Financials Yokogawa Bridge Holdings Corp.

Equities

5911

JP3955200005

Construction & Engineering

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-12 am EDT			5-day change	1st Jan Change
2,789 ^JPY	-0.14%		-0.82%	+9.93%

May. 20	Yokogawa Bridge's Profit Up 5% in 12 Months to March	MT
May. 13	Yokogawa Bridge Holdings Corp. Provides Consolidated Earnings Guidance for the Six Months Ending September 30, 2024 and Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	81,467	84,571	80,223	88,513	119,540	113,675	-	-
Enterprise Value (EV) ¹	70,548	81,554	66,184	84,811	123,052	111,775	107,475	105,475
P/E ratio	9.04 x	7.51 x	7.26 x	7.92 x	10.1 x	9.04 x	8.47 x	7.78 x
Yield	1.88%	2.54%	3.86%	3.93%	3.22%	3.94%	4.06%	4.19%
Capitalization / Revenue	0.59 x	0.62 x	0.59 x	0.54 x	0.73 x	0.68 x	0.63 x	0.6 x
EV / Revenue	0.51 x	0.6 x	0.48 x	0.51 x	0.75 x	0.67 x	0.6 x	0.56 x
EV / EBITDA	4.49 x	4.2 x	3.59 x	4.44 x	6.22 x	5.95 x	5.43 x	5.02 x
EV / FCF	173 x	-14.1 x	4.87 x	-10.9 x	-47.2 x	13 x	18.4 x	12.5 x
FCF Yield	0.58%	-7.1%	20.5%	-9.15%	-2.12%	7.66%	5.43%	8.03%
Price to Book	0.91 x	0.84 x	0.74 x	0.77 x	0.96 x	0.87 x	0.83 x	0.79 x
Nbr of stocks (in thousands)	41,396	41,234	41,309	40,903	40,536	40,700	-	-
Reference price ²	1,968	2,051	1,942	2,164	2,949	2,793	2,793	2,793
Announcement Date	5/14/20	5/14/21	5/13/22	5/15/23	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	138,144	136,091	136,931	164,968	164,076	167,300	179,950	189,150
EBITDA ¹	15,701	19,413	18,422	19,097	19,776	18,800	19,800	21,000
EBIT ¹	12,883	15,966	14,752	15,218	15,946	17,150	18,400	20,250
Operating Margin	9.33%	11.73%	10.77%	9.22%	9.72%	10.25%	10.23%	10.71%
Earnings before Tax (EBT) ¹	13,446	16,523	16,269	16,527	17,531	18,350	19,550	21,150
Net income ¹	9,004	11,289	11,043	11,243	11,854	12,550	13,350	14,500
Net margin	6.52%	8.3%	8.06%	6.82%	7.22%	7.5%	7.42%	7.67%
EPS ²	217.6	273.1	267.5	273.4	291.2	308.9	329.6	359.1
Free Cash Flow ¹	407	-5,790	13,600	-7,760	-2,609	8,567	5,840	8,465
FCF margin	0.29%	-4.25%	9.93%	-4.7%	-1.59%	5.12%	3.25%	4.48%
FCF Conversion (EBITDA)	2.59%	-	73.82%	-	-	45.57%	29.49%	40.31%
FCF Conversion (Net income)	4.52%	-	123.15%	-	-	68.26%	43.75%	58.38%
Dividend per Share ²	37.00	52.00	75.00	85.00	95.00	110.0	113.5	117.0
Announcement Date	5/14/20	5/14/21	5/13/22	5/15/23	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	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 Q3	2025 Q4
Net sales ¹	74,135	68,395	67,696	61,838	35,779	39,314	75,093	35,202	40,782	75,984	43,319	45,665	88,984	40,027	42,279	82,306	42,886	38,884	81,770	36,250	39,250	41,700	45,400
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,138	8,292	7,674	6,157	3,691	4,904	8,595	1,255	2,663	3,918	5,039	6,261	11,300	3,565	3,751	7,316	5,396	3,234	8,630	3,000	3,450	4,350	4,000
Operating Margin	10.98%	12.12%	11.34%	9.96%	10.32%	12.47%	11.45%	3.57%	6.53%	5.16%	11.63%	13.71%	12.7%	8.91%	8.87%	8.89%	12.58%	8.32%	10.55%	8.28%	8.79%	10.43%	8.81%
Earnings before Tax (EBT)	8,534	8,251	8,272	7,330	3,810	5,129	-	2,503	2,633	5,136	4,983	6,408	11,391	4,250	4,344	8,594	5,822	-	-	-	-	-	-
Net income ¹	5,745	5,556	5,733	4,925	2,520	3,598	6,118	1,670	1,756	3,426	3,283	4,534	7,817	2,846	3,009	5,855	3,939	2,060	5,999	2,000	2,450	2,550	4,100
Net margin	7.75%	8.12%	8.47%	7.96%	7.04%	9.15%	8.15%	4.74%	4.31%	4.51%	7.58%	9.93%	8.78%	7.11%	7.12%	7.11%	9.18%	5.3%	7.34%	5.52%	6.24%	6.12%	9.03%
EPS	-	134.2	-	119.4	61.06	-	-	40.43	-	82.96	79.89	-	-	69.59	-	143.3	96.94	-	-	-	-	-	-
Dividend per Share	20.00	22.00	30.00	35.00	-	-	40.00	-	-	40.00	-	-	-	-	-	45.00	-	-	50.00	-	-	-	-
Announcement Date	5/14/20	10/28/20	5/14/21	10/27/21	1/31/22	5/13/22	5/13/22	7/28/22	10/31/22	10/31/22	1/30/23	5/15/23	5/15/23	7/31/23	10/30/23	10/30/23	1/29/24	5/13/24	5/13/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	3,512	-	-	-
Net Cash position ¹	10,919	3,017	14,039	3,702	-	1,900	6,200	8,200
Leverage (Debt/EBITDA)	-	-	-	-	0.1776 x	-	-	-
Free Cash Flow ¹	407	-5,790	13,600	-7,760	-2,609	8,567	5,840	8,465
ROE (net income / shareholders' equity)	10.4%	11.9%	10.6%	10.1%	9.9%	8.7%	8.8%	8.8%
ROA (Net income/ Total Assets)	8.58%	9.99%	8.76%	8.42%	7.82%	5.2%	5.4%	5.4%
Assets ¹	104,931	113,030	126,022	133,518	151,493	241,346	247,222	268,519
Book Value Per Share ²	2,160	2,452	2,609	2,794	3,057	3,218	3,375	3,546
Cash Flow per Share ²	286.0	356.0	356.0	368.0	385.0	372.0	390.0	406.0
Capex ¹	8,716	5,577	3,738	3,410	2,997	5,250	5,250	5,250
Capex / Sales	6.31%	4.1%	2.73%	2.07%	1.83%	3.14%	2.92%	2.78%
Announcement Date	5/14/20	5/14/21	5/13/22	5/15/23	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 Yokogawa Bridge Holdings Corp.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,793 JPY

Average target price

3,150 JPY

Spread / Average Target

+12.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Civil Engineers & Architects

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Civil Engineers & Architects