Financials Takuma Co., Ltd.

Equities

6013

JP3462600002

Environmental Services & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-08 am EDT			5-day change	1st Jan Change
1,981 ^JPY	+1.07%		+1.12%	+10.73%

2023	Takuma Co., Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI
2022	Japan's World Cup quarter-final dreams dashed	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	109,205	97,533	194,684	116,147	106,097	156,842	-	-
Enterprise Value (EV) ¹	48,539	52,200	155,944	73,468	41,075	88,686	83,647	78,040
P/E ratio	12.3 x	13.3 x	25.8 x	15.6 x	11 x	17.6 x	15.3 x	14.8 x
Yield	1.67%	2.58%	1.5%	2.52%	3.24%	2.45%	3.01%	3.18%
Capitalization / Revenue	0.9 x	0.73 x	1.33 x	0.87 x	0.74 x	1.06 x	1.02 x	1 x
EV / Revenue	0.4 x	0.39 x	1.06 x	0.55 x	0.29 x	0.6 x	0.54 x	0.5 x
EV / EBITDA	3.91 x	4.96 x	13.5 x	6.75 x	2.75 x	6.59 x	5.4 x	4.86 x
EV / FCF	4.7 x	-4.37 x	-41.8 x	9.81 x	1.64 x	10.3 x	9.8 x	7.3 x
FCF Yield	21.3%	-22.9%	-2.39%	10.2%	61.1%	9.67%	10.2%	13.7%
Price to Book	1.32 x	1.15 x	2.16 x	1.23 x	1.05 x	1.51 x	1.44 x	1.37 x
Nbr of stocks (in thousands)	82,669	81,142	81,220	81,279	79,953	80,022	-	-
Reference price ²	1,321	1,202	2,397	1,429	1,327	1,960	1,960	1,960
Announcement Date	5/14/19	5/13/20	5/14/21	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	121,950	134,454	146,726	134,092	142,651	147,704	153,861	156,486
EBITDA ¹	12,401	10,517	11,509	10,889	14,949	13,448	15,490	16,059
EBIT ¹	11,604	9,600	10,473	9,928	13,813	11,186	13,442	13,944
Operating Margin	9.52%	7.14%	7.14%	7.4%	9.68%	7.57%	8.74%	8.91%
Earnings before Tax (EBT) ¹	11,139	10,139	10,700	10,789	14,102	12,228	14,285	14,787
Net income ¹	8,853	7,445	7,529	7,434	9,621	8,743	10,230	10,590
Net margin	7.26%	5.54%	5.13%	5.54%	6.74%	5.92%	6.65%	6.77%
EPS ²	107.1	90.36	92.73	91.53	120.2	111.6	127.9	132.4
Free Cash Flow ¹	10,335	-11,934	-3,733	7,490	25,091	8,575	8,540	10,687
FCF margin	8.47%	-8.88%	-2.54%	5.59%	17.59%	5.81%	5.55%	6.83%
FCF Conversion (EBITDA)	83.34%	-	-	68.79%	167.84%	63.77%	55.13%	66.55%
FCF Conversion (Net income)	116.74%	-	-	100.75%	260.79%	98.08%	83.47%	100.91%
Dividend per Share ²	22.00	31.00	36.00	36.00	43.00	48.00	59.00	62.25
Announcement Date	5/14/19	5/13/20	5/14/21	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	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 Q3	2025 Q4
Net sales ¹	57,765	76,689	70,352	76,374	32,122	59,234	34,445	40,413	74,858	30,940	34,894	65,834	34,834	41,983	76,817	29,821	36,095	65,916	38,936	42,674	81,400	32,400	37,500	37,100	49,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,730	5,870	5,826	4,647	1,893	2,938	2,368	4,622	6,990	2,194	3,471	5,665	3,547	4,601	-	1,142	1,582	2,724	3,540	3,968	6,800	2,000	3,100	3,650	5,050
Operating Margin	6.46%	7.65%	8.28%	6.08%	5.89%	4.96%	6.87%	11.44%	9.34%	7.09%	9.95%	8.6%	10.18%	10.96%	-	3.83%	4.38%	4.13%	9.09%	9.3%	8.35%	6.17%	8.27%	9.84%	10.31%
Earnings before Tax (EBT)	4,098	-	6,364	-	2,163	3,354	2,678	-	-	2,485	-	6,063	3,892	4,147	-	1,378	-	2,907	4,172	-	-	-	-	-	-
Net income ¹	3,130	4,315	4,725	-	1,465	2,257	1,823	3,354	-	1,730	2,566	4,296	2,723	2,602	-	936	991	1,927	3,020	3,453	-	1,200	2,300	2,850	4,150
Net margin	5.42%	5.63%	6.72%	-	4.56%	3.81%	5.29%	8.3%	-	5.59%	7.35%	6.53%	7.82%	6.2%	-	3.14%	2.75%	2.92%	7.76%	8.09%	-	3.7%	6.13%	7.68%	8.47%
EPS	37.85	-	58.22	-	-	27.78	22.44	-	-	21.56	-	53.63	34.04	-	-	11.71	-	24.10	37.75	-	-	-	-	-	-
Dividend per Share	13.00	-	18.00	-	-	18.00	-	-	-	-	-	19.00	-	-	-	-	-	24.00	-	-	-	-	-	-	-
Announcement Date	11/12/19	5/13/20	11/11/20	5/14/21	11/10/21	11/10/21	2/9/22	5/13/22	5/13/22	8/4/22	11/10/22	11/10/22	2/9/23	5/12/23	5/12/23	8/8/23	11/8/23	11/8/23	2/14/24	-	-	-	-	-	-

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	60,666	45,333	38,740	42,679	65,022	68,157	73,195	78,802
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	10,335	-11,934	-3,733	7,490	25,091	8,575	8,540	10,687
ROE (net income / shareholders' equity)	11.1%	8.9%	8.6%	8.1%	9.9%	8.5%	9.57%	9.4%
ROA (Net income/ Total Assets)	8.01%	6.45%	6.46%	6.04%	8.29%	5.19%	5.98%	6.01%
Assets ¹	110,483	115,465	116,485	122,984	116,044	168,350	171,060	176,117
Book Value Per Share ²	1,000	1,043	1,110	1,163	1,258	1,299	1,365	1,432
Cash Flow per Share ²	117.0	101.0	105.0	103.0	134.0	145.0	158.0	175.0
Capex ¹	482	1,520	2,287	1,510	7,100	3,299	2,522	2,471
Capex / Sales	0.4%	1.13%	1.56%	1.13%	4.98%	2.23%	1.64%	1.58%
Announcement Date	5/14/19	5/13/20	5/14/21	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 Takuma Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,960 JPY

Average target price

1,945 JPY

Spread / Average Target

-0.77%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Environmental Services & Equipment

	1st Jan change	Capi.
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KURITA WATER INDUSTRIES LTD.	+14.11%	4.56B
CECEP ENVIRONMENTAL PROTECTION CO., LTD.	-3.39%	3.07B

Other Environmental Services & Equipment