SMC CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 78,810 JPY | +1.30% |
|
-3.77% | +4.03% |
| May. 15 | SMC's Profit Down 21% in Fiscal 2023 | MT |
| May. 14 | Smc Corporation Expects to Pay Dividend At the End of Year Ending March 31, 2025 | CI |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 2,791,616 | 3,043,226 | 4,249,298 | 4,498,029 | 4,504,091 | 5,057,963 | - | - |
| Enterprise Value (EV) 1 | 2,247,268 | 2,535,133 | 3,619,539 | 3,812,519 | 3,892,781 | 5,444,322 | 4,456,513 | 4,421,955 |
| P/E ratio | 21.4 x | 27.6 x | 35.1 x | 23.5 x | 20.3 x | 30.7 x | 26.1 x | 22.2 x |
| Yield | 0.96% | 0.87% | 0.78% | 1.09% | 1.29% | 1.12% | 1.29% | 1.42% |
| Capitalization / Revenue | 4.84 x | 5.79 x | 7.7 x | 6.18 x | 5.46 x | 7.01 x | 5.98 x | 5.42 x |
| EV / Revenue | 3.9 x | 4.82 x | 6.56 x | 5.24 x | 4.72 x | 7.01 x | 5.27 x | 4.74 x |
| EV / EBITDA | 11.4 x | 15.6 x | 21.1 x | 15.3 x | 13.7 x | 23.7 x | 15.8 x | 13.4 x |
| EV / FCF | 134 x | 25.4 x | 18.7 x | 95.6 x | 268 x | 32.2 x | 34.6 x | 31 x |
| FCF Yield | 0.75% | 3.93% | 5.36% | 1.05% | 0.37% | 3.1% | 2.89% | 3.23% |
| Price to Book | 2.25 x | 2.43 x | 3.09 x | 2.89 x | 2.65 x | 2.89 x | 2.64 x | 2.46 x |
| Nbr of stocks (in thousands) | 67,219 | 66,519 | 66,075 | 65,340 | 64,501 | 64,179 | - | - |
| Reference price 2 | 41,530 | 45,750 | 64,310 | 68,840 | 69,830 | 78,810 | 78,810 | 78,810 |
| Announcement Date | 5/15/19 | 5/15/20 | 5/14/21 | 5/13/22 | 5/15/23 | 5/14/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 576,948 | 526,000 | 552,100 | 727,397 | 824,772 | 776,873 | 845,994 | 933,281 |
| EBITDA 1 | 196,458 | 162,923 | 171,800 | 248,414 | 283,967 | 229,581 | 281,879 | 329,436 |
| EBIT 1 | 180,203 | 146,254 | 153,300 | 227,857 | 258,200 | 196,226 | 242,217 | 284,395 |
| Operating Margin | 31.23% | 27.8% | 27.77% | 31.32% | 31.31% | 25.26% | 28.63% | 30.47% |
| Earnings before Tax (EBT) 1 | 197,081 | 158,133 | 172,482 | 272,851 | 308,777 | 252,653 | 270,400 | 318,682 |
| Net income 1 | 130,631 | 110,500 | 121,700 | 192,991 | 224,609 | 178,321 | 194,200 | 226,530 |
| Net margin | 22.64% | 21.01% | 22.04% | 26.53% | 27.23% | 22.95% | 22.96% | 24.27% |
| EPS 2 | 1,943 | 1,656 | 1,832 | 2,924 | 3,445 | 2,767 | 3,023 | 3,550 |
| Free Cash Flow 1 | 16,827 | 99,687 | 193,913 | 39,878 | 14,531 | 137,733 | 128,650 | 142,653 |
| FCF margin | 2.92% | 18.95% | 35.12% | 5.48% | 1.76% | 17.75% | 15.21% | 15.29% |
| FCF Conversion (EBITDA) | 8.57% | 61.19% | 112.87% | 16.05% | 5.12% | 57.12% | 45.64% | 43.3% |
| FCF Conversion (Net income) | 12.88% | 90.21% | 159.34% | 20.66% | 6.47% | 77.99% | 66.25% | 62.97% |
| Dividend per Share 2 | 400.0 | 400.0 | 500.0 | 750.0 | 900.0 | 950.0 | 1,014 | 1,121 |
| Announcement Date | 5/15/19 | 5/15/20 | 5/14/21 | 5/13/22 | 5/15/23 | 5/14/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2020 S2 | 2021 S1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 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 | 264,470 | 261,530 | 251,993 | 175,917 | 358,691 | 183,747 | 184,959 | 211,359 | 210,170 | 421,529 | 205,946 | 197,297 | - | 198,970 | 194,581 | 393,551 | 189,068 | 194,254 | - | 194,000 | 204,000 | - | 219,000 | 231,000 | - | - | - |
