HONDA MOTOR CO., LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,770 JPY | +2.25% |
|
+2.05% | +20.70% |
| May. 24 | South Korea's Hybrid Car Registrations Jump 41% in First Four Months of 2024 | MT |
| May. 23 | Thailand car production drops 11% y/y in April, domestic sales fall | RE |
Valuation
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 4,246,671 | 5,730,736 | 5,964,717 | 5,875,926 | 9,170,901 | 8,532,783 | - | - |
| Enterprise Value (EV) 1 | 9,044,004 | 10,693,701 | 10,392,342 | 9,738,080 | 14,467,229 | 12,934,368 | 12,499,610 | 11,938,082 |
| P/E ratio | 9.34 x | 8.72 x | 8.48 x | 9.14 x | 8.37 x | 7.82 x | 7.74 x | 7.16 x |
| Yield | 4.61% | 3.31% | 3.44% | 3.42% | 3.6% | 3.93% | 4.1% | 4.32% |
| Capitalization / Revenue | 0.28 x | 0.44 x | 0.41 x | 0.35 x | 0.45 x | 0.41 x | 0.4 x | 0.39 x |
| EV / Revenue | 0.61 x | 0.81 x | 0.71 x | 0.58 x | 0.71 x | 0.61 x | 0.58 x | 0.54 x |
| EV / EBITDA | 6.78 x | 8.33 x | 7.01 x | 6.24 x | 6.65 x | 6.18 x | 6.02 x | 5.42 x |
| EV / FCF | 25.1 x | 38.8 x | 7.97 x | 6.71 x | -6.04 x | 8.88 x | 9.65 x | 10.3 x |
| FCF Yield | 3.98% | 2.58% | 12.5% | 14.9% | -16.5% | 11.3% | 10.4% | 9.75% |
| Price to Book | 0.52 x | 0.63 x | 0.57 x | 0.52 x | 0.72 x | 0.65 x | 0.62 x | 0.57 x |
| Nbr of stocks (in thousands) | 5,242,803 | 5,179,936 | 5,131,675 | 5,022,159 | 4,849,763 | 4,822,143 | - | - |
| Reference price 2 | 810.0 | 1,106 | 1,162 | 1,170 | 1,891 | 1,770 | 1,770 | 1,770 |
| Announcement Date | 5/12/20 | 5/14/21 | 5/13/22 | 5/11/23 | 5/10/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 14,931,000 | 13,170,500 | 14,552,600 | 16,907,725 | 20,428,802 | 21,039,708 | 21,380,267 | 21,922,321 |
| EBITDA 1 | 1,333,514 | 1,284,447 | 1,482,263 | 1,561,028 | 2,176,343 | 2,092,784 | 2,076,636 | 2,202,996 |
| EBIT 1 | 633,600 | 660,200 | 871,200 | 839,398 | 1,381,977 | 1,497,244 | 1,480,880 | 1,555,139 |
| Operating Margin | 4.24% | 5.01% | 5.99% | 4.96% | 6.76% | 7.12% | 6.93% | 7.09% |
| Earnings before Tax (EBT) 1 | 789,900 | 914,000 | 1,070,100 | 879,565 | 1,642,384 | 1,623,689 | 1,639,131 | 1,742,491 |
| Net income 1 | 455,700 | 657,400 | 707,000 | 651,416 | 1,107,174 | 1,075,986 | 1,101,286 | 1,177,888 |
| Net margin | 3.05% | 4.99% | 4.86% | 3.85% | 5.42% | 5.11% | 5.15% | 5.37% |
| EPS 2 | 86.71 | 126.9 | 137.0 | 128.0 | 225.9 | 226.2 | 228.7 | 247.1 |
| Free Cash Flow 1 | 359,934 | 275,498 | 1,303,566 | 1,450,962 | -2,393,901 | 1,455,894 | 1,295,531 | 1,163,900 |
| FCF margin | 2.41% | 2.09% | 8.96% | 8.58% | -11.72% | 6.92% | 6.06% | 5.31% |
| FCF Conversion (EBITDA) | 26.99% | 21.45% | 87.94% | 92.95% | - | 69.57% | 62.39% | 52.83% |
| FCF Conversion (Net income) | 78.98% | 41.91% | 184.38% | 222.74% | - | 135.31% | 117.64% | 98.81% |
| Dividend per Share 2 | 37.33 | 36.67 | 40.00 | 40.00 | 68.00 | 69.62 | 72.63 | 76.51 |
| Announcement Date | 5/12/20 | 5/14/21 | 5/13/22 | 5/11/23 | 5/10/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S2 | 2021 S1 | 2021 S2 | 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 Q1 | 2026 S1 | 2026 S2 | 2027 S1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 7,205,700 | 5,775,100 | 7,395,400 | 6,988,200 | 3,688,700 | 3,875,860 | 7,564,400 | 3,829,500 | 4,255,804 | 8,085,304 | 4,438,100 | 4,384,321 | 8,822,421 | 4,624,996 | 4,984,396 | 9,609,392 | 5,390,100 | 5,429,310 | 10,819,410 | 5,026,038 | 5,272,166 | 10,623,061 | 5,326,307 | 5,525,702 | 10,451,846 | 5,211,209 | 10,974,963 | 10,965,204 | 11,483,058 |
| EBITDA 1 | - | - | - | - | 378,400 | 352,574 | - | 383,647 | 427,125 | - | 460,077 | 290,286 | - | 580,144 | 490,204 | - | 498,400 | 496,591 | - | 535,000 | 530,000 | - | 516,000 | 390,000 | - | - | - | - | - |
