Financials Koito Manufacturing Co., Ltd.

Equities

7276

JP3284600008

Auto, Truck & Motorcycle Parts

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-05 am EDT			5-day change	1st Jan Change
2,276 ^JPY	-0.72%		+2.57%	+3.57%

Jul. 02	Koito Manufacturing Buys Back 1.8 Million Shares in June	MT
Jul. 01	Tranche Update on Koito Manufacturing Co., Ltd.'s Equity Buyback Plan announced on March 28, 2024.	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	587,483	1,192,660	799,684	803,731	780,208	690,286	-	-
Enterprise Value (EV) ¹	345,235	909,718	500,762	511,339	491,629	424,070	427,083	459,009
P/E ratio	10.1 x	31.7 x	20.9 x	27.1 x	19.4 x	14.6 x	13.2 x	11 x
Yield	1.97%	0.67%	1.09%	1.12%	2.09%	2.56%	2.93%	3.44%
Capitalization / Revenue	0.73 x	1.69 x	1.05 x	0.93 x	0.82 x	0.71 x	0.68 x	0.66 x
EV / Revenue	0.43 x	1.29 x	0.66 x	0.59 x	0.52 x	0.43 x	0.42 x	0.44 x
EV / EBITDA	2.91 x	9.61 x	5.61 x	5.8 x	4.92 x	4.1 x	3.8 x	3.77 x
EV / FCF	12.2 x	24.5 x	36.9 x	29.5 x	9.13 x	12.1 x	12.5 x	12.8 x
FCF Yield	8.18%	4.08%	2.71%	3.39%	11%	8.24%	7.98%	7.8%
Price to Book	1.22 x	2.22 x	1.35 x	1.28 x	1.16 x	0.99 x	0.96 x	0.91 x
Nbr of stocks (in thousands)	321,468	321,472	321,481	321,492	307,775	303,289	-	-
Reference price ²	1,828	3,710	2,488	2,500	2,535	2,276	2,276	2,276
Announcement Date	5/28/20	4/27/21	4/27/22	4/26/23	4/25/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	800,928	706,376	760,719	864,719	950,295	976,063	1,021,686	1,045,622
EBITDA ¹	118,477	94,669	89,245	88,171	99,995	103,492	112,256	121,669
EBIT ¹	82,411	56,707	53,434	46,847	55,995	66,347	70,216	76,260
Operating Margin	10.29%	8.03%	7.02%	5.42%	5.89%	6.8%	6.87%	7.29%
Earnings before Tax (EBT) ¹	84,058	59,429	61,172	49,074	59,489	70,849	70,833	79,200
Net income ¹	58,022	37,612	38,340	29,660	40,879	42,419	47,116	50,614
Net margin	7.24%	5.32%	5.04%	3.43%	4.3%	4.35%	4.61%	4.84%
EPS ²	180.5	117.0	119.3	92.26	130.9	155.6	172.4	206.5
Free Cash Flow ¹	28,235	37,075	13,556	17,316	53,843	34,927	34,084	35,824
FCF margin	3.53%	5.25%	1.78%	2%	5.67%	3.58%	3.34%	3.43%
FCF Conversion (EBITDA)	23.83%	39.16%	15.19%	19.64%	53.85%	33.75%	30.36%	29.44%
FCF Conversion (Net income)	48.66%	98.57%	35.36%	58.38%	131.71%	82.34%	72.34%	70.78%
Dividend per Share ²	36.00	25.00	27.00	28.00	53.00	58.29	66.75	78.33
Announcement Date	5/28/20	4/27/21	4/27/22	4/26/23	4/25/24	-	-	-

