Financials Japan Electronic Materials Corporation

Equities

6855

JP3735300000

Semiconductor Equipment & Testing

Delayed Japan Exchange Other stock markets 02:00:00 2024-07-03 am EDT			5-day change	1st Jan Change
3,470 ^JPY	+0.58%		+0.43%	+91.82%

2023	Japan Electronic Materials Corporation Reports Earnings Results for the Full Year Ended March 31, 2023	CI
2022	American Eagle, Abercrombie & Fitch Express Cautious Optimism For Holidays After Surpassing Quarterly Views	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	8,609	21,484	26,500	19,154	35,071	43,823	-	-
Enterprise Value (EV) ¹	10,047	21,375	19,958	10,645	26,801	43,823	43,823	43,823
P/E ratio	8 x	10 x	6.76 x	7.33 x	56.3 x	24.4 x	16.2 x	12.5 x
Yield	1.6%	0.79%	1.9%	2.63%	1.44%	1.15%	1.15%	1.15%
Capitalization / Revenue	0.55 x	1.16 x	1.12 x	0.92 x	2.01 x	1.99 x	1.75 x	1.57 x
EV / Revenue	0.55 x	1.16 x	1.12 x	0.92 x	2.01 x	1.99 x	1.75 x	1.57 x
EV / EBITDA	5,211,331 x	5,980,941 x	-	-	-	-	-	-
EV / FCF	-4.87 x	42.9 x	-	-	249 x	-20.9 x	81.2 x	38.6 x
FCF Yield	-20.5%	2.33%	-	-	0.4%	-4.78%	1.23%	2.59%
Price to Book	0.71 x	1.39 x	1.22 x	0.79 x	1.42 x	-	-	-
Nbr of stocks (in thousands)	10,589	11,289	12,589	12,610	12,629	12,629	-	-
Reference price ²	813.0	1,903	2,105	1,519	2,777	3,470	3,470	3,470
Announcement Date	5/25/20	5/12/21	5/12/22	5/15/23	5/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	15,669	18,521	23,599	20,781	17,461	22,000	25,000	28,000
EBITDA	1,652	3,592	-	-	-	-	-	-
EBIT ¹	1,012	2,663	4,953	3,205	870	2,700	3,800	4,900
Operating Margin	6.46%	14.38%	20.99%	15.42%	4.98%	12.27%	15.2%	17.5%
Earnings before Tax (EBT) ¹	1,123	2,574	5,092	3,465	1,007	2,500	3,800	4,900
Net income ¹	1,076	2,037	3,802	2,612	622	1,800	2,700	3,500
Net margin	6.87%	11%	16.11%	12.57%	3.56%	8.18%	10.8%	12.5%
EPS ²	101.6	190.0	311.2	207.2	49.32	142.5	213.8	277.1
Free Cash Flow ¹	-1,769	501	-	-	141	-2,095	540	1,135
FCF margin	-11.29%	2.71%	-	-	0.81%	-9.52%	2.16%	4.05%
FCF Conversion (EBITDA)	-	13.95%	-	-	-	-	-	-
FCF Conversion (Net income)	-	24.59%	-	-	22.67%	-	20%	32.43%
Dividend per Share ²	13.00	15.00	40.00	40.00	40.00	40.00	40.00	40.00
Announcement Date	5/25/20	5/12/21	5/12/22	5/15/23	5/14/24	-	-	-

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
Net sales ¹	8,850	8,190	-	11,226	6,159	6,214	12,373	4,292	5,270	9,562	5,809	5,410	11,219	4,137	3,864	8,001	4,007	5,453	9,460	5,200	4,800	10,000	6,300	5,700	12,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	551	1,219	1,444	3,011	1,183	759	1,942	507	733	1,240	1,146	819	1,965	258	-238	20	3	847	850	630	410	1,040	950	710	1,660
Operating Margin	6.23%	14.88%	-	26.82%	19.21%	12.21%	15.7%	11.81%	13.91%	12.97%	19.73%	15.14%	17.51%	6.24%	-6.16%	0.25%	0.07%	15.53%	8.99%	12.12%	8.54%	10.4%	15.08%	12.46%	13.83%
Earnings before Tax (EBT) ¹	-	1,150	1,424	3,044	1,215	833	2,048	803	854	1,657	1,006	802	1,808	340	-187	153	-70	924	854	600	400	1,000	860	640	1,500
Net income ¹	701	856	1,181	2,145	813	844	1,657	500	582	1,082	678	852	1,530	226	-142	84	-112	650	538	400	300	700	620	480	1,100
Net margin	7.92%	10.45%	-	19.11%	13.2%	13.58%	13.39%	11.65%	11.04%	11.32%	11.67%	15.75%	13.64%	5.46%	-3.67%	1.05%	-2.8%	11.92%	5.69%	7.69%	6.25%	7%	9.84%	8.42%	9.17%
EPS	-	80.92	-	178.7	65.84	-	-	39.74	-	85.89	53.85	-	-	17.96	-	6.710	-8.940	-	-	-	-	-	-	-	-
Dividend per Share	-	7.000	-	20.00	-	-	-	-	-	20.00	-	-	-	-	-	20.00	-	-	-	-	-	-	-	-	-
Announcement Date	5/25/20	11/6/20	5/12/21	11/9/21	2/8/22	5/12/22	5/12/22	8/5/22	11/9/22	11/9/22	2/8/23	5/15/23	5/15/23	8/8/23	11/9/23	11/9/23	2/8/24	5/14/24	5/14/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	1,438	-	-	-	-	-	-	-
Net Cash position	-	109	6,542	8,509	8,270	-	-	-
Leverage (Debt/EBITDA)	0.8705 x	-	-	-	-	-	-	-
Free Cash Flow ¹	-1,769	501	-	-	141	-2,095	540	1,135
ROE (net income / shareholders' equity)	9.3%	14.8%	20.4%	11.3%	2.5%	-	-	-
ROA (Net income/ Total Assets)	5.13%	11.1%	17.4%	10.2%	2.99%	-	-	-
Assets ¹	20,972	18,293	21,866	25,699	20,834	-	-	-
Book Value Per Share	1,143	1,365	1,731	1,923	1,953	-	-	-
Cash Flow per Share	162.0	277.0	394.0	295.0	134.0	-	-	-
Capex ¹	3,297	914	860	921	1,918	3,000	2,000	2,000
Capex / Sales	21.04%	4.93%	3.64%	4.43%	10.98%	13.64%	8%	7.14%
Announcement Date	5/25/20	5/12/21	5/12/22	5/15/23	5/14/24	-	-	-

¹JPY in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Japan Electronic Materials Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,470 JPY

Average target price

4,100 JPY

Spread / Average Target

+18.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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SCREEN HOLDINGS CO., LTD.	+30.05%	8.73B
ASMPT LIMITED	+45.10%	5.85B
CAMTEK LTD.	+87.35%	5.75B

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