Financials MCJ Co., Ltd.

Equities

6670

JP3167420003

Computer Hardware

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-02 am EDT			5-day change	1st Jan Change
1,329 ^JPY	-0.82%		-2.49%	+21.15%

2023	MCJ Co., Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI
2023	Lun Energy ApS announced that it has received $10.3 million in funding from Norrsken VC, Lowercarbon Capital LLC, Foundamental GmbH, MCJ Co., Ltd., Partech Partners SAS	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	79,353	58,669	94,478	91,319	91,479	130,586	-	-
Enterprise Value (EV) ¹	72,800	45,638	71,957	79,468	60,424	130,586	130,586	130,586
P/E ratio	11.9 x	7.79 x	9.44 x	9.84 x	9.52 x	10.8 x	9.82 x	9.33 x
Yield	2.53%	3.93%	3.22%	3.44%	3.54%	4.29%	3.46%	3.61%
Capitalization / Revenue	0.58 x	0.38 x	0.54 x	0.48 x	0.48 x	0.71 x	0.65 x	0.62 x
EV / Revenue	0.58 x	0.38 x	0.54 x	0.48 x	0.48 x	0.71 x	0.65 x	0.62 x
EV / EBITDA	7.77 x	4.05 x	5.68 x	6.38 x	5.99 x	7.25 x	6.53 x	6.22 x
EV / FCF	28.4 x	5.55 x	8.45 x	34.5 x	4.3 x	12.3 x	12.5 x	10.8 x
FCF Yield	3.53%	18%	11.8%	2.9%	23.3%	8.12%	7.99%	9.26%
Price to Book	2.06 x	1.35 x	1.83 x	1.56 x	1.36 x	1.72 x	1.56 x	1.4 x
Nbr of stocks (in thousands)	98,087	98,108	98,108	98,087	98,259	98,259	-	-
Reference price ²	809.0	598.0	963.0	931.0	931.0	1,329	1,329	1,329
Announcement Date	5/14/19	5/14/20	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	137,264	153,734	174,173	191,247	191,076	185,000	200,000	210,000
EBITDA ¹	10,217	14,472	16,623	14,311	15,263	18,000	20,000	21,000
EBIT ¹	9,688	13,706	15,758	13,435	14,318	17,000	19,000	20,000
Operating Margin	7.06%	8.92%	9.05%	7.02%	7.49%	9.19%	9.5%	9.52%
Earnings before Tax (EBT)	9,561	11,836	15,357	13,511	13,867	-	-	-
Net income ¹	6,655	7,527	10,005	9,283	9,603	12,100	13,300	14,000
Net margin	4.85%	4.9%	5.74%	4.85%	5.03%	6.54%	6.65%	6.67%
EPS ²	67.89	76.73	102.0	94.63	97.79	123.1	135.4	142.5
Free Cash Flow ¹	2,798	10,578	11,179	2,650	21,291	10,606	10,435	12,090
FCF margin	2.04%	6.88%	6.42%	1.39%	11.14%	5.73%	5.22%	5.76%
FCF Conversion (EBITDA)	27.39%	73.09%	67.25%	18.52%	139.49%	58.92%	52.18%	57.57%
FCF Conversion (Net income)	42.04%	140.53%	111.73%	28.55%	221.71%	87.65%	78.46%	86.36%
Dividend per Share ²	20.50	23.50	31.00	32.00	33.00	57.00	46.00	48.00
Announcement Date	5/14/19	5/14/20	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	72,729	81,005	82,119	92,054	42,291	88,764	48,627	53,856	102,483	50,614	44,634	95,248	46,378	49,450	95,828	45,495	42,945	88,440	46,300	50,260	96,560
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,652	7,054	8,440	7,318	2,446	7,148	3,230	3,057	6,287	4,113	3,136	7,249	3,329	3,740	7,069	4,775	3,807	8,582	4,499	3,919	8,418
Operating Margin	9.15%	8.71%	10.28%	7.95%	5.78%	8.05%	6.64%	5.68%	6.13%	8.13%	7.03%	7.61%	7.18%	7.56%	7.38%	10.5%	8.86%	9.7%	9.72%	7.8%	8.72%
Earnings before Tax (EBT)	6,717	-	9,508	-	-	7,444	3,172	-	-	3,873	-	7,386	3,010	-	-	4,726	-	8,684	4,709	-	-
Net income	4,598	-	6,367	-	-	5,209	2,212	-	-	2,729	-	5,190	2,095	-	-	3,379	-	6,227	3,405	-	-
Net margin	6.32%	-	7.75%	-	-	5.87%	4.55%	-	-	5.39%	-	5.45%	4.52%	-	-	7.43%	-	7.04%	7.35%	-	-
EPS	46.88	-	64.91	-	-	53.10	22.55	-	-	27.82	-	52.88	21.32	-	-	34.40	-	63.38	34.66	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/1/19	5/14/20	11/5/20	5/14/21	11/5/21	11/5/21	2/4/22	5/13/22	5/13/22	8/5/22	11/4/22	11/4/22	2/3/23	5/12/23	5/12/23	8/4/23	11/2/23	11/2/23	2/5/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	6,553	13,031	22,521	11,851	31,055	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,798	10,578	11,179	2,650	21,291	10,606	10,435	12,090
ROE (net income / shareholders' equity)	18.3%	18.4%	21.1%	16.9%	15.3%	-	-	-
ROA (Net income/ Total Assets)	14.1%	18.3%	18.8%	15%	14.1%	-	-	-
Assets ¹	47,233	41,029	53,090	61,947	68,023	-	-	-
Book Value Per Share ²	392.0	442.0	525.0	595.0	684.0	774.0	853.0	949.0
Cash Flow per Share	73.30	84.50	111.0	104.0	107.0	-	-	-
Capex ¹	1,055	1,637	1,995	1,072	2,727	1,000	1,000	1,000
Capex / Sales	0.77%	1.06%	1.15%	0.56%	1.43%	0.54%	0.5%	0.48%
Announcement Date	5/14/19	5/14/20	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 MCJ Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,329 JPY

Average target price

1,800 JPY

Spread / Average Target

+35.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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