Financials OSG Corporation

Equities

6136

JP3170800001

Industrial Machinery & Equipment

Delayed Japan Exchange Other stock markets 08:29:09 2024-04-29 pm EDT			5-day change	1st Jan Change
2,029 ^JPY	+1.10%		+4.75%	+0.25%

Apr. 29	Colgate-Palmolive's Strong Q1 Results Support Outperformance, Morgan Stanley Says	MT
Apr. 22	Overseas Shipholding Gets Federal Grant to Design Marine Transport For Liquified CO2	DJ

Valuation

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	216,813	183,826	160,712	185,149	176,606	185,749	-	-
Enterprise Value (EV) ¹	216,813	187,787	144,566	164,021	147,311	173,749	162,249	148,249
P/E ratio	15.9 x	32.6 x	14.6 x	11.3 x	12.3 x	10.7 x	10 x	9.49 x
Yield	2.1%	1.17%	2.19%	3.1%	3.26%	3.36%	3.7%	4.16%
Capitalization / Revenue	1.71 x	1.76 x	1.27 x	1.3 x	1.2 x	1.19 x	1.13 x	1.12 x
EV / Revenue	1.71 x	1.8 x	1.15 x	1.15 x	1 x	1.11 x	0.99 x	0.9 x
EV / EBITDA	7.32 x	9.6 x	5.26 x	5.06 x	4.64 x	4.95 x	4.24 x	3.76 x
EV / FCF	-206 x	-1,977 x	4.26 x	20.5 x	9.96 x	10.6 x	9.8 x	7.09 x
FCF Yield	-0.49%	-0.05%	23.5%	4.88%	10%	9.44%	10.2%	14.1%
Price to Book	1.68 x	1.42 x	1.12 x	1.12 x	0.97 x	1 x	0.97 x	0.9 x
Nbr of stocks (in thousands)	97,095	97,417	97,638	95,635	95,930	92,551	-	-
Reference price ²	2,233	1,887	1,646	1,936	1,841	2,007	2,007	2,007
Announcement Date	1/10/20	1/8/21	1/12/22	1/12/23	1/11/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	126,964	104,388	126,156	142,525	147,703	156,475	164,625	165,550
EBITDA ¹	29,611	19,569	27,491	32,396	31,740	35,100	38,267	39,400
EBIT ¹	19,554	8,396	16,105	21,898	19,800	23,900	26,250	26,900
Operating Margin	15.4%	8.04%	12.77%	15.36%	13.41%	15.27%	15.95%	16.25%
Earnings before Tax (EBT) ¹	19,845	8,896	16,354	23,378	20,747	23,900	26,667	27,950
Net income ¹	13,686	5,639	10,989	16,534	14,307	16,600	18,350	18,650
Net margin	10.78%	5.4%	8.71%	11.6%	9.69%	10.61%	11.15%	11.27%
EPS ²	140.1	57.94	112.6	171.5	149.3	188.3	200.5	211.6
Free Cash Flow ¹	-1,053	-95	33,943	8,005	14,788	16,400	16,553	20,900
FCF margin	-0.83%	-0.09%	26.91%	5.62%	10.01%	10.48%	10.05%	12.62%
FCF Conversion (EBITDA)	-	-	123.47%	24.71%	46.59%	46.72%	43.26%	53.05%
FCF Conversion (Net income)	-	-	308.88%	48.42%	103.36%	98.8%	90.21%	112.06%
Dividend per Share ²	47.00	22.00	36.00	60.00	60.00	67.50	74.25	83.50
Announcement Date	1/10/20	1/8/21	1/12/22	1/12/23	1/11/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: November	2019 S2	2020 S1	2021 S1	2021 Q4	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