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	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4
Net sales ¹	401,867	290,695	415,681	352,724	199,673	208,322	407,995	193,443	222,168	415,611	219,877	229,231	449,108	225,995	242,158	468,153	246,808	235,334	235,433	240,933	479,400	249,033	247,100
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	40,686	7,784	48,923	24,152	14,173	15,109	29,282	6,379	13,411	19,790	12,367	14,690	27,057	14,741	17,772	32,513	16,028	7,454	10,800	12,967	23,300	16,600	17,500
Operating Margin	10.12%	2.68%	11.77%	6.85%	7.1%	7.25%	7.18%	3.3%	6.04%	4.76%	5.62%	6.41%	6.02%	6.52%	7.34%	6.94%	6.49%	3.17%	4.59%	5.38%	4.86%	6.67%	7.08%
Earnings before Tax (EBT)	-	10,215	-	25,812	17,127	18,233	-	468	13,404	13,872	22,477	12,725	-	18,815	18,681	37,496	15,740	-	-	-	-	-	-
Net income ¹	28,908	6,420	31,192	15,965	11,498	10,877	22,375	-1,057	8,083	7,026	14,639	7,995	22,634	14,585	10,939	25,524	11,187	4,168	8,600	8,750	-	12,350	12,550
Net margin	7.19%	2.21%	7.5%	4.53%	5.76%	5.22%	5.48%	-0.55%	3.64%	1.69%	6.66%	3.49%	5.04%	6.45%	4.52%	5.45%	4.53%	1.77%	3.65%	3.63%	-	4.96%	5.08%
EPS	-	19.98	97.02	49.66	35.77	33.84	69.60	-3.290	25.15	21.86	45.53	24.87	70.40	45.57	35.19	80.76	36.32	-	-	-	-	-	-
Dividend per Share	-	10.00	15.00	12.00	-	15.00	15.00	-	12.00	12.00	-	16.00	16.00	-	25.00	25.00	-	-	-	-	-	-	-
Announcement Date	5/28/20	10/28/20	4/27/21	10/28/21	1/27/22	4/27/22	4/27/22	7/27/22	10/27/22	10/27/22	1/26/23	4/26/23	4/26/23	7/26/23	10/31/23	10/31/23	1/30/24	4/25/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	242,248	282,942	298,922	292,392	288,579	266,216	263,203	231,277
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	28,235	37,075	13,556	17,316	53,843	34,927	34,084	35,824
ROE (net income / shareholders' equity)	12.3%	7.4%	6.8%	4.9%	6.3%	6.93%	7.12%	8.34%
ROA (Net income/ Total Assets)	11.6%	8.08%	7.4%	5.51%	6.76%	5.98%	6.63%	7.6%
Assets ¹	499,448	465,288	517,858	538,156	604,641	708,809	710,299	665,976
Book Value Per Share ²	1,495	1,672	1,838	1,955	2,183	2,292	2,367	2,489
Cash Flow per Share ²	293.0	235.0	231.0	221.0	272.0	369.0	261.0	-
Capex ¹	56,737	37,887	34,842	42,446	42,527	59,180	58,975	58,725
Capex / Sales	7.08%	5.36%	4.58%	4.91%	4.48%	6.06%	5.77%	5.62%
Announcement Date	5/28/20	4/27/21	4/27/22	4/26/23	4/25/24	-	-	-

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 Koito Manufacturing Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,276 JPY

Average target price

2,200 JPY

Spread / Average Target

-3.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Auto, Truck & Motorcycle Parts

	1st Jan change	Capi.
KOITO MANUFACTURING CO., LTD.	+3.57%	4.3B
DENSO CORPORATION	+20.40%	46.39B
APTIV PLC	-21.78%	19.09B
FUYAO GLASS INDUSTRY GROUP CO., LTD.	+27.68%	16.72B
SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	+100.93%	16.63B
WEICHAI POWER CO., LTD.	-3.07%	16.13B
HYUNDAI MOBIS CO.,LTD	+2.11%	15.67B
CONTINENTAL AG	-20.36%	13.26B
BOSCH LIMITED	+58.34%	12.41B
MAGNA INTERNATIONAL INC.	-26.39%	12.15B

Other Auto, Truck & Motorcycle Parts