Financials Murata Manufacturing Co., Ltd

Equities

6981

JP3914400001

Electronic Equipment & Parts

Market Closed - Japan Exchange 02:00:00 2024-04-26 am EDT 5-day change 1st Jan Change
2,867 JPY +1.59% Intraday chart for Murata Manufacturing Co., Ltd +7.10% -4.21%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 3,526,416 3,500,967 5,657,255 5,193,519 5,062,979 5,416,432 - -
Enterprise Value (EV) 1 3,398,093 3,325,778 5,317,181 4,736,057 4,720,726 5,335,197 4,872,226 4,746,491
P/E ratio 17 x 19.1 x 23.9 x 16.5 x 20 x 29.5 x 20.8 x 17.5 x
Yield 1.69% 1.77% 1.3% 1.6% 1.87% 1.77% 1.92% 2.08%
Capitalization / Revenue 2.24 x 2.28 x 3.47 x 2.87 x 3 x 3.25 x 3.12 x 2.9 x
EV / Revenue 2.16 x 2.17 x 3.26 x 2.61 x 2.8 x 3.25 x 2.81 x 2.54 x
EV / EBITDA 8.69 x 8.45 x 11.7 x 8.17 x 10.3 x 13.6 x 9.29 x 7.98 x
EV / FCF -142 x 48.4 x 30.1 x 22.6 x - 19.8 x 25 x 18.6 x
FCF Yield -0.7% 2.07% 3.33% 4.42% - 5.06% 4% 5.37%
Price to Book 2.2 x 2.07 x 2.95 x 2.29 x 2.11 x 2.09 x 2.09 x 1.93 x
Nbr of stocks (in thousands) 1,919,312 1,919,390 1,919,449 1,919,497 1,889,171 1,889,233 - -
Reference price 2 1,837 1,824 2,947 2,706 2,680 2,867 2,867 2,867
Announcement Date 4/26/19 4/30/20 4/28/21 4/28/22 4/28/23 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 1,575,026 1,534,045 1,630,193 1,812,521 1,686,796 1,640,158 1,733,924 1,866,408
EBITDA 1 391,226 393,514 456,314 579,643 459,163 391,320 524,731 594,791
EBIT 1 266,807 253,247 313,240 424,060 297,887 215,447 335,299 401,799
Operating Margin 16.94% 16.51% 19.21% 23.4% 17.66% 13.14% 19.34% 21.53%
Earnings before Tax (EBT) 1 267,316 254,032 316,417 432,702 314,895 239,404 345,079 410,750
Net income 1 206,930 183,012 237,057 314,124 253,690 180,838 259,779 309,103
Net margin 13.14% 11.93% 14.54% 17.33% 15.04% 11.03% 14.98% 16.56%
EPS 2 107.8 95.35 123.5 163.6 133.8 95.72 137.8 163.4
Free Cash Flow 1 -23,899 68,735 176,911 209,158 - 270,106 194,970 254,713
FCF margin -1.52% 4.48% 10.85% 11.54% - 16.47% 11.24% 13.65%
FCF Conversion (EBITDA) - 17.47% 38.77% 36.08% - 69.02% 37.16% 42.82%
FCF Conversion (Net income) - 37.56% 74.63% 66.58% - 149.36% 75.05% 82.4%
Dividend per Share 2 31.11 32.33 38.33 43.33 50.00 50.70 55.00 59.61
Announcement Date 4/26/19 4/30/20 4/28/21 4/28/22 4/28/23 4/26/24 - -
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 2023 S2 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 1 760,938 773,107 752,005 878,188 468,517 908,074 471,387 433,060 904,447 436,657 483,567 920,224 418,978 347,594 766,572 367,694 442,656 810,350 439,394 390,414 829,808 387,110 457,226 846,848 471,045 415,678 867,465 939,635 958,461
EBITDA 1 - - - 254,952 - - - - - - - - - - - - 131,725 - 122,305 45,115 - 117,457 139,372 - 148,892 110,129 - - -
