Financials NSK Ltd

Equities

6471

JP3720800006

Auto, Truck & Motorcycle Parts

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-12 am EDT			5-day change	1st Jan Change
817.9 ^JPY	-0.28%		+1.16%	+7.20%

Jul. 01	SBS Holdings, Inc. agreed to acquire 66.61% stake in Nsk Logistics Co., Ltd. from NSK Ltd..	CI
Jul. 01	Rane Holdings Limited agreed to acquire remaining 51% stake in Rane NSK Steering Systems Ltd. from NSK Ltd. for INR 450 million.	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	355,438	581,743	377,459	387,907	431,845	399,694	-	-
Enterprise Value (EV) ¹	518,653	756,952	568,521	588,908	624,559	588,394	587,461	579,994
P/E ratio	20.4 x	1,645 x	22.8 x	21.1 x	51.2 x	17.9 x	12.8 x	10.7 x
Yield	4.32%	1.76%	3.4%	3.97%	3.39%	3.91%	4.14%	4.37%
Capitalization / Revenue	0.43 x	0.78 x	0.44 x	0.41 x	0.55 x	0.49 x	0.46 x	0.43 x
EV / Revenue	0.62 x	1.01 x	0.66 x	0.63 x	0.79 x	0.71 x	0.67 x	0.63 x
EV / EBITDA	6.69 x	12.4 x	6.61 x	6.45 x	7.66 x	6.34 x	5.59 x	5.15 x
EV / FCF	29.7 x	45.8 x	206 x	38.3 x	15.1 x	14.2 x	35.1 x	25.2 x
FCF Yield	3.37%	2.18%	0.49%	2.61%	6.62%	7.04%	2.85%	3.97%
Price to Book	0.7 x	1.05 x	0.61 x	0.63 x	0.65 x	0.61 x	0.61 x	0.57 x
Nbr of stocks (in thousands)	512,159	512,549	512,852	513,104	488,678	488,684	-	-
Reference price ²	694.0	1,135	736.0	756.0	883.7	817.9	817.9	817.9
Announcement Date	6/2/20	5/11/21	5/10/22	5/12/23	5/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	831,034	747,559	865,166	938,098	788,867	823,175	875,200	921,750
EBITDA ¹	77,530	60,891	85,988	91,312	81,512	92,743	105,114	112,625
EBIT ¹	23,604	6,364	29,430	32,936	27,391	38,488	49,712	55,250
Operating Margin	2.84%	0.85%	3.4%	3.51%	3.47%	4.68%	5.68%	5.99%
Earnings before Tax (EBT) ¹	24,065	5,889	29,516	31,926	26,210	37,288	50,100	55,750
Net income ¹	17,412	355	16,587	18,412	8,502	22,355	31,220	37,275
Net margin	2.1%	0.05%	1.92%	1.96%	1.08%	2.72%	3.57%	4.04%
EPS ²	34.00	0.6900	32.35	35.89	17.27	45.64	63.71	76.57
Free Cash Flow ¹	17,460	16,539	2,760	15,385	41,340	41,400	16,750	23,050
FCF margin	2.1%	2.21%	0.32%	1.64%	5.24%	5.03%	1.91%	2.5%
FCF Conversion (EBITDA)	22.52%	27.16%	3.21%	16.85%	50.72%	44.64%	15.94%	20.47%
FCF Conversion (Net income)	100.28%	4,658.87%	16.64%	83.56%	486.24%	185.19%	53.65%	61.84%
Dividend per Share ²	30.00	20.00	25.00	30.00	30.00	32.00	33.88	35.75
Announcement Date	6/2/20	5/11/21	5/10/22	5/12/23	5/9/24	-	-	-

