Financials Optorun Co.,Ltd.

Equities

6235

JP3197760006

Electronic Equipment & Parts

Delayed Japan Exchange Other stock markets 12:30:11 2024-05-01 am EDT			5-day change	1st Jan Change
1,938 ^JPY	-1.02%		+3.14%	+18.82%

2023	Jefferies Adjusts Optorun’s Price Target to 2,500 Yen From 3,000 Yen, Keeps at Buy	MT
2023	Optorun Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	125,789	90,404	102,496	97,203	71,225	85,505	-	-
Enterprise Value (EV) ¹	99,493	68,251	70,709	62,699	38,581	85,505	85,505	85,505
P/E ratio	13.9 x	13.3 x	16.2 x	14.1 x	15.4 x	14.5 x	11.8 x	9.58 x
Yield	1.99%	2.37%	2.1%	2.23%	3.07%	2.59%	2.66%	2.66%
Capitalization / Revenue	2.94 x	2.41 x	3.32 x	2.83 x	1.94 x	2.37 x	2.18 x	1.99 x
EV / Revenue	2.94 x	2.41 x	3.32 x	2.83 x	1.94 x	2.37 x	2.18 x	1.99 x
EV / EBITDA	11.3 x	10.1 x	13.7 x	11.9 x	6.63 x	9.5 x	-	-
EV / FCF	7.86 x	-57.1 x	9.94 x	35.1 x	-	21.9 x	-	-
FCF Yield	12.7%	-1.75%	10.1%	2.85%	-	4.56%	-	-
Price to Book	3.67 x	2.29 x	2.23 x	1.87 x	1.27 x	1.43 x	1.32 x	1.19 x
Nbr of stocks (in thousands)	41,721	42,866	43,138	43,355	43,670	43,670	-	-
Reference price ²	3,015	2,109	2,376	2,242	1,631	1,958	1,958	1,958
Announcement Date	2/13/20	2/12/21	2/14/22	2/13/23	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	42,822	37,491	30,891	34,304	36,807	36,150	39,150	42,900
EBITDA ¹	11,129	8,909	7,508	8,147	10,743	9,000	-	-
EBIT ¹	10,879	8,628	7,025	7,448	9,751	8,100	9,900	12,250
Operating Margin	25.41%	23.01%	22.74%	21.71%	26.49%	22.41%	25.29%	28.55%
Earnings before Tax (EBT) ¹	11,487	8,677	8,773	9,404	5,997	8,115	9,730	11,430
Net income ¹	9,101	6,796	6,330	6,889	4,631	5,876	7,264	8,914
Net margin	21.25%	18.13%	20.49%	20.08%	12.58%	16.25%	18.55%	20.78%
EPS ²	216.7	159.0	146.8	159.0	106.1	134.7	166.6	204.4
Free Cash Flow ¹	16,011	-1,583	10,310	2,769	-	3,900	-	-
FCF margin	37.39%	-4.22%	33.38%	8.07%	-	10.79%	-	-
FCF Conversion (EBITDA)	143.86%	-	137.32%	33.99%	-	43.33%	-	-
FCF Conversion (Net income)	175.93%	-	162.88%	40.19%	-	66.38%	-	-
Dividend per Share ²	60.00	50.00	50.00	50.00	50.00	50.67	52.00	52.00
Announcement Date	2/13/20	2/12/21	2/14/22	2/13/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	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	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	16,145	16,590	20,901	14,946	7,055	8,890	15,945	5,117	8,391	13,508	11,286	9,510	20,796	9,063	11,861	20,924	8,009	7,874	15,883	7,250	8,450	15,700	9,500	10,950	21,300
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,483	3,652	4,976	3,431	1,390	2,204	3,594	740	2,552	3,292	2,951	1,205	4,156	2,613	4,049	6,662	1,905	1,184	3,089	1,400	1,850	3,000	2,250	2,750	5,000
Operating Margin	21.57%	22.01%	23.81%	22.96%	19.7%	24.79%	22.54%	14.46%	30.41%	24.37%	26.15%	12.67%	19.98%	28.83%	34.14%	31.84%	23.79%	15.04%	19.45%	19.31%	21.89%	19.11%	23.68%	25.11%	23.47%
Earnings before Tax (EBT)	-	3,951	-	3,872	2,358	2,543	4,901	1,103	3,320	4,423	3,936	1,045	-	1,814	-	4,263	1,071	663	1,734	-	-	-	-	-	-
Net income ¹	-	2,884	3,912	2,737	1,789	1,804	3,593	602	2,317	2,919	2,940	1,030	3,970	1,402	2,068	3,470	628	533	1,161	1,300	-	-	-	-	-
Net margin	-	17.38%	18.72%	18.31%	25.36%	20.29%	22.53%	11.76%	27.61%	21.61%	26.05%	10.83%	19.09%	15.47%	17.44%	16.58%	7.84%	6.77%	7.31%	17.93%	-	-	-	-	-
EPS ²	-	67.69	91.36	63.56	41.48	41.79	83.27	13.93	53.55	67.48	67.84	23.69	91.53	32.24	47.44	79.68	14.34	12.12	26.46	29.90	-	-	-	-	-
Dividend per Share	-	-	50.00	-	-	50.00	50.00	-	-	-	-	50.00	50.00	-	-	-	-	-	50.00	-	-	-	-	-	-
Announcement Date	2/13/20	8/6/20	2/12/21	8/5/21	11/9/21	2/14/22	2/14/22	5/12/22	8/5/22	8/5/22	11/10/22	2/13/23	2/13/23	5/11/23	8/9/23	8/9/23	11/13/23	2/13/24	2/13/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	26,296	22,153	31,787	34,504	32,644	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	16,011	-1,583	10,310	2,769	-	3,900	-	-
ROE (net income / shareholders' equity)	29%	18.3%	14.8%	14%	8.5%	10.9%	12.8%	13.6%
ROA (Net income/ Total Assets)	19.6%	15.5%	13.3%	11.9%	7.5%	6.3%	-	-
Assets ¹	46,369	43,747	47,670	58,020	61,764	93,265	-	-
Book Value Per Share ²	821.0	919.0	1,066	1,199	1,285	1,366	1,479	1,639
Cash Flow per Share	223.0	165.0	154.0	171.0	124.0	-	-	-
Capex ¹	149	764	940	5,791	3,113	2,400	1,100	1,100
Capex / Sales	0.35%	2.04%	3.04%	16.88%	8.46%	6.64%	2.81%	2.56%
Announcement Date	2/13/20	2/12/21	2/14/22	2/13/23	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 Optorun Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,958 JPY

Average target price

2,200 JPY

Spread / Average Target

+12.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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