KEYENCE CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 69,610 JPY | +7.79% |
|
+11.20% | +12.06% |
| Feb. 22 | Japan's Nikkei then and now, as shares near '89 record | RE |
| Feb. 05 | Nomura Adjusts Keyence's Price Target to 76,000 Yen From 72,000 Yen, Keeps at Buy | MT |
Valuation
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 8,256,875 | 7,656,581 | 12,829,669 | 13,290,446 | 14,612,193 | 16,882,216 | - | - |
| Enterprise Value (EV) 1 | 7,393,670 | 6,712,442 | 11,899,671 | 12,285,874 | 13,671,735 | 17,289,660 | 15,140,869 | 14,911,882 |
| P/E ratio | 36.5 x | 38.6 x | 65 x | 43.8 x | 40.3 x | 46.8 x | 41.8 x | 36.2 x |
| Yield | 0.29% | 0.48% | 0.38% | 0.36% | 0.5% | 0.42% | 0.48% | 0.55% |
| Capitalization / Revenue | 14.1 x | 13.9 x | 23.8 x | 17.6 x | 15.8 x | 17.9 x | 15.9 x | 14.1 x |
| EV / Revenue | 12.6 x | 12.2 x | 22.1 x | 16.3 x | 14.8 x | 17.9 x | 14.2 x | 12.5 x |
| EV / EBITDA | 22.8 x | 23.5 x | 41.9 x | 28.8 x | 26.8 x | 31.2 x | 26.4 x | 22.9 x |
| EV / FCF | 36.6 x | 34.4 x | 63.2 x | 47.2 x | 95 x | 45.3 x | 40.2 x | 35.5 x |
| FCF Yield | 2.73% | 2.91% | 1.58% | 2.12% | 1.05% | 2.21% | 2.49% | 2.81% |
| Price to Book | 5.2 x | 4.36 x | 6.71 x | 6.11 x | 5.86 x | 6.16 x | 5.36 x | 4.88 x |
| Nbr of stocks (in thousands) | 242,528 | 242,527 | 242,527 | 242,526 | 242,526 | 242,526 | - | - |
| Reference price 2 | 34,045 | 31,570 | 52,900 | 54,800 | 60,250 | 69,610 | 69,610 | 69,610 |
| Announcement Date | 4/24/19 | 4/28/20 | 4/28/21 | 4/27/22 | 4/27/23 | 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 | 587,095 | 551,843 | 538,134 | 755,174 | 922,422 | 967,288 | 1,063,527 | 1,194,066 |
| EBITDA 1 | 324,156 | 285,626 | 284,313 | 426,666 | 510,437 | 502,640 | 574,311 | 650,397 |
| EBIT 1 | 317,868 | 277,631 | 276,758 | 418,045 | 498,914 | 495,014 | 555,620 | 635,821 |
| Operating Margin | 54.14% | 50.31% | 51.43% | 55.36% | 54.09% | 51.18% | 52.24% | 53.25% |
| Earnings before Tax (EBT) 1 | 319,860 | 280,253 | 286,594 | 431,240 | 512,830 | 519,295 | 572,359 | 651,662 |
| Net income 1 | 226,147 | 198,124 | 197,289 | 303,360 | 362,963 | 369,642 | 403,576 | 465,806 |
| Net margin | 38.52% | 35.9% | 36.66% | 40.17% | 39.35% | 38.21% | 37.95% | 39.01% |
| EPS 2 | 932.5 | 816.9 | 813.5 | 1,251 | 1,497 | 1,524 | 1,664 | 1,921 |
| Free Cash Flow 1 | 202,019 | 195,191 | 188,294 | 260,342 | 143,915 | 346,424 | 376,807 | 419,769 |
| FCF margin | 34.41% | 35.37% | 34.99% | 34.47% | 15.6% | 35.75% | 35.43% | 35.15% |
| FCF Conversion (EBITDA) | 62.32% | 68.34% | 66.23% | 61.02% | 28.19% | 68.92% | 65.61% | 64.54% |
| FCF Conversion (Net income) | 89.33% | 98.52% | 95.44% | 85.82% | 39.65% | 96.43% | 93.37% | 90.12% |
| Dividend per Share 2 | 100.0 | 150.0 | 200.0 | 200.0 | 300.0 | 300.0 | 336.2 | 382.3 |
| Announcement Date | 4/24/19 | 4/28/20 | 4/28/21 | 4/27/22 | 4/27/23 | 4/25/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: März | 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 | 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 | 276,979 | 274,864 | 238,755 | 299,379 | 185,255 | 355,218 | 190,114 | 209,842 | 399,956 | 192,007 | 251,993 | 444,000 | 236,618 | 241,804 | 222,274 | 243,806 | 466,080 | 241,109 | 260,099 | - | 244,900 | 265,967 | - | 265,433 | 283,400 | - | - | - |
