Financials Maxell, Ltd.

Equities

6810

JP3791800000

Electronic Equipment & Parts

Delayed Japan Exchange Other stock markets 09:08:00 2024-07-08 pm EDT			5-day change	1st Jan Change
1,845 ^JPY	+1.21%		0.00%	+18.27%

Jul. 01	Tranche Update on Maxell, Ltd.'s Equity Buyback Plan announced on June 5, 2024.	CI
Jun. 13	Maxell Develops New Electrode Technology, Raising All-Solid-State Battery Operating Temperature to 150°C	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	52,624	69,194	59,450	64,913	73,028	81,530	-	-
Enterprise Value (EV) ¹	74,398	73,868	46,490	52,737	52,707	52,704	52,551	51,533
P/E ratio	-5.18 x	-7.38 x	-16.2 x	14.1 x	9.68 x	13 x	11.2 x	9.46 x
Yield	25.2%	-	3.33%	2.6%	3.14%	2.44%	2.68%	3.57%
Capitalization / Revenue	0.36 x	0.5 x	0.43 x	0.49 x	0.57 x	0.63 x	0.61 x	0.59 x
EV / Revenue	0.51 x	0.53 x	0.34 x	0.4 x	0.41 x	0.41 x	0.39 x	0.37 x
EV / EBITDA	13 x	7.98 x	3.35 x	5.08 x	4.09 x	3.83 x	3.4 x	2.87 x
EV / FCF	35 x	15.8 x	3.2 x	9.23 x	7.22 x	15.4 x	9.02 x	7.51 x
FCF Yield	2.86%	6.34%	31.3%	10.8%	13.9%	6.49%	11.1%	13.3%
Price to Book	0.58 x	0.85 x	0.73 x	0.85 x	0.78 x	0.87 x	0.84 x	0.79 x
Nbr of stocks (in thousands)	49,459	49,459	49,459	42,179	45,843	44,723	-	-
Reference price ²	1,064	1,399	1,202	1,539	1,593	1,823	1,823	1,823
Announcement Date	5/13/20	4/28/21	5/13/22	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	145,041	139,055	138,215	132,776	129,139	129,380	134,683	138,950
EBITDA ¹	5,738	9,252	13,874	10,375	12,886	13,775	15,475	17,933
EBIT ¹	-137	3,806	9,332	5,638	8,083	8,333	9,633	11,250
Operating Margin	-0.09%	2.74%	6.75%	4.25%	6.26%	6.44%	7.15%	8.1%
Earnings before Tax (EBT) ¹	-9,426	-7,698	-1,549	7,265	9,133	8,200	9,400	10,150
Net income ¹	-10,487	-9,373	-3,659	5,193	7,544	6,296	7,192	8,356
Net margin	-7.23%	-6.74%	-2.65%	3.91%	5.84%	4.87%	5.34%	6.01%
EPS ²	-205.2	-189.5	-73.98	109.3	164.6	140.4	162.3	192.7
Free Cash Flow ¹	2,128	4,686	14,534	5,714	7,300	3,420	5,825	6,864
FCF margin	1.47%	3.37%	10.52%	4.3%	5.65%	2.64%	4.32%	4.94%
FCF Conversion (EBITDA)	37.09%	50.65%	104.76%	55.07%	56.65%	24.83%	37.64%	38.28%
FCF Conversion (Net income)	-	-	-	110.03%	96.77%	54.32%	81%	82.15%
Dividend per Share ²	268.0	-	40.00	40.00	50.00	44.40	48.80	65.00
Announcement Date	5/13/20	4/28/21	5/13/22	4/27/23	4/26/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	63,640	69,261	35,292	33,662	68,954	32,227	32,978	65,205	34,030	33,541	32,225	33,395	65,620	31,684	31,835	30,733	32,333	33,033	33,867
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	827	6,146	2,425	761	3,186	1,286	1,175	2,461	2,103	1,074	2,024	2,542	4,566	1,905	1,612	1,617	1,750	2,117	2,217
Operating Margin	1.3%	8.87%	6.87%	2.26%	4.62%	3.99%	3.56%	3.77%	6.18%	3.2%	6.28%	7.61%	6.96%	6.01%	5.06%	5.26%	5.41%	6.41%	6.55%
Earnings before Tax (EBT)	522	6,396	1,502	-	-	1,921	2,026	3,947	1,881	-	3,109	-	5,850	1,188	-	-	-	-	-
Net income	-844	3,972	1,350	-8,981	-	1,645	1,495	3,140	1,839	214	2,346	2,588	4,934	751	1,859	-	-	-	-
Net margin	-1.33%	5.73%	3.83%	-26.68%	-	5.1%	4.53%	4.82%	5.4%	0.64%	7.28%	7.75%	7.52%	2.37%	5.84%	-	-	-	-
EPS ²	-17.06	80.31	27.29	-181.6	-	33.43	31.19	64.62	39.14	5.570	51.20	56.46	107.7	16.38	40.55	24.90	26.41	32.45	48.48
Dividend per Share	-	20.00	-	-	-	-	-	20.00	-	-	-	-	20.00	-	-	-	-	-	-
Announcement Date	10/29/20	10/28/21	1/27/22	5/13/22	5/13/22	7/27/22	10/28/22	10/28/22	1/31/23	4/27/23	7/27/23	10/30/23	10/30/23	1/31/24	4/26/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	21,774	4,674	-	-	-	-	-	-
Net Cash position ¹	-	-	12,960	12,176	20,321	28,826	28,979	29,997
Leverage (Debt/EBITDA)	3.795 x	0.5052 x	-	-	-	-	-	-
Free Cash Flow ¹	2,128	4,686	14,534	5,714	7,300	3,420	5,825	6,865
ROE (net income / shareholders' equity)	-9.8%	-10.9%	-4.5%	6.3%	8.5%	6.71%	7.68%	8.77%
ROA (Net income/ Total Assets)	-5.54%	2.16%	5.58%	3.89%	5.77%	4.7%	4.7%	6%
Assets ¹	189,129	-433,409	-65,561	133,439	130,774	133,954	153,014	139,271
Book Value Per Share ²	1,829	1,641	1,648	1,807	2,048	2,087	2,173	2,322
Cash Flow per Share ²	-90.30	-79.40	17.90	209.0	269.0	274.0	308.0	370.0
Capex ¹	5,148	8,343	4,183	5,131	6,940	7,167	6,000	6,000
Capex / Sales	3.55%	6%	3.03%	3.86%	5.37%	5.54%	4.45%	4.32%
Announcement Date	5/13/20	4/28/21	5/13/22	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

Ratings for Maxell, Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,823 JPY

Average target price

1,820 JPY

Spread / Average Target

-0.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electronic Equipment & Parts

	1st Jan change	Capi.
MAXELL, LTD.	+18.27%	505M
KEYENCE CORPORATION	+19.12%	110B
HEXAGON AB	+0.29%	31.16B
BOE TECHNOLOGY GROUP COMPANY LIMITED	+3.33%	20.59B
TELEDYNE TECHNOLOGIES INCORPORATED	-14.22%	18.09B
KYOCERA CORPORATION	-6.37%	16.8B
ZEBRA TECHNOLOGIES CORPORATION	+15.06%	15.97B
HALMA PLC	+15.67%	12.93B
FLEX LTD.	-2.69%	11.76B
SAMSUNG ELECTRO-MECHANICS CO., LTD.	+6.59%	9.14B

Other Electronic Equipment & Parts