Financials Nippon Thompson Co., Ltd.

Equities

6480

JP3739400004

Industrial Machinery & Equipment

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
644 ^JPY	+1.26%		+5.40%	+14.18%

Mar. 25	Tranche Update on Nippon Thompson Co., Ltd.'s Equity Buyback Plan announced on August 9, 2023.	CI
Mar. 22	Nippon Thompson Co., Ltd.'s Equity Buyback announced on August 9, 2023, has closed with 2,176,700 shares, representing 3.08% for ¥1,306.28 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	36,433	26,523	46,832	38,417	41,409	44,994	-	-
Enterprise Value (EV) ¹	41,410	41,645	54,346	44,274	36,347	41,694	36,694	37,494
P/E ratio	9.8 x	-142 x	219 x	9.28 x	5.54 x	16.1 x	9.79 x	7.47 x
Yield	2.95%	3.39%	1.21%	2.4%	3.27%	2.95%	3.03%	3.26%
Capitalization / Revenue	0.63 x	0.56 x	1.06 x	0.62 x	0.61 x	0.82 x	0.71 x	0.64 x
EV / Revenue	0.72 x	0.88 x	1.23 x	0.71 x	0.53 x	0.76 x	0.58 x	0.54 x
EV / EBITDA	5.06 x	8.1 x	16.6 x	4.53 x	2.82 x	5.56 x	3.62 x	3.14 x
EV / FCF	125 x	-4.8 x	20.5 x	5.42 x	9.33 x	5.08 x	9.2 x	12.9 x
FCF Yield	0.8%	-20.9%	4.88%	18.4%	10.7%	19.7%	10.9%	7.78%
Price to Book	0.61 x	0.46 x	0.79 x	0.6 x	0.58 x	0.62 x	0.61 x	0.57 x
Nbr of stocks (in thousands)	71,578	71,878	70,743	71,010	71,271	69,866	-	-
Reference price ²	509.0	369.0	662.0	541.0	581.0	644.0	644.0	644.0
Announcement Date	5/14/19	5/29/20	5/13/21	5/12/22	5/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	57,570	47,457	44,342	62,284	68,260	55,000	63,500	70,000
EBITDA ¹	8,180	5,141	3,274	9,783	12,882	7,500	10,150	11,950
EBIT ¹	4,883	1,341	-559	5,898	9,459	3,600	6,200	8,000
Operating Margin	8.48%	2.83%	-1.26%	9.47%	13.86%	6.55%	9.76%	11.43%
Earnings before Tax (EBT) ¹	5,115	1,019	125	5,987	10,489	4,600	6,550	8,400
Net income ¹	3,718	-185	215	4,134	7,469	2,800	4,625	6,050
Net margin	6.46%	-0.39%	0.48%	6.64%	10.94%	5.09%	7.28%	8.64%
EPS ²	51.95	-2.590	3.020	58.27	104.9	39.90	65.75	86.25
Free Cash Flow ¹	331	-8,685	2,651	8,165	3,894	8,200	3,990	2,918
FCF margin	0.57%	-18.3%	5.98%	13.11%	5.7%	14.91%	6.28%	4.17%
FCF Conversion (EBITDA)	4.05%	-	80.97%	83.46%	30.23%	109.33%	39.31%	24.41%
FCF Conversion (Net income)	8.9%	-	1,233.02%	197.51%	52.14%	292.86%	86.27%	48.22%
Dividend per Share ²	15.00	12.50	8.000	13.00	19.00	19.00	19.50	21.00
Announcement Date	5/14/19	5/29/20	5/13/21	5/12/22	5/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2022 S1	2022 Q3	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	25,443	22,014	20,258	30,090	16,094	16,760	17,580	34,340	17,789	16,131	-	14,595	13,886	28,481	13,658	12,900	13,000	13,600	14,400	15,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,210	131	-748	2,257	1,593	1,872	2,468	4,340	3,146	1,973	-	1,041	999	2,040	995	700	1,000	1,300	1,600	1,900
Operating Margin	4.76%	0.6%	-3.69%	7.5%	9.9%	11.17%	14.04%	12.64%	17.69%	12.23%	-	7.13%	7.19%	7.16%	7.29%	5.43%	7.69%	9.56%	11.11%	12.67%
Earnings before Tax (EBT) ¹	942	-	-752	2,533	2,078	3,215	-	6,084	2,206	2,199	-	1,718	1,289	3,007	881	700	1,000	1,300	1,600	1,900
Net income ¹	297	-482	-588	2,171	1,438	2,139	-	4,195	1,558	1,716	-	1,209	377	1,586	681	500	700	900	1,100	1,300
Net margin	1.17%	-2.19%	-2.9%	7.22%	8.94%	12.76%	-	12.22%	8.76%	10.64%	-	8.28%	2.71%	5.57%	4.99%	3.88%	5.38%	6.62%	7.64%	8.67%
EPS	4.140	-	-8.200	30.62	20.26	30.11	-	58.98	21.87	-	-	16.95	-	22.23	9.630	-	-	-	-	-
Dividend per Share	7.500	-	4.000	6.000	-	-	-	9.000	-	-	10.00	-	-	9.500	-	-	-	-	-	-
Announcement Date	11/11/19	5/29/20	11/12/20	11/12/21	2/14/22	8/10/22	11/14/22	11/14/22	2/13/23	5/15/23	5/15/23	8/9/23	11/13/23	11/13/23	2/13/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,977	15,122	7,514	5,857	-	-	-	-
Net Cash position ¹	-	-	-	-	5,062	3,300	8,300	7,500
Leverage (Debt/EBITDA)	0.6084 x	2.941 x	2.295 x	0.5987 x	-	-	-	-
Free Cash Flow ¹	331	-8,685	2,651	8,165	3,894	8,200	3,990	2,918
ROE (net income / shareholders' equity)	6.2%	-0.3%	0.37%	6.7%	11%	3.9%	5.5%	8.5%
ROA (Net income/ Total Assets)	5.29%	1.27%	0.23%	7.2%	9.47%	2%	3.4%	5.5%
Assets ¹	70,277	-14,560	95,107	57,423	78,911	140,000	136,029	110,000
Book Value Per Share ²	837.0	797.0	836.0	899.0	1,003	1,039	1,064	1,123
Cash Flow per Share ²	98.00	50.40	56.80	113.0	153.0	167.0	143.0	60.80
Capex ¹	4,827	6,229	3,107	1,973	2,504	3,500	3,950	3,950
Capex / Sales	8.38%	13.13%	7.01%	3.17%	3.67%	6.36%	6.22%	5.64%
Announcement Date	5/14/19	5/29/20	5/13/21	5/12/22	5/15/23	-	-	-

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 Nippon Thompson Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

644 JPY

Average target price

667.5 JPY

Spread / Average Target

+3.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Parts & Components

	1st Jan change	Capi.
NIPPON THOMPSON CO., LTD.	+14.18%	286M
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MISUMI GROUP INC.	+0.75%	4.31B
SHANGHAI MOONS' ELECTRIC CO., LTD.	-14.26%	3.27B
LEADER HARMONIOUS DRIVE SYSTEMS CO., LTD.	-22.11%	2.78B
HIWIN TECHNOLOGIES CORPORATION	-0.43%	2.54B
HARMONIC DRIVE SYSTEMS INC.	-4.09%	2.41B

Industrial Parts & Components