DENSO CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,538 JPY | +0.73% |
|
-0.45% | +19.35% |
| Jun. 28 | Denso to Sell Entire Aisin Stake in Secondary Offering | MT |
| Jun. 27 | Toyota, affilites to offload some $1 bln in Aisin shares | RE |
Valuation
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 2,705,075 | 5,692,959 | 5,999,765 | 5,573,487 | 8,513,199 | 7,356,958 | - | - |
| Enterprise Value (EV) 1 | 2,572,631 | 5,634,259 | 6,105,662 | 5,783,278 | 8,574,530 | 7,084,777 | 6,853,083 | 6,585,358 |
| P/E ratio | 39.7 x | 45.5 x | 22.9 x | 17.9 x | 27.5 x | 13.6 x | 12.2 x | 11 x |
| Yield | 4.01% | 1.91% | 2.1% | 2.49% | 1.91% | 2.57% | 2.73% | 2.96% |
| Capitalization / Revenue | 0.52 x | 1.15 x | 1.09 x | 0.87 x | 1.19 x | 0.99 x | 0.95 x | 0.91 x |
| EV / Revenue | 0.5 x | 1.14 x | 1.11 x | 0.9 x | 1.2 x | 0.95 x | 0.88 x | 0.81 x |
| EV / EBITDA | 6.88 x | 11.5 x | 8.88 x | 7.31 x | 11.4 x | 6.51 x | 5.93 x | 5.38 x |
| EV / FCF | 28.9 x | -72.4 x | 64.9 x | 24.2 x | 18 x | 9.77 x | 12.1 x | 10.9 x |
| FCF Yield | 3.46% | -1.38% | 1.54% | 4.13% | 5.55% | 10.2% | 8.26% | 9.2% |
| Price to Book | 0.8 x | 1.46 x | 1.4 x | 1.27 x | 1.52 x | 1.29 x | 1.22 x | 1.15 x |
| Nbr of stocks (in thousands) | 3,099,484 | 3,099,474 | 3,053,316 | 2,995,290 | 2,952,896 | 2,910,765 | - | - |
| Reference price 2 | 872.8 | 1,837 | 1,965 | 1,861 | 2,883 | 2,520 | 2,520 | 2,520 |
| Announcement Date | 4/30/20 | 4/28/21 | 4/28/22 | 4/27/23 | 4/26/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,153,476 | 4,936,725 | 5,515,512 | 6,401,320 | 7,144,733 | 7,430,675 | 7,775,399 | 8,125,400 |
| EBITDA 1 | 373,966 | 490,685 | 687,705 | 790,734 | 754,868 | 1,088,990 | 1,156,194 | 1,223,436 |
| EBIT 1 | 61,078 | 155,107 | 341,179 | 426,099 | 380,599 | 718,184 | 796,114 | 858,062 |
| Operating Margin | 1.19% | 3.14% | 6.19% | 6.66% | 5.33% | 9.67% | 10.24% | 10.56% |
| Earnings before Tax (EBT) 1 | 89,631 | 193,753 | 384,808 | 456,870 | 436,237 | 777,467 | 856,048 | 921,500 |
| Net income 1 | 68,099 | 125,055 | 263,901 | 314,633 | 312,791 | 540,960 | 598,629 | 643,642 |
| Net margin | 1.32% | 2.53% | 4.78% | 4.92% | 4.38% | 7.28% | 7.7% | 7.92% |
| EPS 2 | 21.97 | 40.35 | 85.69 | 104.0 | 105.0 | 184.7 | 206.0 | 228.2 |
| Free Cash Flow 1 | 89,003 | -77,773 | 94,058 | 239,044 | 476,279 | 725,038 | 566,001 | 605,621 |
| FCF margin | 1.73% | -1.58% | 1.71% | 3.73% | 6.67% | 9.76% | 7.28% | 7.45% |
| FCF Conversion (EBITDA) | 23.8% | - | 13.68% | 30.23% | 63.09% | 66.58% | 48.95% | 49.5% |
| FCF Conversion (Net income) | 130.7% | - | 35.64% | 75.98% | 152.27% | 134.03% | 94.55% | 94.09% |
| Dividend per Share 2 | 35.00 | 35.00 | 41.25 | 46.25 | 55.00 | 64.73 | 68.88 | 74.64 |
| Announcement Date | 4/30/20 | 4/28/21 | 4/28/22 | 4/27/23 | 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 | 2026 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,535,052 | 2,074,722 | 2,862,003 | 2,582,940 | 1,426,108 | 1,506,464 | 2,932,572 | 1,415,009 | 1,605,105 | 3,020,114 | 1,615,568 | 1,765,638 | 3,381,206 | 1,712,860 | 1,800,638 | 3,513,498 | 1,841,391 | 1,789,844 | 3,631,235 | 1,741,643 | 1,842,294 | - | 1,899,874 | 1,907,885 | 1,824,037 |
| EBITDA 1 | - | - | - | - | 183,348 | 173,304 | - | 153,584 | 183,722 | - | 203,695 | 249,733 | - | 186,890 | 211,920 | - | 119,987 | 236,071 | - | 169,063 | 254,301 | - | 281,918 | 364,731 | 199,971 |
