Financials Tamron Co.,Ltd.

Equities

7740

JP3471800007

Household Electronics

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 am EDT			5-day change	1st Jan Change
7,830 ^JPY	-0.63%		+0.64%	+47.18%

May. 01	Japanese Shares Slip Into Red Ahead of US Fed Rate Decision; Tamron Falls 10%	MT
May. 01	Tamron Ups Fiscal H1 Targets as Q1 Attributable Profit, Net Sales Grow; Shares Surge 9%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	65,294	38,070	59,523	62,045	111,280	162,380	-	-
Enterprise Value (EV) ¹	39,553	18,852	35,753	34,005	80,489	126,680	124,880	123,280
P/E ratio	12.2 x	20.6 x	11.5 x	7.44 x	10.3 x	14.4 x	13.8 x	13.2 x
Yield	2.7%	2.74%	2.87%	4.03%	3.2%	2.76%	2.9%	3.03%
Capitalization / Revenue	1.03 x	0.79 x	1.03 x	0.98 x	1.56 x	2.1 x	2.03 x	1.95 x
EV / Revenue	0.62 x	0.39 x	0.62 x	0.54 x	1.13 x	1.64 x	1.56 x	1.48 x
EV / EBITDA	4.1 x	2.96 x	3.43 x	2.43 x	4.86 x	6.6 x	6.56 x	6.49 x
EV / FCF	5.1 x	3.91 x	5.35 x	5.65 x	17 x	21.8 x	12.9 x	12.6 x
FCF Yield	19.6%	25.6%	18.7%	17.7%	5.87%	4.59%	7.77%	7.95%
Price to Book	1.19 x	0.83 x	1.13 x	1.03 x	1.57 x	2.22 x	2.03 x	1.89 x
Nbr of stocks (in thousands)	25,920	20,849	20,849	20,848	20,917	20,607	-	-
Reference price ²	2,519	1,826	2,855	2,976	5,320	7,830	7,830	7,830
Announcement Date	2/7/20	2/9/21	2/9/22	2/8/23	2/8/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	63,285	48,375	57,539	63,445	71,426	77,320	80,080	83,400
EBITDA ¹	9,648	6,378	10,432	13,995	16,568	19,200	19,050	19,000
EBIT ¹	6,982	3,575	7,408	11,038	13,607	15,475	15,900	16,560
Operating Margin	11.03%	7.39%	12.87%	17.4%	19.05%	20.01%	19.86%	19.86%
Earnings before Tax (EBT) ¹	7,403	2,885	7,418	11,496	13,972	15,350	15,700	16,075
Net income ¹	5,330	1,958	5,173	8,350	10,812	11,382	11,644	12,132
Net margin	8.42%	4.05%	8.99%	13.16%	15.14%	14.72%	14.54%	14.55%
EPS ²	207.1	88.83	248.1	400.0	517.1	544.5	566.1	594.8
Free Cash Flow ¹	7,754	4,820	6,682	6,014	4,728	5,809	9,700	9,800
FCF margin	12.25%	9.96%	11.61%	9.48%	6.62%	7.51%	12.11%	11.75%
FCF Conversion (EBITDA)	80.37%	75.57%	64.05%	42.97%	28.54%	30.26%	50.92%	51.58%
FCF Conversion (Net income)	145.48%	246.17%	129.17%	72.02%	43.73%	51.03%	83.3%	80.78%
Dividend per Share ²	68.00	50.00	82.00	120.0	170.0	216.0	227.2	237.0
Announcement Date	2/7/20	2/9/21	2/9/22	2/8/23	2/8/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	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	20,896	27,888	15,105	14,546	13,820	17,879	31,699	16,017	15,729	14,521	18,231	32,752	19,031	19,643	38,674	19,819	20,175	34,850	20,250	21,420	42,450
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	828	3,658	2,065	1,685	2,080	3,591	5,671	3,117	2,250	2,630	3,847	6,477	3,705	3,425	7,130	4,547	4,050	6,750	3,970	4,031	8,150
Operating Margin	3.96%	13.12%	13.67%	11.58%	15.05%	20.09%	17.89%	19.46%	14.3%	18.11%	21.1%	19.78%	19.47%	17.44%	18.44%	22.94%	20.07%	19.37%	19.6%	18.82%	19.2%
Earnings before Tax (EBT)	1,164	3,750	2,029	-	2,121	-	5,954	3,386	-	2,589	-	6,891	3,624	-	-	4,598	-	-	-	-	-
Net income	843	2,685	1,387	-	1,721	-	4,565	2,258	-	2,347	-	5,329	2,627	-	-	3,344	-	-	-	-	-
Net margin	4.03%	9.63%	9.18%	-	12.45%	-	14.4%	14.1%	-	16.16%	-	16.27%	13.8%	-	-	16.87%	-	-	-	-	-
EPS	36.26	128.8	66.54	-	82.58	-	218.9	108.1	-	112.4	-	255.0	125.6	-	-	160.8	-	-	-	-	-
Dividend per Share	25.00	25.00	-	-	-	-	30.00	-	-	-	-	35.00	-	-	-	-	-	-	-	-	-
Announcement Date	8/4/20	8/6/21	11/4/21	2/9/22	4/28/22	8/8/22	8/8/22	11/2/22	2/8/23	4/28/23	8/8/23	8/8/23	11/2/23	2/8/24	2/8/24	4/26/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	25,741	19,218	23,770	28,040	30,791	35,700	37,500	39,100
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	7,754	4,820	6,682	6,014	4,728	5,809	9,700	9,800
ROE (net income / shareholders' equity)	10.1%	3.9%	10.5%	14.8%	16.5%	15.4%	14.4%	13.8%
ROA (Net income/ Total Assets)	11%	5.88%	12%	16.1%	17.2%	16.6%	16%	15.5%
Assets ¹	48,239	33,283	43,018	51,796	62,920	68,569	72,775	78,271
Book Value Per Share ²	2,119	2,196	2,520	2,899	3,382	3,526	3,855	4,140
Cash Flow per Share	311.0	216.0	393.0	542.0	659.0	-	-	-
Capex ¹	3,171	2,734	1,890	3,218	5,299	6,100	4,833	4,833
Capex / Sales	5.01%	5.65%	3.28%	5.07%	7.42%	7.89%	6.04%	5.8%
Announcement Date	2/7/20	2/9/21	2/9/22	2/8/23	2/8/24	-	-	-

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 Tamron Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7,830 JPY

Average target price

7,338 JPY

Spread / Average Target

-6.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Photographic Equipment

	1st Jan change	Capi.
TAMRON CO.,LTD.	+47.18%	1.04B
LARGAN PRECISION CO.,LTD	-22.30%	9.08B
NIKON CORPORATION	+21.31%	3.72B
GENIUS ELECTRONIC OPTICAL CO., LTD	+6.54%	1.57B
OPT MACHINE VISION TECH CO., LTD.	-36.27%	1.26B
APPOTRONICS CORPORATION LIMITED	-28.86%	1.21B
NEXTVISION STABILIZED SYSTEMS, LTD.	+84.18%	1.19B
XIAMEN LEADING OPTICS CO., LTD.	-26.42%	1.02B
ABILITY OPTO-ELECTRONICS TECHNOLOGY CO.,LTD.	+14.74%	879M
DONGGUAN YUTONG OPTICAL TECHNOLOGY CO.,LTD.	-13.15%	672M

Photographic Equipment