Financials EXEDY Corporation

Equities

7278

JP3161160001

Auto, Truck & Motorcycle Parts

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,853 ^JPY	-6.00%		-4.10%	+9.98%

Apr. 26	EXEDY Corporation Announces Dividend for the Fiscal Year Ended March 31, 2024, Payable on June 25, 2024	CI
Apr. 26	EXEDY Corporation Provides Dividend Guidance for the Second Quarter and Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	115,440	74,970	78,471	73,912	85,128	133,994	-	-
Enterprise Value (EV) ¹	115,896	73,601	67,393	54,445	59,241	143,716	101,647	96,540
P/E ratio	8.9 x	8.06 x	15.7 x	5.92 x	18.5 x	-14.3 x	12.2 x	10.6 x
Yield	3.75%	5.63%	3.59%	5.71%	4.96%	4.21%	4.21%	4.21%
Capitalization / Revenue	0.41 x	0.28 x	0.35 x	0.28 x	0.3 x	0.47 x	0.42 x	0.41 x
EV / Revenue	0.41 x	0.28 x	0.3 x	0.21 x	0.21 x	0.47 x	0.32 x	0.3 x
EV / EBITDA	3.09 x	2.09 x	2.4 x	1.44 x	2.07 x	3.06 x	2.77 x	2.56 x
EV / FCF	24.3 x	7.05 x	5.05 x	4.21 x	4.11 x	7.62 x	8.61 x	7.43 x
FCF Yield	4.11%	14.2%	19.8%	23.8%	24.4%	13.1%	11.6%	13.5%
Price to Book	0.58 x	0.38 x	0.38 x	0.33 x	0.38 x	0.66 x	0.57 x	0.55 x
Nbr of stocks (in thousands)	48,140	46,886	46,904	46,929	46,954	46,966	-	-
Reference price ²	2,398	1,599	1,673	1,575	1,813	2,853	2,853	2,853
Announcement Date	4/25/19	4/30/20	4/30/21	4/29/22	4/28/23	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	282,398	263,899	227,420	261,095	285,639	308,338	316,000	324,000
EBITDA ¹	37,507	35,215	28,076	37,791	28,683	34,850	36,750	37,750
EBIT ¹	19,626	16,751	9,513	18,328	8,760	-15,438	16,500	18,750
Operating Margin	6.95%	6.35%	4.18%	7.02%	3.07%	-5.01%	5.22%	5.79%
Earnings before Tax (EBT) ¹	19,039	14,964	9,066	19,467	9,916	-13,274	17,500	19,500
Net income ¹	12,967	9,492	4,983	12,477	4,591	-10,023	11,000	12,700
Net margin	4.59%	3.6%	2.19%	4.78%	1.61%	-3.25%	3.48%	3.92%
EPS ²	269.5	198.3	106.2	265.9	97.78	-213.4	234.2	270.4
Free Cash Flow ¹	4,769	10,441	13,340	12,940	14,430	14,000	11,800	13,000
FCF margin	1.69%	3.96%	5.87%	4.96%	5.05%	4.55%	3.73%	4.01%
FCF Conversion (EBITDA)	12.71%	29.65%	47.51%	34.24%	50.31%	40.17%	32.11%	34.44%
FCF Conversion (Net income)	36.78%	110%	267.71%	103.71%	314.31%	127.85%	107.27%	102.36%
Dividend per Share ²	90.00	90.00	60.00	90.00	90.00	120.0	120.0	120.0
Announcement Date	4/25/19	4/30/20	4/30/21	4/29/22	4/28/23	4/25/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2022 Q2	2022 S1	2022 Q3	2023 Q1	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 S1	2024 Q3
Net sales ¹	134,109	129,790	94,460	61,271	123,353	65,714	64,447	138,206	75,129	-	73,367	151,195	80,686
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,836	7,915	1,296	4,524	8,662	3,980	1,034	3,573	5,111	1,217	2,414	6,431	5,096
Operating Margin	6.59%	6.1%	1.37%	7.38%	7.02%	6.06%	1.6%	2.59%	6.8%	-	3.29%	4.25%	6.32%
Earnings before Tax (EBT) ¹	7,608	-	840	-	9,034	4,181	2,568	6,097	4,108	-	3,565	8,076	4,551
Net income ¹	4,608	4,884	-175	-	5,927	2,584	1,532	3,867	3,017	-	2,598	5,369	2,837
Net margin	3.44%	3.76%	-0.19%	-	4.8%	3.93%	2.38%	2.8%	4.02%	-	3.54%	3.55%	3.52%
EPS ²	95.70	-	-3.730	67.20	126.3	55.07	32.65	82.39	64.25	-	55.34	114.3	60.41
Dividend per Share	45.00	-	30.00	-	40.00	-	-	45.00	-	-	-	60.00	-
Announcement Date	10/30/19	4/30/20	10/27/20	10/27/21	10/27/21	1/31/22	7/28/22	10/31/22	1/30/23	4/28/23	7/31/23	10/30/23	1/31/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	456	-	-	-	-	-	-	-
Net Cash position ¹	-	1,369	11,078	19,467	25,887	27,374	32,347	37,454
Leverage (Debt/EBITDA)	0.0122 x	-	-	-	-	-	-	-
Free Cash Flow ¹	4,769	10,441	13,340	12,940	14,430	14,000	11,800	13,000
ROE (net income / shareholders' equity)	6.6%	4.8%	2.5%	5.9%	2.1%	-4.5%	4.8%	5.24%
ROA (Net income/ Total Assets)	6.15%	4.88%	2.95%	6.03%	2.98%	-4.06%	3.2%	3.4%
Assets ¹	210,915	194,418	168,672	206,869	153,865	246,841	343,750	373,529
Book Value Per Share ²	4,158	4,200	4,348	4,725	4,804	4,653	5,024	5,172
Cash Flow per Share	641.0	584.0	502.0	681.0	522.0	197.0	-	-
Capex	26,991	25,662	23,365	17,578	11,146	-	-	-
Capex / Sales	9.56%	9.72%	10.27%	6.73%	3.9%	-	-	-
Announcement Date	4/25/19	4/30/20	4/30/21	4/29/22	4/28/23	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 EXEDY Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,853 JPY

Average target price

3,000 JPY

Spread / Average Target

+5.15%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Engine & Powertrain Systems

	1st Jan change	Capi.
EXEDY CORPORATION	+9.98%	851M
CUMMINS INC.	+21.53%	39.82B
CUMMINS INDIA LIMITED	+64.98%	10.77B
MODINE MANUFACTURING COMPANY	+62.04%	5.05B
VITESCO TECHNOLOGIES GROUP AG	-14.64%	2.85B
DORMAN PRODUCTS, INC.	+6.98%	2.77B
ATMUS FILTRATION TECHNOLOGIES INC.	+33.25%	2.61B
GARRETT MOTION INC.	+1.65%	2.22B
CHONGQING ZONGSHEN POWER MACHINERY CO.,LTD	+89.14%	1.98B
WUXI BEST PRECISION MACHINERY CO., LTD.	-6.47%	1.33B

Engine & Powertrain Systems