Financials Alps Alpine Co., Ltd

Equities

6770

JP3126400005

Electronic Equipment & Parts

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,379 ^JPY	+2.34%		+10.99%	+12.25%

Apr. 11	Jefferies Starts Alps Alpine at Hold With 1,180 Yen Price Target	MT
Mar. 25	Alps Alpine Co., Ltd. Announces Change of Representative Directors and Management Structure, Effective June 26, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	495,895	214,464	302,403	250,926	260,754	283,499	-	-
Enterprise Value (EV) ¹	482,631	184,736	267,272	224,467	298,518	334,570	330,664	340,382
P/E ratio	21 x	-53.7 x	-78 x	10.9 x	22.8 x	-13.5 x	22 x	16.4 x
Yield	2.16%	2.86%	1.37%	1.65%	3.15%	2.34%	2.29%	2.57%
Capitalization / Revenue	0.58 x	0.26 x	0.42 x	0.31 x	0.28 x	0.3 x	0.3 x	0.29 x
EV / Revenue	0.57 x	0.23 x	0.37 x	0.28 x	0.32 x	0.35 x	0.35 x	0.35 x
EV / EBITDA	5.14 x	2.54 x	4.91 x	2.77 x	3.71 x	5.74 x	5.36 x	4.89 x
EV / FCF	23.7 x	4.12 x	182 x	-20 x	-8.44 x	-8.07 x	26.2 x	30.5 x
FCF Yield	4.21%	24.3%	0.55%	-4.99%	-11.8%	-12.4%	3.82%	3.28%
Price to Book	1.33 x	0.66 x	0.88 x	0.64 x	0.65 x	0.76 x	0.75 x	0.73 x
Nbr of stocks (in thousands)	214,673	204,446	207,126	207,206	205,480	205,583	-	-
Reference price ²	2,310	1,049	1,460	1,211	1,269	1,379	1,379	1,379
Announcement Date	4/26/19	5/8/20	4/30/21	4/28/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	851,332	810,570	718,013	802,854	933,114	951,518	943,046	961,536
EBITDA ¹	93,829	72,852	54,445	80,913	80,431	58,319	61,697	69,577
EBIT ¹	49,641	26,795	13,109	35,208	33,595	19,290	20,270	26,311
Operating Margin	5.83%	3.31%	1.83%	4.39%	3.6%	2.03%	2.15%	2.74%
Earnings before Tax (EBT) ¹	41,189	15,568	5,004	38,668	26,812	-13,131	19,538	27,056
Net income ¹	22,114	-4,009	-3,837	22,960	11,470	-21,170	12,976	17,344
Net margin	2.6%	-0.49%	-0.53%	2.86%	1.23%	-2.22%	1.38%	1.8%
EPS ²	110.2	-19.53	-18.72	110.8	55.77	-102.2	62.77	84.34
Free Cash Flow ¹	20,323	44,848	1,471	-11,203	-35,361	-41,441	12,617	11,161
FCF margin	2.39%	5.53%	0.2%	-1.4%	-3.79%	-4.36%	1.34%	1.16%
FCF Conversion (EBITDA)	21.66%	61.56%	2.7%	-	-	-	20.45%	16.04%
FCF Conversion (Net income)	91.9%	-	-	-	-	-	97.23%	64.35%
Dividend per Share ²	50.00	30.00	20.00	20.00	40.00	32.31	31.54	35.42
Announcement Date	4/26/19	5/8/20	4/30/21	4/28/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	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	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	428,141	382,429	320,789	397,224	192,663	367,461	225,856	209,537	435,393	204,978	249,308	454,286	246,330	232,498	218,508	256,501	475,009	260,350	218,270	475,150	221,364	249,792	463,315	258,368	233,144	470,681	473,266	481,426
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	23,513	-	20,430	4,691	-	10,834	20,108	-	20,202	11,144	-	-	-
EBIT ¹	21,529	5,266	-3,502	16,611	10,057	10,552	17,323	7,333	24,656	1,730	18,183	19,913	14,503	-821	-2,539	13,180	10,641	9,942	-4,465	5,846	1,235	8,681	9,132	9,668	4,472	9,208	10,369	11,181
