IHI CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3,858 JPY | -0.31% |
|
-2.38% | +39.73% |
| May. 22 | IHI Swings into Red in Fiscal 2024 | MT |
| May. 08 | Transcript : IHI Corporation, 2024 Earnings Call, May 08, 2024 |
Valuation
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 410,181 | 187,531 | 333,396 | 446,185 | 502,219 | 585,750 | - | - |
| Enterprise Value (EV) 1 | 652,828 | 501,105 | 818,565 | 806,249 | 896,958 | 1,055,962 | 985,722 | 1,022,885 |
| P/E ratio | 10.3 x | 15 x | 25.5 x | 6.71 x | 9.64 x | -9.09 x | 7.83 x | 7.07 x |
| Yield | 2.63% | 3.96% | - | 2.37% | 2.71% | 2.44% | 2.78% | 3.23% |
| Capitalization / Revenue | 0.28 x | 0.14 x | 0.3 x | 0.38 x | 0.37 x | 0.47 x | 0.38 x | 0.36 x |
| EV / Revenue | 0.44 x | 0.36 x | 0.74 x | 0.69 x | 0.66 x | 0.8 x | 0.64 x | 0.63 x |
| EV / EBITDA | 5.21 x | 4.61 x | 7.84 x | 4.87 x | 5.59 x | 186 x | 5.33 x | 4.98 x |
| EV / FCF | -19.9 x | -8.16 x | -57 x | 5.67 x | 507 x | 102 x | -151 x | 67.5 x |
| FCF Yield | -5.04% | -12.3% | -1.75% | 17.6% | 0.2% | 0.98% | -0.66% | 1.48% |
| Price to Book | 1.17 x | 0.57 x | 0.93 x | 1.17 x | 1.16 x | 1.65 x | 1.36 x | 1.23 x |
| Nbr of stocks (in thousands) | 154,261 | 148,598 | 148,506 | 151,249 | 151,271 | 151,357 | - | - |
| Reference price 2 | 2,659 | 1,262 | 2,245 | 2,950 | 3,320 | 3,870 | 3,870 | 3,870 |
| Announcement Date | 5/8/19 | 5/19/20 | 5/13/21 | 5/10/22 | 5/9/23 | 5/8/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,483,442 | 1,386,503 | 1,112,900 | 1,172,904 | 1,352,940 | 1,322,591 | 1,550,522 | 1,624,022 |
| EBITDA 1 | 125,300 | 108,797 | 104,401 | 165,690 | 160,456 | 5,690 | 184,967 | 205,500 |
| EBIT 1 | 82,400 | 60,797 | 27,900 | 81,497 | 89,522 | -70,138 | 112,656 | 128,944 |
| Operating Margin | 5.55% | 4.38% | 2.51% | 6.95% | 6.62% | -5.3% | 7.27% | 7.94% |
| Earnings before Tax (EBT) 1 | 69,400 | 38,779 | 27,600 | 87,637 | 72,402 | -72,280 | 105,262 | 121,850 |
| Net income 1 | 39,800 | 12,812 | 13,000 | 66,065 | 52,082 | -68,214 | 65,064 | 83,182 |
| Net margin | 2.68% | 0.92% | 1.17% | 5.63% | 3.85% | -5.16% | 4.2% | 5.12% |
| EPS 2 | 258.5 | 84.21 | 88.13 | 439.8 | 344.3 | -450.8 | 494.2 | 547.3 |
| Free Cash Flow 1 | -32,878 | -61,386 | -14,356 | 142,081 | 1,769 | 10,400 | -6,544 | 15,161 |
| FCF margin | -2.22% | -4.43% | -1.29% | 12.11% | 0.13% | 0.79% | -0.42% | 0.93% |
| FCF Conversion (EBITDA) | - | - | - | 85.75% | 1.1% | 182.78% | - | 7.38% |
| FCF Conversion (Net income) | - | - | - | 215.06% | 3.4% | - | - | 18.23% |
| Dividend per Share 2 | 70.00 | 50.00 | - | 70.00 | 90.00 | 100.0 | 107.5 | 125.0 |
| Announcement Date | 5/8/19 | 5/19/20 | 5/13/21 | 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 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 594,916 | 791,587 | 482,807 | - | 271,286 | 516,548 | 299,644 | 356,712 | - | 264,290 | 330,110 | 594,400 | 351,926 | 406,558 | 298,457 | 171,853 | 470,300 | 396,353 | 455,938 | 309,150 | 345,200 | 402,500 | 465,600 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 10,586 | 50,211 | -6,107 | - | 6,117 | 26,376 | 19,139 | 35,982 | - | 7,553 | 25,947 | 33,500 | 31,411 | 24,585 | 8,929 | -165,960 | -157,000 | 53,244 | 33,618 | 11,800 | 25,900 | 34,600 | 43,750 |
