SUBARU CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3,426 JPY | +1.75% |
|
-3.60% | +32.48% |
| May. 30 | Subaru, Toyota, Mazda Collaborate to Develop Compact, Carbon-Neutral Engines | MT |
| May. 28 | Global markets live: Nokia, Next, Apple, Tesla, Microsoft... |  |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,934,155 | 1,589,993 | 1,690,194 | 1,493,979 | 1,621,784 | 2,520,598 | - | - |
| Enterprise Value (EV) 1 | 1,082,888 | 970,237 | 1,116,751 | 701,746 | 1,072,755 | 1,943,689 | 1,874,382 | 1,752,156 |
| P/E ratio | 13.1 x | 10.4 x | 22.1 x | 21.3 x | 8.09 x | 6.77 x | 7.18 x | 6.88 x |
| Yield | 5.71% | 4.82% | 2.54% | 2.87% | 3.59% | 3.07% | 3.3% | 3.58% |
| Capitalization / Revenue | 0.61 x | 0.48 x | 0.6 x | 0.54 x | 0.43 x | 0.55 x | 0.52 x | 0.5 x |
| EV / Revenue | 0.34 x | 0.29 x | 0.39 x | 0.26 x | 0.28 x | 0.41 x | 0.39 x | 0.35 x |
| EV / EBITDA | 3.63 x | 2.41 x | 3.62 x | 2.23 x | 2.11 x | 2.83 x | 3.23 x | 2.94 x |
| EV / FCF | 36.3 x | 5.26 x | 6.78 x | 7.43 x | 2.91 x | 3.35 x | 5.22 x | 4.39 x |
| FCF Yield | 2.76% | 19% | 14.7% | 13.5% | 34.4% | 29.8% | 19.2% | 22.8% |
| Price to Book | 1.2 x | 0.93 x | 0.95 x | 0.79 x | 0.77 x | 1.01 x | 0.91 x | 0.85 x |
| Nbr of stocks (in thousands) | 766,761 | 766,816 | 766,876 | 766,929 | 766,982 | 748,618 | - | - |
| Reference price 2 | 2,522 | 2,074 | 2,204 | 1,948 | 2,114 | 3,367 | 3,367 | 3,367 |
| Announcement Date | 5/10/19 | 5/18/20 | 5/11/21 | 5/12/22 | 5/11/23 | 5/13/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,160,514 | 3,344,109 | 2,830,210 | 2,744,520 | 3,774,468 | 4,702,947 | 4,868,237 | 5,016,876 |
| EBITDA 1 | 298,278 | 403,061 | 308,785 | 314,507 | 507,289 | 685,978 | 580,371 | 596,108 |
| EBIT 1 | 195,529 | 210,319 | 102,468 | 90,452 | 267,483 | 468,198 | 473,152 | 477,524 |
| Operating Margin | 6.19% | 6.29% | 3.62% | 3.3% | 7.09% | 9.96% | 9.72% | 9.52% |
| Earnings before Tax (EBT) 1 | 195,838 | 207,656 | 113,954 | 106,972 | 278,366 | 532,574 | 504,670 | 527,023 |
| Net income 1 | 147,812 | 152,587 | 76,510 | 70,007 | 200,431 | 385,084 | 350,233 | 362,404 |
| Net margin | 4.68% | 4.56% | 2.7% | 2.55% | 5.31% | 8.19% | 7.19% | 7.22% |
| EPS 2 | 192.8 | 199.0 | 99.77 | 91.28 | 261.3 | 509.2 | 469.1 | 489.5 |
| Free Cash Flow 1 | 29,842 | 184,290 | 164,651 | 94,400 | 368,762 | 579,518 | 358,970 | 399,484 |
| FCF margin | 0.94% | 5.51% | 5.82% | 3.44% | 9.77% | 12.32% | 7.37% | 7.96% |
| FCF Conversion (EBITDA) | 10% | 45.72% | 53.32% | 30.02% | 72.69% | 84.48% | 61.85% | 67.02% |
| FCF Conversion (Net income) | 20.19% | 120.78% | 215.2% | 134.84% | 183.98% | 150.49% | 102.49% | 110.23% |
| Dividend per Share 2 | 144.0 | 100.0 | 56.00 | 56.00 | 76.00 | 106.0 | 111.2 | 120.7 |
| Announcement Date | 5/10/19 | 5/18/20 | 5/11/21 | 5/12/22 | 5/11/23 | 5/13/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 Q2 | 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 | 2026 S1 | 2026 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,605,673 | 1,738,436 | 1,218,392 | 1,611,818 | 706,484 | 1,341,655 | 665,859 | 737,006 | 1,402,865 | 834,101 | 916,795 | 1,750,896 | 1,057,088 | 966,484 | 2,023,572 | 1,082,140 | 1,131,315 | 2,213,455 | 1,282,943 | 1,206,549 | 2,489,492 | 1,200,762 | 1,218,448 | 2,537,168 | 1,268,529 | 1,245,741 | 2,471,551 | 2,560,104 | 2,656,230 |
| EBITDA 1 | - | - | - | - | 78,318 | - | 79,947 | 69,157 | - | 93,315 | 132,572 | - | 164,237 | 117,165 | - | 143,318 | 150,931 | - | 234,238 | 157,491 | - | 133,000 | 143,900 | - | 159,100 | 118,400 | - | - | - |