EBIT 1 121,393 131,854 131,518 181,722 117,040 222,109 113,919 88,032 201,951 88,613 106,361 194,974 77,285 25,628 102,913 50,111 88,811 138,922 76,197 328 76,525 66,486 95,090 165,829 101,980 74,094 161,511 205,787 199,779
Operating Margin 15.95% 17.06% 17.49% 20.69% 24.98% 24.46% 24.17% 20.33% 22.33% 20.29% 22% 21.19% 18.45% 7.37% 13.43% 13.63% 20.06% 17.14% 17.34% 0.08% 9.22% 17.18% 20.8% 19.58% 21.65% 17.82% 18.62% 21.9% 20.84%
Earnings before Tax (EBT) 1 124,819 129,213 133,154 183,263 124,143 227,853 115,014 89,835 204,849 101,204 111,958 213,162 66,692 35,041 101,733 62,768 98,456 161,224 64,210 13,970 78,180 66,933 104,459 168,829 109,345 72,264 167,022 208,787 202,779
Net income 1 90,729 92,283 99,860 137,197 90,570 167,788 82,646 63,690 146,336 75,201 85,155 160,356 51,467 41,867 93,334 50,098 75,055 125,153 49,358 6,327 55,685 49,922 77,910 131,787 81,555 53,898 130,377 162,954 158,268
Net margin 11.92% 11.94% 13.28% 15.62% 19.33% 18.48% 17.53% 14.71% 16.18% 17.22% 17.61% 17.43% 12.28% 12.04% 12.18% 13.62% 16.96% 15.44% 11.23% 1.62% 6.71% 12.9% 17.04% 15.56% 17.31% 12.97% 15.03% 17.34% 16.51%
EPS 2 47.27 - 52.03 71.48 47.18 87.41 43.06 33.18 - 39.34 44.92 84.24 27.32 22.22 49.54 26.52 39.73 66.25 26.13 3.340 29.47 27.02 38.42 69.80 41.55 30.24 69.00 86.30 83.80
Dividend per Share 2 15.67 - 18.33 - 20.00 20.00 - 23.33 23.33 - 25.00 25.00 - 25.00 - - 25.00 25.00 - 27.00 - - 29.00 - - 29.00 - - -
Announcement Date 10/31/19 4/30/20 10/30/20 4/28/21 10/29/21 10/29/21 2/1/22 4/28/22 4/28/22 7/28/22 10/31/22 10/31/22 2/2/23 4/28/23 4/28/23 7/31/23 10/31/23 10/31/23 2/2/24 4/26/24 4/26/24 - - - - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 128,323 175,189 340,074 457,462 342,253 518,185 544,206 669,941
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 -23,899 68,735 176,911 209,158 - 270,106 194,970 254,713
ROE (net income / shareholders' equity) 13.5% 11.1% 13.1% 15% 10.9% 7.4% 10.2% 11%
ROA (Net income/ Total Assets) 13.9% 11.8% 13.4% 16.4% 11.1% 8.1% 8.1% 8.5%
Assets 1 1,488,563 1,548,607 1,765,280 1,913,422 2,288,778 2,232,358 3,207,144 3,636,509
Book Value Per Share 2 836.0 883.0 1,001 1,179 1,272 1,353 1,374 1,487
Cash Flow per Share 2 173.0 168.0 198.0 245.0 219.0 211.0 212.0 238.0
Capex 1 291,581 281,599 196,660 152,786 208,111 219,531 220,000 230,000
Capex / Sales 18.51% 18.36% 12.06% 8.43% 12.34% 13.38% 12.69% 12.32%
Announcement Date 4/26/19 4/30/20 4/28/21 4/28/22 4/28/23 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

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
18
Last Close Price
2,867 JPY
Average target price
3,389 JPY
Spread / Average Target
+18.20%
Consensus
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