Stock 9432 NIPPON TELEGRAPH AND TELEPHONE CORPORATION
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Financials Nippon Telegraph and Telephone Corporation

Equities

9432

JP3735400008

Integrated Telecommunications Services

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
168.2 JPY -0.71% Intraday chart for Nippon Telegraph and Telephone Corporation +0.18% -2.38%
Apr. 15 OpenAI bids for Japan business as it opens Tokyo office RE
Apr. 08 NTT Data Japan Launches Tender Offer on Jastec Shares MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 9,017,559 9,362,448 10,293,816 12,554,530 13,508,769 14,142,516 - -
Enterprise Value (EV) 1 12,216,398 13,081,630 17,730,177 19,841,020 21,865,382 21,884,512 21,618,001 21,412,461
P/E ratio 10.7 x 11.1 x 11.5 x 10.8 x 11.4 x 11.2 x 10.8 x 10.3 x
Yield 3.83% 3.69% 3.69% 3.24% 3.03% 3.03% 3.19% 3.38%
Capitalization / Revenue 0.76 x 0.79 x 0.86 x 1.03 x 1.03 x 1.07 x 1.04 x 1.02 x
EV / Revenue 1.03 x 1.1 x 1.48 x 1.63 x 1.66 x 1.65 x 1.59 x 1.54 x
EV / EBITDA 4.04 x 4.32 x 5.58 x 5.96 x 6.65 x 6.26 x 5.98 x 5.73 x
EV / FCF 17.2 x 11 x 13.8 x 15.1 x 41.7 x 23.3 x 25.8 x 22.1 x
FCF Yield 5.81% 9.09% 7.22% 6.61% 2.4% 4.28% 3.87% 4.52%
Price to Book 0.97 x 1.03 x 1.36 x 1.52 x 1.58 x 1.54 x 1.44 x 1.33 x
Nbr of stocks (in thousands) 95,870,284 90,879,905 90,550,810 88,536,882 85,239,584 84,081,549 - -
Reference price 2 94.06 103.0 113.7 141.8 158.5 168.2 168.2 168.2
Announcement Date 5/10/19 5/15/20 5/12/21 5/12/22 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 11,879,842 11,899,415 11,943,966 12,156,447 13,136,200 13,268,722 13,591,705 13,930,298
EBITDA 1 3,027,480 3,027,461 3,178,544 3,329,776 3,290,200 3,495,747 3,614,249 3,739,938
EBIT 1 1,693,833 1,562,151 1,671,391 1,768,593 1,829,000 1,949,186 2,036,532 2,129,098
Operating Margin 14.26% 13.13% 13.99% 14.55% 13.92% 14.69% 14.98% 15.28%
Earnings before Tax (EBT) 1 1,671,861 1,570,141 1,652,575 1,795,525 1,817,700 1,935,899 1,969,018 2,052,692
Net income 1 854,561 855,306 916,181 1,181,083 1,213,100 1,279,348 1,305,786 1,360,882
Net margin 7.19% 7.19% 7.67% 9.72% 9.23% 9.64% 9.61% 9.77%
EPS 2 8.805 9.248 9.926 13.17 13.92 15.08 15.62 16.39
Free Cash Flow 1 709,199 1,188,562 1,280,744 1,311,105 524,101 937,490 836,477 967,791
FCF margin 5.97% 9.99% 10.72% 10.79% 3.99% 7.07% 6.15% 6.95%
FCF Conversion (EBITDA) 23.43% 39.26% 40.29% 39.38% 15.93% 26.82% 23.14% 25.88%
FCF Conversion (Net income) 82.99% 138.96% 139.79% 111.01% 43.2% 73.28% 64.06% 71.11%
Dividend per Share 2 3.600 3.800 4.200 4.600 4.800 5.100 5.373 5.689
Announcement Date 5/10/19 5/15/20 5/12/21 5/12/22 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 2022 S2 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 S1 2025 Q3 2025 Q4 2025 S2
Net sales 1 5,889,551 6,009,864 5,711,364 6,232,602 2,995,100 5,887,600 3,035,579 3,233,268 6,268,847 3,068,871 3,217,306 6,286,177 3,286,400 3,563,600 6,850,023 3,111,073 3,253,497 6,364,570 3,352,286 3,488,081 6,935,430 3,172,786 3,316,500 6,454,000 3,399,000 3,618,000 7,046,000
