Financials Hioki E.E. Corporation

Equities

6866

JP3783200003

Electrical Components & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-02 am EDT			5-day change	1st Jan Change
7,120 ^JPY	+6.91%		+17.11%	+12.66%

Apr. 16	Hioki E.E.'s Attributable Profit Slides 26.3% in Fiscal Q1	MT
Jan. 29	Hioki E.E.'s Attributable Profit, Net Sales Rise in Year Ended December 2023	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	51,779	57,009	119,819	86,420	86,312	97,238	-	-
Enterprise Value (EV) ¹	51,779	43,686	103,802	72,804	69,787	97,238	97,238	97,238
P/E ratio	23.6 x	27.5 x	26.5 x	16.2 x	13.6 x	15.2 x	13.7 x	11.9 x
Yield	2.37%	1.44%	1.88%	2.53%	2.85%	2.81%	2.88%	3.05%
Capitalization / Revenue	2.27 x	2.63 x	4.09 x	2.51 x	2.2 x	2.36 x	2.22 x	2.05 x
EV / Revenue	2.27 x	2.63 x	4.09 x	2.51 x	2.2 x	2.36 x	2.22 x	2.05 x
EV / EBITDA	12,674,241 x	-	-	10,509,774 x	-	-	-	-
EV / FCF	24,866,060 x	16,443,375 x	-	-	-	-	-	-
FCF Yield	0%	0%	-	-	-	-	-	-
Price to Book	2.06 x	2.19 x	4.07 x	2.64 x	2.33 x	-	-	-
Nbr of stocks (in thousands)	13,626	13,639	13,647	13,652	13,657	13,657	-	-
Reference price ²	3,800	4,180	8,780	6,330	6,320	7,120	7,120	7,120
Announcement Date	1/24/20	1/25/21	1/25/22	1/25/23	1/25/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	22,810	21,664	29,322	34,371	39,154	41,133	43,733	47,500
EBITDA	4,085	-	-	8,223	-	-	-	-
EBIT ¹	2,853	2,469	5,750	7,070	7,955	8,400	9,367	10,865
Operating Margin	12.51%	11.4%	19.61%	20.57%	20.32%	20.42%	21.42%	22.87%
Earnings before Tax (EBT)	2,975	2,707	6,006	7,283	8,233	-	-	-
Net income ¹	2,197	2,071	4,521	5,330	6,329	6,413	7,123	8,200
Net margin	9.63%	9.56%	15.42%	15.51%	16.16%	15.59%	16.29%	17.26%
EPS ²	161.3	151.9	331.4	390.5	463.5	469.6	521.6	600.4
Free Cash Flow	2,082	3,467	-	-	-	-	-	-
FCF margin	9.13%	16%	-	-	-	-	-	-
FCF Conversion (EBITDA)	50.97%	-	-	-	-	-	-	-
FCF Conversion (Net income)	94.78%	167.41%	-	-	-	-	-	-
Dividend per Share ²	90.00	60.00	165.0	160.0	180.0	200.0	205.0	217.5
Announcement Date	1/24/20	1/25/21	1/25/22	1/25/23	1/25/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	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	11,080	10,677	10,987	14,639	6,896	7,787	14,683	8,287	7,595	15,882	9,006	9,483	18,489	10,028	10,306	20,334	9,229	9,591	18,820	9,111	10,429	19,540	10,800	11,660	22,460
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,201	1,590	879	3,133	1,166	1,451	2,617	1,833	1,307	3,140	1,827	2,103	3,930	2,340	2,205	4,545	1,749	1,661	3,410	1,613	2,087	3,700	2,170	2,630	4,800
Operating Margin	10.84%	14.89%	8%	21.4%	16.91%	18.63%	17.82%	22.12%	17.21%	19.77%	20.29%	22.18%	21.26%	23.33%	21.4%	22.35%	18.95%	17.32%	18.12%	17.7%	20.01%	18.94%	20.09%	22.56%	21.37%
Earnings before Tax (EBT)	1,300	1,656	1,051	3,233	1,268	1,505	2,773	1,876	1,523	3,399	1,884	2,000	3,884	2,376	2,350	4,726	1,782	-	-	1,720	-	-	-	-	-
Net income ¹	950	1,238	833	2,432	961	1,128	2,089	1,292	1,211	2,503	1,489	1,338	2,827	1,635	1,812	3,447	1,383	1,499	2,882	1,206	1,694	2,900	1,610	1,990	3,600
Net margin	8.57%	11.6%	7.58%	16.61%	13.94%	14.49%	14.23%	15.59%	15.94%	15.76%	16.53%	14.11%	15.29%	16.3%	17.58%	16.95%	14.99%	15.63%	15.31%	13.24%	16.24%	14.84%	14.91%	17.07%	16.03%
EPS	-	90.82	-	178.3	70.39	-	-	94.70	-	183.4	109.1	-	-	119.8	-	252.4	101.3	-	-	88.32	-	-	-	-	-
Dividend per Share	-	20.00	-	65.00	-	-	-	-	-	80.00	-	-	-	-	-	90.00	-	-	-	-	-	-	-	-	-
Announcement Date	1/24/20	7/15/20	1/25/21	7/15/21	10/15/21	1/25/22	1/25/22	4/15/22	7/15/22	7/15/22	10/17/22	1/25/23	1/25/23	4/17/23	7/18/23	7/18/23	10/16/23	1/25/24	1/25/24	4/15/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	13,323	16,017	13,616	16,525	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	2,082	3,467	-	-	-	-	-	-
ROE (net income / shareholders' equity)	8.9%	8.1%	16.3%	17.1%	18.1%	-	-	-
ROA (Net income/ Total Assets)	10.7%	9.06%	18%	18.9%	19.2%	-	-	-
Assets ¹	20,485	22,856	25,183	28,159	32,988	-	-	-
Book Value Per Share	1,844	1,907	2,158	2,401	2,718	-	-	-
Cash Flow per Share	252.0	238.0	413.0	475.0	569.0	-	-	-
Capex ¹	1,067	804	643	1,292	3,008	1,900	950	950
Capex / Sales	4.68%	3.71%	2.19%	3.76%	7.68%	4.62%	2.17%	2%
Announcement Date	1/24/20	1/25/21	1/25/22	1/25/23	1/25/24	-	-	-

¹JPY in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hioki E.E. Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7,120 JPY

Average target price

8,000 JPY

Spread / Average Target

+12.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electrical Measuring & Testing Instruments

	1st Jan change	Capi.
HIOKI E.E. CORPORATION	+12.66%	636M
NINGBO SANXING MEDICAL ELECTRIC CO.,LTD.	+64.39%	6.57B
ZHONGHANG ELECTRONIC MEASURING INSTRUMENTS CO.,LTD	-2.79%	3.44B
CHROMA ATE INC.	+21.60%	3.4B
HEFEI MEYER OPTOELECTRONIC TECHNOLOGY INC.	-8.76%	2.18B
LEM HOLDING SA	-23.86%	1.99B
JIANGSU LINYANG ENERGY CO., LTD.	+3.60%	1.87B
KELI SENSING TECHNOLOGY (NINGBO) CO.,LTD.	-16.78%	1.17B
HANGZHOU SUNRISE TECHNOLOGY CO.,LTD.	+6.22%	1.02B
CHANGCHUN UP OPTOTECH CO.,LTD.	-19.20%	902M

Electrical Measuring & Testing Instruments