Financials Nifco Inc.

Equities

7988

JP3756200006

Auto, Truck & Motorcycle Parts

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,729 ^JPY	-0.37%		+0.19%	+2.30%

Apr. 26	Tranche Update on Nifco Inc.'s Equity Buyback Plan announced on March 12, 2024.	CI
Apr. 25	Nifco Inc.'s Equity Buyback announced on March 12, 2024, has closed with 522,800 shares, representing 0.53% for ¥1,999.83 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	368,392	-	-
Enterprise Value (EV) ¹	284,865	180,195	382,254	236,173	309,063	295,786	288,599	278,574
P/E ratio	14.1 x	10.9 x	22.3 x	12.3 x	17.7 x	19.7 x	12.3 x	11.2 x
Yield	2.2%	3.2%	1.31%	2.22%	1.71%	1.93%	2.42%	2.67%
Capitalization / Revenue	1.01 x	0.69 x	1.6 x	0.98 x	1.17 x	1 x	1 x	0.96 x
EV / Revenue	0.99 x	0.63 x	1.49 x	0.83 x	0.96 x	0.8 x	0.78 x	0.73 x
EV / EBITDA	6.46 x	3.91 x	9.27 x	5.45 x	6.41 x	5.33 x	4.71 x	4.25 x
EV / FCF	20.6 x	14.1 x	15.7 x	10.6 x	12 x	18.7 x	10.6 x	9.58 x
FCF Yield	4.85%	7.1%	6.35%	9.43%	8.33%	5.36%	9.47%	10.4%
Price to Book	1.83 x	1.19 x	2.32 x	1.41 x	1.68 x	1.6 x	1.48 x	1.35 x
Nbr of stocks (in thousands)	103,178	102,996	101,549	100,172	100,024	98,791	-	-
Reference price ²	2,820	1,940	4,035	2,790	3,750	3,729	3,729	3,729
Announcement Date	5/10/19	5/18/20	5/13/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	288,902	288,012	256,078	283,777	321,771	368,375	368,501	383,611
EBITDA ¹	44,112	46,076	41,253	43,370	48,207	55,470	61,289	65,483
EBIT ¹	28,834	29,737	27,695	30,540	34,439	41,693	46,376	50,118
Operating Margin	9.98%	10.32%	10.82%	10.76%	10.7%	11.32%	12.59%	13.06%
Earnings before Tax (EBT) ¹	29,710	26,912	27,123	33,294	35,657	33,144	47,429	51,457
Net income ¹	20,753	18,321	18,402	22,959	21,170	18,830	29,941	32,661
Net margin	7.18%	6.36%	7.19%	8.09%	6.58%	5.11%	8.12%	8.51%
EPS ²	199.9	177.9	181.1	227.3	211.3	189.1	302.4	332.1
Free Cash Flow ¹	13,806	12,799	24,285	22,264	25,731	15,841	27,324	29,082
FCF margin	4.78%	4.44%	9.48%	7.85%	8%	4.3%	7.41%	7.58%
FCF Conversion (EBITDA)	31.3%	27.78%	58.87%	51.34%	53.38%	28.56%	44.58%	44.41%
FCF Conversion (Net income)	66.53%	69.86%	131.97%	96.97%	121.54%	84.13%	91.26%	89.04%
Dividend per Share ²	62.00	62.00	53.00	62.00	64.00	72.00	90.11	99.56
Announcement Date	5/10/19	5/18/20	5/13/21	5/13/22	5/12/23	-	-	-

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	95,636	94,450	92,900	92,700	96,100
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	10,295	10,400	11,600	11,450	12,150
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%	10.76%	11.01%	12.49%	12.35%	12.64%
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	11,373	10,725	11,725	11,775	12,025
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	-3,881	7,200	7,950	7,950	8,100
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%	-4.06%	7.62%	8.56%	8.58%	8.43%
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	-125.1	-	-	-	-
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	-	-	-	-	-

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	79,794	89,818
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	13,806	12,799	24,285	22,264	25,731	15,841	27,324	29,082
ROE (net income / shareholders' equity)	13.2%	11.3%	10.7%	12.3%	10%	9.7%	12.7%	12.7%
ROA (Net income/ Total Assets)	10.2%	9.77%	9.66%	10.5%	10.9%	9.12%	11.1%	11%
Assets ¹	203,344	187,581	190,441	218,711	193,450	206,356	270,193	297,095
Book Value Per Share ²	1,539	1,631	1,738	1,978	2,237	2,337	2,522	2,765
Cash Flow per Share ²	347.0	336.0	315.0	354.0	349.0	287.0	396.0	431.0
Capex ¹	23,565	23,030	15,637	8,940	8,872	12,425	16,500	15,100
Capex / Sales	8.16%	8%	6.11%	3.15%	2.76%	3.37%	4.48%	3.94%
Announcement Date	5/10/19	5/18/20	5/13/21	5/13/22	5/12/23	-	-	-

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 Nifco Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,729 JPY

Average target price

4,745 JPY

Spread / Average Target

+27.25%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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