Financials Noritsu Koki Co., Ltd.

Equities

7744

JP3759500006

Recreational Products

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,025 ^JPY	+1.34%		+3.77%	+0.90%

2023	Noritsu Koki Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2023	CI
2022	OMRON Corporation completed the acquisition of a 33% stake in JMDC Inc. from Noritsu Koki Co., Ltd..	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	53,919	86,577	96,675	84,901	106,978	107,942	-	-
Enterprise Value (EV) ¹	62,464	86,577	162,982	39,541	79,365	107,942	107,942	107,942
P/E ratio	18.3 x	8.75 x	18.2 x	0.84 x	10.5 x	11.5 x	10.3 x	9.35 x
Yield	0.99%	0.82%	1.4%	6.38%	3.84%	3.83%	3.9%	4.3%
Capitalization / Revenue	0.84 x	2.1 x	1.28 x	1.15 x	1.17 x	1.1 x	1.04 x	0.99 x
EV / Revenue	0.84 x	2.1 x	1.28 x	1.15 x	1.17 x	1.1 x	1.04 x	0.99 x
EV / EBITDA	7.31 x	9.13 x	5.89 x	13 x	5.43 x	5.51 x	5.04 x	4.71 x
EV / FCF	10.7 x	-5.27 x	-2.64 x	0.81 x	-12.7 x	7.73 x	6.88 x	6.49 x
FCF Yield	9.3%	-19%	-37.8%	124%	-7.87%	12.9%	14.5%	15.4%
Price to Book	0.72 x	0.82 x	0.87 x	0.44 x	0.52 x	0.52 x	0.5 x	0.48 x
Nbr of stocks (in thousands)	35,614	35,614	35,634	35,658	35,683	35,683	-	-
Reference price ²	1,514	2,431	2,713	2,381	2,998	3,025	3,025	3,025
Announcement Date	5/15/19	2/15/21	2/14/22	2/14/23	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	63,924	41,148	75,326	73,515	91,552	98,500	103,500	109,200
EBITDA ¹	7,376	9,487	16,412	6,513	19,690	19,600	21,400	22,900
EBIT ¹	5,538	5,825	10,733	1,262	14,462	14,500	16,100	17,400
Operating Margin	8.66%	14.16%	14.25%	1.72%	15.8%	14.72%	15.56%	15.93%
Earnings before Tax (EBT) ¹	5,439	2,582	9,835	3,944	13,747	13,900	15,500	17,100
Net income ¹	2,953	9,899	5,299	101,548	10,199	9,350	10,450	11,550
Net margin	4.62%	24.06%	7.03%	138.13%	11.14%	9.49%	10.1%	10.58%
EPS ²	82.92	278.0	148.7	2,848	285.9	262.0	292.9	323.7
Free Cash Flow ¹	5,016	-16,427	-36,553	105,129	-8,422	13,955	15,698	16,632
FCF margin	7.85%	-39.92%	-48.53%	143%	-9.2%	14.17%	15.17%	15.23%
FCF Conversion (EBITDA)	68%	-	-	1,614.14%	-	71.2%	73.36%	72.63%
FCF Conversion (Net income)	169.86%	-	-	103.53%	-	149.25%	150.22%	144%
Dividend per Share ²	15.00	20.00	38.00	152.0	115.0	116.0	118.0	130.0
Announcement Date	5/15/19	2/15/21	2/14/22	2/14/23	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	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3
Net sales ¹	32,972	31,994	33,240	18,431	23,655	42,086	14,224	17,312	31,536	18,126	23,853	41,979	17,398	24,071	41,469	24,320
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,495	811	6,109	2,218	2,406	4,624	1,671	1,596	3,267	960	-2,965	-2,005	2,020	5,345	7,365	5,157
Operating Margin	10.6%	2.53%	18.38%	12.03%	10.17%	10.99%	11.75%	9.22%	10.36%	5.3%	-12.43%	-4.78%	11.61%	22.21%	17.76%	21.2%
Earnings before Tax (EBT) ¹	3,487	-1,856	4,605	2,470	2,760	5,230	2,020	2,726	4,746	3,224	-4,026	-802	1,825	5,389	7,214	5,050
Net income ¹	2,092	-814	2,040	886	2,373	3,259	100,140	981	101,121	1,807	-1,380	427	1,051	3,403	4,454	3,388
Net margin	6.34%	-2.54%	6.14%	4.81%	10.03%	7.74%	704.02%	5.67%	320.65%	9.97%	-5.79%	1.02%	6.04%	14.14%	10.74%	13.93%
EPS ²	-	-22.88	57.29	24.85	-	-	2,810	-	2,837	50.38	-	-	29.50	-	124.9	94.96
Dividend per Share	-	7.000	14.00	-	-	-	-	-	21.00	-	-	-	-	-	24.00	-
Announcement Date	5/15/19	11/13/19	8/13/21	11/12/21	2/14/22	2/14/22	5/13/22	8/12/22	8/12/22	11/11/22	2/14/23	2/14/23	5/12/23	8/10/23	8/10/23	11/13/23

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	8,545	-	66,307	-	-	-	-	-
Net Cash position	-	-	-	45,360	27,613	-	-	-
Leverage (Debt/EBITDA)	1.158 x	-	4.04 x	-	-	-	-	-
Free Cash Flow ¹	5,016	-16,427	-36,553	105,129	-8,422	13,955	15,698	16,632
ROE (net income / shareholders' equity)	3.9%	10.8%	4.9%	66.9%	5.1%	4.5%	4.9%	5.3%
ROA (Net income/ Total Assets)	3.65%	5%	2.12%	1.38%	4.69%	-	-	-
Assets ¹	80,984	197,980	250,496	7,358,391	217,649	-	-	-
Book Value Per Share ²	2,104	2,960	3,121	5,399	5,755	5,869	6,044	6,244
Cash Flow per Share	135.0	-	319.0	2,996	432.0	-	-	-
Capex ¹	2,083	2,627	966	1,892	2,028	2,000	2,000	-
Capex / Sales	3.26%	6.38%	1.28%	2.57%	2.22%	2.03%	1.93%	-
Announcement Date	5/15/19	2/15/21	2/14/22	2/14/23	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 Noritsu Koki Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,025 JPY

Average target price

5,540 JPY

Spread / Average Target

+83.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Recreational Products

	1st Jan change	Capi.
NORITSU KOKI CO., LTD.	+0.90%	686M
BRUNSWICK CORPORATION	-15.10%	5.51B
THOR INDUSTRIES, INC.	-12.75%	5.36B
BRP INC.	-0.65%	5.15B
POLARIS INC.	-8.16%	4.74B
YETI HOLDINGS, INC.	-28.33%	3.08B
TRIGANO	-0.94%	2.99B
GIANT MANUFACTURING CO., LTD.	+23.91%	2.67B
VISTA OUTDOOR INC.	+19.34%	2.03B
WINNEBAGO INDUSTRIES, INC.	-12.75%	1.85B

Other Recreational Products