| EBITDA | - | - | - | 65,409 | - | 62,527 | 58,116 | - | - | - | 70,788 | 67,337 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 73,472 | 72,782 | 65,045 | 60,651 | 118,035 | 57,168 | 52,654 | 67,975 | 65,674 | 133,649 | 64,162 | 60,389 | - | 56,105 | 49,019 | 105,124 | 50,067 | 41,035 | - | 46,000 | 62,000 | - | 69,000 | 72,000 | - | - | - |
| Operating Margin | 27.78% | 27.83% | 25.81% | 34.48% | 32.91% | 31.11% | 28.47% | 32.16% | 31.25% | 31.71% | 31.15% | 30.61% | - | 28.2% | 25.19% | 26.71% | 26.48% | 21.12% | - | 23.71% | 30.39% | - | 31.51% | 31.17% | - | - | - |
| Earnings before Tax (EBT) 1 | 72,925 | - | 67,843 | 64,415 | 125,826 | 69,774 | 77,251 | 106,182 | 77,316 | 183,498 | 53,524 | 71,755 | - | 74,907 | 60,315 | 135,222 | 51,409 | 66,022 | - | 55,150 | 65,900 | - | 72,400 | 80,150 | - | - | - |
| Net income 1 | 53,603 | - | 46,281 | 44,306 | 90,269 | 48,750 | 53,972 | 75,403 | 57,651 | 133,054 | 40,712 | 50,843 | - | 52,148 | 42,587 | 94,735 | 42,569 | 41,017 | - | 38,000 | 50,000 | - | 53,000 | 56,300 | - | - | - |
| Net margin | 20.27% | - | 18.37% | 25.19% | 25.17% | 26.53% | 29.18% | 35.68% | 27.43% | 31.56% | 19.77% | 25.77% | - | 26.21% | 21.89% | 24.07% | 22.52% | 21.12% | - | 19.59% | 24.51% | - | 24.2% | 24.37% | - | - | - |
| EPS 2 | 801.2 | - | 695.8 | 670.5 | 1,366 | 737.8 | 819.8 | 1,154 | 882.3 | 2,036 | 624.0 | 784.2 | - | 808.5 | 660.3 | 1,469 | 560.2 | 637.9 | - | 632.6 | 689.9 | - | 806.5 | 884.7 | - | - | - |
| Dividend per Share | 200.0 | - | 200.0 | 300.0 | 300.0 | - | 450.0 | - | 450.0 | 450.0 | - | 450.0 | 450.0 | - | 450.0 | 450.0 | - | - | 500.0 | - | - | 500.0 | - | - | 550.0 | 550.0 | 650.0 |
| Announcement Date | 11/12/19 | 5/15/20 | 11/13/20 | 11/12/21 | 11/12/21 | 2/14/22 | 5/13/22 | 8/10/22 | 11/14/22 | 11/14/22 | 2/14/23 | 5/15/23 | 5/15/23 | 8/9/23 | 11/14/23 | 11/14/23 | 2/13/24 | 5/14/24 | 5/14/24 | - | - | - | - | - | - | - | - |
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 | 544,348 | 508,093 | 629,759 | 685,510 | 611,310 | 619,715 | 601,450 | 636,009 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 16,827 | 99,687 | 193,913 | 39,878 | 14,531 | 137,733 | 128,650 | 142,653 |
| ROE (net income / shareholders' equity) | 10.9% | 8.9% | 9.3% | 13.2% | 13.8% | 10% | 10.2% | 11.4% |
| ROA (Net income/ Total Assets) | 14.4% | 11.4% | 11.7% | 16.5% | 16.5% | 12.5% | 9.2% | 10.2% |
| Assets 1 | 906,303 | 969,306 | 1,037,762 | 1,169,982 | 1,357,245 | 1,428,831 | 2,110,872 | 2,212,478 |
| Book Value Per Share 2 | 18,447 | 18,795 | 20,835 | 23,808 | 26,332 | 29,339 | 29,819 | 32,015 |
| Cash Flow per Share 2 | 2,185 | 1,906 | 2,112 | 3,235 | 3,840 | 3,284 | 3,633 | 4,205 |
| Capex 1 | 31,900 | 38,370 | 27,400 | 77,588 | 81,592 | 96,289 | 118,558 | 97,745 |
| Capex / Sales | 5.53% | 7.29% | 4.96% | 10.67% | 9.89% | 12.41% | 14.01% | 10.47% |
| Announcement Date | 5/15/19 | 5/15/20 | 5/14/21 | 5/13/22 | 5/15/23 | 5/14/24 | - | - |
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
C+
Sell
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
78,810
JPY
Average target price
95,136
JPY
Spread / Average Target
+20.72%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +4.03% | 32.17B | |
| +23.06% | 8.51B | |
| +9.06% | 7.82B | |
| +25.00% | 5.67B | |
| +18.74% | 3.87B | |
| -10.27% | 3.86B | |
| +11.79% | 3.7B | |
| +13.15% | 3.33B | |
| -6.75% | 2.81B | |
| -28.66% | 2.35B |
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