Financials Nittoku Co.,Ltd.

Equities

6145

JP3684700002

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-11 am EDT			5-day change	1st Jan Change
1,970 ^JPY	+2.50%		+7.71%	-1.50%

Mar. 01	Nittoku Co.,Ltd. agreed to acquire Astecnos.Co.,Ltd. from corporate shareholder for ¥1 billion.	CI
2023	Nittoku Co., Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	50,228	59,442	46,956	52,628	35,645	34,724	-	-
Enterprise Value (EV) ¹	39,764	47,543	33,227	38,786	22,299	34,724	34,724	34,724
P/E ratio	23.7 x	47.6 x	20.3 x	23.7 x	13 x	11.6 x	9.61 x	7.39 x
Yield	1.08%	0.91%	1.54%	1.03%	1.72%	2.2%	2.56%	4.16%
Capitalization / Revenue	1.83 x	2.7 x	1.67 x	1.79 x	1.16 x	0.98 x	0.9 x	0.83 x
EV / Revenue	1.83 x	2.7 x	1.67 x	1.79 x	1.16 x	0.98 x	0.9 x	0.83 x
EV / EBITDA	16.6 x	28.8 x	12 x	13.3 x	6.99 x	7.01 x	6.09 x	-
EV / FCF	117 x	33.6 x	20.4 x	52.8 x	-32.5 x	26.7 x	20.8 x	-
FCF Yield	0.86%	2.98%	4.91%	1.89%	-3.08%	3.74%	4.8%	-
Price to Book	1.72 x	1.89 x	1.4 x	1.47 x	0.9 x	0.85 x	0.8 x	0.72 x
Nbr of stocks (in thousands)	18,068	18,067	18,067	18,067	18,066	18,066	-	-
Reference price ²	2,780	3,290	2,599	2,913	1,973	1,922	1,922	1,922
Announcement Date	5/22/20	5/14/21	5/13/22	5/12/23	5/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	27,492	22,046	28,121	29,461	30,803	35,425	38,700	41,900
EBITDA ¹	3,027	2,063	3,917	3,958	5,098	4,950	5,700	-
EBIT ¹	2,484	1,356	2,885	3,096	4,164	4,388	5,075	6,500
Operating Margin	9.04%	6.15%	10.26%	10.51%	13.52%	12.39%	13.11%	15.51%
Earnings before Tax (EBT) ¹	2,764	1,694	3,030	3,067	4,280	4,283	5,133	6,500
Net income ¹	2,120	1,247	2,308	2,224	2,744	2,983	3,612	4,700
Net margin	7.71%	5.66%	8.21%	7.55%	8.91%	8.42%	9.33%	11.22%
EPS ²	117.4	69.05	127.8	123.1	151.9	165.1	200.0	260.2
Free Cash Flow ¹	431	1,770	2,306	996	-1,098	1,300	1,666	-
FCF margin	1.57%	8.03%	8.2%	3.38%	-3.56%	3.67%	4.3%	-
FCF Conversion (EBITDA)	14.24%	85.8%	58.87%	25.16%	-	26.26%	29.22%	-
FCF Conversion (Net income)	20.33%	141.94%	99.91%	44.78%	-	43.58%	46.1%	-
Dividend per Share ²	30.00	30.00	40.00	30.00	34.00	42.25	49.25	80.00
Announcement Date	5/22/20	5/14/21	5/13/22	5/12/23	5/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	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 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	12,678	10,091	11,955	10,270	7,653	10,198	4,407	11,146	15,553	5,883	8,025	4,195	-	13,162	6,176	11,465	6,100	9,500	15,600	6,300	13,800	20,100
EBITDA	-	-	-	-	1,315	1,626	247	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	704	552	804	629	925	1,331	-10	1,337	1,327	647	1,122	9	1,653	1,662	329	2,173	-	1,200	1,200	400	2,600	3,000
Operating Margin	5.55%	5.47%	6.73%	6.12%	12.09%	13.05%	-0.23%	12%	8.53%	11%	13.98%	0.21%	-	12.63%	5.33%	18.95%	-	12.63%	7.69%	6.35%	18.84%	14.93%
Earnings before Tax (EBT)	864	936	-	760	940	-	12	1,343	1,355	693	1,019	72	-	1,711	404	-	-	-	-	-	-	-
Net income	748	677	-	545	715	1,048	41	889	930	511	783	17	-	1,103	246	-	-	-	-	-	-	-
Net margin	5.9%	6.71%	-	5.31%	9.34%	10.28%	0.93%	7.98%	5.98%	8.69%	9.76%	0.41%	-	8.38%	3.98%	-	-	-	-	-	-	-
EPS	-	37.51	-	30.17	39.57	-	2.320	-	51.48	28.30	-	0.9600	-	61.08	13.61	-	-	-	-	-	-	-
Dividend per Share	-	15.00	-	15.00	-	-	-	-	15.00	-	-	-	-	17.00	-	-	-	-	-	-	-	-
Announcement Date	5/22/20	11/12/20	5/14/21	11/11/21	2/10/22	5/13/22	8/9/22	11/11/22	11/11/22	2/10/23	5/12/23	8/10/23	11/10/23	11/10/23	2/9/24	5/10/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	10,464	11,899	13,729	13,842	13,346	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	431	1,770	2,306	996	-1,098	1,300	1,666	-
ROE (net income / shareholders' equity)	7.4%	4.1%	7.1%	6.4%	7.3%	7.62%	9.06%	10.1%
ROA (Net income/ Total Assets)	6.99%	3.38%	6.76%	6.57%	8.19%	6.52%	7.52%	-
Assets ¹	30,323	36,935	34,125	33,875	33,486	45,777	48,018	-
Book Value Per Share ²	1,616	1,743	1,863	1,977	2,182	2,258	2,412	2,677
Cash Flow per Share ²	147.0	108.0	185.0	171.0	204.0	99.60	113.0	-
Capex ¹	2,815	917	572	578	1,623	1,000	1,067	2,200
Capex / Sales	10.24%	4.16%	2.03%	1.96%	5.27%	2.82%	2.76%	5.25%
Announcement Date	5/22/20	5/14/21	5/13/22	5/12/23	5/10/24	-	-	-

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 Nittoku Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,922 JPY

Average target price

2,565 JPY

Spread / Average Target

+33.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Machinery

	1st Jan change	Capi.
NITTOKU CO.,LTD.	-1.50%	215M
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HAITIAN INTERNATIONAL HOLDINGS LIMITED	+12.06%	4.43B
KRONES AG	+11.63%	4.27B
SUZHOU MAXWELL TECHNOLOGIES CO., LTD.	-18.52%	4.04B
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KADANT INC.	+9.36%	3.6B
WUXI LEAD INTELLIGENT EQUIPMENT CO.,LTD.	-38.12%	3.39B

Industrial Machinery