| EBIT 1 | 161,000 | 169,200 | 491,000 | 442,100 | 229,400 | 199,500 | 429,100 | 222,200 | 231,252 | 453,452 | 280,400 | 105,546 | 385,946 | 394,447 | 302,126 | 696,573 | 379,800 | 305,592 | 685,404 | 441,174 | 383,331 | 930,722 | 414,013 | 262,090 | 436,511 | 473,705 | 974,479 | 440,289 | 938,498 |
| Operating Margin | 2.23% | 2.93% | 6.64% | 6.33% | 6.22% | 5.15% | 5.67% | 5.8% | 5.43% | 5.61% | 6.32% | 2.41% | 4.37% | 8.53% | 6.06% | 7.25% | 7.05% | 5.63% | 6.33% | 8.78% | 7.27% | 8.76% | 7.77% | 4.74% | 4.18% | 9.09% | 8.88% | 4.02% | 8.17% |
| Earnings before Tax (EBT) 1 | 210,500 | 272,200 | 641,800 | 560,300 | 284,800 | 224,900 | 509,800 | 237,400 | 278,431 | 515,831 | 343,500 | 78,863 | 422,363 | 514,924 | 364,361 | 879,285 | 385,200 | 377,860 | 763,099 | 466,350 | 453,700 | - | 453,050 | 299,000 | - | 420,463 | - | - | - |
| Net income 1 | 86,900 | 160,000 | 497,400 | 389,200 | 192,900 | 124,800 | 317,800 | 149,200 | 189,314 | 338,514 | 244,600 | 112,153 | 356,753 | 363,069 | 253,232 | 616,301 | 253,299 | 237,565 | 490,873 | 300,050 | 292,250 | - | 291,900 | 193,400 | - | 277,539 | - | - | - |
| Net margin | 1.21% | 2.77% | 6.73% | 5.57% | 5.23% | 3.22% | 4.2% | 3.9% | 4.45% | 4.19% | 5.51% | 2.56% | 4.04% | 7.85% | 5.08% | 6.41% | 4.7% | 4.38% | 4.54% | 5.97% | 5.54% | - | 5.48% | 3.5% | - | 5.33% | - | - | - |
| EPS 2 | 16.83 | 30.90 | 96.02 | 75.14 | 37.50 | 24.39 | 61.89 | 29.08 | 36.95 | 66.03 | 48.10 | 22.50 | 70.60 | 73.02 | 51.49 | 124.6 | 52.15 | 49.10 | 101.2 | 71.92 | 59.45 | 154.1 | 66.61 | 35.29 | 63.00 | 74.17 | 163.2 | 64.20 | 160.5 |
| Dividend per Share 2 | 18.67 | 10.00 | 26.67 | 18.33 | - | 21.67 | 21.67 | 21.38 | 20.00 | 20.00 | - | 20.00 | 20.00 | 20.00 | 29.00 | 29.00 | - | 39.00 | - | - | 35.00 | - | - | 35.00 | - | - | - | - | - |
| Announcement Date | 5/12/20 | 11/6/20 | 5/14/21 | 11/5/21 | 2/9/22 | 5/13/22 | 5/13/22 | 8/10/22 | 11/9/22 | 11/9/22 | 2/10/23 | 5/11/23 | 5/11/23 | 8/9/23 | 11/9/23 | 11/9/23 | 2/8/24 | 5/10/24 | 5/10/24 | - | - | - | - | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 4,797,333 | 4,962,965 | 4,427,625 | 3,862,154 | 5,296,328 | 4,401,585 | 3,966,827 | 3,405,299 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.598 x | 3.864 x | 2.987 x | 2.474 x | 2.434 x | 2.103 x | 1.91 x | 1.546 x |
| Free Cash Flow 1 | 359,934 | 275,498 | 1,303,566 | 1,450,962 | -2,393,901 | 1,455,894 | 1,295,531 | 1,163,900 |
| ROE (net income / shareholders' equity) | 5.6% | 7.69% | 7.2% | 6% | 9.3% | 8.56% | 8.21% | 7.92% |
| ROA (Net income/ Total Assets) | 3.86% | 4.31% | 4.66% | 3.86% | 6.03% | 5.3% | 5.01% | 4.67% |
| Assets 1 | 11,791,922 | 15,241,054 | 15,159,540 | 16,887,218 | 18,351,143 | 20,315,047 | 21,971,895 | 25,225,679 |
| Book Value Per Share 2 | 1,547 | 1,753 | 2,041 | 2,240 | 2,629 | 2,715 | 2,842 | 3,084 |
| Cash Flow per Share 2 | 220.0 | 207.0 | 255.0 | 270.0 | 388.0 | 461.0 | 437.0 | 443.0 |
| Capex 1 | 370,195 | 318,410 | 2,503,820 | 2,233,521 | 348,680 | 620,000 | 515,098 | 539,000 |
| Capex / Sales | 2.48% | 2.42% | 17.21% | 13.21% | 1.71% | 2.95% | 2.41% | 2.46% |
| Announcement Date | 5/12/20 | 5/14/21 | 5/13/22 | 5/11/23 | 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
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
1,770
JPY
Average target price
1,975
JPY
Spread / Average Target
+11.61%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +20.70% | 54.27B | |
| +31.29% | 291B | |
| +6.16% | 72.76B | |
| +2.86% | 67.67B | |
| -7.54% | 63.63B | |
| +25.31% | 51.31B | |
| +18.20% | 40.52B | |
| +24.32% | 39.72B | |
| +44.92% | 33.44B | |
| +32.94% | 26.17B |
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