Financials Makita Corporation

Equities

6586

JP3862400003

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-11 am EDT			5-day change	1st Jan Change
4,597 ^JPY	+2.45%		-1.56%	+18.17%

Apr. 29	Makita's Attributable Profit Up 273.3% in Fiscal 2024	MT
Apr. 26	Makita Corporation Proposes Dividend for the Year Ended March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,046,507	900,080	1,288,398	1,068,481	890,657	1,236,703	-	-
Enterprise Value (EV) ¹	873,966	739,403	1,124,143	1,071,817	914,327	971,951	1,022,839	1,015,822
P/E ratio	18.8 x	18.9 x	20.8 x	16.5 x	76.1 x	26.3 x	22.2 x	19.8 x
Yield	1.61%	1.6%	1.45%	1.83%	0.64%	1.33%	1.45%	1.67%
Capitalization / Revenue	2.13 x	1.83 x	2.12 x	1.45 x	1.16 x	1.55 x	1.65 x	1.57 x
EV / Revenue	1.78 x	1.5 x	1.85 x	1.45 x	1.2 x	1.31 x	1.36 x	1.29 x
EV / EBITDA	9.76 x	9.43 x	10.7 x	9.51 x	16.9 x	10.2 x	9.54 x	8.73 x
EV / FCF	112 x	57.3 x	76.6 x	-6.55 x	135 x	4.6 x	20.4 x	21.6 x
FCF Yield	0.9%	1.74%	1.31%	-15.3%	0.74%	21.8%	4.91%	4.64%
Price to Book	1.83 x	1.58 x	1.96 x	1.43 x	1.16 x	1.32 x	1.38 x	1.34 x
Nbr of stocks (in thousands)	271,467	271,517	271,528	271,533	271,542	269,024	-	-
Reference price ²	3,855	3,315	4,745	3,935	3,280	4,597	4,597	4,597
Announcement Date	4/26/19	5/21/20	4/27/21	4/27/22	4/27/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	490,578	492,617	608,331	739,260	764,702	741,391	750,929	785,912
EBITDA ¹	89,576	78,395	104,955	112,730	54,135	95,094	107,194	116,337
EBIT ¹	78,305	64,046	88,464	91,728	28,246	66,169	79,593	89,039
Operating Margin	15.96%	13%	14.54%	12.41%	3.69%	8.92%	10.6%	11.33%
Earnings before Tax (EBT) ¹	79,919	66,008	87,199	92,483	23,887	64,017	79,356	88,794
Net income ¹	55,750	47,731	62,018	64,770	11,705	43,691	55,751	62,473
Net margin	11.36%	9.69%	10.19%	8.76%	1.53%	5.89%	7.42%	7.95%
EPS ²	205.4	175.8	228.4	238.5	43.11	162.1	206.9	231.7
Free Cash Flow ¹	7,826	12,901	14,682	-163,597	6,750	211,467	50,234	47,115
FCF margin	1.6%	2.62%	2.41%	-22.13%	0.88%	28.52%	6.69%	5.99%
FCF Conversion (EBITDA)	8.74%	16.46%	13.99%	-	12.47%	222.38%	46.86%	40.5%
FCF Conversion (Net income)	14.04%	27.03%	23.67%	-	57.67%	484.01%	90.1%	75.42%
Dividend per Share ²	62.00	53.00	69.00	72.00	21.00	57.00	66.56	76.98
Announcement Date	4/26/19	5/21/20	4/27/21	4/27/22	4/27/23	4/26/24	-	-

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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4
Net sales ¹	243,547	249,070	283,156	325,175	178,933	364,230	182,601	192,429	195,348	195,970	391,318	188,965	184,419	184,455	185,212	369,667	180,947	190,777	371,724	183,333	184,067	359,000	188,133	193,933
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	32,416	31,630	38,165	50,299	23,778	52,160	21,073	18,495	15,228	6,691	21,919	5,239	2,244	16,311	15,449	31,760	16,289	18,120	34,409	20,133	21,467	39,000	20,033	23,367
Operating Margin	13.31%	12.7%	13.48%	15.47%	13.29%	14.32%	11.54%	9.61%	7.8%	3.41%	5.6%	2.77%	1.22%	8.84%	8.34%	8.59%	9%	9.5%	9.26%	10.98%	11.66%	10.86%	10.65%	12.05%
Earnings before Tax (EBT)	34,475	-	38,273	-	22,735	52,600	19,876	20,007	15,719	2,518	18,237	7,765	-2,115	16,045	13,991	30,036	16,077	-	-	-	-	-	-	-
Net income	24,979	-	27,141	-	16,208	37,820	13,535	13,415	10,563	515	11,078	3,141	-2,514	11,185	9,631	20,816	11,821	-	-	-	-	-	-	-
Net margin	10.26%	-	9.59%	-	9.06%	10.38%	7.41%	6.97%	5.41%	0.26%	2.83%	1.66%	-1.36%	6.06%	5.2%	5.63%	6.53%	-	-	-	-	-	-	-
EPS ²	92.01	-	99.96	-	59.70	139.3	49.84	49.41	38.90	1.900	40.80	11.56	-9.250	41.30	35.81	77.11	43.93	41.09	-	-	-	-	-	-
Dividend per Share	10.00	-	10.00	-	10.00	10.00	-	62.00	-	10.00	10.00	-	-	-	10.00	10.00	-	-	-	-	-	-	-	-
Announcement Date	10/30/19	5/21/20	10/30/20	4/27/21	10/28/21	10/28/21	1/31/22	4/27/22	7/26/22	10/28/22	10/28/22	1/31/23	4/27/23	7/31/23	10/31/23	10/31/23	1/31/24	4/26/24	4/26/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	3,336	23,670	-	-	-
Net Cash position ¹	172,541	160,677	164,255	-	-	176,754	213,864	220,881
Leverage (Debt/EBITDA)	-	-	-	0.0296 x	0.4372 x	-	-	-
Free Cash Flow ¹	7,826	12,901	14,682	-163,597	6,750	211,467	50,234	47,115
ROE (net income / shareholders' equity)	9.9%	8.3%	10.1%	9.2%	1.5%	5.3%	6.21%	6.8%
ROA (Net income/ Total Assets)	12%	9.74%	11.7%	10.2%	2.27%	5.94%	4.99%	5.68%
Assets ¹	464,338	489,839	528,952	637,445	516,194	735,438	1,116,176	1,100,687
Book Value Per Share ²	2,110	2,104	2,423	2,749	2,833	3,227	3,328	3,435
Cash Flow per Share ²	247.0	229.0	289.0	316.0	138.0	269.0	299.0	319.0
Capex ¹	23,867	44,409	49,855	59,937	39,088	17,851	29,386	30,748
Capex / Sales	4.87%	9.01%	8.2%	8.11%	5.11%	2.41%	3.91%	3.91%
Announcement Date	4/26/19	5/21/20	4/27/21	4/27/22	4/27/23	4/26/24	-	-

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 Makita Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,597 JPY

Average target price

4,894 JPY

Spread / Average Target

+6.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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