Financials Mimaki Engineering Co., Ltd.

Equities

6638

JP3907150001

Computer Hardware

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-12 am EDT			5-day change	1st Jan Change
2,003 ^JPY	-5.65%		+3.30%	+116.54%

May. 13	Mimaki Engineering Co., Ltd. Provides Consolidated Earnings Guidance for the Fiscal First Half of 2025 and Full Year Ending March 31, 2025	CI
May. 13	Mimaki Engineering Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	12,181	18,522	19,740	19,253	33,566	57,678	-	-
Enterprise Value (EV) ¹	25,514	25,160	34,634	37,617	44,699	57,678	57,678	57,678
P/E ratio	-15.7 x	-61.5 x	8.53 x	6.86 x	9.05 x	10.7 x	9.01 x	8.01 x
Yield	1.82%	1.19%	2.19%	2.62%	2.14%	1.5%	1.5%	1.5%
Capitalization / Revenue	0.22 x	0.38 x	0.33 x	0.27 x	0.44 x	0.68 x	0.62 x	0.59 x
EV / Revenue	0.22 x	0.38 x	0.33 x	0.27 x	0.44 x	0.68 x	0.62 x	0.59 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-16 x	2.99 x	-	-7.28 x	4.8 x	-102 x	23.1 x	12.2 x
FCF Yield	-6.26%	33.5%	-	-13.7%	20.8%	-0.98%	4.33%	8.18%
Price to Book	0.77 x	1.15 x	1.06 x	0.88 x	1.23 x	-	-	-
Nbr of stocks (in thousands)	29,494	29,494	28,775	28,779	28,788	28,796	-	-
Reference price ²	413.0	628.0	686.0	669.0	1,166	2,003	2,003	2,003
Announcement Date	5/27/20	5/11/21	5/12/22	5/15/23	5/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	55,557	48,722	59,511	70,607	75,631	85,000	93,000	98,000
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	1,353	-509	2,569	4,241	5,481	8,000	9,500	10,600
Operating Margin	2.44%	-1.04%	4.32%	6.01%	7.25%	9.41%	10.22%	10.82%
Earnings before Tax (EBT) ¹	57	-271	2,778	3,849	4,891	7,700	9,200	10,300
Net income ¹	-777	-301	2,347	2,807	3,707	5,400	6,400	7,200
Net margin	-1.4%	-0.62%	3.94%	3.98%	4.9%	6.35%	6.88%	7.35%
EPS ²	-26.24	-10.21	80.40	97.55	128.8	187.5	222.3	250.0
Free Cash Flow ¹	-762	6,200	-	-2,643	6,992	-568	2,495	4,720
FCF margin	-1.37%	12.73%	-	-3.74%	9.24%	-0.67%	2.68%	4.82%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	188.59%	-	38.98%	65.56%
Dividend per Share ²	7.500	7.500	15.00	17.50	25.00	30.00	30.00	30.00
Announcement Date	5/27/20	5/11/21	5/12/22	5/15/23	5/13/24	-	-	-

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	28,194	20,862	27,860	28,803	14,900	15,808	30,708	15,975	18,005	33,980	18,366	18,261	36,627	16,503	18,934	35,437	19,389	20,805	40,194	19,900	20,900	40,800	21,700	22,500	44,200
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	802	-1,902	1,393	1,691	594	284	878	856	1,029	1,885	1,241	1,115	2,356	539.4	1,792	2,332	1,615	1,534	3,149	1,300	1,800	3,100	2,200	2,700	4,900
Operating Margin	2.84%	-9.12%	5%	5.87%	3.99%	1.8%	2.86%	5.36%	5.72%	5.55%	6.76%	6.11%	6.43%	3.27%	9.47%	6.58%	8.33%	7.37%	7.83%	6.53%	8.61%	7.6%	10.14%	12%	11.09%
Earnings before Tax (EBT) ¹	-405	-2,032	-	1,732	620	426	1,046	926	-	1,768	1,063	-	-	487	-	2,016	1,435	1,440	2,874	1,300	1,700	3,000	2,100	2,600	4,700
Net income ¹	-958	-1,453	1,152	1,564	512	271	783	674	622	1,296	661	850	1,511	255	1,158	1,413	1,025	1,270	2,295	960	1,240	2,200	1,440	1,760	3,200
Net margin	-3.4%	-6.96%	4.13%	5.43%	3.44%	1.71%	2.55%	4.22%	3.45%	3.81%	3.6%	4.65%	4.13%	1.55%	6.12%	3.99%	5.29%	6.1%	5.71%	4.82%	5.93%	5.39%	6.64%	7.82%	7.24%
EPS	-	-49.28	-	53.06	17.73	-	-	23.44	-	45.06	22.97	-	-	8.860	-	49.09	35.61	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	7.500	-	-	-	-	-	7.500	-	-	-	-	-	10.00	-	-	-	-	-	-	-	-	-
Announcement Date	5/27/20	11/11/20	5/11/21	11/10/21	2/10/22	5/12/22	5/12/22	8/9/22	11/9/22	11/9/22	3/13/23	5/15/23	5/15/23	8/10/23	11/14/23	11/14/23	2/14/24	5/13/24	5/13/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	13,333	6,638	14,894	18,364	11,133	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-762	6,200	-	-2,643	6,992	-568	2,495	4,720
ROE (net income / shareholders' equity)	-4.5%	-1.9%	13.5%	13.8%	15.1%	-	-	-
ROA (Net income/ Total Assets)	1.68%	0.7%	4.81%	5.8%	6.71%	-	-	-
Assets ¹	-46,277	-43,201	48,763	48,393	55,251	-	-	-
Book Value Per Share	538.0	548.0	648.0	763.0	946.0	-	-	-
Cash Flow per Share	33.00	43.30	138.0	161.0	197.0	-	-	-
Capex ¹	1,040	434	1,216	3,133	1,651	4,600	2,400	2,400
Capex / Sales	1.87%	0.89%	2.04%	4.44%	2.18%	5.41%	2.58%	2.45%
Announcement Date	5/27/20	5/11/21	5/12/22	5/15/23	5/13/24	-	-	-

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 Mimaki Engineering Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,003 JPY

Average target price

3,000 JPY

Spread / Average Target

+49.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Computer Peripherals

	1st Jan change	Capi.
MIMAKI ENGINEERING CO., LTD.	+116.54%	365M
SEIKO EPSON CORPORATION	+24.05%	5.5B
CHICONY ELECTRONICS CO., LTD.	-4.00%	3.76B
KNOWLES CORPORATION	+4.47%	1.68B
DIEBOLD NIXDORF, INCORPORATED	+40.79%	1.53B
SOCIÉTÉ INDUSTRIELLE ET FINANCIÈRE DE L'ARTOIS	+0.96%	1.52B
PRIMAX ELECTRONICS LTD.	+33.09%	1.28B
CHENBRO MICOM CO., LTD.	+6.08%	1.07B
NIDEC CHAUN-CHOUNG TECHNOLOGY CORPORATION	+100.00%	796M
EIZO CORPORATION	0.00%	643M

Computer Peripherals