Financials Disco Corporation

Equities

6146

JP3548600000

Semiconductor Equipment & Testing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
46,010 ^JPY	-2.27%		-7.61%	+31.53%

Apr. 25	Disco's Profit Up 2% in Fiscal Year 2023	MT
Apr. 25	DISCO Corporation Announces Dividend Payout for Fiscal Year 2023	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	566,555	767,912	1,252,293	1,241,500	1,657,021	4,985,130	-	-
Enterprise Value (EV) ¹	475,175	680,003	1,142,484	1,115,729	1,493,968	5,980,985	4,725,208	4,663,085
P/E ratio	19.7 x	27.8 x	32 x	18.7 x	20 x	73.6 x	39.2 x	33.8 x
Yield	2.04%	2.05%	1.95%	2.35%	2%	0.54%	1.19%	1.37%
Capitalization / Revenue	3.84 x	5.44 x	6.85 x	4.89 x	5.83 x	20.1 x	13 x	11.5 x
EV / Revenue	3.22 x	4.82 x	6.25 x	4.4 x	5.26 x	19.4 x	12.4 x	10.7 x
EV / EBITDA	10.6 x	15.8 x	19.1 x	11.2 x	12.4 x	45.1 x	24.5 x	21.4 x
EV / FCF	37.1 x	121 x	26.2 x	27.8 x	21.7 x	73.7 x	49.4 x	38.7 x
FCF Yield	2.69%	0.83%	3.82%	3.59%	4.6%	1.36%	2.02%	2.58%
Price to Book	2.59 x	3.4 x	4.99 x	4.24 x	4.78 x	15.3 x	10.7 x	9.07 x
Nbr of stocks (in thousands)	107,778	107,853	108,112	108,270	108,302	108,349	-	-
Reference price ²	5,257	7,120	11,583	11,467	15,300	46,010	46,010	46,010
Announcement Date	5/8/19	4/23/20	4/22/21	4/21/22	4/20/23	4/25/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	147,500	141,083	182,857	253,781	284,135	307,554	382,468	434,661
EBITDA ¹	44,740	43,063	59,921	100,064	120,784	132,521	192,541	217,799
EBIT ¹	38,645	36,451	53,106	91,513	110,413	121,490	165,848	198,975
Operating Margin	26.2%	25.84%	29.04%	36.06%	38.86%	39.5%	43.36%	45.78%
Earnings before Tax (EBT) ¹	38,256	38,277	53,434	92,251	112,785	114,576	169,136	198,866
Net income ¹	28,824	27,653	39,091	66,206	82,891	84,205	127,242	147,299
Net margin	19.54%	19.6%	21.38%	26.09%	29.17%	27.38%	33.27%	33.89%
EPS ²	267.4	256.5	361.8	611.7	765.5	777.3	1,175	1,360
Free Cash Flow ¹	12,798	5,639	43,602	40,063	68,706	81,121	95,666	120,375
FCF margin	8.68%	4%	23.84%	15.79%	24.18%	26.38%	25.01%	27.69%
FCF Conversion (EBITDA)	28.61%	13.09%	72.77%	40.04%	56.88%	61.21%	49.69%	55.27%
FCF Conversion (Net income)	44.4%	20.39%	111.54%	60.51%	82.89%	96.34%	75.18%	81.72%
Dividend per Share ²	107.3	146.0	225.7	269.3	305.3	307.0	545.4	629.2
Announcement Date	5/8/19	4/23/20	4/22/21	4/21/22	4/20/23	4/25/24	-	-

