Financials Advantest Corporation

Equities

6857

JP3122400009

Semiconductor Equipment & Testing

Delayed Japan Exchange Other stock markets 09:10:00 2024-07-04 pm EDT			5-day change	1st Jan Change
6,675 ^JPY	-1.49%		+3.91%	+39.17%

Jul. 04	Japanese stocks gain biggest weekly foreign inflow in 2-1/2 months	RE
Jul. 04	Japan's main stock indexes at record closing highs as banks, autos and techs rise	RE

Valuation

Fiscal Period: Maart	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	860,935	1,899,395	1,859,608	2,237,070	5,033,620	5,001,876	-	-
Enterprise Value (EV) ¹	744,520	1,762,081	1,786,489	2,202,377	5,021,361	4,941,453	4,895,282	4,824,885
P/E ratio	16.1 x	27.4 x	21.5 x	17.4 x	80.7 x	59.7 x	36.1 x	29.8 x
Yield	1.89%	1.22%	1.24%	1.11%	0.5%	0.65%	0.94%	1.13%
Capitalization / Revenue	3.12 x	6.07 x	4.46 x	3.99 x	10.3 x	9.12 x	7.56 x	6.79 x
EV / Revenue	2.7 x	5.63 x	4.29 x	3.93 x	10.3 x	9.01 x	7.4 x	6.55 x
EV / EBITDA	10.7 x	21.4 x	13.8 x	11.6 x	46.6 x	36.5 x	23.6 x	19.2 x
EV / FCF	26.9 x	31.8 x	55.9 x	50.6 x	1,062 x	78.7 x	48.9 x	37.4 x
FCF Yield	3.71%	3.14%	1.79%	1.98%	0.09%	1.27%	2.04%	2.67%
Price to Book	3.72 x	6.78 x	6.23 x	6.07 x	11.7 x	10.8 x	9.28 x	7.88 x
Nbr of stocks (in thousands)	793,488	784,874	769,228	735,878	738,176	738,175	-	-
Reference price ²	1,085	2,420	2,418	3,040	6,819	6,776	6,776	6,776
Announcement Date	4/24/20	4/27/21	4/27/22	4/26/23	4/26/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	275,894	312,789	416,901	560,191	486,507	548,514	661,291	736,395
EBITDA ¹	69,600	82,482	129,702	189,083	107,732	135,443	207,058	250,735
EBIT ¹	58,708	70,726	114,734	167,687	81,628	111,609	182,639	220,492
Operating Margin	21.28%	22.61%	27.52%	29.93%	16.78%	20.35%	27.62%	29.94%
Earnings before Tax (EBT) ¹	58,574	69,618	116,343	171,270	78,170	111,140	181,948	219,796
Net income ¹	53,532	69,787	87,301	130,400	62,290	84,812	138,149	164,770
Net margin	19.4%	22.31%	20.94%	23.28%	12.8%	15.46%	20.89%	22.38%
EPS ²	67.53	88.47	112.4	174.4	84.45	113.6	187.6	227.6
Free Cash Flow ¹	27,656	55,415	31,982	43,518	4,728	62,783	100,015	128,973
FCF margin	10.02%	17.72%	7.67%	7.77%	0.97%	11.45%	15.12%	17.51%
FCF Conversion (EBITDA)	39.74%	67.18%	24.66%	23.02%	4.39%	46.35%	48.3%	51.44%
FCF Conversion (Net income)	51.66%	79.41%	36.63%	33.37%	7.59%	74.03%	72.4%	78.27%
Dividend per Share ²	20.50	29.50	30.00	33.75	34.25	43.89	63.75	76.61
Announcement Date	4/24/20	4/27/21	4/27/22	4/26/23	4/26/24	-	-	-