| EBIT 1 | 94,847 | 115,472 | 30,611 | 71,857 | 24,916 | 54,451 | 22,735 | 13,266 | 36,001 | 36,980 | 73,465 | 110,445 | 103,247 | 53,791 | 157,038 | 84,467 | 101,375 | 185,842 | 182,128 | 100,228 | 282,356 | 105,684 | 116,122 | - | 144,088 | 105,267 | - | - | - |
| Operating Margin | 5.91% | 6.64% | 2.51% | 4.46% | 3.53% | 4.06% | 3.41% | 1.8% | 2.57% | 4.43% | 8.01% | 6.31% | 9.77% | 5.57% | 7.76% | 7.81% | 8.96% | 8.4% | 14.2% | 8.31% | 11.34% | 8.8% | 9.53% | - | 11.36% | 8.45% | - | - | - |
| Earnings before Tax (EBT) 1 | 93,104 | 114,552 | 36,100 | 77,854 | 26,913 | 61,170 | 30,080 | 15,722 | 45,802 | 38,407 | 81,949 | 120,356 | 94,766 | 63,244 | 158,010 | 115,364 | 111,089 | 226,453 | 189,773 | 116,348 | 306,121 | 131,633 | 139,000 | - | 143,633 | 106,000 | - | - | - |
| Net income 1 | 68,285 | 84,302 | 23,706 | 52,804 | 26,274 | 44,788 | 18,080 | 7,139 | 25,219 | 27,212 | 50,646 | 77,858 | 76,561 | 46,012 | 122,573 | 73,242 | 77,706 | 150,948 | 147,911 | 86,225 | 234,136 | 89,843 | 92,773 | - | 97,523 | 70,091 | - | - | - |
| Net margin | 4.25% | 4.85% | 1.95% | 3.28% | 3.72% | 3.34% | 2.72% | 0.97% | 1.8% | 3.26% | 5.52% | 4.45% | 7.24% | 4.76% | 6.06% | 6.77% | 6.87% | 6.82% | 11.53% | 7.15% | 9.4% | 7.48% | 7.61% | - | 7.69% | 5.63% | - | - | - |
| EPS 2 | 89.05 | 109.9 | 30.91 | 68.86 | 34.26 | 58.40 | 23.58 | 9.300 | 32.88 | 35.48 | 66.04 | 101.5 | 99.82 | 59.99 | 159.8 | 95.89 | 102.7 | 198.6 | 195.9 | 114.7 | 310.6 | 120.0 | 117.7 | - | 147.8 | 91.54 | - | - | - |
| Dividend per Share 2 | 72.00 | 28.00 | 28.00 | 28.00 | 28.00 | 28.00 | - | 28.00 | 28.00 | - | 38.00 | 38.00 | - | 38.00 | 38.00 | - | 48.00 | 48.00 | - | 58.00 | - | - | 68.00 | - | - | 68.00 | - | - | - |
| Announcement Date | 11/6/19 | 5/18/20 | 11/4/20 | 5/11/21 | 11/5/21 | 11/5/21 | 2/7/22 | 5/12/22 | 5/12/22 | 8/3/22 | 11/2/22 | 11/2/22 | 2/8/23 | 5/11/23 | 5/11/23 | 8/2/23 | 11/2/23 | 11/2/23 | 2/8/24 | 5/13/24 | 5/13/24 | - | - | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 851,267 | 619,756 | 573,443 | 792,233 | 549,029 | 648,500 | 646,215 | 768,442 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 29,842 | 184,290 | 164,651 | 94,400 | 368,762 | 579,518 | 358,970 | 399,484 |
| ROE (net income / shareholders' equity) | 9.4% | 9% | 4.4% | 3.8% | 10% | 16.5% | 13.4% | 12.7% |
| ROA (Net income/ Total Assets) | 6.69% | 6.62% | 3.4% | 3.08% | 7.44% | 12.2% | 8.58% | 8.97% |
| Assets 1 | 2,209,599 | 2,306,054 | 2,251,115 | 2,275,977 | 2,695,744 | 3,166,395 | 4,081,341 | 4,040,907 |
| Book Value Per Share 2 | 2,094 | 2,234 | 2,318 | 2,465 | 2,739 | 3,409 | 3,685 | 3,950 |
| Cash Flow per Share 2 | 327.0 | 450.0 | 369.0 | 383.0 | 574.0 | 797.0 | 644.0 | 718.0 |
| Capex 1 | 169,960 | 131,690 | 124,725 | 101,251 | 134,997 | 188,147 | 174,319 | 199,692 |
| Capex / Sales | 5.38% | 3.94% | 4.41% | 3.69% | 3.58% | 4% | 3.58% | 3.98% |
| Announcement Date | 5/10/19 | 5/18/20 | 5/11/21 | 5/12/22 | 5/11/23 | 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
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
3,367
JPY
Average target price
3,643
JPY
Spread / Average Target
+8.19%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +32.48% | 16.1B | |
| +26.31% | 277B | |
| +3.49% | 70.67B | |
| -0.85% | 64.87B | |
| -10.40% | 62.04B | |
| +27.28% | 52.14B | |
| +16.51% | 51.35B | |
| -0.33% | 48.51B | |
| +24.73% | 42.59B | |
| +30.22% | 41.68B |
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