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	2022 S2	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	67,863	-	83,215	99,642	-	116,082	-	73,512	137,699	59,749	79,532	139,281	65,839	79,015	144,854	53,961	72,299	126,260	76,995	104,299	181,294	87,475	95,882	-	98,766	106,317	-	-	-
EBITDA ¹	-	-	-	-	26,504	-	25,647	30,746	-	23,731	35,773	-	26,975	34,027	-	19,479	30,731	-	-	49,108	-	45,874	47,380	-	50,095	-	-	-	-
EBIT ¹	17,231	-	23,359	29,747	24,514	39,958	23,292	28,263	51,555	21,592	33,278	54,870	24,258	31,285	55,543	16,972	28,037	45,009	30,354	46,127	76,481	36,664	41,993	-	43,951	48,959	-	-	-
Operating Margin	25.39%	-	28.07%	29.85%	-	34.42%	-	38.45%	37.44%	36.14%	41.84%	39.4%	36.84%	39.59%	38.34%	31.45%	38.78%	35.65%	39.42%	44.23%	42.19%	41.91%	43.8%	-	44.5%	46.05%	-	-	-
Earnings before Tax (EBT) ¹	18,274	-	23,091	30,343	25,119	39,835	23,902	28,514	52,416	22,737	34,799	57,536	22,522	32,727	-	18,139	28,107	46,246	21,876	46,454	-	29,300	43,200	-	36,900	50,400	-	-	-
Net income ¹	13,044	-	16,600	22,491	18,011	28,592	16,917	20,697	37,614	16,039	24,634	40,673	16,546	25,672	42,218	12,682	20,026	32,708	16,072	35,425	51,497	26,654	30,946	-	32,334	38,030	-	-	-
Net margin	19.22%	-	19.95%	22.57%	-	24.63%	-	28.15%	27.32%	26.84%	30.97%	29.2%	25.13%	32.49%	29.15%	23.5%	27.7%	25.91%	20.87%	33.96%	28.41%	30.47%	32.28%	-	32.74%	35.77%	-	-	-
EPS ²	121.0	-	153.7	208.1	166.4	264.2	156.3	191.2	347.4	148.1	227.5	375.6	152.8	237.1	389.8	117.1	184.9	302.0	148.3	327.0	475.3	246.8	304.8	-	350.3	403.7	-	-	-
Dividend per Share	30.33	115.7	38.67	187.0	66.33	66.33	-	203.0	203.0	-	94.00	94.00	-	-	-	-	76.00	76.00	-	-	193.0	-	130.6	142.0	-	572.5	401.0	155.0	509.0
Announcement Date	10/24/19	4/23/20	10/22/20	4/22/21	10/21/21	10/21/21	1/25/22	4/21/22	4/21/22	7/21/22	10/20/22	10/20/22	1/24/23	4/20/23	4/20/23	7/20/23	10/19/23	10/19/23	1/24/24	4/25/24	4/25/24	-	-	-	-	-	-	-	-

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	91,380	87,909	109,809	125,771	163,053	215,486	259,922	322,045
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	12,798	5,639	43,602	40,063	68,706	81,121	95,666	120,375
ROE (net income / shareholders' equity)	13.6%	12.7%	16.4%	24.3%	25.9%	22.4%	28.9%	29.1%
ROA (Net income/ Total Assets)	15.1%	14.4%	17.8%	25.2%	25.7%	23.9%	27.3%	21.4%
Assets ¹	190,341	192,167	219,896	262,666	322,205	352,544	466,087	687,233
Book Value Per Share ²	2,031	2,091	2,322	2,703	3,202	3,740	4,318	5,075
Cash Flow per Share ²	324.0	318.0	425.0	691.0	861.0	879.0	1,109	1,339
Capex ¹	14,436	24,868	21,026	43,576	14,972	16,140	16,000	21,571
Capex / Sales	9.79%	17.63%	11.5%	17.17%	5.27%	5.25%	4.18%	4.96%
Announcement Date	5/8/19	4/23/20	4/22/21	4/21/22	4/20/23	4/25/24	-	-

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 Disco Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

46,010 JPY

Average target price

52,938 JPY

Spread / Average Target

+15.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Semiconductor Machinery Manufacturing

	1st Jan change	Capi.
DISCO CORPORATION	+31.53%	31.67B
APPLIED MATERIALS, INC.	+25.49%	169B
ASM INTERNATIONAL N.V.	+32.74%	32.77B
GLOBALFOUNDRIES, INC.	-20.15%	26.77B
NAURA TECHNOLOGY GROUP CO., LTD.	+27.65%	22.95B
ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA	-12.08%	11.56B
BE SEMICONDUCTOR INDUSTRIES N.V.	-4.43%	10.72B
HANMI SEMICONDUCTOR CO., LTD.	+122.37%	9.62B
KOKUSAI ELECTRIC CORPORATION	+31.00%	5.94B
ACM RESEARCH (SHANGHAI), INC.	-19.16%	5.07B

Semiconductor Machinery Manufacturing