Financials Nabtesco Corporation

Equities

6268

JP3651210001

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,576 ^JPY	+0.49%		+2.67%	-10.46%

Feb. 21	Transcript : Nabtesco Corporation, 2023 Earnings Call, Feb 21, 2024
Feb. 13	Nabtesco's Profit Balloons by 54% in Fiscal 2023	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	405,254	561,128	408,509	403,819	345,412	309,279	-	-
Enterprise Value (EV) ¹	402,364	536,329	315,237	313,800	289,150	269,826	259,771	259,612
P/E ratio	22.6 x	27.4 x	6.37 x	42.7 x	23.7 x	34 x	21.3 x	17.7 x
Yield	2.24%	1.66%	2.26%	2.32%	2.78%	3.1%	3.17%	3.25%
Capitalization / Revenue	1.4 x	2.01 x	1.36 x	1.31 x	1.04 x	0.97 x	0.91 x	0.86 x
EV / Revenue	1.39 x	1.92 x	1.05 x	1.02 x	0.87 x	0.84 x	0.76 x	0.72 x
EV / EBITDA	10.5 x	12.7 x	7.28 x	9.63 x	8.8 x	9.49 x	6.97 x	6.11 x
EV / FCF	18.3 x	22.8 x	3.05 x	-56.9 x	-15.6 x	49.2 x	46.6 x	25.2 x
FCF Yield	5.48%	4.38%	32.8%	-1.76%	-6.4%	2.03%	2.15%	3.97%
Price to Book	2.16 x	2.84 x	1.7 x	1.62 x	1.33 x	1.19 x	1.18 x	1.15 x
Nbr of stocks (in thousands)	124,121	124,143	119,973	120,006	120,039	120,039	-	-
Reference price ²	3,265	4,520	3,405	3,365	2,878	2,576	2,576	2,576
Announcement Date	2/7/20	2/10/21	2/10/22	2/10/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	289,808	279,358	299,802	308,691	333,631	320,052	340,655	359,462
EBITDA ¹	38,413	42,263	43,283	32,580	32,845	28,424	37,291	42,510
EBIT ¹	25,320	28,533	30,017	18,097	17,376	12,758	19,889	24,184
Operating Margin	8.74%	10.21%	10.01%	5.86%	5.21%	3.99%	5.84%	6.73%
Earnings before Tax (EBT) ¹	27,979	33,718	101,966	15,763	25,629	13,879	22,418	26,598
Net income ¹	17,931	20,505	64,818	9,464	14,554	9,077	14,386	17,457
Net margin	6.19%	7.34%	21.62%	3.07%	4.36%	2.84%	4.22%	4.86%
EPS ²	144.5	165.2	534.7	78.87	121.2	75.74	120.8	145.4
Free Cash Flow ¹	22,045	23,493	103,487	-5,514	-18,496	5,484	5,575	10,309
FCF margin	7.61%	8.41%	34.52%	-1.79%	-5.54%	1.71%	1.64%	2.87%
FCF Conversion (EBITDA)	57.39%	55.59%	239.09%	-	-	19.29%	14.95%	24.25%
FCF Conversion (Net income)	122.94%	114.57%	159.66%	-	-	60.42%	38.76%	59.05%
Dividend per Share ²	73.00	75.00	77.00	78.00	80.00	80.00	81.67	83.75
Announcement Date	2/7/20	2/10/21	2/10/22	2/10/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	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
Net sales ¹	-	136,486	145,708	68,409	85,685	-	70,386	71,809	142,195	76,737	89,759	82,193	80,804	162,997	80,587	90,047	170,634	72,300	74,950	152,500	80,600	93,600	179,400	71,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	13,669	14,613	6,195	9,209	-	4,995	2,891	7,886	3,598	6,613	5,779	2,911	8,690	4,258	4,428	8,686	1,667	1,100	2,700	3,767	6,400	10,500	1,900
Operating Margin	-	10.01%	10.03%	9.06%	10.75%	-	7.1%	4.03%	5.55%	4.69%	7.37%	7.03%	3.6%	5.33%	5.28%	4.92%	5.09%	2.31%	1.47%	1.77%	4.67%	6.84%	5.85%	2.66%
Earnings before Tax (EBT) ¹	-	14,693	108,465	-6,722	223	-	-5,069	-605	-5,674	22,566	-1,129	10,825	4,660	15,485	5,587	4,557	-	2,500	-	-	3,000	8,000	-	1,900
Net income ¹	-	9,392	68,056	-4,978	1,740	-	-4,388	-718	-5,106	15,728	-1,158	6,699	2,753	9,452	3,841	1,261	-	1,000	-	-	2,000	5,500	-	1,400
Net margin	-	6.88%	46.71%	-7.28%	2.03%	-	-6.23%	-1%	-3.59%	20.5%	-1.29%	8.15%	3.41%	5.8%	4.77%	1.4%	-	1.38%	-	-	2.48%	5.88%	-	1.96%
EPS	-	75.66	556.4	-38.00	15.96	-	-36.57	-5.990	-42.56	131.0	-9.650	55.82	22.92	78.74	32.00	10.51	-	-	-	-	-	-	-	-
Dividend per Share	37.00	41.00	38.00	-	-	39.00	-	-	39.00	-	-	-	-	40.00	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/7/20	7/31/20	7/30/21	10/29/21	2/10/22	2/10/22	4/28/22	7/29/22	7/29/22	10/31/22	2/10/23	4/28/23	7/31/23	7/31/23	10/31/23	2/13/24	2/13/24	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	2,890	24,799	93,272	90,019	56,262	39,454	49,508	49,667
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	22,045	23,493	103,487	-5,514	-18,496	5,484	5,575	10,309
ROE (net income / shareholders' equity)	9.8%	10.6%	29.6%	3.9%	5.7%	3.54%	5.44%	6.28%
ROA (Net income/ Total Assets)	8.31%	9.69%	24.5%	3.35%	5.82%	2.34%	3.88%	4.68%
Assets ¹	215,694	211,715	264,902	282,488	250,249	387,915	371,252	373,414
Book Value Per Share ²	1,509	1,594	1,999	2,072	2,170	2,160	2,182	2,243
Cash Flow per Share ²	250.0	276.0	644.0	200.0	250.0	201.0	244.0	301.0
Capex ¹	16,388	15,059	9,571	18,825	29,673	27,550	23,525	22,573
Capex / Sales	5.65%	5.39%	3.19%	6.1%	8.89%	8.61%	6.91%	6.28%
Announcement Date	2/7/20	2/10/21	2/10/22	2/10/23	2/13/24	-	-	-

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 Nabtesco Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,576 JPY

Average target price

2,710 JPY

Spread / Average Target

+5.18%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Industrial Machinery & Equipment

	1st Jan change	Capi.
NABTESCO CORPORATION	-10.46%	1.96B
ATLAS COPCO AB	+11.73%	82.35B
PARKER-HANNIFIN CORPORATION	+20.17%	71.09B
INGERSOLL RAND INC.	+20.89%	37.72B
XYLEM INC.	+15.77%	32.01B
FANUC CORPORATION	+9.19%	27.2B
FORTIVE CORPORATION	+3.18%	26.74B
SANDVIK AB	+4.22%	26B
TECHTRONIC INDUSTRIES CO. LTD.	+16.93%	25.5B
DOVER CORPORATION	+17.14%	24.76B

Other Industrial Machinery & Equipment