Financials Daifuku Co., Ltd.

Equities

6383

JP3497400006

Heavy Electrical Equipment

Delayed Japan Exchange Other stock markets 08:31:52 2024-04-30 pm EDT			5-day change	1st Jan Change
3,215 ^JPY	-1.44%		+2.78%	+12.88%

Mar. 18	Jefferies Adjusts Daifuku’s Price Target to 4,100 Yen From 3,500 Yen, Keeps at Buy	MT
Mar. 12	Toyota becomes Asia's most shorted large-cap stock - Hazeltree	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	724,584	862,354	1,365,713	1,107,694	923,594	1,209,067	-	-
Enterprise Value (EV) ¹	673,668	824,864	1,306,689	1,015,281	832,307	1,097,791	1,092,153	1,072,950
P/E ratio	18.3 x	30.7 x	42.2 x	30.9 x	22.4 x	28.9 x	25.2 x	22.6 x
Yield	1.56%	1.09%	0.74%	1.02%	1.5%	1.14%	1.3%	1.42%
Capitalization / Revenue	1.58 x	1.94 x	2.88 x	2.16 x	1.53 x	1.98 x	1.92 x	1.79 x
EV / Revenue	1.47 x	1.86 x	2.76 x	1.98 x	1.38 x	1.8 x	1.74 x	1.59 x
EV / EBITDA	11.4 x	17.9 x	25.6 x	17.6 x	12.4 x	16.5 x	14.5 x	12.7 x
EV / FCF	257 x	-640 x	42.5 x	21.7 x	102 x	30.9 x	35.4 x	29.2 x
FCF Yield	0.39%	-0.16%	2.35%	4.62%	0.98%	3.24%	2.82%	3.42%
Price to Book	3.31 x	3.7 x	5.31 x	3.81 x	2.78 x	3.38 x	3.09 x	2.83 x
Nbr of stocks (in thousands)	377,387	377,673	377,965	378,053	378,057	370,652	-	-
Reference price ²	1,920	2,283	3,613	2,930	2,443	3,262	3,262	3,262
Announcement Date	5/10/19	5/12/20	5/11/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	459,486	443,694	473,902	512,268	601,922	609,124	628,608	675,097
EBITDA ¹	59,279	46,164	50,967	57,578	67,376	66,368	75,409	84,736
EBIT ¹	54,681	40,497	44,566	50,252	58,854	57,371	64,266	72,370
Operating Margin	11.9%	9.13%	9.4%	9.81%	9.78%	9.42%	10.22%	10.72%
Earnings before Tax (EBT) ¹	55,329	39,808	45,109	50,978	55,052	58,898	64,947	75,098
Net income ¹	39,567	28,063	32,390	35,877	41,248	42,124	47,005	53,988
Net margin	8.61%	6.32%	6.83%	7%	6.85%	6.92%	7.48%	8%
EPS ²	104.8	74.32	85.71	94.90	109.1	112.8	129.2	144.6
Free Cash Flow ¹	2,622	-1,289	30,767	46,863	8,160	35,523	30,846	36,717
FCF margin	0.57%	-0.29%	6.49%	9.15%	1.36%	5.83%	4.91%	5.44%
FCF Conversion (EBITDA)	4.42%	-	60.37%	81.39%	12.11%	53.52%	40.91%	43.33%
FCF Conversion (Net income)	6.63%	-	94.99%	130.62%	19.78%	84.33%	65.62%	68.01%
Dividend per Share ²	30.00	25.00	26.67	30.00	36.67	37.25	42.29	46.25
Announcement Date	5/10/19	5/12/20	5/11/21	5/13/22	5/12/23	-	-	-