| Operating Margin | 1.78% | 6.34% | -1.26% | - | 2.25% | 5.11% | 6.39% | 10.09% | - | 2.86% | 7.86% | 5.64% | 8.93% | 6.05% | 2.99% | -96.57% | -33.38% | 13.43% | 7.37% | 3.82% | 7.5% | 8.6% | 9.4% |
| Earnings before Tax (EBT) 1 | 3,656 | 35,123 | -8,494 | - | 4,867 | 26,613 | 21,165 | 39,859 | - | 16,902 | 22,598 | 39,516 | 12,831 | 20,055 | 12,731 | -163,731 | -151,083 | 41,174 | 37,629 | 12,300 | 26,400 | 35,100 | 42,250 |
| Net income 1 | -4,870 | 17,682 | -9,567 | - | 992 | 15,171 | 12,461 | 38,433 | - | 8,494 | 12,606 | 21,115 | 5,928 | 25,039 | 5,606 | -143,106 | -137,566 | 27,967 | 41,385 | 6,050 | 17,150 | 24,350 | 45,050 |
| Net margin | -0.82% | 2.23% | -1.98% | - | 0.37% | 2.94% | 4.16% | 10.77% | - | 3.21% | 3.82% | 3.55% | 1.68% | 6.16% | 1.88% | -83.27% | -29.25% | 7.06% | 9.08% | 1.96% | 4.97% | 6.05% | 9.68% |
| EPS | -31.56 | - | -64.37 | - | 6.620 | 101.7 | 82.39 | 255.7 | - | 56.15 | 83.44 | 139.6 | 39.19 | 165.5 | 36.96 | -946.2 | -909.2 | 184.9 | 273.5 | - | - | - | - |
| Dividend per Share | 30.00 | - | - | - | - | 30.00 | - | - | 40.00 | - | - | 40.00 | - | - | - | - | 50.00 | - | - | - | - | - | - |
| Announcement Date | 11/1/19 | 5/19/20 | 11/10/20 | 5/13/21 | 11/9/21 | 11/9/21 | 2/8/22 | 5/10/22 | 5/10/22 | 8/9/22 | 11/8/22 | 11/8/22 | 2/7/23 | 5/9/23 | 8/8/23 | 11/7/23 | 11/7/23 | 2/9/24 | 5/8/24 | - | - | - | - |
1JPY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 242,647 | 313,574 | 485,169 | 360,064 | 394,739 | 435,571 | 399,972 | 437,135 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.937 x | 2.882 x | 4.647 x | 2.173 x | 2.46 x | 76.55 x | 2.162 x | 2.127 x |
| Free Cash Flow 1 | -32,878 | -61,386 | -14,356 | 142,081 | 1,769 | 10,400 | -6,544 | 15,161 |
| ROE (net income / shareholders' equity) | 11.8% | 3.8% | 0.85% | 19.3% | 11% | -16.9% | 19.8% | 18.9% |
| ROA (Net income/ Total Assets) | 4.21% | 0.75% | 0.17% | 4.72% | 3.78% | -3.58% | 3.88% | 4.22% |
| Assets 1 | 945,144 | 1,702,591 | 1,705,882 | 1,399,356 | 1,377,248 | 1,906,260 | 1,678,638 | 1,973,231 |
| Book Value Per Share 2 | 2,263 | 2,196 | 2,417 | 2,526 | 2,850 | 2,484 | 2,852 | 3,146 |
| Cash Flow per Share 2 | 658.0 | 512.0 | 245.0 | 1,000 | 763.0 | 50.30 | 250.0 | 775.0 |
| Capex 1 | 67,310 | 66,351 | 57,458 | 43,329 | 61,154 | 71,292 | 78,998 | 70,199 |
| Capex / Sales | 4.54% | 4.79% | 5.15% | 3.69% | 4.52% | 5.39% | 5.09% | 4.32% |
| Announcement Date | 5/8/19 | 5/19/20 | 5/13/21 | 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
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
3,870
JPY
Average target price
3,939
JPY
Spread / Average Target
+1.78%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +39.73% | 3.73B | |
| -14.72% | 12.9B | |
| +6.62% | 5.31B | |
| +21.38% | 4.88B | |
| -10.23% | 4.65B | |
| +11.45% | 4.2B | |
| -24.84% | 4.13B | |
| +10.65% | 3.82B | |
| -0.49% | 3.28B | |
| -6.11% | 3.08B |
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- Financials IHI Corporation
