Financials Nabtesco Corporation

Equities

6268

JP3651210001

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-03 am EDT			5-day change	1st Jan Change
2,613 ^JPY	+1.53%		-1.45%	-9.19%

May. 02	Jefferies Adjusts Nabtesco’s Price Target to 2,800 Yen From 2,600 Yen, Keeps at Hold	MT
May. 01	Japanese Shares Slip Into Red Ahead of US Fed Rate Decision; Tamron Falls 10%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	405,254	561,128	408,509	403,819	345,412	308,996	-	-
Enterprise Value (EV) ¹	402,364	536,329	315,237	313,800	289,150	272,046	258,633	256,532
P/E ratio	22.6 x	27.4 x	6.37 x	42.7 x	23.7 x	30.2 x	21 x	17.5 x
Yield	2.24%	1.66%	2.26%	2.32%	2.78%	3.11%	3.13%	3.18%
Capitalization / Revenue	1.4 x	2.01 x	1.36 x	1.31 x	1.04 x	0.96 x	0.89 x	0.86 x
EV / Revenue	1.39 x	1.92 x	1.05 x	1.02 x	0.87 x	0.85 x	0.75 x	0.72 x
EV / EBITDA	10.5 x	12.7 x	7.28 x	9.63 x	8.8 x	9.08 x	6.93 x	5.96 x
EV / FCF	18.3 x	22.8 x	3.05 x	-56.9 x	-15.6 x	93.8 x	25.1 x	24.9 x
FCF Yield	5.48%	4.38%	32.8%	-1.76%	-6.4%	1.07%	3.99%	4.02%
Price to Book	2.16 x	2.84 x	1.7 x	1.62 x	1.33 x	1.19 x	1.17 x	1.14 x
Nbr of stocks (in thousands)	124,121	124,143	119,973	120,006	120,039	120,068	-	-
Reference price ²	3,265	4,520	3,405	3,365	2,878	2,574	2,574	2,574
Announcement Date	2/7/20	2/10/21	2/10/22	2/10/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	289,808	279,358	299,802	308,691	333,631	321,261	345,385	358,611
EBITDA ¹	38,413	42,263	43,283	32,580	32,845	29,970	37,332	43,075
EBIT ¹	25,320	28,533	30,017	18,097	17,376	14,251	20,264	24,691
Operating Margin	8.74%	10.21%	10.01%	5.86%	5.21%	4.44%	5.87%	6.89%
Earnings before Tax (EBT) ¹	27,979	33,718	101,966	15,763	25,629	16,069	21,753	26,472
Net income ¹	17,931	20,505	64,818	9,464	14,554	10,093	14,557	17,685
Net margin	6.19%	7.34%	21.62%	3.07%	4.36%	3.14%	4.21%	4.93%
EPS ²	144.5	165.2	534.7	78.87	121.2	85.28	122.3	147.3
Free Cash Flow ¹	22,045	23,493	103,487	-5,514	-18,496	2,900	10,313	10,309
FCF margin	7.61%	8.41%	34.52%	-1.79%	-5.54%	0.9%	2.99%	2.87%
FCF Conversion (EBITDA)	57.39%	55.59%	239.09%	-	-	9.68%	27.63%	23.93%
FCF Conversion (Net income)	122.94%	114.57%	159.66%	-	-	28.73%	70.85%	58.29%
Dividend per Share ²	73.00	75.00	77.00	78.00	80.00	80.00	80.50	81.75
Announcement Date	2/7/20	2/10/21	2/10/22	2/10/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q4	2021 S2	2022 Q1	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
Net sales ¹	-	136,486	145,708	85,685	-	70,386	71,809	142,195	76,737	89,759	82,193	80,804	162,997	80,587	90,047	170,634	72,181	76,305	152,500	82,300	90,505	179,400
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	13,669	14,613	9,209	-	4,995	2,891	7,886	3,598	6,613	5,779	2,911	8,690	4,258	4,428	8,686	3,991	1,577	2,700	3,825	5,702	10,500
Operating Margin	-	10.01%	10.03%	10.75%	-	7.1%	4.03%	5.55%	4.69%	7.37%	7.03%	3.6%	5.33%	5.28%	4.92%	5.09%	5.53%	2.07%	1.77%	4.65%	6.3%	5.85%
Earnings before Tax (EBT) ¹	-	14,693	108,465	223	-	-5,069	-605	-5,674	22,566	-1,129	10,825	4,660	15,485	5,587	4,557	-	5,131	1,790	-	4,267	5,823	-
Net income ¹	-	9,392	68,056	1,740	-	-4,388	-718	-5,106	15,728	-1,158	6,699	2,753	9,452	3,841	1,261	-	2,640	1,487	-	2,933	3,887	-
Net margin	-	6.88%	46.71%	2.03%	-	-6.23%	-1%	-3.59%	20.5%	-1.29%	8.15%	3.41%	5.8%	4.77%	1.4%	-	3.66%	1.95%	-	3.56%	4.29%	-
EPS ²	-	75.66	556.4	15.96	-	-36.57	-5.990	-42.56	131.0	-9.650	55.82	22.92	78.74	32.00	10.51	-	21.99	21.30	-	27.50	32.50	-
Dividend per Share	37.00	41.00	38.00	-	39.00	-	-	39.00	-	-	-	-	40.00	-	-	-	-	-	-	-	-	-
Announcement Date	2/7/20	7/31/20	7/30/21	2/10/22	2/10/22	4/28/22	7/29/22	7/29/22	10/31/22	2/10/23	4/28/23	7/31/23	7/31/23	10/31/23	2/13/24	2/13/24	4/30/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	2,890	24,799	93,272	90,019	56,262	36,950	50,362	52,464
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	22,045	23,493	103,487	-5,514	-18,496	2,900	10,313	10,309
ROE (net income / shareholders' equity)	9.8%	10.6%	29.6%	3.9%	5.7%	3.92%	5.45%	6.54%
ROA (Net income/ Total Assets)	8.31%	9.69%	24.5%	3.35%	5.82%	2.28%	3.4%	4.05%
Assets ¹	215,694	211,715	264,902	282,488	250,249	442,672	428,138	436,676
Book Value Per Share ²	1,509	1,594	1,999	2,072	2,170	2,161	2,199	2,264
Cash Flow per Share ²	250.0	276.0	644.0	200.0	250.0	206.0	226.0	289.0
Capex ¹	16,388	15,059	9,571	18,825	29,673	27,860	22,115	21,079
Capex / Sales	5.65%	5.39%	3.19%	6.1%	8.89%	8.67%	6.4%	5.88%
Announcement Date	2/7/20	2/10/21	2/10/22	2/10/23	2/13/24	-	-	-

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 Nabtesco Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,574 JPY

Average target price

2,850 JPY

Spread / Average Target

+10.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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