EBITDA 1 - - - - 876,300 - 918,696 632,180 - 892,994 884,857 - 880,200 702,400 - 870,797 874,956 - 942,311 779,291 - 868,000 869,000 - 913,000 827,000 -
EBIT 1 982,805 579,346 1,008,580 662,811 523,000 1,009,300 530,392 228,901 759,293 503,352 493,187 996,539 524,300 308,200 832,461 474,650 476,296 950,946 535,241 443,962 1,009,054 514,946 508,300 1,024,000 571,550 462,900 1,056,000
Operating Margin 16.69% 9.64% 17.66% 10.63% 17.46% 17.14% 17.47% 7.08% 12.11% 16.4% 15.33% 15.85% 15.95% 8.65% 12.15% 15.26% 14.64% 14.94% 15.97% 12.73% 14.55% 16.23% 15.33% 15.87% 16.82% 12.79% 14.99%
Earnings before Tax (EBT) 1 1,001,859 568,282 1,005,067 647,508 519,000 1,015,300 538,664 241,561 780,225 525,537 493,915 1,019,452 510,500 287,800 798,248 577,536 461,567 1,039,103 517,739 394,528 840,897 493,500 490,000 984,000 554,000 445,000 1,016,000
Net income 1 547,670 307,636 541,511 374,670 335,800 675,800 354,514 150,769 505,283 368,570 328,037 696,607 335,900 180,600 516,493 375,775 295,069 670,844 340,271 270,215 586,131 332,146 322,895 657,291 367,669 290,401 680,139
Net margin 9.3% 5.12% 9.48% 6.01% 11.21% 11.48% 11.68% 4.66% 8.06% 12.01% 10.2% 11.08% 10.22% 5.07% 7.54% 12.08% 9.07% 10.54% 10.15% 7.75% 8.45% 10.47% 9.74% 10.18% 10.82% 8.03% 9.65%
EPS 2 5.821 - 5.834 - 3.716 7.471 3.972 1.728 - 4.163 3.719 7.882 3.898 2.140 - 4.410 3.460 7.870 4.020 3.286 6.900 3.900 3.900 7.800 4.500 3.500 8.000
Dividend per Share 2 1.900 - 2.000 - 2.200 2.200 - 2.400 - - 2.400 2.400 - - - - 2.500 2.500 - 2.500 2.500 - 2.600 2.600 - 2.600 2.600
Announcement Date 11/5/19 5/15/20 11/6/20 5/12/21 11/10/21 11/10/21 2/7/22 5/12/22 5/12/22 8/8/22 11/8/22 11/8/22 2/9/23 5/12/23 5/12/23 8/9/23 11/7/23 11/7/23 2/8/24 - - - - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,198,839 3,719,182 7,436,361 7,286,490 8,356,613 7,741,996 7,475,485 7,269,945
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.057 x 1.228 x 2.34 x 2.188 x 2.54 x 2.215 x 2.068 x 1.944 x
Free Cash Flow 1 709,199 1,188,562 1,280,744 1,311,105 524,101 937,490 836,477 967,791
ROE (net income / shareholders' equity) 9.3% 9.3% 11% 14.9% 14.4% 14.4% 13.7% 13.4%
ROA (Net income/ Total Assets) 7.6% 6.93% 7.19% 7.67% 7.39% 5.63% 5.64% 5.72%
Assets 1 11,237,732 12,340,707 12,745,465 15,401,466 16,408,144 22,725,265 23,141,243 23,775,358
Book Value Per Share 2 96.60 99.70 83.50 93.50 100.0 109.0 117.0 126.0
Cash Flow per Share 2 22.50 25.10 26.30 30.60 32.10 32.70 35.30 36.00
Capex 1 1,696,958 1,806,649 1,728,320 1,687,599 1,862,404 1,974,528 2,027,408 2,060,136
Capex / Sales 14.28% 15.18% 14.47% 13.88% 14.18% 14.88% 14.92% 14.79%
Announcement Date 5/10/19 5/15/20 5/12/21 5/12/22 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 Nippon Telegraph and Telephone Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
168.2 JPY
Average target price
199.7 JPY
Spread / Average Target
+18.72%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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