Financials Espec Corp.

Equities

6859

JP3469800001

Industrial Machinery & Equipment

Delayed Japan Exchange Other stock markets 09:35:26 2024-04-29 pm EDT			5-day change	1st Jan Change
2,970 ^JPY	+1.54%		+3.81%	+25.90%

Feb. 21	Japanese Shares Slump for Second Day After Business Sentiment Data	MT
Feb. 21	Espec's Nine-Month Attributable Profit Nearly Doubles as Orders Reach All-Time High	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	47,156	37,546	42,279	44,026	44,429	63,860	-	-
Enterprise Value (EV) ¹	32,227	21,437	25,517	28,221	30,422	63,860	63,860	63,860
P/E ratio	11 x	13.3 x	21.6 x	23.2 x	13.5 x	14.3 x	13.1 x	11.8 x
Yield	3.3%	4.14%	2.76%	3.05%	3.39%	2.39%	2.48%	2.39%
Capitalization / Revenue	0.93 x	0.88 x	1.09 x	1.05 x	0.84 x	1.08 x	1.02 x	0.96 x
EV / Revenue	0.93 x	0.88 x	1.09 x	1.05 x	0.84 x	1.08 x	1.02 x	0.96 x
EV / EBITDA	6.95 x	7.96 x	11.4 x	13.5 x	7.79 x	7.98 x	7.1 x	6.58 x
EV / FCF	25.9 x	17.1 x	22.7 x	39.7 x	73.4 x	124 x	20.1 x	15.3 x
FCF Yield	3.86%	5.86%	4.4%	2.52%	1.36%	0.8%	4.98%	6.53%
Price to Book	1.12 x	0.88 x	0.94 x	0.97 x	0.95 x	1.27 x	1.19 x	1.11 x
Nbr of stocks (in thousands)	22,858	22,866	22,866	22,371	21,832	21,832	-	-
Reference price ²	2,063	1,642	1,849	1,968	2,035	2,925	2,925	2,925
Announcement Date	5/15/19	5/15/20	5/14/21	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	50,580	42,443	38,668	41,852	52,892	59,353	62,463	66,550
EBITDA ¹	6,788	4,717	3,695	3,266	5,705	8,000	9,000	9,700
EBIT ¹	5,827	3,742	2,572	1,968	4,366	6,127	6,833	7,690
Operating Margin	11.52%	8.82%	6.65%	4.7%	8.25%	10.32%	10.94%	11.56%
Earnings before Tax (EBT)	5,838	3,920	2,840	2,711	4,670	-	-	-
Net income ¹	4,289	2,818	1,961	1,905	3,330	4,467	4,857	5,410
Net margin	8.48%	6.64%	5.07%	4.55%	6.3%	7.53%	7.78%	8.13%
EPS ²	187.6	123.3	85.79	84.89	150.3	204.6	222.5	247.8
Free Cash Flow ¹	1,820	2,199	1,862	1,108	605	513	3,182	4,172
FCF margin	3.6%	5.18%	4.82%	2.65%	1.14%	0.86%	5.09%	6.27%
FCF Conversion (EBITDA)	26.81%	46.62%	50.39%	33.93%	10.6%	6.41%	35.36%	43.01%
FCF Conversion (Net income)	42.43%	78.03%	94.95%	58.16%	18.17%	11.49%	65.52%	77.12%
Dividend per Share ²	68.00	68.00	51.00	60.00	69.00	70.00	72.67	70.00
Announcement Date	5/15/19	5/15/20	5/14/21	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	2024 S2
Net sales ¹	18,776	23,667	17,294	21,374	9,518	17,568	10,563	13,721	24,284	8,725	14,220	22,945	13,027	16,920	29,947	12,275	14,982	27,257	14,932	17,811	32,743
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,387	2,355	734	1,838	374	396	776	796	1,572	-131	1,526	1,395	1,021	1,950	2,971	789	1,544	2,333	1,878	1,940	3,967
Operating Margin	7.39%	9.95%	4.24%	8.6%	3.93%	2.25%	7.35%	5.8%	6.47%	-1.5%	10.73%	6.08%	7.84%	11.52%	9.92%	6.43%	10.31%	8.56%	12.58%	10.89%	12.12%
Earnings before Tax (EBT)	1,487	-	834	-	-	509	907	-	-	110	-	1,728	958	-	-	942	-	2,520	1,922	-	-
Net income	1,046	-	494	-	-	230	604	-	-	-62	-	984	724	-	-	565	-	1,653	1,432	-	-
Net margin	5.57%	-	2.86%	-	-	1.31%	5.72%	-	-	-0.71%	-	4.29%	5.56%	-	-	4.6%	-	6.06%	9.59%	-	-
EPS	45.79	-	21.63	-	-	10.23	26.89	-	-	-2.790	-	43.96	32.77	-	-	25.89	-	75.76	65.56	-	-
Dividend per Share	22.00	-	10.00	-	-	18.00	-	-	-	-	-	24.00	-	-	-	-	-	25.00	-	-	-
Announcement Date	11/12/19	5/15/20	11/13/20	5/14/21	11/11/21	11/11/21	2/10/22	5/13/22	5/13/22	8/9/22	11/11/22	11/11/22	2/13/23	5/12/23	5/12/23	8/9/23	11/10/23	11/10/23	2/13/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	14,929	16,109	16,762	15,805	14,007	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,820	2,199	1,862	1,108	605	513	3,182	4,172
ROE (net income / shareholders' equity)	10.5%	6.6%	4.5%	4.2%	7.2%	9%	-	-
ROA (Net income/ Total Assets)	10.5%	4.91%	4.89%	3.85%	7.23%	-	-	-
Assets ¹	41,031	57,409	40,072	49,442	46,087	-	-	-
Book Value Per Share ²	1,841	1,869	1,967	2,028	2,151	2,301	2,456	2,633
Cash Flow per Share	227.0	163.0	132.0	143.0	211.0	-	-	-
Capex ¹	1,197	2,671	1,179	910	1,311	2,500	2,500	2,000
Capex / Sales	2.37%	6.29%	3.05%	2.17%	2.48%	4.21%	4%	3.01%
Announcement Date	5/15/19	5/15/20	5/14/21	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 Espec Corp.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,925 JPY

Average target price

3,600 JPY

Spread / Average Target

+23.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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	1st Jan change	Capi.
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XYLEM INC.	+15.94%	32.01B
FANUC CORPORATION	+13.19%	27.2B
FORTIVE CORPORATION	+4.58%	26.74B
SANDVIK AB	+3.90%	26B
TECHTRONIC INDUSTRIES CO. LTD.	+16.82%	25.5B
DOVER CORPORATION	+17.05%	24.76B

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