Financials Mitsuboshi Belting Ltd.

Equities

5192

JP3904000001

Heavy Electrical Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-18 am EDT			5-day change	1st Jan Change
4,585 ^JPY	+0.66%		+0.66%	+4.56%

2023	Mitsuboshi Belting Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI
2022	Nippon Active Value Withdraws Shareholder Proposal to Mitsuboshi Belting	CI

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	35,503	51,786	58,342	111,577	132,480	129,217	-	-
Enterprise Value (EV) ¹	11,367	23,040	27,761	84,499	102,928	96,104	96,310	95,732
P/E ratio	6.65 x	12.7 x	9.2 x	15.8 x	18.7 x	13.9 x	17.9 x	16.3 x
Yield	4.42%	3.2%	7.05%	6.35%	5.35%	4.06%	4.17%	4.23%
Capitalization / Revenue	0.5 x	0.8 x	0.78 x	1.35 x	1.58 x	1.46 x	1.41 x	1.36 x
EV / Revenue	0.16 x	0.36 x	0.37 x	1.02 x	1.23 x	1.09 x	1.05 x	1.01 x
EV / EBITDA	-	-	-	-	8.56 x	7.12 x	6.55 x	5.98 x
EV / FCF	8.73 x	4.66 x	5.94 x	16.4 x	23.5 x	11 x	17.6 x	15 x
FCF Yield	11.5%	21.5%	16.8%	6.09%	4.26%	9.07%	5.68%	6.68%
Price to Book	0.49 x	0.66 x	0.67 x	1.27 x	1.35 x	1.28 x	1.25 x	1.22 x
Nbr of stocks (in thousands)	29,077	29,077	28,782	28,355	28,368	28,368	-	-
Reference price ²	1,221	1,781	2,027	3,935	4,670	4,555	4,555	4,555
Announcement Date	5/25/20	5/14/21	5/13/22	5/12/23	5/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	71,051	64,862	74,870	82,911	84,014	88,400	91,600	94,850
EBITDA ¹	-	-	-	-	12,024	13,500	14,700	16,000
EBIT ¹	7,299	4,968	7,640	9,030	7,759	8,750	9,700	10,700
Operating Margin	10.27%	7.66%	10.2%	10.89%	9.24%	9.9%	10.59%	11.28%
Earnings before Tax (EBT) ¹	7,814	5,857	8,740	9,814	10,287	12,900	10,100	11,100
Net income ¹	5,464	4,066	6,380	7,071	7,102	9,300	7,200	7,910
Net margin	7.69%	6.27%	8.52%	8.53%	8.45%	10.52%	7.86%	8.34%
EPS ²	183.6	139.8	220.3	249.1	250.4	327.8	253.8	278.8
Free Cash Flow ¹	1,302	4,943	4,675	5,145	4,381	8,721	5,467	6,394
FCF margin	1.83%	7.62%	6.24%	6.21%	5.21%	9.87%	5.97%	6.74%
FCF Conversion (EBITDA)	-	-	-	-	36.44%	64.6%	37.19%	39.96%
FCF Conversion (Net income)	23.83%	121.57%	73.28%	72.76%	61.69%	93.77%	75.93%	80.83%
Dividend per Share ²	54.00	57.00	143.0	250.0	250.0	185.0	190.0	192.5
Announcement Date	5/25/20	5/14/21	5/13/22	5/12/23	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	33,851	30,459	34,403	37,068	18,606	19,196	37,802	20,600	21,968	42,568	21,259	19,084	40,343	20,549	21,479	42,028	21,008	20,978	41,986	20,500	22,100	42,600	22,600	22,300	44,900
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,895	1,959	3,009	3,998	2,003	1,639	3,642	2,144	2,453	4,597	2,683	1,750	4,433	2,027	2,110	4,137	2,088	1,534	3,622	1,800	2,100	3,900	2,450	2,050	4,500
Operating Margin	8.55%	6.43%	8.75%	10.79%	10.77%	8.54%	9.63%	10.41%	11.17%	10.8%	12.62%	9.17%	10.99%	9.86%	9.82%	9.84%	9.94%	7.31%	8.63%	8.78%	9.5%	9.15%	10.84%	9.19%	10.02%
Earnings before Tax (EBT)	-	2,296	-	4,439	2,386	-	-	3,003	-	5,731	2,295	-	-	3,246	-	5,611	1,938	-	-	-	-	-	-	-	-
Net income	-	1,600	-	2,917	1,826	-	-	2,043	-	3,919	1,690	-	-	2,191	-	3,593	1,540	-	-	-	-	-	-	-	-
Net margin	-	5.25%	-	7.87%	9.81%	-	-	9.92%	-	9.21%	7.95%	-	-	10.66%	-	8.55%	7.33%	-	-	-	-	-	-	-	-
EPS	-	55.03	-	100.2	63.14	-	-	71.76	-	137.9	59.60	-	-	77.29	-	126.7	54.28	-	-	-	-	-	-	-	-
Dividend per Share	-	27.00	-	33.00	-	-	-	-	-	120.0	-	-	-	-	-	125.0	-	-	-	-	-	-	-	-	-
Announcement Date	5/25/20	11/9/20	5/14/21	11/8/21	2/7/22	5/13/22	5/13/22	8/8/22	11/8/22	11/8/22	2/8/23	5/12/23	5/12/23	8/7/23	11/8/23	11/8/23	2/7/24	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	-	-	-	-	-	-	-	-
Net Cash position ¹	24,136	28,746	30,581	27,078	29,552	33,113	32,907	33,485
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,302	4,943	4,675	5,145	4,381	8,721	5,467	6,394
ROE (net income / shareholders' equity)	7.6%	5.4%	7.7%	8.1%	7.6%	9.35%	7%	7.6%
ROA (Net income/ Total Assets)	7.51%	5.51%	7.53%	8.7%	7.47%	10%	7.7%	8.4%
Assets ¹	72,756	73,856	84,683	81,253	95,128	93,000	93,506	94,167
Book Value Per Share ²	2,475	2,692	3,018	3,089	3,463	3,571	3,635	3,721
Cash Flow per Share ²	295.0	276.0	354.0	394.0	401.0	494.0	427.0	459.0
Capex ¹	6,612	3,669	4,347	3,638	7,545	5,100	4,900	4,600
Capex / Sales	9.31%	5.66%	5.81%	4.39%	8.98%	5.77%	5.35%	4.85%
Announcement Date	5/25/20	5/14/21	5/13/22	5/12/23	5/14/24	-	-	-

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 Mitsuboshi Belting Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4,555 JPY

Average target price

5,000 JPY

Spread / Average Target

+9.77%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Elevator & Conveying Equipment

	1st Jan change	Capi.
MITSUBOSHI BELTING LTD.	+4.56%	825M
OTIS WORLDWIDE CORPORATION	+10.57%	40B
SCHINDLER HOLDING AG	+12.53%	27.59B
KONE OYJ	+3.63%	26.72B
DAIFUKU CO., LTD.	-0.63%	7.01B
INTERROLL HOLDING AG	+0.56%	2.53B
KARDEX HOLDING AG	+6.42%	2.05B
SHANGHAI MECHANICAL & ELECTRICAL INDUSTRY CO.,LTD.	-9.86%	1.37B
HYUNDAI ELEVATOR CO., LTD	+5.75%	1.23B
ATLANTIS GLORY INC.	-99.92%	1.24B

Elevator & Conveying Equipment