Financials Rorze Corporation

Equities

6323

JP3982200002

Semiconductor Equipment & Testing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-12 am EDT			5-day change	1st Jan Change
30,400 ^JPY	-11.88%		-6.17%	+101.86%

Jul. 11	Rorze's Attributable Profit Surges 146.7% in Fiscal Q1	MT
Jun. 24	Nanoverse Technologies, Ltd. announced that it expects to receive $70 million in funding from Rorze Corporation	CI

Valuation

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	57,202	127,019	184,910	183,009	370,729	535,201	-	-
Enterprise Value (EV) ¹	62,055	126,962	182,164	187,540	367,291	514,976	493,745	464,771
P/E ratio	10.5 x	19.6 x	14.4 x	8.56 x	18.9 x	22.6 x	20 x	17.7 x
Yield	0.91%	0.41%	0.61%	1.27%	0.64%	0.53%	0.59%	0.65%
Capitalization / Revenue	1.54 x	2.5 x	2.76 x	1.94 x	3.98 x	4.3 x	3.89 x	3.63 x
EV / Revenue	1.67 x	2.5 x	2.72 x	1.98 x	3.94 x	4.13 x	3.59 x	3.15 x
EV / EBITDA	-	12 x	10.5 x	6.6 x	13.8 x	13.8 x	12.4 x	10.8 x
EV / FCF	163,301,560 x	21,149,699 x	86,754,164 x	-29,166,369 x	26,332,893 x	-	-	-
FCF Yield	0%	0%	0%	-0%	0%	-	-	-
Price to Book	2.26 x	4.12 x	4.08 x	2.68 x	4.02 x	4.72 x	3.91 x	3.23 x
Nbr of stocks (in thousands)	17,281	17,281	17,281	17,281	17,620	17,605	-	-
Reference price ²	3,310	7,350	10,700	10,590	21,040	30,400	30,400	30,400
Announcement Date	4/10/20	4/12/21	4/11/22	4/11/23	4/11/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	37,103	50,803	67,004	94,518	93,247	124,586	137,551	147,492
EBITDA ¹	-	10,604	17,331	28,398	26,582	37,280	39,840	43,110
EBIT ¹	7,743	9,314	15,809	26,418	24,138	33,154	37,134	40,745
Operating Margin	20.87%	18.33%	23.59%	27.95%	25.89%	26.61%	27%	27.63%
Earnings before Tax (EBT) ¹	7,504	8,943	18,485	30,352	27,066	32,944	37,254	43,723
Net income ¹	5,470	6,470	12,824	21,384	19,576	23,792	26,834	30,283
Net margin	14.74%	12.74%	19.14%	22.62%	20.99%	19.1%	19.51%	20.53%
EPS ²	316.6	374.4	742.1	1,237	1,111	1,342	1,523	1,719
Free Cash Flow	380	6,003	2,100	-6,430	13,948	-	-	-
FCF margin	1.02%	11.82%	3.13%	-6.8%	14.96%	-	-	-
FCF Conversion (EBITDA)	-	56.61%	12.12%	-	52.47%	-	-	-
FCF Conversion (Net income)	6.95%	92.78%	16.37%	-	71.25%	-	-	-
Dividend per Share ²	30.00	30.00	65.00	135.0	135.0	160.0	180.0	197.5
Announcement Date	4/10/20	4/12/21	4/11/22	4/11/23	4/11/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	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	19,516	24,719	26,084	29,499	17,092	20,413	37,505	21,688	24,065	45,753	25,629	23,136	48,765	16,693	24,299	40,992	24,170	28,085	52,255	29,288	31,430	61,950	31,470	32,665	63,050
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,329	4,747	4,567	6,681	4,093	5,035	9,128	5,029	5,903	10,932	6,807	8,679	15,486	4,718	5,234	9,952	5,811	8,375	14,186	8,748	9,170	17,140	7,725	8,310	15,160
Operating Margin	17.06%	19.2%	17.51%	22.65%	23.95%	24.67%	24.34%	23.19%	24.53%	23.89%	26.56%	37.51%	31.76%	28.26%	21.54%	24.28%	24.04%	29.82%	27.15%	29.87%	29.18%	27.67%	24.55%	25.44%	24.04%
Earnings before Tax (EBT)	3,305	4,496	4,447	8,158	4,659	5,668	10,327	7,181	-	16,907	9,751	3,694	13,445	5,208	8,664	13,874	7,447	5,745	13,192	11,362	-	-	-	-	-
Net income ¹	2,538	3,290	3,180	5,498	3,217	4,109	7,326	5,126	7,240	12,366	7,300	1,718	9,018	3,557	6,278	9,835	5,652	4,089	9,741	8,774	6,600	12,600	5,210	5,690	10,900
Net margin	13%	13.31%	12.19%	18.64%	18.82%	20.13%	19.53%	23.64%	30.09%	27.03%	28.48%	7.43%	18.49%	21.31%	25.84%	23.99%	23.38%	14.56%	18.64%	29.96%	21%	20.34%	16.56%	17.42%	17.29%
EPS	-	190.4	184.0	318.2	186.1	237.8	423.9	296.6	419.0	715.6	422.4	99.37	521.8	201.9	356.3	558.2	320.8	232.1	552.9	498.2	-	-	-	-	-
Dividend per Share	-	-	30.00	-	-	65.00	65.00	-	-	-	-	135.0	135.0	-	-	-	-	135.0	135.0	-	-	-	-	-	-
Announcement Date	4/10/20	10/9/20	4/12/21	10/11/21	1/12/22	4/11/22	4/11/22	7/11/22	10/11/22	10/11/22	1/11/23	4/11/23	4/11/23	7/11/23	10/11/23	10/11/23	1/11/24	4/11/24	4/11/24	7/11/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	4,853	-	-	4,531	-	-	-	-
Net Cash position ¹	-	57	2,746	-	3,438	20,225	41,456	70,431
Leverage (Debt/EBITDA)	-	-	-	0.1596 x	-	-	-	-
Free Cash Flow	380	6,003	2,100	-6,430	13,948	-	-	-
ROE (net income / shareholders' equity)	23.9%	23%	33.7%	37.7%	24.4%	23.2%	21.3%	21.3%
ROA (Net income/ Total Assets)	14.7%	-	24.1%	28.3%	19.2%	20.9%	19.8%	18.7%
Assets ¹	37,210	-	53,195	75,677	102,167	113,974	135,731	161,700
Book Value Per Share ²	1,464	1,785	2,624	3,948	5,233	6,437	7,772	9,405
Cash Flow per Share ²	372.0	449.0	830.0	1,352	1,256	1,548	1,706	2,036
Capex ¹	6,279	2,154	2,658	4,715	1,596	5,200	3,000	3,000
Capex / Sales	16.92%	4.24%	3.97%	4.99%	1.71%	4.17%	2.18%	2.03%
Announcement Date	4/10/20	4/12/21	4/11/22	4/11/23	4/11/24	-	-	-

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 Rorze Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

30,400 JPY

Average target price

36,333 JPY

Spread / Average Target

+19.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Semiconductor Machinery Manufacturing

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Semiconductor Machinery Manufacturing