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	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	208,734	234,960	230,006	243,896	123,180	243,422	126,058	142,788	268,846	130,200	147,500	277,700	157,907	166,315	324,222	134,500	146,700	281,200	156,122	171,371	162,800	159,900	160,300	164,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	21,084	-	-	-	-	-	-	-	-	-	-
EBIT ¹	17,286	23,211	19,669	24,897	9,783	20,327	12,666	17,259	29,925	10,200	14,200	24,400	15,704	18,750	34,454	8,200	10,800	19,000	18,031	20,573	16,900	16,700	18,600	17,100
Operating Margin	8.28%	9.88%	8.55%	10.21%	7.94%	8.35%	10.05%	12.09%	11.13%	7.83%	9.63%	8.79%	9.95%	11.27%	10.63%	6.1%	7.36%	6.76%	11.55%	12.01%	10.38%	10.44%	11.6%	10.4%
Earnings before Tax (EBT) ¹	18,396	-	20,183	-	9,431	20,426	13,334	17,218	-	8,461	14,458	22,919	16,187	15,946	-	9,380	10,922	20,302	18,338	21,130	-	-	-	-
Net income ¹	13,168	-	14,732	-	6,174	13,919	9,936	12,022	-	5,800	11,200	17,000	11,750	12,498	-	7,100	7,100	14,206	13,238	15,128	-	-	-	-
Net margin	6.31%	-	6.41%	-	5.01%	5.72%	7.88%	8.42%	-	4.45%	7.59%	6.12%	7.44%	7.51%	-	5.28%	4.84%	5.05%	8.48%	8.83%	-	-	-	-
EPS ²	34.88	-	38.99	-	16.38	36.82	26.28	31.80	-	15.43	29.57	45.00	31.08	33.03	-	18.99	18.70	37.69	35.53	42.70	-	-	-	-
Dividend per Share	10.00	-	10.00	-	11.67	11.67	-	18.33	-	-	13.33	13.33	-	20.00	-	-	14.00	14.00	-	-	-	-	-	-
Announcement Date	11/8/19	5/12/20	11/6/20	5/11/21	11/5/21	11/5/21	2/4/22	5/13/22	5/13/22	8/8/22	11/8/22	11/8/22	2/9/23	5/12/23	5/12/23	8/8/23	11/8/23	11/8/23	2/8/24	-	-	-	-	-

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	50,916	37,490	59,024	92,413	91,287	111,276	116,914	136,117
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,622	-1,289	30,767	46,863	8,160	35,523	30,846	36,717
ROE (net income / shareholders' equity)	19.5%	12.4%	13.2%	13.1%	13.2%	12.2%	13%	13.1%
ROA (Net income/ Total Assets)	14.3%	9.98%	10.7%	11%	11.5%	7.66%	8.12%	8.47%
Assets ¹	277,644	281,092	302,501	325,071	357,155	549,920	579,112	637,650
Book Value Per Share ²	579.0	617.0	680.0	769.0	878.0	964.0	1,054	1,151
Cash Flow per Share ²	117.0	89.30	103.0	114.0	132.0	174.0	146.0	160.0
Capex ¹	7,920	13,220	7,462	11,565	16,811	21,719	23,171	20,954
Capex / Sales	1.72%	2.98%	1.57%	2.26%	2.79%	3.57%	3.69%	3.1%
Announcement Date	5/10/19	5/12/20	5/11/21	5/13/22	5/12/23	-	-	-

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 Daifuku Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,262 JPY

Average target price

3,574 JPY

Spread / Average Target

+9.57%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Elevator & Conveying Equipment

	1st Jan change	Capi.
DAIFUKU CO., LTD.	+12.88%	7.5B
OTIS WORLDWIDE CORPORATION	+1.93%	37.75B
SCHINDLER HOLDING AG	+12.53%	26.61B
INTERROLL HOLDING AG	+11.24%	2.69B
KARDEX HOLDING AG	+11.93%	2.06B
FUJITEC CO., LTD.	+8.92%	1.89B
SHANGHAI MECHANICAL & ELECTRICAL INDUSTRY CO.,LTD.	+8.51%	1.68B
GUANGZHOU GUANGRI STOCK CO.,LTD.	+53.33%	1.33B
ATLANTIS GLORY INC.	-99.92%	1.24B
HYUNDAI ELEVATOR CO., LTD	-8.68%	1.06B

Elevator & Conveying Equipment