Financials Nifco Inc.

Equities

7988

JP3756200006

Auto, Truck & Motorcycle Parts

Delayed Japan Exchange Other stock markets 10:30:00 2024-06-06 pm EDT			5-day change	1st Jan Change
3,734 ^JPY	+0.92%		-0.37%	+2.44%

May. 20	Tranche Update on Nifco Inc.'s Equity Buyback Plan announced on May 17, 2024.	CI
May. 20	Nifco Inc.'s Equity Buyback announced on May 17, 2024, has closed with 1,300,000 shares, representing 1.31% for ¥4,999.80 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	290,963	199,812	409,752	279,479	375,090	360,718	-	-
Enterprise Value (EV) ¹	284,865	180,195	382,254	236,173	309,063	383,451	249,041	247,297
P/E ratio	14.1 x	10.9 x	22.3 x	12.3 x	17.7 x	21.1 x	11.8 x	11.3 x
Yield	2.2%	3.2%	1.31%	2.22%	1.71%	1.66%	2.2%	2.58%
Capitalization / Revenue	1.01 x	0.69 x	1.6 x	0.98 x	1.17 x	1.03 x	1.01 x	0.95 x
EV / Revenue	0.99 x	0.63 x	1.49 x	0.83 x	0.96 x	1.03 x	0.7 x	0.65 x
EV / EBITDA	6.46 x	3.91 x	9.27 x	5.45 x	6.41 x	5.19 x	4.08 x	3.78 x
EV / FCF	20.6 x	14.1 x	15.7 x	10.6 x	12 x	10.3 x	6.1 x	7.88 x
FCF Yield	4.85%	7.1%	6.35%	9.43%	8.33%	9.71%	16.4%	12.7%
Price to Book	1.83 x	1.19 x	2.32 x	1.41 x	1.68 x	1.57 x	1.42 x	1.33 x
Nbr of stocks (in thousands)	103,178	102,996	101,549	100,172	100,024	97,491	-	-
Reference price ²	2,820	1,940	4,035	2,790	3,750	3,700	3,700	3,700
Announcement Date	5/10/19	5/18/20	5/13/21	5/13/22	5/12/23	5/13/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	288,902	288,012	256,078	283,777	321,771	371,639	356,968	377,923
EBITDA ¹	44,112	46,076	41,253	43,370	48,207	55,470	61,003	65,422
EBIT ¹	28,834	29,737	27,695	30,540	34,439	43,925	47,246	50,434
Operating Margin	9.98%	10.32%	10.82%	10.76%	10.7%	11.82%	13.24%	13.35%
Earnings before Tax (EBT) ¹	29,710	26,912	27,123	33,294	35,657	30,975	47,214	51,157
Net income ¹	20,753	18,321	18,402	22,959	21,170	18,252	31,085	32,217
Net margin	7.18%	6.36%	7.19%	8.09%	6.58%	4.91%	8.71%	8.52%
EPS ²	199.9	177.9	181.1	227.3	211.3	183.3	313.8	326.7
Free Cash Flow ¹	13,806	12,799	24,285	22,264	25,731	37,239	40,849	31,382
FCF margin	4.78%	4.44%	9.48%	7.85%	8%	10.02%	11.44%	8.3%
FCF Conversion (EBITDA)	31.3%	27.78%	58.87%	51.34%	53.38%	28.56%	66.96%	47.97%
FCF Conversion (Net income)	66.53%	69.86%	131.97%	96.97%	121.54%	204.03%	131.41%	97.41%
Dividend per Share ²	62.00	62.00	53.00	62.00	64.00	64.00	81.38	95.44
Announcement Date	5/10/19	5/18/20	5/13/21	5/13/22	5/12/23	5/13/24	-	-

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 ¹	145,315	142,697	107,455	148,623	69,255	139,663	68,767	75,347	72,648	75,702	148,350	85,860	87,561	87,977	90,858	178,835	94,944	97,860	86,713	89,396	90,716	97,441
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	15,139	14,598	6,528	21,167	7,179	16,076	6,771	7,693	7,928	7,289	15,217	10,256	8,966	10,146	10,536	20,682	10,831	12,412	10,412	11,252	11,284	13,053
Operating Margin	10.42%	10.23%	6.08%	14.24%	10.37%	11.51%	9.85%	10.21%	10.91%	9.63%	10.26%	11.95%	10.24%	11.53%	11.6%	11.56%	11.41%	12.68%	12.01%	12.59%	12.44%	13.4%
Earnings before Tax (EBT) ¹	14,444	-	5,545	-	7,514	17,091	7,136	9,067	11,238	8,605	19,843	8,614	-	13,464	11,591	25,055	9,605	-3,685	10,900	11,800	11,950	12,250
Net income ¹	9,699	8,622	3,137	15,265	5,787	11,890	4,673	6,396	8,035	5,805	13,840	4,690	2,640	9,728	7,607	17,335	6,073	-5,156	7,250	7,950	8,000	8,200
Net margin	6.67%	6.04%	2.92%	10.27%	8.36%	8.51%	6.8%	8.49%	11.06%	7.67%	9.33%	5.46%	3.02%	11.06%	8.37%	9.69%	6.4%	-5.27%	8.36%	8.89%	8.82%	8.42%
EPS ²	94.06	-	30.85	-	57.09	117.2	46.45	63.63	80.22	57.88	138.1	46.77	26.41	97.50	76.21	173.7	61.11	-51.56	65.32	67.36	68.37	93.83
Dividend per Share	31.00	-	25.00	-	-	31.00	-	-	-	-	31.00	-	-	-	-	32.00	-	-	-	-	-	-
Announcement Date	10/30/19	5/18/20	10/28/20	5/13/21	10/29/21	10/29/21	2/3/22	5/13/22	7/29/22	10/28/22	10/28/22	2/3/23	5/12/23	7/31/23	10/31/23	10/31/23	2/5/24	5/13/24	-	-	-	-

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	6,098	19,617	27,498	43,306	66,027	72,607	111,676	113,420
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	13,806	12,799	24,285	22,264	25,731	37,239	40,849	31,382
ROE (net income / shareholders' equity)	13.2%	11.3%	10.7%	12.3%	10%	7.8%	12.6%	12.4%
ROA (Net income/ Total Assets)	10.2%	9.77%	9.66%	10.5%	10.9%	13.4%	10.5%	11.4%
Assets ¹	203,344	187,581	190,441	218,711	193,450	135,894	297,005	282,024
Book Value Per Share ²	1,539	1,631	1,738	1,978	2,237	2,456	2,604	2,789
Cash Flow per Share ²	347.0	336.0	315.0	354.0	349.0	326.0	452.0	431.0
Capex ¹	23,565	23,030	15,637	8,940	8,872	10,018	23,500	16,100
Capex / Sales	8.16%	8%	6.11%	3.15%	2.76%	2.7%	6.58%	4.26%
Announcement Date	5/10/19	5/18/20	5/13/21	5/13/22	5/12/23	5/13/24	-	-

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 Nifco Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,700 JPY

Average target price

4,708 JPY

Spread / Average Target

+27.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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