Financials Yamato Kogyo Co., Ltd.

Equities

5444

JP3940400009

Iron & Steel

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-05 am EDT			5-day change	1st Jan Change
8,016 ^JPY	-1.56%		+2.43%	+7.73%

May. 31	PT Hanwa Indonesia, Siam Yamato Steel Company Limited and Yamato Kogyo Co., Ltd. completed the acquisition of 95% stake in PT Nusantara Baja Profil from PT Gunung Raja Paksi Tbk for $358 million.	CI
Jan. 31	Jefferies Adjusts Yamato Kogyo's Price Target to 10,000 Yen From 8,200 Yen, Keeps at Buy	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	124,005	215,768	236,597	340,143	547,165	510,662	-	-
Enterprise Value (EV) ¹	23,822	114,196	136,860	177,702	309,942	291,725	269,627	242,987
P/E ratio	8.4 x	43.6 x	6.01 x	5.21 x	7.81 x	8.57 x	8.79 x	8.69 x
Yield	5.39%	2.44%	4.31%	5.62%	4.66%	4.99%	4.83%	4.83%
Capitalization / Revenue	0.68 x	1.59 x	1.58 x	1.89 x	3.35 x	2.75 x	2.47 x	2.38 x
EV / Revenue	0.13 x	0.84 x	0.91 x	0.98 x	1.9 x	1.57 x	1.31 x	1.13 x
EV / EBITDA	1.29 x	6.89 x	7.21 x	7.75 x	13 x	14 x	11.2 x	9.64 x
EV / FCF	1.46 x	42.9 x	1.55 x	3.76 x	4.28 x	6.91 x	6.42 x	5.21 x
FCF Yield	68.5%	2.33%	64.4%	26.6%	23.3%	14.5%	15.6%	19.2%
Price to Book	0.39 x	0.71 x	0.68 x	0.77 x	1.05 x	0.92 x	0.87 x	0.82 x
Nbr of stocks (in thousands)	66,885	65,683	63,687	63,697	63,705	63,705	-	-
Reference price ²	1,854	3,285	3,715	5,340	8,589	8,016	8,016	8,016
Announcement Date	5/15/20	4/30/21	4/28/22	4/28/23	4/30/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	181,964	136,025	150,029	180,438	163,479	185,500	206,367	214,667
EBITDA ¹	18,418	16,586	18,977	22,932	23,769	20,850	24,000	25,200
EBIT ¹	11,333	10,018	13,290	16,813	17,282	12,867	14,833	15,667
Operating Margin	6.23%	7.36%	8.86%	9.32%	10.57%	6.94%	7.19%	7.3%
Earnings before Tax (EBT) ¹	22,789	11,770	57,373	89,235	96,529	82,633	80,900	81,733
Net income ¹	14,762	4,984	39,917	65,317	70,018	59,567	58,100	58,767
Net margin	8.11%	3.66%	26.61%	36.2%	42.83%	32.11%	28.15%	27.38%
EPS ²	220.7	75.29	618.6	1,025	1,099	935.1	912.0	922.6
Free Cash Flow ¹	16,325	2,664	88,193	47,231	72,365	42,200	41,967	46,667
FCF margin	8.97%	1.96%	58.78%	26.18%	44.27%	22.75%	20.34%	21.74%
FCF Conversion (EBITDA)	88.64%	16.06%	464.74%	205.96%	304.45%	202.4%	174.86%	185.19%
FCF Conversion (Net income)	110.59%	53.45%	220.94%	72.31%	103.35%	70.84%	72.23%	79.41%
Dividend per Share ²	100.0	80.00	160.0	300.0	400.0	400.0	387.5	387.5
Announcement Date	5/15/20	4/30/21	4/28/22	4/28/23	4/30/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	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
Net sales ¹	84,236	67,692	40,014	42,323	46,992	47,781	94,773	44,347	41,318	42,527	37,846	80,373	41,832	41,274	41,200	44,050	81,500	51,451	48,349
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,832	3,754	4,777	4,759	4,221	5,196	9,417	4,156	3,240	4,115	3,739	7,854	4,919	4,509	2,250	2,950	4,900	4,250	3,350
Operating Margin	8.11%	5.55%	11.94%	11.24%	8.98%	10.87%	9.94%	9.37%	7.84%	9.68%	9.88%	9.77%	11.76%	10.92%	5.46%	6.7%	6.01%	8.26%	6.93%
Earnings before Tax (EBT) ¹	5,384	21,097	18,500	17,776	23,175	26,981	50,156	21,399	-	24,372	-	49,192	21,681	-	20,070	20,830	40,900	22,400	17,300
Net income ¹	1,940	14,842	12,981	12,094	18,039	19,836	37,875	15,265	12,177	18,311	18,031	36,342	15,519	18,157	15,000	14,750	29,500	15,200	12,650
Net margin	2.3%	21.93%	32.44%	28.58%	38.39%	41.51%	39.96%	34.42%	29.47%	43.06%	47.64%	45.22%	37.1%	43.99%	36.41%	33.48%	36.2%	29.54%	26.16%
EPS	29.07	228.2	201.1	-	283.2	-	594.7	239.7	-	287.5	-	570.5	243.6	-	-	-	-	-	-
Dividend per Share	40.00	60.00	-	-	-	-	150.0	-	-	-	-	150.0	-	-	-	-	-	-	-
Announcement Date	11/2/20	10/29/21	1/31/22	4/28/22	8/1/22	10/31/22	10/31/22	1/31/23	4/28/23	7/31/23	10/31/23	10/31/23	1/31/24	4/30/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	100,183	101,572	99,737	162,441	237,223	218,937	241,035	267,675
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	16,325	2,664	88,193	47,231	72,365	42,200	41,967	46,667
ROE (net income / shareholders' equity)	4.7%	1.6%	12.2%	16.5%	14.5%	11.1%	10.2%	9.7%
ROA (Net income/ Total Assets)	6.03%	5.81%	14.9%	19.5%	17.7%	9.65%	9%	8.7%
Assets ¹	244,839	85,822	268,226	335,603	396,506	617,271	645,556	675,479
Book Value Per Share ²	4,751	4,599	5,501	6,917	8,208	8,713	9,232	9,768
Cash Flow per Share	327.0	174.0	707.0	1,120	1,201	-	-	-
Capex ¹	9,780	6,464	3,606	5,423	8,550	19,500	17,500	17,500
Capex / Sales	5.37%	4.75%	2.4%	3.01%	5.23%	10.51%	8.48%	8.15%
Announcement Date	5/15/20	4/30/21	4/28/22	4/28/23	4/30/24	-	-	-

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 Yamato Kogyo Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

8,016 JPY

Average target price

9,075 JPY

Spread / Average Target

+13.21%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
YAMATO KOGYO CO., LTD.	+7.73%	3.18B
JSW STEEL LIMITED	+8.38%	27.84B
BAOSHAN IRON & STEEL CO., LTD.	+18.04%	20.9B
JINDAL STEEL & POWER LIMITED	+40.42%	12.83B
CHINA STEEL CORPORATION	-12.78%	11.07B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	-3.49%	9.41B
BHARAT FORGE LIMITED	+35.03%	9.33B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	-2.74%	8.87B
JINDAL STAINLESS LIMITED	+44.69%	8.16B
TERNIUM S.A.	-11.84%	7.35B

Iron, Steel Mills & Foundries