| EBIT 1 | -72,942 | -69,627 | 224,734 | 159,319 | 96,955 | 84,905 | 181,860 | 63,643 | 91,770 | 155,413 | 112,535 | 158,151 | 270,686 | 94,378 | 117,442 | 211,820 | 26,756 | 142,023 | 168,779 | 111,176 | 151,362 | - | 168,115 | 227,349 | 105,557 |
| Operating Margin | -2.88% | -3.36% | 7.85% | 6.17% | 6.8% | 5.64% | 6.2% | 4.5% | 5.72% | 5.15% | 6.97% | 8.96% | 8.01% | 5.51% | 6.52% | 6.03% | 1.45% | 7.93% | 4.65% | 6.38% | 8.22% | - | 8.85% | 11.92% | 5.79% |
| Earnings before Tax (EBT) 1 | -61,586 | -55,433 | 249,186 | 182,855 | 113,686 | 88,267 | 201,953 | 82,564 | 88,080 | 170,644 | 127,511 | 158,715 | 286,226 | 129,270 | 118,393 | 247,663 | 41,052 | 147,522 | 188,574 | 130,618 | 157,023 | 337,000 | 168,853 | 236,479 | 121,226 |
| Net income 1 | -36,124 | -71,124 | 196,179 | 112,726 | 80,638 | 70,537 | 151,175 | 51,875 | 53,923 | 105,798 | 92,003 | 116,832 | 208,835 | 85,460 | 83,463 | 168,923 | 6,699 | 137,169 | 143,868 | 92,193 | 107,747 | 236,000 | 117,273 | 175,110 | 78,761 |
| Net margin | -1.42% | -3.43% | 6.85% | 4.36% | 5.65% | 4.68% | 5.16% | 3.67% | 3.36% | 3.5% | 5.69% | 6.62% | 6.18% | 4.99% | 4.64% | 4.81% | 0.36% | 7.66% | 3.96% | 5.29% | 5.85% | - | 6.17% | 9.18% | 4.32% |
| EPS 2 | -11.65 | -22.95 | 63.30 | 36.40 | 26.22 | 23.08 | 49.29 | 16.99 | 17.70 | 34.68 | 30.48 | 38.84 | 69.32 | 28.53 | 27.87 | 56.40 | 2.240 | 46.33 | - | 27.94 | 39.02 | - | 37.75 | 56.68 | 27.83 |
| Dividend per Share 2 | 17.50 | 17.50 | 17.50 | 20.00 | - | 21.25 | 21.25 | - | 22.50 | 22.50 | - | 23.75 | 23.75 | - | 25.00 | 25.00 | - | 30.00 | - | - | 32.00 | - | - | 32.00 | - |
| Announcement Date | 4/30/20 | 10/29/20 | 4/28/21 | 10/29/21 | 2/2/22 | 4/28/22 | 4/28/22 | 7/29/22 | 10/28/22 | 10/28/22 | 2/3/23 | 4/27/23 | 4/27/23 | 7/28/23 | 10/31/23 | 10/31/23 | 2/2/24 | 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 | - | - | 105,897 | 209,791 | 61,331 | - | - | - |
| Net Cash position 1 | 132,444 | 58,700 | - | - | - | 272,181 | 503,876 | 771,600 |
| Leverage (Debt/EBITDA) | - | - | 0.154 x | 0.2653 x | 0.0812 x | - | - | - |
| Free Cash Flow 1 | 89,003 | -77,773 | 94,058 | 239,044 | 476,279 | 725,038 | 566,001 | 605,621 |
| ROE (net income / shareholders' equity) | 1.9% | 3.4% | 6.4% | 7.3% | 6.3% | 9.61% | 10.3% | 10.7% |
| ROA (Net income/ Total Assets) | 1.57% | 3.12% | 5.42% | 6.16% | 5.29% | 7.13% | 7.67% | 8.19% |
| Assets 1 | 4,347,485 | 4,007,980 | 4,869,157 | 5,110,259 | 5,916,150 | 7,591,094 | 7,804,505 | 7,860,409 |
| Book Value Per Share 2 | 1,096 | 1,255 | 1,408 | 1,461 | 1,902 | 1,952 | 2,066 | 2,190 |
| Cash Flow per Share 2 | 123.0 | 149.0 | 198.0 | 225.0 | 231.0 | 305.0 | 300.0 | 313.0 |
| Capex 1 | 506,317 | 515,008 | 415,080 | 433,704 | 485,547 | 382,286 | 388,429 | 398,714 |
| Capex / Sales | 9.82% | 10.43% | 7.53% | 6.78% | 6.8% | 5.14% | 5% | 4.91% |
| Announcement Date | 4/30/20 | 4/28/21 | 4/28/22 | 4/27/23 | 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
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
2,520
JPY
Average target price
3,059
JPY
Spread / Average Target
+21.40%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +19.30% | 45.43B | |
| -23.00% | 18.79B | |
| +30.33% | 17.03B | |
| +94.66% | 16.47B | |
| -6.29% | 16.11B | |
| -1.48% | 15.08B | |
| -23.14% | 12.78B | |
| -25.51% | 12.28B | |
| +57.32% | 12.58B | |
| +39.40% | 11.79B |
- Stock Market
- Equities
- 6902 Stock
- Financials Denso Corporation
