Financials Computer Engineering & Consulting Ltd.

Equities

9692

JP3346200003

IT Services & Consulting

Delayed Japan Exchange Other stock markets 02:00:00 2024-05-02 am EDT			5-day change	1st Jan Change
1,810 ^JPY	-0.22%		+1.40%	+15.51%

2022	Tranche Update on Computer Engineering & Consulting Ltd.'s Equity Buyback Plan announced on March 11, 2022.	CI
2022	Computer Engineering & Consulting, Ltd.'s Equity Buyback announced on March 11, 2022, has closed with 1,645,100 shares, representing 4.72% for ¥1,999.94 million.	CI

Valuation

Fiscal Period: January	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	72,292	49,201	37,268	50,653	55,332	60,845	-	-
Enterprise Value (EV) ¹	55,159	28,585	15,228	27,727	28,981	35,475	34,565	33,565
P/E ratio	19.9 x	12.2 x	12.3 x	9.93 x	12.2 x	14.3 x	12.8 x	11.7 x
Yield	1.93%	2.84%	3.76%	2.98%	3.34%	3.04%	3.43%	3.87%
Capitalization / Revenue	1.39 x	1.02 x	0.82 x	1.05 x	1.04 x	1.09 x	1.03 x	0.97 x
EV / Revenue	1.06 x	0.6 x	0.34 x	0.58 x	0.55 x	0.63 x	0.58 x	0.54 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	13.1 x	5.85 x	7.55 x	-	5.52 x	9.21 x	8.51 x	7.75 x
FCF Yield	7.65%	17.1%	13.2%	-	18.1%	10.9%	11.7%	12.9%
Price to Book	2.32 x	1.44 x	1.05 x	1.36 x	1.36 x	1.43 x	1.35 x	1.27 x
Nbr of stocks (in thousands)	34,924	34,993	34,993	33,567	33,616	33,616	-	-
Reference price ²	2,070	1,406	1,065	1,509	1,646	1,810	1,810	1,810
Announcement Date	3/12/20	3/12/21	3/11/22	3/10/23	3/8/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: January	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	51,868	48,003	45,220	48,206	53,124	56,000	59,300	62,700
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	5,933	5,048	4,206	4,374	6,361	6,200	6,600	7,000
Operating Margin	11.44%	10.52%	9.3%	9.07%	11.97%	11.07%	11.13%	11.16%
Earnings before Tax (EBT)	5,214	5,629	4,373	6,675	6,393	-	-	-
Net income ¹	3,638	4,036	3,039	5,179	4,541	4,250	4,500	4,800
Net margin	7.01%	8.41%	6.72%	10.74%	8.55%	7.59%	7.59%	7.66%
EPS ²	104.2	115.4	86.85	152.0	135.2	126.4	141.8	154.6
Free Cash Flow ¹	4,222	4,886	2,017	-	5,252	3,850	4,060	4,330
FCF margin	8.14%	10.18%	4.46%	-	9.89%	6.88%	6.85%	6.91%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	116.05%	121.06%	66.37%	-	115.66%	90.59%	90.22%	90.21%
Dividend per Share ²	40.00	40.00	40.00	45.00	55.00	55.00	62.00	70.00
Announcement Date	3/12/20	3/12/21	3/11/22	3/10/23	3/8/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: January	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 Q3	2025 Q4
Net sales ¹	24,559	22,442	11,085	11,693	11,801	11,677	23,478	11,810	12,918	13,222	13,223	26,445	12,830	13,849	14,100	13,800	13,650	14,450
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,671	2,220	823	1,163	900	1,069	1,969	1,308	1,097	1,842	1,683	3,525	1,415	1,421	1,700	1,450	1,450	1,600
Operating Margin	10.88%	9.89%	7.42%	9.95%	7.63%	9.15%	8.39%	11.08%	8.49%	13.93%	12.73%	13.33%	11.03%	10.26%	12.06%	10.51%	10.62%	11.07%
Earnings before Tax (EBT)	3,217	2,247	417	-	906	-	4,252	1,308	-	1,853	-	3,548	1,420	-	-	-	-	-
Net income ¹	2,363	1,536	262	1,241	837	2,658	3,495	886	798	1,286	1,166	2,452	958	1,131	1,160	1,000	990	1,100
Net margin	9.62%	6.84%	2.36%	10.61%	7.09%	22.76%	14.89%	7.5%	6.18%	9.73%	8.82%	9.27%	7.47%	8.17%	8.23%	7.25%	7.25%	7.61%
EPS	67.57	43.92	7.470	-	24.02	-	101.1	26.83	-	38.33	-	73.00	28.49	-	-	-	-	-
Dividend per Share	20.00	20.00	-	-	-	-	25.00	-	-	-	-	25.00	-	-	-	-	-	-
Announcement Date	9/10/20	9/9/21	12/10/21	3/11/22	6/10/22	9/9/22	9/9/22	12/9/22	3/10/23	6/9/23	9/8/23	9/8/23	12/11/23	3/8/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: January	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	17,133	20,616	22,040	22,926	26,351	25,370	26,280	27,280
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	4,222	4,886	2,017	-	5,252	3,850	4,060	4,330
ROE (net income / shareholders' equity)	12.2%	12.4%	8.7%	14.2%	11.6%	-	-	-
ROA (Net income/ Total Assets)	15%	12.1%	9.63%	9.65%	13.1%	-	-	-
Assets ¹	24,232	33,319	31,560	53,679	34,620	-	-	-
Book Value Per Share ²	892.0	978.0	1,015	1,111	1,213	1,269	1,344	1,426
Cash Flow per Share	126.0	135.0	106.0	174.0	155.0	-	-	-
Capex ¹	591	464	1,134	844	430	670	670	670
Capex / Sales	1.14%	0.97%	2.51%	1.75%	0.81%	1.2%	1.13%	1.07%
Announcement Date	3/12/20	3/12/21	3/11/22	3/10/23	3/8/24	-	-	-

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 Computer Engineering & Consulting Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,810 JPY

Average target price

2,300 JPY

Spread / Average Target

+27.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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