Financials Okuma Corporation

Equities

6103

JP3172100004

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
7,029 ^JPY	+1.31%		+4.04%	+15.70%

Apr. 05	Okuma Buys Back 1.3 Billion Yen Worth Of Shares in March	MT
Apr. 05	Tranche Update on Okuma Corporation's Equity Buyback Plan announced on January 31, 2024.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	192,137	110,030	200,480	160,945	183,921	213,805	-	-
Enterprise Value (EV) ¹	141,863	68,496	147,705	97,118	119,218	144,974	134,900	129,856
P/E ratio	10.4 x	10.3 x	96 x	13.9 x	9.59 x	11.2 x	11.9 x	10.2 x
Yield	2.09%	3.73%	0.55%	1.76%	3.05%	2.88%	2.81%	3.24%
Capitalization / Revenue	0.91 x	0.64 x	1.62 x	0.93 x	0.81 x	0.93 x	0.96 x	0.9 x
EV / Revenue	0.67 x	0.4 x	1.2 x	0.56 x	0.52 x	0.63 x	0.6 x	0.54 x
EV / EBITDA	4.28 x	3.26 x	13 x	4.52 x	3.64 x	4.2 x	4.05 x	3.43 x
EV / FCF	47.3 x	-51 x	10.2 x	13 x	12.5 x	43.5 x	7.87 x	8.66 x
FCF Yield	2.12%	-1.96%	9.8%	7.67%	8%	2.3%	12.7%	11.6%
Price to Book	1.17 x	0.67 x	1.17 x	0.87 x	0.9 x	0.99 x	0.94 x	0.88 x
Nbr of stocks (in thousands)	32,076	31,572	31,572	31,558	31,120	30,418	-	-
Reference price ²	5,990	3,485	6,350	5,100	5,910	7,029	7,029	7,029
Announcement Date	4/26/19	4/28/20	4/27/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	211,732	172,094	123,394	172,809	227,636	228,975	223,875	238,875
EBITDA ¹	33,173	20,984	11,401	21,480	32,767	34,550	33,300	37,825
EBIT ¹	27,575	14,995	4,820	14,462	24,804	25,775	24,100	28,425
Operating Margin	13.02%	8.71%	3.91%	8.37%	10.9%	11.26%	10.76%	11.9%
Earnings before Tax (EBT) ¹	27,376	15,036	4,014	15,547	26,446	26,967	26,067	28,900
Net income ¹	18,521	10,712	2,088	11,579	19,195	19,325	18,050	21,130
Net margin	8.75%	6.22%	1.69%	6.7%	8.43%	8.44%	8.06%	8.85%
EPS ²	578.6	339.3	66.15	366.9	616.0	628.8	589.4	691.7
Free Cash Flow ¹	3,001	-1,344	14,475	7,451	9,532	3,329	17,145	15,002
FCF margin	1.42%	-0.78%	11.73%	4.31%	4.19%	1.45%	7.66%	6.28%
FCF Conversion (EBITDA)	9.05%	-	126.96%	34.69%	29.09%	9.64%	51.49%	39.66%
FCF Conversion (Net income)	16.2%	-	693.25%	64.35%	49.66%	17.23%	94.99%	71%
Dividend per Share ²	125.0	130.0	35.00	90.00	180.0	202.5	197.5	227.5
Announcement Date	4/26/19	4/28/20	4/27/21	5/12/22	5/11/23	-	-	-

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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	89,352	57,923	65,471	41,041	77,394	45,339	50,076	49,328	59,571	108,899	58,680	60,057	118,737	50,591	59,921	110,512	56,778	59,505	119,300
EBITDA	-	-	-	-	-	-	-	-	-	-	9,317	9,051	-	7,798	-	-	-	-	-
EBIT ¹	9,187	1,354	3,466	3,091	5,178	3,775	5,509	4,725	5,830	10,555	6,973	7,276	14,249	5,543	6,432	11,975	6,246	6,790	14,400
Operating Margin	10.28%	2.34%	5.29%	7.53%	6.69%	8.33%	11%	9.58%	9.79%	9.69%	11.88%	12.12%	12%	10.96%	10.73%	10.84%	11%	11.41%	12.07%
Earnings before Tax (EBT)	9,178	1,168	-	3,020	5,391	3,984	6,172	6,091	6,543	12,634	6,587	7,225	-	6,043	-	12,510	5,880	-	-
Net income	6,141	532	-	2,326	3,958	2,937	4,684	4,415	4,821	9,236	4,823	5,136	-	4,653	4,098	8,751	4,335	-	-
Net margin	6.87%	0.92%	-	5.67%	5.11%	6.48%	9.35%	8.95%	8.09%	8.48%	8.22%	8.55%	-	9.2%	6.84%	7.92%	7.63%	-	-
EPS ²	194.5	16.88	-	73.69	125.4	93.01	148.5	141.4	154.6	296.0	154.8	165.2	-	150.9	133.0	283.9	140.7	158.7	-
Dividend per Share	65.00	15.00	-	-	35.00	-	-	-	-	90.00	-	-	-	-	-	100.0	-	-	-
Announcement Date	10/30/19	10/30/20	4/27/21	10/29/21	10/29/21	1/31/22	5/12/22	7/29/22	10/31/22	10/31/22	1/31/23	5/11/23	5/11/23	7/31/23	10/31/23	10/31/23	1/31/24	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	50,274	41,534	52,775	63,827	64,703	68,831	78,905	83,950
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,001	-1,344	14,475	7,451	9,532	3,329	17,145	15,003
ROE (net income / shareholders' equity)	11.7%	6.6%	1.2%	6.5%	9.9%	9.65%	8.13%	8.85%
ROA (Net income/ Total Assets)	11.9%	6.91%	2.51%	6.46%	9.68%	7.2%	6.3%	6.5%
Assets ¹	155,167	155,020	83,298	179,230	198,338	268,403	286,508	325,077
Book Value Per Share ²	5,122	5,198	5,439	5,895	6,574	7,127	7,496	7,943
Cash Flow per Share	753.0	529.0	275.0	589.0	871.0	-	-	-
Capex ¹	8,648	10,328	4,487	8,114	10,026	12,000	13,000	13,000
Capex / Sales	4.08%	6%	3.64%	4.7%	4.4%	5.24%	5.81%	5.44%
Announcement Date	4/26/19	4/28/20	4/27/21	5/12/22	5/11/23	-	-	-

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 Okuma Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7,029 JPY

Average target price

7,385 JPY

Spread / Average Target

+5.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Machine Tools

	1st Jan change	Capi.
OKUMA CORPORATION	+15.70%	1.36B
NINGBO HAITIAN PRECISION MACHINERY CO.,LTD.	+8.22%	2.04B
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KENNAMETAL INC.	-6.79%	1.91B
SHENZHEN YINGHE TECHNOLOGY CO., LTD	-16.05%	1.38B
GUANGDONG CREATE CENTURY INTELLIGENT EQUIPMENT GROUP CORPORATION LIMITED	-5.37%	1.38B
QINGDAO GAOCE TECHNOLOGY CO., LTD	-28.65%	1.3B
QINCHUAN MACHINE TOOL & TOOL GROUP SHARE CO., LTD.	-17.02%	1.24B
OSG CORPORATION	-0.74%	1.18B
KINIK COMPANY	+33.33%	1.14B

Machine Tools