Financials Yokogawa Electric Corporation

Equities

6841

JP3955000009

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-10 am EDT			5-day change	1st Jan Change
3,966 ^JPY	+0.79%		-2.96%	+47.49%

Jun. 05	Yokogawa Electric Corporation acquired BaxEnergy GmbH.	CI
May. 08	Tech, Property Pullbacks Undercut Asian Stock Markets	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	611,550	347,815	544,008	560,288	573,899	1,023,693	-	-
Enterprise Value (EV) ¹	557,537	305,732	495,740	496,649	509,534	908,969	931,614	904,591
P/E ratio	21.5 x	23.7 x	28.3 x	26.3 x	14.7 x	14.9 x	20.2 x	19.2 x
Yield	1.4%	2.61%	1.67%	1.62%	1.58%	1.14%	1.31%	1.3%
Capitalization / Revenue	1.51 x	0.86 x	1.45 x	1.44 x	1.26 x	1.68 x	1.85 x	1.81 x
EV / Revenue	1.38 x	0.76 x	1.32 x	1.27 x	1.12 x	1.68 x	1.69 x	1.6 x
EV / EBITDA	10.7 x	5.62 x	10.1 x	10.2 x	7.95 x	8.97 x	8.03 x	8.28 x
EV / FCF	32.2 x	23.6 x	34.8 x	21.3 x	27.9 x	24.9 x	24 x	21.8 x
FCF Yield	3.11%	4.24%	2.87%	4.69%	3.58%	4.02%	4.17%	4.58%
Price to Book	2.11 x	1.22 x	1.76 x	1.68 x	1.51 x	2.08 x	2.2 x	2.03 x
Nbr of stocks (in thousands)	266,936	266,934	266,933	266,931	266,930	260,151	-	-
Reference price ²	2,291	1,303	2,038	2,099	2,150	3,935	3,935	3,935
Announcement Date	5/8/19	5/12/20	5/11/21	5/10/22	5/9/23	5/7/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	403,711	404,432	374,206	389,900	456,479	540,152	552,017	566,100
EBITDA ¹	52,244	54,379	49,161	48,600	64,105	101,371	115,977	109,222
EBIT ¹	34,594	35,588	31,599	30,700	44,409	78,800	74,800	76,875
Operating Margin	8.57%	8.8%	8.44%	7.87%	9.73%	14.59%	13.55%	13.58%
Earnings before Tax (EBT) ¹	38,428	25,759	31,524	30,100	49,799	87,760	78,025	80,167
Net income ¹	28,446	14,686	19,219	21,300	38,920	61,685	51,008	53,726
Net margin	7.05%	3.63%	5.14%	5.46%	8.53%	11.42%	9.24%	9.49%
EPS ²	106.5	55.02	72.00	79.73	145.8	234.8	194.5	204.8
Free Cash Flow ¹	17,322	12,950	14,225	23,317	18,246	38,506	38,861	41,413
FCF margin	4.29%	3.2%	3.8%	5.98%	4%	7.31%	7.04%	7.32%
FCF Conversion (EBITDA)	33.16%	23.81%	28.94%	47.98%	28.46%	40.19%	33.51%	37.92%
FCF Conversion (Net income)	60.89%	88.18%	74.02%	109.47%	46.88%	66.8%	76.19%	77.08%
Dividend per Share ²	32.00	34.00	34.00	34.00	34.00	40.00	51.60	51.33
Announcement Date	5/8/19	5/12/20	5/11/21	5/10/22	5/9/23	5/7/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	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	191,393	174,376	199,830	98,119	184,419	96,381	109,100	205,481	94,000	111,900	205,900	111,565	138,996	250,561	118,600	135,900	254,500	138,591	147,063	285,654	127,333	138,200	138,200	159,450
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	16,861	15,346	16,253	9,367	14,167	7,933	8,500	16,533	1,400	12,200	13,600	11,169	19,640	30,809	13,100	20,600	33,700	24,673	20,420	45,093	15,100	19,150	19,100	22,250
Operating Margin	8.81%	8.8%	8.13%	9.55%	7.68%	8.23%	7.79%	8.05%	1.49%	10.9%	6.61%	10.01%	14.13%	12.3%	11.05%	15.16%	13.24%	17.8%	13.89%	15.79%	11.86%	13.86%	13.82%	13.95%
Earnings before Tax (EBT)	16,221	14,949	-	-	14,814	7,718	-	-	2,550	-	16,637	11,002	-	-	31,201	-	47,507	23,941	-	-	-	-	-	-
Net income ¹	9,860	9,783	-	6,112	9,112	5,088	7,067	12,188	1,300	8,000	9,300	7,583	22,037	29,620	24,700	10,400	35,100	17,060	9,572	26,632	11,000	-	-	-
Net margin	5.15%	5.61%	-	6.23%	4.94%	5.28%	6.48%	5.93%	1.38%	7.15%	4.52%	6.8%	15.85%	11.82%	20.83%	7.65%	13.79%	12.31%	6.51%	9.32%	8.64%	-	-	-
EPS ²	36.94	36.65	35.35	22.97	34.14	19.18	26.41	45.59	5.000	29.74	34.74	28.40	82.67	111.1	92.60	39.90	132.5	65.31	37.02	102.3	41.20	-	-	-
Dividend per Share	17.00	17.00	-	17.00	17.00	-	17.00	-	-	17.00	17.00	-	17.00	-	-	17.00	17.00	-	-	-	-	-	-	-
Announcement Date	11/5/19	11/4/20	5/11/21	11/2/21	11/2/21	2/8/22	5/10/22	5/10/22	8/9/22	11/1/22	11/1/22	2/7/23	5/9/23	5/9/23	8/8/23	11/7/23	11/7/23	2/6/24	5/7/24	5/7/24	-	-	-	-

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	54,013	42,083	48,268	63,639	64,365	65,400	92,079	119,102
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	17,322	12,950	14,225	23,317	18,246	38,506	38,861	41,413
ROE (net income / shareholders' equity)	10.1%	5.1%	6.5%	6.6%	10.9%	15.1%	11.6%	11.4%
ROA (Net income/ Total Assets)	8%	7.56%	6.76%	6.65%	8.28%	13%	8.6%	8.68%
Assets ¹	355,448	194,148	284,213	320,153	470,190	473,652	593,118	619,318
Book Value Per Share ²	1,086	1,071	1,155	1,250	1,422	1,678	1,792	1,940
Cash Flow per Share ²	169.0	123.0	136.0	143.0	213.0	312.0	290.0	296.0
Capex ¹	13,483	17,015	16,516	18,119	22,176	23,050	26,133	24,625
Capex / Sales	3.34%	4.21%	4.41%	4.65%	4.86%	4.38%	4.73%	4.35%
Announcement Date	5/8/19	5/12/20	5/11/21	5/10/22	5/9/23	5/7/24	-	-

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 Yokogawa Electric Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,935 JPY

Average target price

3,986 JPY

Spread / Average Target

+1.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Industrial Machinery & Equipment

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