Financials Fuji Corporation

Equities

6134

JP3809200003

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,606 ^JPY	+2.88%		+4.05%	+7.48%

Feb. 07	Fuji Corporation Provides Consolidated Earnings Guidance for the Year Ending March 31, 2024	CI
2023	Fuji Corporation Provides Dividend Guidance for the Second Quarter Ending September 30, 2023 and the Fiscal Year Ending March 31, 2024, Payable on December 4, 2023	CI

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	134,643	150,719	271,590	214,399	215,497	242,648	-	-
Enterprise Value (EV) ¹	104,411	113,852	209,555	147,339	151,375	177,125	173,939	167,978
P/E ratio	7.99 x	10.1 x	15.4 x	10.1 x	10.5 x	22.7 x	16.4 x	12.9 x
Yield	3.39%	3.03%	1.76%	3.15%	3.58%	3.07%	3.55%	3.87%
Capitalization / Revenue	1.04 x	1.07 x	1.99 x	1.45 x	1.41 x	1.88 x	1.75 x	1.6 x
EV / Revenue	0.81 x	0.81 x	1.54 x	0.99 x	0.99 x	1.37 x	1.25 x	1.11 x
EV / EBITDA	3.52 x	4.16 x	6.96 x	3.92 x	4.1 x	7.48 x	5.92 x	4.8 x
EV / FCF	-14.8 x	8.18 x	9.11 x	26.6 x	55 x	9.03 x	17.1 x	13.2 x
FCF Yield	-6.74%	12.2%	11%	3.75%	1.82%	11.1%	5.84%	7.59%
Price to Book	0.83 x	0.9 x	1.41 x	1.03 x	0.96 x	1.1 x	1.06 x	1.03 x
Nbr of stocks (in thousands)	91,345	91,345	95,799	96,446	96,462	93,093	-	-
Reference price ²	1,474	1,650	2,835	2,223	2,234	2,606	2,606	2,606
Announcement Date	5/14/19	5/12/20	5/11/21	5/13/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	129,104	140,967	136,161	148,128	153,326	129,395	138,737	151,528
EBITDA ¹	29,647	27,347	30,128	37,565	36,888	23,682	29,373	35,000
EBIT ¹	23,106	19,571	21,904	28,472	27,108	13,575	19,364	24,810
Operating Margin	17.9%	13.88%	16.09%	19.22%	17.68%	10.49%	13.96%	16.37%
Earnings before Tax (EBT) ¹	23,447	20,712	24,065	30,101	29,322	15,262	20,435	26,150
Net income ¹	16,855	14,963	17,167	21,188	20,454	10,718	14,788	18,751
Net margin	13.06%	10.61%	12.61%	14.3%	13.34%	8.28%	10.66%	12.37%
EPS ²	184.5	163.8	184.3	219.7	212.0	114.7	159.2	201.6
Free Cash Flow ¹	-7,037	13,919	23,014	5,529	2,752	19,607	10,152	12,752
FCF margin	-5.45%	9.87%	16.9%	3.73%	1.79%	15.15%	7.32%	8.42%
FCF Conversion (EBITDA)	-	50.9%	76.39%	14.72%	7.46%	82.79%	34.56%	36.43%
FCF Conversion (Net income)	-	93.02%	134.06%	26.09%	13.45%	182.94%	68.65%	68%
Dividend per Share ²	50.00	50.00	50.00	70.00	80.00	80.00	92.50	100.8
Announcement Date	5/14/19	5/12/20	5/11/21	5/13/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Maart	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	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	72,225	68,742	70,654	65,507	33,797	72,558	36,797	38,773	39,233	39,437	78,670	36,791	37,865	74,656	33,054	29,503	62,557	33,111	33,877	67,600	32,500	44,500	31,500	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	11,230	8,341	11,412	10,492	5,917	14,762	6,545	7,165	7,190	6,613	13,803	6,324	6,981	13,305	4,105	2,533	6,638	3,975	3,529	7,300	4,900	4,800	3,900	4,900
Operating Margin	15.55%	12.13%	16.15%	16.02%	17.51%	20.35%	17.79%	18.48%	18.33%	16.77%	17.55%	17.19%	18.44%	17.82%	12.42%	8.59%	10.61%	12.01%	10.42%	10.8%	15.08%	10.79%	12.38%	-
Earnings before Tax (EBT)	11,985	-	12,117	-	6,448	15,663	7,053	-	8,468	-	15,894	6,069	7,359	-	4,799	-	7,575	4,141	-	-	-	-	-	-
Net income	8,685	6,278	8,681	-	4,698	11,165	5,037	-	5,935	-	11,180	4,283	4,991	-	3,396	-	5,243	2,961	-	-	-	-	-	-
Net margin	12.02%	9.13%	12.29%	-	13.9%	15.39%	13.69%	-	15.13%	-	14.21%	11.64%	13.18%	-	10.27%	-	8.38%	8.94%	-	-	-	-	-	-
EPS ²	95.08	-	95.05	-	-	115.8	52.24	51.69	61.54	54.38	115.9	44.39	51.74	-	35.31	19.56	54.87	31.60	16.54	-	-	-	-	-
Dividend per Share	20.00	-	20.00	-	-	35.00	-	-	-	-	40.00	-	-	-	-	-	40.00	-	-	-	-	-	-	-
Announcement Date	11/8/19	5/12/20	11/6/20	5/11/21	11/8/21	11/8/21	2/8/22	5/13/22	8/5/22	11/7/22	11/7/22	2/9/23	5/11/23	5/11/23	8/3/23	11/2/23	11/2/23	2/7/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	30,232	36,867	62,035	67,060	64,122	65,523	68,709	74,669
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-7,037	13,919	23,014	5,529	2,752	19,607	10,152	12,752
ROE (net income / shareholders' equity)	10.8%	9.1%	9.5%	10.5%	9.4%	5.16%	6.81%	8.27%
ROA (Net income/ Total Assets)	12.3%	10.2%	11%	12.8%	11.7%	4.3%	5.83%	6.77%
Assets ¹	136,588	146,094	156,404	165,574	175,341	249,245	253,511	277,115
Book Value Per Share ²	1,767	1,835	2,014	2,164	2,332	2,379	2,449	2,538
Cash Flow per Share ²	251.0	239.0	262.0	303.0	301.0	362.0	166.0	274.0
Capex ¹	11,223	8,641	7,856	11,442	10,242	8,000	13,333	11,333
Capex / Sales	8.69%	6.13%	5.77%	7.72%	6.68%	6.18%	9.61%	7.48%
Announcement Date	5/14/19	5/12/20	5/11/21	5/13/22	5/11/23	-	-	-

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

Ratings for Fuji Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,606 JPY

Average target price

2,652 JPY

Spread / Average Target

+1.73%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Machinery

	1st Jan change	Capi.
FUJI CORPORATION	+7.48%	1.54B
NORDSON CORPORATION	-1.42%	14.89B
HAITIAN INTERNATIONAL HOLDINGS LIMITED	+25.00%	4.92B
WUXI LEAD INTELLIGENT EQUIPMENT CO.,LTD.	-14.84%	4.68B
VALMET OYJ	-11.99%	4.52B
KRONES AG	+10.91%	4.18B
SUZHOU MAXWELL TECHNOLOGIES CO., LTD.	-17.31%	4.12B
TOMRA SYSTEMS ASA	+13.00%	3.73B
IHI CORPORATION	+29.08%	3.43B
KADANT INC.	+0.73%	3.31B

Industrial Machinery