Net sales ¹	61,344	55,256	61,217	33,615	32,241	35,715	67,956	35,546	39,023	34,231	36,407	70,638	37,093	39,972	77,065	36,717	40,500	77,000	40,000	41,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7,916	6,027	7,091	4,794	4,442	5,403	9,845	5,189	6,864	4,513	4,981	9,494	4,591	5,715	10,306	4,102	5,500	9,500	5,500	7,000
Operating Margin	12.9%	10.91%	11.58%	14.26%	13.78%	15.13%	14.49%	14.6%	17.59%	13.18%	13.68%	13.44%	12.38%	14.3%	13.37%	11.17%	13.58%	12.34%	13.75%	17.07%
Earnings before Tax (EBT)	7,747	5,964	7,261	-	4,788	-	10,629	5,635	7,114	4,750	-	9,707	4,949	-	-	5,100	-	-	-	-
Net income	5,712	3,519	4,751	-	3,459	-	7,492	3,857	5,185	3,050	-	6,591	3,453	4,263	-	3,429	-	-	-	-
Net margin	9.31%	6.37%	7.76%	-	10.73%	-	11.02%	10.85%	13.29%	8.91%	-	9.33%	9.31%	10.66%	-	9.34%	-	-	-	-
EPS	-	36.19	48.73	-	35.53	-	77.26	40.22	-	31.86	-	68.82	36.02	-	-	36.30	-	-	-	-
Dividend per Share	-	11.00	14.00	-	-	-	23.00	-	-	-	-	28.00	-	-	-	-	-	-	-	-
Announcement Date	1/10/20	7/10/20	7/9/21	1/12/22	4/7/22	7/7/22	7/7/22	10/6/22	1/12/23	4/6/23	7/6/23	7/6/23	10/5/23	1/11/24	1/11/24	4/4/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	3,961	-	-	-	-	-	-
Net Cash position ¹	-	-	16,146	21,128	29,295	12,000	23,500	37,500
Leverage (Debt/EBITDA)	-	0.2024 x	-	-	-	-	-	-
Free Cash Flow ¹	-1,053	-95	33,943	8,005	14,788	16,400	16,553	20,900
ROE (net income / shareholders' equity)	10.8%	4.4%	8%	10.7%	8.3%	9.51%	10.1%	10.2%
ROA (Net income/ Total Assets)	10.7%	2.89%	5.36%	10.8%	5.97%	6.75%	6.8%	6.5%
Assets ¹	127,926	195,263	204,935	153,331	239,488	245,926	269,853	286,923
Book Value Per Share ²	1,328	1,327	1,472	1,721	1,892	2,001	2,072	2,235
Cash Flow per Share	238.0	166.0	221.0	280.0	264.0	-	-	-
Capex ¹	17,557	10,117	5,790	8,864	11,158	12,000	12,000	10,000
Capex / Sales	13.83%	9.69%	4.59%	6.22%	7.55%	7.67%	7.29%	6.04%
Announcement Date	1/10/20	1/8/21	1/12/22	1/12/23	1/11/24	-	-	-

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 OSG Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,007 JPY

Average target price

2,292 JPY

Spread / Average Target

+14.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Machine Tools

	1st Jan change	Capi.
OSG CORPORATION	+0.25%	1.18B
DMG MORI CO., LTD.	+54.49%	3.74B
NINGBO HAITIAN PRECISION MACHINERY CO.,LTD.	+10.55%	2.04B
SHENYANG MACHINE TOOL CO., LTD.	+1.73%	1.99B
SHENZHEN YINGHE TECHNOLOGY CO., LTD	-10.63%	1.38B
GUANGDONG CREATE CENTURY INTELLIGENT EQUIPMENT GROUP CORPORATION LIMITED	-3.48%	1.38B
OKUMA CORPORATION	+17.12%	1.36B
QINGDAO GAOCE TECHNOLOGY CO., LTD	-25.98%	1.3B
QINCHUAN MACHINE TOOL & TOOL GROUP SHARE CO., LTD.	-14.79%	1.24B
KINIK COMPANY	+37.50%	1.14B

Machine Tools