| EBITDA | - | - | - | - | 105,892 | - | 106,930 | 118,809 | - | 105,070 | 141,107 | - | 130,190 | 134,070 | 114,087 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 138,824 | 138,807 | 116,772 | 159,986 | 104,002 | 197,413 | 104,998 | 115,634 | 220,632 | 102,812 | 138,671 | 241,483 | 127,548 | 129,883 | 111,276 | 126,389 | 237,665 | 121,850 | 135,499 | - | 121,467 | 138,967 | - | 138,567 | 152,333 | - | - | - |
| Operating Margin | 50.12% | 50.5% | 48.91% | 53.44% | 56.14% | 55.58% | 55.23% | 55.11% | 55.16% | 53.55% | 55.03% | 54.39% | 53.9% | 53.71% | 50.06% | 51.84% | 50.99% | 50.54% | 52.1% | - | 49.6% | 52.25% | - | 52.2% | 53.75% | - | - | - |
| Earnings before Tax (EBT) 1 | 139,332 | - | 120,245 | - | 105,254 | 201,226 | 108,622 | 121,392 | 230,014 | 112,641 | 143,984 | 256,625 | 123,669 | 132,536 | 120,820 | 133,089 | 253,909 | 123,651 | 141,735 | - | 124,133 | 141,800 | - | 141,233 | 155,500 | - | - | - |
| Net income 1 | 98,591 | - | 84,323 | - | 74,216 | 141,784 | 76,621 | 84,955 | 161,576 | 79,623 | 101,018 | 180,641 | 87,381 | 94,941 | 85,132 | 93,909 | 179,041 | 87,385 | 103,216 | - | 88,733 | 101,067 | - | 100,767 | 110,800 | - | - | - |
| Net margin | 35.6% | - | 35.32% | - | 40.06% | 39.91% | 40.3% | 40.49% | 40.4% | 41.47% | 40.09% | 40.68% | 36.93% | 39.26% | 38.3% | 38.52% | 38.41% | 36.24% | 39.68% | - | 36.23% | 38% | - | 37.96% | 39.1% | - | - | - |
| EPS 2 | 406.5 | - | 347.7 | - | 306.0 | 584.6 | 315.9 | 350.3 | - | 328.3 | 416.5 | 744.8 | 360.3 | 391.5 | 351.0 | 387.2 | 738.2 | 360.3 | 425.6 | - | - | - | - | - | - | - | - | - |
| Dividend per Share | 50.00 | - | 100.0 | - | 100.0 | 100.0 | - | 100.0 | 100.0 | - | 150.0 | 150.0 | - | 150.0 | - | 150.0 | 150.0 | - | - | 150.0 | - | - | 150.0 | - | - | 150.0 | 150.0 | 150.0 |
| Announcement Date | 10/31/19 | 4/28/20 | 10/30/20 | 4/28/21 | 10/28/21 | 10/28/21 | 2/1/22 | 4/27/22 | 4/27/22 | 7/28/22 | 10/28/22 | 10/28/22 | 2/1/23 | 4/27/23 | 7/28/23 | 10/27/23 | 10/27/23 | 2/2/24 | 4/25/24 | - | - | - | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 863,205 | 944,139 | 929,998 | 1,004,572 | 940,458 | 1,199,631 | 1,741,348 | 1,970,334 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 202,019 | 195,191 | 188,294 | 260,342 | 143,915 | 346,424 | 376,807 | 419,769 |
| ROE (net income / shareholders' equity) | 15.2% | 11.8% | 10.7% | 14.8% | 15.6% | 14% | 13.6% | 13.9% |
| ROA (Net income/ Total Assets) | 20.2% | 15.9% | 14.9% | 19.9% | 20.6% | 18.5% | 12.9% | 13.4% |
| Assets 1 | 1,120,122 | 1,243,652 | 1,323,741 | 1,524,366 | 1,760,376 | 1,998,499 | 3,134,571 | 3,466,591 |
| Book Value Per Share 2 | 6,549 | 7,249 | 7,887 | 8,962 | 10,274 | 11,571 | 12,993 | 14,262 |
| Cash Flow per Share 2 | 958.0 | 850.0 | 845.0 | 1,286 | 1,544 | 1,581 | 1,738 | 1,810 |
| Capex 1 | 7,361 | 8,243 | 4,358 | 6,162 | 39,345 | 10,384 | 12,162 | 16,258 |
| Capex / Sales | 1.25% | 1.49% | 0.81% | 0.82% | 4.27% | 1.07% | 1.14% | 1.36% |
| Announcement Date | 4/24/19 | 4/28/20 | 4/28/21 | 4/27/22 | 4/27/23 | 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
Trading Rating
Investor Rating
ESG Refinitiv
C
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
69,610
JPY
Average target price
75,600
JPY
Spread / Average Target
+8.61%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +12.06% | 107B | |
| -0.62% | 29.43B | |
| +12.05% | 22.21B | |
| -16.05% | 17.75B | |
| -6.34% | 17.25B | |
| +8.74% | 15.28B | |
| -4.89% | 12.2B | |
| -2.85% | 10.42B | |
| -8.86% | 9.04B | |
| -4.57% | 7.87B |
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- Financials Keyence Corporation
