Financials Topcon Corporation

Equities

7732

JP3630400004

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-03 am EDT			5-day change	1st Jan Change
1,730 ^JPY	+1.44%		+0.73%	+13.78%

May. 27	Jefferies Adjusts Topcon’s Price Target to 2,400 Yen From 2,300 Yen, Keeps at Buy	MT
May. 24	Topcon Corporation Announces Year End Dividend for the Year Ended March 31, 2024, Payable on June 7, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	138,477	84,340	141,162	164,654	187,637	179,625	-	-
Enterprise Value (EV) ¹	173,137	115,577	168,171	187,890	223,460	247,725	209,525	206,225
P/E ratio	21.1 x	90.4 x	59.4 x	15.4 x	15.9 x	38 x	16.3 x	12.6 x
Yield	1.84%	2.99%	0.75%	2.3%	2.36%	2.36%	2.7%	3.12%
Capitalization / Revenue	0.93 x	0.61 x	1.03 x	0.93 x	0.87 x	0.87 x	0.78 x	0.74 x
EV / Revenue	1.16 x	0.83 x	1.23 x	1.07 x	1.04 x	1.14 x	0.91 x	0.84 x
EV / EBITDA	7.97 x	8.18 x	10.6 x	7.34 x	7.09 x	9.72 x	6.73 x	5.95 x
EV / FCF	19.7 x	139 x	18 x	17.5 x	-76.2 x	-13.9 x	14.8 x	19.1 x
FCF Yield	5.07%	0.72%	5.55%	5.72%	-1.31%	-7.17%	6.77%	5.24%
Price to Book	2.01 x	1.34 x	2.04 x	1.97 x	1.97 x	1.73 x	1.56 x	1.46 x
Nbr of stocks (in thousands)	106,032	105,162	105,188	105,210	105,296	105,352	-	-
Reference price ²	1,306	802.0	1,342	1,565	1,782	1,705	1,705	1,705
Announcement Date	4/26/19	5/21/20	5/11/21	5/12/22	5/12/23	5/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	148,688	138,916	137,247	176,421	215,625	216,497	229,564	244,198
EBITDA ¹	21,724	14,137	15,867	25,589	31,509	25,490	31,145	34,673
EBIT ¹	13,596	5,381	6,593	15,914	19,537	11,204	16,683	21,746
Operating Margin	9.14%	3.87%	4.8%	9.02%	9.06%	5.18%	7.27%	8.91%
Earnings before Tax (EBT) ¹	6,478	2,912	4,919	14,645	16,038	4,446	15,762	20,884
Net income ¹	6,548	935	2,376	10,699	11,806	4,940	11,068	14,258
Net margin	4.4%	0.67%	1.73%	6.06%	5.48%	2.28%	4.82%	5.84%
EPS ²	61.76	8.870	22.59	101.7	112.2	46.90	104.5	135.4
Free Cash Flow ¹	8,772	830	9,330	10,748	-2,931	-17,771	14,178	10,812
FCF margin	5.9%	0.6%	6.8%	6.09%	-1.36%	-8.21%	6.18%	4.43%
FCF Conversion (EBITDA)	40.38%	5.87%	58.8%	42%	-	6.74%	45.52%	31.18%
FCF Conversion (Net income)	133.96%	88.77%	392.68%	100.46%	-	45.2%	128.1%	75.83%
Dividend per Share ²	24.00	24.00	10.00	36.00	42.00	42.00	46.00	53.17
Announcement Date	4/26/19	5/21/20	5/11/21	5/12/22	5/12/23	5/10/24	-	-

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
Net sales ¹	69,527	69,389	58,465	78,782	42,353	81,251	43,583	51,587	95,170	47,018	55,697	102,715	54,075	58,835	112,910	49,695	54,802	104,497	52,363	59,637	112,000	50,010	54,830	105,000	55,050	68,260
EBITDA	-	-	-	-	5,806	-	5,288	8,754	-	6,120	8,986	-	8,411	7,863	-	-	4,819	-	-	-	-	-	-	-	-	-
EBIT ¹	3,810	1,571	-768	7,361	3,522	6,980	3,367	5,567	8,934	3,834	5,502	9,336	4,638	5,563	10,201	1,717	2,113	3,830	2,674	4,700	7,374	2,385	2,875	5,700	4,975	6,515
Operating Margin	5.48%	2.26%	-1.31%	9.34%	8.32%	8.59%	7.73%	10.79%	9.39%	8.15%	9.88%	9.09%	8.58%	9.46%	9.03%	3.46%	3.86%	3.67%	5.11%	7.88%	6.58%	4.77%	5.24%	5.43%	9.04%	9.54%
Earnings before Tax (EBT)	2,205	707	-1,960	6,879	3,573	6,781	2,757	5,107	7,864	3,993	5,009	9,002	3,101	3,935	7,036	465	1,523	1,988	-745	-	-	-	-	-	-	-
Net income ¹	895	40	-2,037	4,413	2,060	3,883	1,869	4,947	6,816	2,790	3,242	6,032	1,827	3,947	5,774	-199	808	609	-256	4,587	4,331	1,650	-	-	-	-
Net margin	1.29%	0.06%	-3.48%	5.6%	4.86%	4.78%	4.29%	9.59%	7.16%	5.93%	5.82%	5.87%	3.38%	6.71%	5.11%	-0.4%	1.47%	0.58%	-0.49%	7.69%	3.87%	3.3%	-	-	-	-
EPS ²	8.470	0.4000	-19.38	-	20.00	36.92	17.76	47.03	64.79	26.52	30.80	57.32	17.35	37.49	54.84	-1.900	7.680	5.780	-2.430	43.55	41.12	15.70	-	-	-	-
Dividend per Share	14.00	10.00	-	10.00	10.00	10.00	-	26.00	-	-	20.00	20.00	-	22.00	22.00	-	-	20.00	-	-	-	-	-	-	-	-
Announcement Date	10/31/19	5/21/20	10/30/20	5/11/21	10/29/21	10/29/21	1/28/22	5/12/22	5/12/22	7/26/22	10/28/22	10/28/22	1/30/23	5/12/23	5/12/23	7/26/23	10/27/23	10/27/23	1/29/24	5/10/24	5/10/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	34,660	31,237	27,009	23,236	35,823	59,935	29,900	26,600
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.595 x	2.21 x	1.702 x	0.908 x	1.137 x	2.351 x	0.96 x	0.7672 x
Free Cash Flow ¹	8,772	830	9,330	10,748	-2,931	-17,771	14,178	10,812
ROE (net income / shareholders' equity)	9.8%	1.4%	3.6%	14%	13.2%	4.9%	12.8%	14.8%
ROA (Net income/ Total Assets)	7.16%	1.8%	3.39%	8.39%	9.08%	3.89%	10.7%	13%
Assets ¹	91,422	52,000	70,155	127,490	130,076	126,866	103,583	109,568
Book Value Per Share ²	651.0	600.0	659.0	794.0	905.0	1,028	1,090	1,165
Cash Flow per Share ²	137.0	72.90	93.10	175.0	211.0	162.0	249.0	288.0
Capex ¹	5,739	8,814	10,109	8,807	11,809	17,387	11,167	11,500
Capex / Sales	3.86%	6.34%	7.37%	4.99%	5.48%	8.03%	4.86%	4.71%
Announcement Date	4/26/19	5/21/20	5/11/21	5/12/22	5/12/23	5/10/24	-	-

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 Topcon Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,730 JPY

Average target price

1,878 JPY

Spread / Average Target

+8.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Testing & Measuring Equipment