Financials ROHM Co., Ltd.

Equities

6963

JP3982800009

Semiconductors

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-15 am EDT			5-day change	1st Jan Change
2,119 ^JPY	+1.90%		-4.87%	-21.59%

Apr. 24	Japanese Shares Lead Asia Rally, Take Cue from Wall Street	MT
Apr. 24	Rohm Co. Files for Singapore Listing of 200 Billion Yen of Convertible Bonds	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	712,817	596,577	1,060,845	941,148	1,076,627	817,809	-	-
Enterprise Value (EV) ¹	423,072	280,854	741,415	639,284	787,716	937,258	624,013	661,981
P/E ratio	16 x	23.9 x	28.7 x	14.1 x	13.4 x	17.5 x	18.7 x	12.3 x
Yield	2.17%	2.53%	1.39%	1.93%	1.82%	2.06%	2.48%	2.75%
Capitalization / Revenue	1.79 x	1.64 x	2.95 x	2.08 x	2.12 x	2 x	1.58 x	1.4 x
EV / Revenue	1.06 x	0.77 x	2.06 x	1.41 x	1.55 x	2 x	1.21 x	1.13 x
EV / EBITDA	4.18 x	3.8 x	9.43 x	5.63 x	5.31 x	4.65 x	4.88 x	3.55 x
EV / FCF	48.6 x	3.99 x	144 x	-	79.6 x	-9.02 x	32.4 x	16.2 x
FCF Yield	2.06%	25.1%	0.69%	-	1.26%	-11.1%	3.09%	6.18%
Price to Book	0.94 x	0.83 x	1.38 x	1.12 x	1.18 x	0.97 x	0.87 x	0.83 x
Nbr of stocks (in thousands)	413,227	402,413	392,542	392,554	392,571	385,941	-	-
Reference price ²	1,725	1,482	2,702	2,398	2,742	2,119	2,119	2,119
Announcement Date	5/8/19	5/11/20	5/10/21	5/10/22	5/9/23	5/8/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	398,989	362,885	359,888	452,124	507,882	467,780	516,093	584,414
EBITDA ¹	101,324	73,817	78,655	113,506	148,456	118,367	127,969	186,662
EBIT ¹	55,909	29,489	38,488	71,479	92,316	43,327	52,467	81,473
Operating Margin	14.01%	8.13%	10.69%	15.81%	18.18%	9.26%	10.17%	13.94%
Earnings before Tax (EBT) ¹	60,923	38,018	40,512	83,859	109,507	71,683	57,112	89,721
Net income ¹	45,441	25,632	37,002	66,827	80,375	53,965	45,036	67,552
Net margin	11.39%	7.06%	10.28%	14.78%	15.83%	11.54%	8.73%	11.56%
EPS ²	107.8	61.92	94.06	170.2	204.7	138.8	113.1	172.8
Free Cash Flow ¹	8,699	70,454	5,131	-	9,890	-103,897	19,264	40,884
FCF margin	2.18%	19.41%	1.43%	-	1.95%	-22.21%	3.73%	7%
FCF Conversion (EBITDA)	8.59%	95.44%	6.52%	-	6.66%	-	15.05%	21.9%
FCF Conversion (Net income)	19.14%	274.87%	13.87%	-	12.3%	-	42.77%	60.52%
Dividend per Share ²	37.50	37.50	37.50	46.25	50.00	50.00	52.50	58.25
Announcement Date	5/8/19	5/11/20	5/10/21	5/10/22	5/9/23	5/8/24	-	-