Operating Margin	5.03%	1.38%	-1.09%	4.18%	5.22%	2.87%	7.67%	3.5%	5.66%	0.84%	7.29%	4.38%	5.89%	-0.35%	-1.16%	5.14%	2.24%	3.82%	-2.05%	1.23%	0.56%	3.48%	1.97%	3.74%	1.92%	1.96%	2.19%	2.32%
Earnings before Tax (EBT) ¹	15,693	-	-4,677	-	8,071	8,184	17,574	12,910	-	7,387	18,478	25,865	9,243	-	2,076	14,433	16,509	-28,312	-6,886	-	2,025	9,167	-	10,292	4,026	-	-	-
Net income ¹	5,949	-9,958	-8,992	5,155	6,522	2,177	12,577	8,206	20,783	2,613	14,823	17,436	3,689	-9,655	-2,374	9,085	6,711	-27,087	-14,543	-41,674	597.3	6,242	7,720	7,063	2,515	6,519	6,136	6,944
Net margin	1.39%	-2.6%	-2.8%	1.3%	3.39%	0.59%	5.57%	3.92%	4.77%	1.27%	5.95%	3.84%	1.5%	-4.15%	-1.09%	3.54%	1.41%	-10.4%	-6.66%	-8.77%	0.27%	2.5%	1.67%	2.73%	1.08%	1.39%	1.3%	1.44%
EPS ²	28.86	-	-43.98	25.26	31.49	10.51	60.71	39.60	100.3	12.67	72.03	84.70	17.98	-46.91	-11.55	44.20	32.65	-131.8	-2.564	-203.0	2.357	27.29	38.00	29.74	0.6000	32.00	43.00	43.00
Dividend per Share ²	20.00	-	10.00	-	10.00	10.00	-	10.00	-	-	20.00	20.00	-	20.00	-	20.00	20.00	-	10.00	-	-	20.00	-	-	20.00	-	-	-
Announcement Date	10/30/19	5/8/20	10/30/20	4/30/21	10/28/21	10/28/21	1/28/22	4/28/22	4/28/22	7/29/22	10/28/22	10/28/22	1/31/23	4/28/23	7/28/23	10/30/23	10/30/23	1/30/24	-	-	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	37,764	51,070	47,164	56,883
Net Cash position ¹	13,264	29,728	35,131	26,459	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	0.4695 x	0.8757 x	0.7645 x	0.8175 x
Free Cash Flow ¹	20,323	44,848	1,471	-11,203	-35,361	-41,441	12,617	11,161
ROE (net income / shareholders' equity)	6.6%	-1.2%	-1.1%	6.3%	2.9%	-5.05%	3.5%	4.67%
ROA (Net income/ Total Assets)	6.47%	2.87%	2%	5.6%	4.72%	-1.67%	2.27%	2.8%
Assets ¹	341,692	-139,889	-191,434	409,721	243,010	1,268,155	570,613	618,615
Book Value Per Share ²	1,731	1,587	1,665	1,879	1,937	1,813	1,841	1,891
Cash Flow per Share ²	330.0	205.0	183.0	331.0	283.0	30.80	277.0	284.0
Capex ¹	52,348	42,362	40,354	53,010	50,774	52,175	46,338	46,825
Capex / Sales	6.15%	5.23%	5.62%	6.6%	5.44%	5.48%	4.91%	4.87%
Announcement Date	4/26/19	5/8/20	4/30/21	4/28/22	4/28/23	-	-	-

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 Alps Alpine Co., Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

1,379 JPY

Average target price

1,129 JPY

Spread / Average Target

-18.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electronic Component

	1st Jan change	Capi.
ALPS ALPINE CO., LTD	+12.25%	1.8B
AMPHENOL CORPORATION	+21.55%	72.28B
HON HAI PRECISION INDUSTRY CO., LTD.	+48.33%	65.86B
MURATA MANUFACTURING CO., LTD	-4.21%	34.41B
LUXSHARE PRECISION INDUSTRY CO., LTD.	-16.43%	28.52B
JABIL INC.	-7.17%	14.26B
AVIC JONHON OPTRONIC TECHNOLOGY CO.,LTD.	-13.03%	9.92B
LENS TECHNOLOGY CO., LTD.	+5.83%	9.52B
SUZHOU TFC OPTICAL COMMUNICATION CO., LTD.	+71.16%	8.54B
YAGEO CORPORATION	+3.02%	7.91B

Electronic Component