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	138,143	144,102	168,687	187,990	112,077	116,834	228,911	135,943	138,863	274,806	137,993	147,392	285,385	101,251	116,260	217,511	133,233	135,763	268,996	120,667	128,645	251,600	143,273	155,599	296,500	155,000	-	-	-
EBITDA ¹	-	-	-	-	37,494	37,781	-	49,704	48,115	-	46,583	45,008	-	20,292	27,469	-	33,470	26,501	-	24,190	24,122	-	35,660	-	-	-	-	-	-
EBIT ¹	25,830	30,937	39,789	47,476	33,566	33,692	67,052	44,783	43,133	87,916	41,224	38,874	79,771	14,269	21,000	35,269	26,830	19,529	46,359	17,879	20,597	38,944	30,793	37,000	61,455	38,000	-	-	-
Operating Margin	18.7%	21.47%	23.59%	25.25%	29.95%	28.84%	29.29%	32.94%	31.06%	31.99%	29.87%	26.37%	27.95%	14.09%	18.06%	16.21%	20.14%	14.38%	17.23%	14.82%	16.01%	15.48%	21.49%	23.78%	20.73%	24.52%	-	-	-
Earnings before Tax (EBT) ¹	25,295	29,320	40,298	47,260	34,075	35,008	69,083	48,416	46,831	95,247	37,611	38,412	76,023	12,961	20,356	33,317	26,250	18,603	44,853	19,267	22,000	40,000	37,200	38,900	64,000	-	-	-	-
Net income ¹	26,760	24,491	45,296	35,246	25,647	26,408	52,055	36,496	34,665	71,161	28,645	30,594	59,239	9,202	16,736	25,938	21,205	15,147	36,352	14,784	16,287	31,000	27,001	28,838	48,000	28,600	-	-	-
Net margin	19.37%	17%	26.85%	18.75%	22.88%	22.6%	22.74%	26.85%	24.96%	25.89%	20.76%	20.76%	20.76%	9.09%	14.4%	11.92%	15.92%	11.16%	13.51%	12.25%	12.66%	12.32%	18.85%	18.53%	16.19%	18.45%	-	-	-
EPS ²	33.73	30.90	57.56	44.88	33.02	34.48	67.51	48.04	45.84	93.88	38.87	41.60	80.48	12.49	22.69	35.18	28.74	20.53	49.27	20.82	38.43	168.0	36.94	40.02	260.1	-	-	-	-
Dividend per Share ²	10.25	9.500	20.00	12.50	-	17.50	17.50	-	16.25	16.25	-	-	17.50	-	16.25	16.25	-	18.00	18.00	-	22.72	17.00	-	25.22	38.00	-	20.00	28.00	25.00
Announcement Date	4/24/20	10/29/20	4/27/21	10/28/21	1/27/22	4/27/22	4/27/22	7/28/22	10/27/22	10/27/22	1/31/23	4/26/23	4/26/23	7/26/23	10/31/23	10/31/23	1/31/24	4/26/24	4/26/24	-	-	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	116,415	137,314	73,119	34,693	12,259	60,423	106,594	176,991
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	27,656	55,415	31,982	43,518	4,728	62,783	100,015	128,973
ROE (net income / shareholders' equity)	24.9%	27.3%	30.4%	39.3%	15.6%	19.4%	28.1%	30.2%
ROA (Net income/ Total Assets)	17.7%	17.9%	25.4%	31.3%	12.3%	14.6%	21.1%	24.8%
Assets ¹	301,757	390,154	344,174	416,820	506,581	582,743	656,258	664,073
Book Value Per Share ²	292.0	357.0	388.0	501.0	584.0	629.0	730.0	860.0
Cash Flow per Share ²	81.30	103.0	132.0	203.0	120.0	132.0	180.0	232.0
Capex ¹	8,141	12,415	17,158	22,535	19,592	22,000	23,557	22,250
Capex / Sales	2.95%	3.97%	4.12%	4.02%	4.03%	4.01%	3.56%	3.02%
Announcement Date	4/24/20	4/27/21	4/27/22	4/26/23	4/26/24	-	-	-

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 Advantest Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6,776 JPY

Average target price

6,619 JPY

Spread / Average Target

-2.32%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Semiconductor Testing Equipment & Service

	1st Jan change	Capi.
ADVANTEST CORPORATION	+41.25%	30.33B
KLA CORPORATION	+46.80%	115B
TERADYNE INC.	+39.68%	23.68B
LASERTEC CORPORATION	-7.34%	19.41B
TONGFU MICROELECTRONICS CO.,LTD	-4.71%	4.72B
KING YUAN ELECTRONICS CO., LTD.	+40.75%	4.41B
TIANSHUI HUATIAN TECHNOLOGY CO., LTD.	-5.16%	3.61B
HANGZHOU CHANGCHUAN TECHNOLOGY CO.,LTD	-25.27%	2.45B
TEST RESEARCH, INC.	+173.52%	1.27B
WINWAY TECHNOLOGY CO., LTD.	+22.77%	1.1B

Semiconductor Testing Equipment & Service