Financials JTEKT Corporation

Equities

6473

JP3292200007

Auto, Truck & Motorcycle Parts

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,260 ^JPY	-9.16%		-7.62%	+5.57%

Apr. 26	Central Bank, Tech Outlooks Lift Major Asian Stock Markets	MT
Apr. 26	Denso to sell off cross-shareholdings and use proceeds on M&A	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	467,128	252,083	387,553	330,618	350,177	432,165	-	-
Enterprise Value (EV) ¹	606,001	445,355	555,127	468,125	481,495	489,789	504,091	464,535
P/E ratio	18.9 x	-66.5 x	485 x	16 x	10.2 x	12.2 x	8.34 x	7.24 x
Yield	3.23%	5.17%	1.42%	1.87%	2.94%	2.86%	3.41%	3.97%
Capitalization / Revenue	0.31 x	0.18 x	0.31 x	0.23 x	0.21 x	0.26 x	0.22 x	0.22 x
EV / Revenue	0.4 x	0.31 x	0.45 x	0.33 x	0.29 x	0.26 x	0.25 x	0.24 x
EV / EBITDA	4.54 x	4.43 x	7.03 x	4.28 x	3.64 x	3.63 x	3.21 x	2.68 x
EV / FCF	21.9 x	-26.2 x	14.8 x	11.2 x	21.4 x	15.9 x	13.1 x	8.32 x
FCF Yield	4.57%	-3.82%	6.74%	8.92%	4.67%	6.31%	7.66%	12%
Price to Book	0.87 x	0.5 x	0.7 x	0.53 x	0.52 x	0.62 x	0.52 x	0.54 x
Nbr of stocks (in thousands)	342,972	342,970	342,968	342,965	342,975	342,988	-	-
Reference price ²	1,362	735.0	1,130	964.0	1,021	1,260	1,260	1,260
Announcement Date	4/26/19	4/30/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,520,893	1,418,896	1,246,286	1,428,426	1,678,146	1,891,504	1,984,300	1,974,020
EBITDA ¹	133,509	100,614	78,968	109,336	132,151	148,133	157,167	173,067
EBIT ¹	66,608	37,557	15,912	42,346	62,658	72,898	91,380	104,260
Operating Margin	4.38%	2.65%	1.28%	2.96%	3.73%	3.85%	4.61%	5.28%
Earnings before Tax (EBT) ¹	61,034	15,073	15,352	43,934	55,889	72,513	85,090	101,996
Net income ¹	24,663	-3,794	800	20,682	34,276	40,257	51,820	59,660
Net margin	1.62%	-0.27%	0.06%	1.45%	2.04%	2.13%	2.61%	3.02%
EPS ²	71.91	-11.06	2.330	60.31	99.94	117.4	151.1	174.0
Free Cash Flow ¹	27,698	-17,008	37,400	41,774	22,496	33,914	38,600	55,842
FCF margin	1.82%	-1.2%	3%	2.92%	1.34%	1.81%	1.95%	2.83%
FCF Conversion (EBITDA)	20.75%	-	47.36%	38.21%	17.02%	22.89%	24.56%	32.27%
FCF Conversion (Net income)	112.31%	-	4,675%	201.98%	65.63%	73.95%	74.49%	93.6%
Dividend per Share ²	44.00	38.00	16.00	18.00	30.00	36.00	43.00	50.00
Announcement Date	4/26/19	4/30/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2020 S1	2020 S2	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	721,957	696,613	520,226	319,981	664,140	357,841	406,445	371,686	432,890	804,576	420,333	453,237	445,681	476,550	922,231	489,596	479,677	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	21,185	13,508	-23,329	6,577	15,508	9,754	17,084	2,875	15,180	18,055	14,045	30,558	13,980	17,554	31,534	23,025	18,339	15,550	19,050	23,250	32,550
Operating Margin	2.93%	1.94%	-4.48%	2.06%	2.34%	2.73%	4.2%	0.77%	3.51%	2.24%	3.34%	6.74%	3.14%	3.68%	3.42%	4.7%	3.82%	-	-	-	-
Earnings before Tax (EBT) ¹	16,056	-	-23,969	7,085	17,781	9,974	16,179	9,115	17,316	26,431	10,312	19,146	24,940	16,577	41,517	19,686	11,310	-	-	-	-
Net income ¹	4,709	-	-24,044	1,043	6,769	3,362	10,551	3,132	9,101	12,233	6,099	15,944	14,983	8,131	23,114	13,297	3,846	7,300	11,000	18,300	14,200
Net margin	0.65%	-	-4.62%	0.33%	1.02%	0.94%	2.6%	0.84%	2.1%	1.52%	1.45%	3.52%	3.36%	1.71%	2.51%	2.72%	0.8%	-	-	-	-
EPS	13.73	-	-70.11	3.040	19.74	9.800	30.77	9.130	26.52	35.67	17.78	46.49	43.69	-	67.39	38.77	-	-	-	-	-
Dividend per Share	22.00	-	8.000	-	8.000	-	-	-	-	11.00	-	-	-	-	16.00	-	-	-	-	-	-
Announcement Date	10/31/19	4/30/20	10/29/20	10/29/21	10/29/21	2/2/22	4/28/22	7/29/22	10/28/22	10/28/22	2/3/23	4/27/23	7/28/23	10/31/23	10/31/23	2/2/24	4/26/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	138,873	193,272	167,574	137,507	131,318	105,592	71,926	32,370
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.04 x	1.921 x	2.122 x	1.258 x	0.9937 x	0.7128 x	0.4576 x	0.187 x
Free Cash Flow ¹	27,698	-17,008	37,400	41,774	22,496	33,914	38,600	55,842
ROE (net income / shareholders' equity)	4.6%	-1.3%	0.2%	3.5%	5.3%	5.5%	6.6%	7.81%
ROA (Net income/ Total Assets)	5.47%	1.2%	0.06%	3.28%	3.95%	4.72%	3.3%	4.75%
Assets ¹	450,519	-316,151	1,267,829	630,280	867,132	852,148	1,570,303	1,256,000
Book Value Per Share ²	1,564	1,456	1,606	1,819	1,945	2,300	2,415	2,345
Cash Flow per Share ²	267.0	177.0	186.0	256.0	303.0	328.0	302.0	385.0
Capex ¹	71,161	79,320	54,357	54,122	65,912	65,333	65,000	71,667
Capex / Sales	4.68%	5.59%	4.36%	3.79%	3.93%	3.49%	3.28%	3.63%
Announcement Date	4/26/19	4/30/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-

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 JTEKT Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,260 JPY

Average target price

1,720 JPY

Spread / Average Target

+36.51%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Automotive Systems

	1st Jan change	Capi.
JTEKT CORPORATION	+5.57%	2.75B
BREMBO N.V.	+9.91%	4.21B
IMOTION AUTOMOTIVE TECHNOLOGY (SUZHOU) CO., LTD.	+226.41%	3.18B
BETHEL AUTOMOTIVE SAFETY SYSTEMS CO., LTD	-24.08%	3.15B
NHK SPRING CO., LTD.	+33.25%	2.24B
HANON SYSTEMS	-27.98%	2.04B
NEXTEER AUTOMOTIVE GROUP LIMITED	-20.08%	1.26B
AOTECAR NEW ENERGY TECHNOLOGY CO., LTD.	-15.08%	1.24B
ZHEJIANG VIE SCIENCE & TECHNOLOGY CO., LTD.	+50.22%	1.13B
ZHEJIANG WANLIYANG CO., LTD.	-20.81%	1.07B

Automotive Systems