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	2025 S2	2026 S1	2026 S2
Net sales ¹	188,834	174,051	168,049	191,839	111,403	222,657	115,500	113,967	229,467	125,112	134,800	259,912	130,246	117,724	-	120,163	119,156	239,319	115,807	112,654	228,461	113,885	122,176	236,429	129,013	130,236	255,741	269,125	287,290
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	28,639	-	30,200	26,511	56,792	28,336	34,323	62,659	39,968	37,160	77,127	84,723	98,342
EBIT ¹	17,771	11,718	12,687	25,801	19,248	34,513	21,600	15,366	36,966	22,525	27,878	50,403	25,011	16,902	-	17,692	12,141	29,833	10,816	2,678	13,494	3,897	7,217	18,359	10,280	12,303	27,627	35,023	42,642
Operating Margin	9.41%	6.73%	7.55%	13.45%	17.28%	15.5%	18.7%	13.48%	16.11%	18%	20.68%	19.39%	19.2%	14.36%	-	14.72%	10.19%	12.47%	9.34%	2.38%	5.91%	3.42%	5.91%	7.77%	7.97%	9.45%	10.8%	13.01%	14.84%
Earnings before Tax (EBT) ¹	19,821	-	11,542	-	-	38,382	23,662	-	-	35,125	-	71,720	19,566	18,221	-	29,971	23,938	53,909	9,834	7,940	-	7,261	11,948	-	16,293	12,185	-	-	-
Net income ¹	13,713	11,919	12,527	24,475	19,196	30,802	17,600	18,425	36,025	26,105	26,021	52,126	15,821	12,428	-	20,130	17,175	37,305	7,797	8,863	16,660	4,469	7,108	14,387	10,701	13,777	21,338	26,885	32,599
Net margin	7.26%	6.85%	7.45%	12.76%	17.23%	13.83%	15.24%	16.17%	15.7%	20.87%	19.3%	20.06%	12.15%	10.56%	-	16.75%	14.41%	15.59%	6.73%	7.87%	7.29%	3.92%	5.82%	6.09%	8.29%	10.58%	8.34%	9.99%	11.35%
EPS ²	32.81	-	31.84	62.22	48.90	78.47	44.88	46.81	91.69	66.50	66.28	132.8	40.30	31.58	-	51.28	44.09	95.37	20.40	23.04	43.44	10.36	16.46	31.00	25.01	33.41	47.00	61.00	74.00
Dividend per Share ²	18.75	-	18.75	-	18.75	18.75	-	27.50	-	-	25.00	25.00	-	25.00	25.00	-	25.00	25.00	-	25.00	30.00	-	25.00	27.50	-	25.00	35.00	37.50	32.50
Announcement Date	10/31/19	5/11/20	10/29/20	5/10/21	10/28/21	10/28/21	2/1/22	5/10/22	5/10/22	7/29/22	11/1/22	11/1/22	2/2/23	5/9/23	5/9/23	8/1/23	11/1/23	11/1/23	2/1/24	5/8/24	5/8/24	-	-	-	-	-	-	-	-

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	289,745	315,723	319,430	301,864	288,911	267,301	193,796	155,828
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8,699	70,454	5,131	-	9,890	-103,897	19,264	40,884
ROE (net income / shareholders' equity)	6%	3.5%	5%	8.3%	9.2%	5.7%	5%	7.08%
ROA (Net income/ Total Assets)	7.42%	4.15%	4.58%	8.44%	10.2%	5.31%	8.6%	6.9%
Assets ¹	612,701	617,371	807,468	791,460	789,739	1,015,571	523,677	979,162
Book Value Per Share ²	1,833	1,796	1,959	2,139	2,330	2,507	2,433	2,565
Cash Flow per Share ²	216.0	169.0	196.0	277.0	348.0	324.0	354.0	478.0
Capex ¹	57,291	38,941	44,114	79,985	126,116	186,755	128,167	119,667
Capex / Sales	14.36%	10.73%	12.26%	17.69%	24.83%	39.92%	24.83%	20.48%
Announcement Date	5/8/19	5/11/20	5/10/21	5/10/22	5/9/23	5/8/24	-	-

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 ROHM Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,119 JPY

Average target price

3,010 JPY

Spread / Average Target

+42.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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