3,681	3,947
Cash Flow per Share ²	342.0	81.20	272.0	586.0	685.0	691.0	733.0	811.0
Capex ¹	41,909	32,135	18,552	10,861	10,790	21,000	17,000	17,000
Capex / Sales	14.17%	13.7%	7.29%	3.57%	3.22%	6.14%	4.83%	4.65%
Announcement Date	08/06/20	14/05/21	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 Unipres Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

1,373 JPY

Average target price

1,250 JPY

Spread / Average Target

-8.96%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Automotive Body Parts

	1st Jan change	Capi.
UNIPRES CORPORATION	+44.07%	37Cr
LINAMAR CORPORATION	+3.86%	299.15Cr
STANLEY ELECTRIC CO., LTD.	+8.54%	286.13Cr
ASAHI INDIA GLASS LIMITED	+19.26%	195.51Cr
MINTH GROUP LIMITED	-23.07%	180.66Cr
HUADA AUTOMOTIVE TECHNOLOGY CORP.,LTD	+24.04%	174.3Cr
OPMOBILITY SE	-22.50%	139.94Cr
CHANGCHUN FAWAY AUTOMOBILE COMPONENTS CO.,LTD	-20.21%	76Cr
MILLER INDUSTRIES, INC.	+29.96%	63Cr
STANDARD MOTOR PRODUCTS, INC.	-32.20%	60Cr

Automotive Body Parts