Financials Miura Co., Ltd.

Equities

6005

JP3880800002

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-04 am EDT			5-day change	1st Jan Change
3,249 ^JPY	+0.15%		+14.26%	+15.71%

May. 30	Daikin Applied Systems Co., Ltd. announced that it expects to receive ¥14.7 billion in funding from Miura Co., Ltd.	CI
May. 08	Miura Co., Ltd. acquired Certuss Dampfautomaten Gmbh & Co Kg.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	287,178	434,444	674,168	343,337	379,056	357,649	-	-
Enterprise Value (EV) ¹	252,920	405,026	644,227	292,673	355,685	322,535	314,269	305,169
P/E ratio	23.4 x	31.6 x	53.1 x	23.8 x	22.6 x	16.7 x	18.6 x	17.5 x
Yield	1.29%	0.96%	0.59%	1.29%	1.33%	1.81%	1.82%	1.72%
Capitalization / Revenue	2.07 x	3.02 x	5 x	2.39 x	2.39 x	2.02 x	2.18 x	2.1 x
EV / Revenue	1.82 x	2.82 x	4.78 x	2.04 x	2.25 x	2.02 x	1.92 x	1.79 x
EV / EBITDA	12.4 x	16.1 x	26.9 x	11.1 x	12.3 x	11.1 x	9.49 x	9.32 x
EV / FCF	20 x	40.7 x	39.7 x	59 x	67 x	23.6 x	16.2 x	15.7 x
FCF Yield	5%	2.46%	2.52%	1.7%	1.49%	4.24%	6.16%	6.36%
Price to Book	2.29 x	3.26 x	4.64 x	2.14 x	2.25 x	1.78 x	1.87 x	1.74 x
Nbr of stocks (in thousands)	112,575	112,696	112,737	113,126	112,147	110,250	-	-
Reference price ²	2,551	3,855	5,980	3,035	3,380	3,244	3,244	3,244
Announcement Date	5/15/19	5/15/20	5/14/21	5/13/22	5/12/23	5/14/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	138,880	143,645	134,732	143,543	158,377	159,695	163,711	170,214
EBITDA ¹	20,360	25,120	23,986	26,320	28,961	29,550	33,100	32,760
EBIT ¹	16,682	18,540	17,213	19,441	21,928	23,061	24,183	25,750
Operating Margin	12.01%	12.91%	12.78%	13.54%	13.85%	14.44%	14.77%	15.13%
Earnings before Tax (EBT) ¹	17,130	18,756	18,165	20,421	23,467	26,789	26,733	28,383
Net income ¹	12,280	13,746	12,695	14,415	16,876	19,368	19,318	20,535
Net margin	8.84%	9.57%	9.42%	10.04%	10.66%	12.13%	11.8%	12.06%
EPS ²	109.1	122.0	112.6	127.7	149.5	175.0	174.4	185.3
Free Cash Flow ¹	12,656	9,958	16,223	4,961	5,309	13,684	19,349	19,419
FCF margin	9.11%	6.93%	12.04%	3.46%	3.35%	8.57%	11.82%	11.41%
FCF Conversion (EBITDA)	62.16%	39.64%	67.64%	18.85%	18.33%	93.13%	58.46%	59.28%
FCF Conversion (Net income)	103.06%	72.44%	127.79%	34.42%	31.46%	70.65%	100.16%	94.57%
Dividend per Share ²	33.00	37.00	35.00	39.00	45.00	53.00	59.00	55.63
Announcement Date	5/15/19	5/15/20	5/14/21	5/13/22	5/12/23	5/14/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	67,714	61,579	73,153	38,778	66,216	33,677	43,650	77,327	29,256	39,978	69,234	36,491	52,652	89,143	29,714	40,433	70,147	37,810	51,738	32,700	44,300	42,300	55,400
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,726	8,020	9,193	6,188	9,274	4,897	5,270	10,167	3,117	6,213	9,330	5,614	6,984	12,598	3,530	6,332	9,862	5,840	7,359	3,900	6,700	5,900	9,300
Operating Margin	12.89%	13.02%	12.57%	15.96%	14.01%	14.54%	12.07%	13.15%	10.65%	15.54%	13.48%	15.38%	13.26%	14.13%	11.88%	15.66%	14.06%	15.45%	14.22%	11.93%	15.12%	13.95%	16.79%
Earnings before Tax (EBT)	8,848	8,109	-	-	9,443	5,066	5,912	-	3,579	-	10,441	5,861	7,165	-	5,113	-	12,077	6,419	-	-	-	-	-
Net income	6,392	5,762	-	-	6,779	3,589	4,047	-	2,456	-	7,620	4,355	4,901	-	3,642	-	8,971	4,716	-	-	-	-	-
Net margin	9.44%	9.36%	-	-	10.24%	10.66%	9.27%	-	8.39%	-	11.01%	11.93%	9.31%	-	12.26%	-	12.79%	12.47%	-	-	-	-	-
EPS	56.75	51.12	-	-	60.12	31.82	-	-	21.71	-	67.34	38.54	-	-	32.68	-	80.75	42.77	-	-	-	-	-
Dividend per Share	16.00	14.00	-	-	17.00	-	-	-	-	-	19.00	-	-	-	-	-	23.00	-	-	-	-	-	-
Announcement Date	11/5/19	11/5/20	5/14/21	11/5/21	11/5/21	2/9/22	5/13/22	5/13/22	8/5/22	11/4/22	11/4/22	2/8/23	5/12/23	5/12/23	8/9/23	11/6/23	11/6/23	2/7/24	5/14/24	-	-	-	-

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	34,258	29,418	29,941	50,664	23,371	30,900	43,380	52,480
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	12,656	9,958	16,223	4,961	5,309	13,684	19,349	19,419
ROE (net income / shareholders' equity)	10.1%	10.6%	9.1%	9.4%	10.3%	11.1%	10.6%	10.4%
ROA (Net income/ Total Assets)	10%	10.4%	9.47%	9.83%	10.5%	11.4%	10%	8.67%
Assets ¹	122,314	132,433	134,038	146,647	161,344	170,090	193,183	236,961
Book Value Per Share ²	1,113	1,183	1,290	1,416	1,504	1,639	1,737	1,866
Cash Flow per Share	142.0	180.0	172.0	189.0	212.0	236.0	-	-
Capex ¹	4,478	8,163	6,759	7,333	6,274	7,126	5,200	4,500
Capex / Sales	3.22%	5.68%	5.02%	5.11%	3.96%	4.46%	3.18%	2.64%
Announcement Date	5/15/19	5/15/20	5/14/21	5/13/22	5/12/23	5/14/24	-	-

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 Miura Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,244 JPY

Average target price

3,920 JPY

Spread / Average Target

+20.84%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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