Financials Miura Co., Ltd.

Equities

6005

JP3880800002

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-30 am EDT			5-day change	1st Jan Change
2,497 ^JPY	+1.65%		+0.79%	-11.08%

Mar. 29	Monstarlab Holdings Unveils New Leadership	MT
Mar. 26	GLP J-REIT Names New Chairman and President	MT

Valuation

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	287,178	434,444	674,168	343,337	379,056	275,293	-	-
Enterprise Value (EV) ¹	252,920	405,026	644,227	292,673	355,685	244,393	184,158	168,908
P/E ratio	23.4 x	31.6 x	53.1 x	23.8 x	22.6 x	15.5 x	14.6 x	13.8 x
Yield	1.29%	0.96%	0.59%	1.29%	1.33%	1.94%	2.04%	2.17%
Capitalization / Revenue	2.07 x	3.02 x	5 x	2.39 x	2.39 x	1.8 x	1.72 x	1.64 x
EV / Revenue	1.82 x	2.82 x	4.78 x	2.04 x	2.25 x	1.6 x	1.15 x	1.01 x
EV / EBITDA	12.4 x	16.1 x	26.9 x	11.1 x	12.3 x	8.27 x	6.03 x	5.26 x
EV / FCF	20 x	40.7 x	39.7 x	59 x	67 x	8.88 x	10.3 x	8.87 x
FCF Yield	5%	2.46%	2.52%	1.7%	1.49%	11.3%	9.71%	11.3%
Price to Book	2.29 x	3.26 x	4.64 x	2.14 x	2.25 x	1.56 x	1.45 x	1.35 x
Nbr of stocks (in thousands)	112,575	112,696	112,737	113,126	112,147	110,250	-	-
Reference price ²	2,551	3,855	5,980	3,035	3,380	2,497	2,497	2,497
Announcement Date	5/15/19	5/15/20	5/14/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	138,880	143,645	134,732	143,543	158,377	152,842	160,176	167,631
EBITDA ¹	20,360	25,120	23,986	26,320	28,961	29,550	30,540	32,120
EBIT ¹	16,682	18,540	17,213	19,441	21,928	22,450	23,817	25,250
Operating Margin	12.01%	12.91%	12.78%	13.54%	13.85%	14.69%	14.87%	15.06%
Earnings before Tax (EBT) ¹	17,130	18,756	18,165	20,421	23,467	24,717	26,183	27,667
Net income ¹	12,280	13,746	12,695	14,415	16,876	17,918	18,918	20,002
Net margin	8.84%	9.57%	9.42%	10.04%	10.66%	11.72%	11.81%	11.93%
EPS ²	109.1	122.0	112.6	127.7	149.5	161.3	170.8	180.5
Free Cash Flow ¹	12,656	9,958	16,223	4,961	5,309	27,519	17,873	19,038
FCF margin	9.11%	6.93%	12.04%	3.46%	3.35%	18%	11.16%	11.36%
FCF Conversion (EBITDA)	62.16%	39.64%	67.64%	18.85%	18.33%	93.13%	58.52%	59.27%
FCF Conversion (Net income)	103.06%	72.44%	127.79%	34.42%	31.46%	153.58%	94.48%	95.18%
Dividend per Share ²	33.00	37.00	35.00	39.00	45.00	48.44	50.90	54.23
Announcement Date	5/15/19	5/15/20	5/14/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	67,714	61,579	73,153	38,778	66,216	33,677	43,650	77,327	29,256	39,978	69,234	36,491	52,652	89,143	29,714	40,433	70,147	37,810	46,767	29,900	40,900	38,900	51,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,726	8,020	9,193	6,188	9,274	4,897	5,270	10,167	3,117	6,213	9,330	5,614	6,984	12,598	3,530	6,332	9,862	5,840	6,700	3,800	6,500	5,800	7,500
Operating Margin	12.89%	13.02%	12.57%	15.96%	14.01%	14.54%	12.07%	13.15%	10.65%	15.54%	13.48%	15.38%	13.26%	14.13%	11.88%	15.66%	14.06%	15.45%	14.33%	12.71%	15.89%	14.91%	14.56%
Earnings before Tax (EBT)	8,848	8,109	-	-	9,443	5,066	5,912	-	3,579	-	10,441	5,861	7,165	-	5,113	-	12,077	6,419	-	-	-	-	-
Net income	6,392	5,762	-	-	6,779	3,589	4,047	-	2,456	-	7,620	4,355	4,901	-	3,642	-	8,971	4,716	-	-	-	-	-
Net margin	9.44%	9.36%	-	-	10.24%	10.66%	9.27%	-	8.39%	-	11.01%	11.93%	9.31%	-	12.26%	-	12.79%	12.47%	-	-	-	-	-
EPS	56.75	51.12	-	-	60.12	31.82	-	-	21.71	-	67.34	38.54	-	-	32.68	-	80.75	42.77	-	-	-	-	-
Dividend per Share	16.00	14.00	-	-	17.00	-	-	-	-	-	19.00	-	-	-	-	-	23.00	-	-	-	-	-	-
Announcement Date	11/5/19	11/5/20	5/14/21	11/5/21	11/5/21	2/9/22	5/13/22	5/13/22	8/5/22	11/4/22	11/4/22	2/8/23	5/12/23	5/12/23	8/9/23	11/6/23	11/6/23	2/7/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	34,258	29,418	29,941	50,664	23,371	30,900	91,135	106,385
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	12,656	9,958	16,223	4,961	5,309	27,519	17,873	19,038
ROE (net income / shareholders' equity)	10.1%	10.6%	9.1%	9.4%	10.3%	10.3%	10.4%	10.2%
ROA (Net income/ Total Assets)	10%	10.4%	9.47%	9.83%	10.5%	8.41%	8.53%	8.5%
Assets ¹	122,314	132,433	134,038	146,647	161,344	213,068	221,794	235,332
Book Value Per Share ²	1,113	1,183	1,290	1,416	1,504	1,605	1,721	1,845
Cash Flow per Share	142.0	180.0	172.0	189.0	212.0	-	-	-
Capex ¹	4,478	8,163	6,759	7,333	6,274	4,600	4,267	4,367
Capex / Sales	3.22%	5.68%	5.02%	5.11%	3.96%	3.01%	2.66%	2.6%
Announcement Date	5/15/19	5/15/20	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 Miura Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,497 JPY

Average target price

3,920 JPY

Spread / Average Target

+56.99%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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