Financials Yokowo Co., Ltd.

Equities

6800

JP3954200006

Electronic Equipment & Parts

Market Closed - Japan Exchange Other stock markets 11:30:00 16/05/2024 am IST			5-day change	1st Jan Change
1,776 ^JPY	-1.39%		+6.35%	+24.63%

09/04	Zenmov Co., Ltd announced that it has received funding from Broadleaf Co., Ltd., Yokowo Co., Ltd.	CI
08/02	Yokowo Co., Ltd. Provides Consolidated Earnings Guidance for the Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	32,662	43,804	59,229	60,330	48,720	41,400	-	-
Enterprise Value (EV) ¹	32,412	41,886	52,920	54,286	42,212	36,831	36,008	33,246
P/E ratio	14.8 x	12.7 x	14.7 x	12.8 x	15.5 x	24.4 x	11 x	9.62 x
Yield	1.61%	1.39%	1.33%	1.55%	2.39%	2.78%	2.67%	3%
Capitalization / Revenue	0.6 x	0.72 x	0.99 x	0.9 x	0.62 x	0.48 x	0.5 x	0.48 x
EV / Revenue	0.59 x	0.69 x	0.88 x	0.81 x	0.54 x	0.48 x	0.44 x	0.39 x
EV / EBITDA	6.2 x	5.5 x	6.48 x	6.8 x	4.92 x	5.14 x	3.5 x	2.75 x
EV / FCF	156 x	13.1 x	102 x	-23.7 x	29 x	-14 x	121 x	8.53 x
FCF Yield	0.64%	7.66%	0.98%	-4.22%	3.45%	-7.16%	0.83%	11.7%
Price to Book	1.33 x	1.65 x	1.65 x	1.36 x	1.03 x	0.73 x	0.78 x	0.73 x
Nbr of stocks (in thousands)	20,237	20,261	21,832	23,311	23,311	23,311	-	-
Reference price ²	1,614	2,162	2,713	2,588	2,090	1,801	1,801	1,801
Announcement Date	13/05/19	14/05/20	14/05/21	13/05/22	12/05/23	14/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	54,752	60,595	59,976	66,848	77,962	76,895	82,400	85,875
EBITDA ¹	5,228	7,622	8,166	7,986	8,572	7,250	10,300	12,100
EBIT ¹	3,028	4,916	5,179	4,684	4,739	1,617	6,350	6,488
Operating Margin	5.53%	8.11%	8.64%	7.01%	6.08%	2.1%	7.71%	7.55%
Earnings before Tax (EBT) ¹	2,902	4,616	5,140	6,459	4,433	3,311	7,740	8,940
Net income ¹	2,209	3,440	3,818	4,663	3,147	1,511	3,840	4,385
Net margin	4.03%	5.68%	6.37%	6.98%	4.04%	1.97%	4.66%	5.11%
EPS ²	109.2	169.8	184.6	202.3	135.0	64.86	163.8	187.2
Free Cash Flow ¹	207.7	3,208	520	-2,290	1,455	-2,670	298.7	3,898
FCF margin	0.38%	5.29%	0.87%	-3.43%	1.87%	-3.48%	0.36%	4.54%
FCF Conversion (EBITDA)	3.97%	42.09%	6.37%	-	16.97%	-	2.9%	32.22%
FCF Conversion (Net income)	9.4%	93.26%	13.62%	-	46.23%	-	7.78%	88.91%
Dividend per Share ²	26.00	30.00	36.00	40.00	50.00	44.00	48.00	54.00
Announcement Date	13/05/19	14/05/20	14/05/21	13/05/22	12/05/23	14/05/24	-	-

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	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	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	29,933	30,662	27,111	32,865	14,948	30,969	17,758	18,121	35,879	18,926	21,281	40,207	20,071	17,684	37,755	18,181	18,613	36,794	20,310	19,791	40,101	19,500	21,000	40,500	21,000	20,500	41,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	5,325	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,504	2,412	2,049	3,130	784	2,003	1,749	932	2,681	1,087	2,420	3,507	1,593	-361	1,232	-258	138	-120	867	870	1,737	800	1,200	2,000	1,400	1,600	3,000
Operating Margin	8.37%	7.87%	7.56%	9.52%	5.24%	6.47%	9.85%	5.14%	7.47%	5.74%	11.37%	8.72%	7.94%	-2.04%	3.26%	-1.42%	0.74%	-0.33%	4.27%	4.4%	4.33%	4.1%	5.71%	4.94%	6.67%	7.8%	7.23%
Earnings before Tax (EBT)	2,193	-	1,732	-	-	2,199	2,217	-	-	3,048	-	6,175	98	-	-	1,139	-	1,431	-21	-	-	-	-	-	-	-	-
Net income	1,645	-	1,272	-	-	1,526	1,674	-	-	2,031	-	4,179	243	-	-	828	-	958	5	-	-	-	-	-	-	-	-
Net margin	5.5%	-	4.69%	-	-	4.93%	9.43%	-	-	10.73%	-	10.39%	1.21%	-	-	4.55%	-	2.6%	0.02%	-	-	-	-	-	-	-	-
EPS	81.30	-	62.69	-	-	66.86	72.42	-	-	87.16	-	179.3	10.44	-	-	35.53	-	41.13	0.2200	-	-	-	-	-	-	-	-
Dividend per Share	14.00	-	16.00	-	-	18.00	-	-	-	-	-	25.00	-	-	-	-	-	22.00	-	-	-	-	-	-	-	-	-
Announcement Date	12/11/19	14/05/20	10/11/20	14/05/21	10/11/21	10/11/21	09/02/22	13/05/22	13/05/22	04/08/22	10/11/22	10/11/22	09/02/23	12/05/23	12/05/23	07/08/23	10/11/23	10/11/23	08/02/24	14/05/24	14/05/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	250	1,918	6,309	6,044	6,508	4,128	5,392	8,154
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	208	3,208	520	-2,290	1,455	-2,670	299	3,899
ROE (net income / shareholders' equity)	9.3%	13.5%	12.2%	11.6%	6.9%	3.1%	10.8%	11.4%
ROA (Net income/ Total Assets)	8.21%	10.1%	10.1%	10.6%	8.25%	5.05%	7.5%	8.1%
Assets ¹	26,914	34,120	37,678	44,187	38,132	29,948	51,200	54,136
Book Value Per Share ²	1,209	1,307	1,640	1,899	2,023	2,158	2,302	2,479
Cash Flow per Share	218.0	303.0	329.0	346.0	299.0	237.0	-	-
Capex ¹	4,231	3,625	4,430	5,092	5,448	4,967	4,700	5,500
Capex / Sales	7.73%	5.98%	7.39%	7.62%	6.99%	6.48%	5.7%	6.4%
Announcement Date	13/05/19	14/05/20	14/05/21	13/05/22	12/05/23	14/05/24	-	-

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 Yokowo Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,776 JPY

Average target price

2,167 JPY

Spread / Average Target

+22.00%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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