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 Q3	2025 Q4
Net sales ¹	396,214	315,892	431,667	417,764	215,016	232,386	219,387	244,437	463,824	236,356	237,918	188,247	198,444	386,691	201,368	200,808	198,750	203,850	215,550	202,900
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7,839	-10,636	17,000	15,989	4,801	8,640	4,538	8,985	13,523	8,459	10,954	4,128	6,995	11,123	8,180	8,088	5,350	8,200	11,250	12,100
Operating Margin	1.98%	-3.37%	3.94%	3.83%	2.23%	3.72%	2.07%	3.68%	2.92%	3.58%	4.6%	2.19%	3.52%	2.88%	4.06%	4.03%	2.69%	4.02%	5.22%	5.96%
Earnings before Tax (EBT) ¹	-	-10,671	-	15,924	5,008	8,584	4,521	8,298	12,819	8,692	10,415	4,277	6,251	10,528	8,108	7,574	5,000	8,600	12,400	11,300
Net income ¹	-	-12,287	-	7,970	4,085	4,532	1,320	4,707	6,027	4,899	7,486	-929	1,588	659	4,064	3,779	-	3,600	7,400	4,900
Net margin	-	-3.89%	-	1.91%	1.9%	1.95%	0.6%	1.93%	1.3%	2.07%	3.15%	-0.49%	0.8%	0.17%	2.02%	1.88%	-	1.77%	3.43%	2.41%
EPS	-	-23.98	-	15.55	7.960	8.840	2.570	9.180	11.75	9.550	14.59	-1.850	-	1.330	8.240	-	-	-	-	-
Dividend per Share	-	10.00	-	10.00	-	-	-	-	15.00	-	-	-	-	15.00	-	-	-	-	-	-
Announcement Date	6/2/20	11/2/20	5/11/21	11/1/21	1/31/22	5/10/22	7/29/22	10/31/22	10/31/22	2/1/23	5/12/23	7/31/23	10/31/23	10/31/23	2/2/24	5/9/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	163,215	175,209	191,062	201,001	192,714	188,700	187,767	180,300
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.105 x	2.877 x	2.222 x	2.201 x	2.364 x	2.035 x	1.786 x	1.601 x
Free Cash Flow ¹	17,460	16,539	2,760	15,385	41,340	41,400	16,750	23,050
ROE (net income / shareholders' equity)	3.3%	0.1%	2.8%	3%	1.3%	3.62%	5.01%	5.47%
ROA (Net income/ Total Assets)	2.27%	0.54%	2.46%	2.59%	2.07%	2.11%	2.57%	2.58%
Assets ¹	765,629	66,231	674,935	711,602	410,556	1,057,264	1,216,926	1,443,251
Book Value Per Share ²	987.0	1,082	1,205	1,201	1,351	1,337	1,341	1,429
Cash Flow per Share ²	139.0	107.0	143.0	150.0	127.0	238.0	132.0	137.0
Capex ¹	54,927	37,303	52,311	62,085	58,478	60,000	63,600	65,000
Capex / Sales	6.61%	4.99%	6.05%	6.62%	7.41%	7.29%	7.27%	7.05%
Announcement Date	6/2/20	5/11/21	5/10/22	5/12/23	5/9/24	-	-	-

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 NSK Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

817.9 JPY

Average target price

855 JPY

Spread / Average Target

+4.54%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Auto, Truck & Motorcycle Parts

	1st Jan change	Capi.
NSK LTD	+7.20%	2.53B
DENSO CORPORATION	+21.37%	47.59B
APTIV PLC	-18.95%	19.78B
FUYAO GLASS INDUSTRY GROUP CO., LTD.	+29.74%	17.09B
WEICHAI POWER CO., LTD.	-4.45%	16.28B
SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	+92.89%	15.96B
HYUNDAI MOBIS CO.,LTD	-1.05%	15.25B
CONTINENTAL AG	-23.40%	12.85B
MAGNA INTERNATIONAL INC.	-22.61%	12.79B
BOSCH LIMITED	+58.34%	12.41B

Other Auto, Truck & Motorcycle Parts