Financials Organo Corporation

Equities

6368

JP3201600008

Environmental Services & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-16 am EDT			5-day change	1st Jan Change
7,720 ^JPY	-1.28%		-1.91%	+32.19%

Feb. 09	Organo Corporation Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024	CI
2023	Organo Corporation Provides Consolidated Earnings Guidance for the Six Months Ended September 30, 2023 and Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	62,767	76,274	116,036	165,430	353,770	359,283	-	-
Enterprise Value (EV) ¹	58,734	79,475	111,466	182,891	372,593	360,992	368,391	367,583
P/E ratio	8.75 x	10.8 x	12.6 x	14.1 x	20.4 x	20.9 x	19.3 x	17.1 x
Yield	1.9%	1.72%	1.58%	1.72%	1.32%	1.33%	1.48%	1.64%
Capitalization / Revenue	0.65 x	0.76 x	1.04 x	1.25 x	2.35 x	2.29 x	2.21 x	2 x
EV / Revenue	0.61 x	0.79 x	0.99 x	1.38 x	2.48 x	2.3 x	2.27 x	2.05 x
EV / EBITDA	-	7.36 x	-	10.7 x	15.2 x	13.4 x	12.9 x	11.1 x
EV / FCF	7.94 x	-14.2 x	15.1 x	-9.14 x	161 x	26.5 x	26.9 x	-
FCF Yield	12.6%	-7.04%	6.64%	-10.9%	0.62%	3.78%	3.72%	-
Price to Book	1.03 x	1.13 x	1.53 x	1.92 x	3.47 x	3.23 x	2.89 x	2.53 x
Nbr of stocks (in thousands)	45,815	45,948	45,819	45,889	45,944	45,944	-	-
Reference price ²	1,370	1,660	2,532	3,605	7,700	7,820	7,820	7,820
Announcement Date	5/12/20	5/11/21	5/12/22	5/12/23	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	96,515	100,638	112,069	132,426	150,356	157,167	162,500	179,300
EBITDA ¹	-	10,791	-	17,036	24,554	26,900	28,500	33,200
EBIT ¹	9,908	9,579	10,850	15,212	22,544	23,800	25,450	29,700
Operating Margin	10.27%	9.52%	9.68%	11.49%	14.99%	15.14%	15.66%	16.56%
Earnings before Tax (EBT) ¹	9,850	9,695	12,696	16,035	23,633	23,933	25,933	29,700
Net income ¹	7,162	7,074	9,210	11,730	17,310	17,167	18,600	21,050
Net margin	7.42%	7.03%	8.22%	8.86%	11.51%	10.92%	11.45%	11.74%
EPS ²	156.5	154.2	200.7	255.8	376.9	373.6	404.8	458.2
Free Cash Flow ¹	7,399	-5,597	7,400	-20,002	2,311	13,630	13,693	-
FCF margin	7.67%	-5.56%	6.6%	-15.1%	1.54%	8.67%	8.43%	-
FCF Conversion (EBITDA)	-	-	-	-	9.41%	50.67%	48.05%	-
FCF Conversion (Net income)	103.31%	-	80.35%	-	13.35%	79.4%	73.62%	-
Dividend per Share ²	26.00	28.50	40.00	62.00	102.0	104.0	116.0	128.5
Announcement Date	5/12/20	5/11/21	5/12/22	5/12/23	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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	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	49,840	45,322	55,316	50,001	27,833	27,835	34,282	62,117	33,010	37,299	29,612	35,857	65,469	40,767	44,120	84,887	32,350	38,400	69,000	41,550	44,700	88,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,464	3,182	6,397	3,771	2,370	2,219	4,291	6,510	3,430	5,272	2,861	4,994	7,855	6,339	8,350	14,689	3,908	5,361	9,000	6,673	8,708	15,500
Operating Margin	8.96%	7.02%	11.56%	7.54%	8.52%	7.97%	12.52%	10.48%	10.39%	14.13%	9.66%	13.93%	12%	15.55%	18.93%	17.3%	12.08%	13.96%	13.04%	16.06%	19.48%	17.61%
Earnings before Tax (EBT) ¹	-	3,288	-	4,202	3,611	2,636	-	7,446	3,524	-	3,094	-	8,527	6,460	8,646	15,106	3,400	5,200	-	5,600	8,300	-
Net income ¹	3,522	2,080	-	2,696	2,601	1,495	-	5,027	2,525	-	1,597	-	5,538	4,712	7,060	11,772	2,100	3,900	-	4,300	6,200	-
Net margin	7.07%	4.59%	-	5.39%	9.35%	5.37%	-	8.09%	7.65%	-	5.39%	-	8.46%	11.56%	16%	13.87%	6.49%	10.16%	-	10.35%	13.87%	-
EPS ²	-	45.38	-	58.70	56.66	32.64	77.03	109.7	55.04	91.06	34.81	85.83	120.6	102.6	153.7	256.3	60.21	90.28	-	100.1	141.2	-
Dividend per Share	-	13.00	-	18.00	-	-	-	29.00	-	-	-	-	41.00	-	-	-	-	-	-	-	-	-
Announcement Date	5/12/20	10/29/20	5/11/21	11/1/21	2/1/22	8/1/22	10/31/22	10/31/22	2/1/23	5/12/23	8/1/23	11/1/23	11/1/23	2/2/24	5/13/24	5/13/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	3,201	-	17,461	18,823	1,708	9,108	8,300
Net Cash position ¹	4,033	-	4,570	-	-	-	-	-
Leverage (Debt/EBITDA)	-	0.2966 x	-	1.025 x	0.7666 x	0.0635 x	0.3196 x	0.25 x
Free Cash Flow ¹	7,399	-5,597	7,400	-20,002	2,311	13,630	13,693	-
ROE (net income / shareholders' equity)	12.4%	11.1%	12.9%	14.5%	18.4%	15.9%	15.6%	14.6%
ROA (Net income/ Total Assets)	9.8%	9.15%	9.4%	10.8%	13.5%	12%	12.4%	-
Assets ¹	73,108	77,335	97,930	108,133	128,414	143,056	150,000	-
Book Value Per Share ²	1,325	1,464	1,655	1,878	2,219	2,421	2,707	3,093
Cash Flow per Share	182.0	181.0	230.0	296.0	421.0	-	-	-
Capex ¹	1,154	1,254	3,387	1,466	1,855	2,500	2,300	2,200
Capex / Sales	1.2%	1.25%	3.02%	1.11%	1.23%	1.59%	1.42%	1.23%
Announcement Date	5/12/20	5/11/21	5/12/22	5/12/23	5/13/24	-	-	-

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 Organo Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7,820 JPY

Average target price

8,000 JPY

Spread / Average Target

+2.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Purification & Treatment Equipment

	1st Jan change	Capi.
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Purification & Treatment Equipment