Financials Stanley Electric Co., Ltd.

Equities

6923

JP3399400005

Auto, Truck & Motorcycle Parts

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,808 ^JPY	+0.16%		+3.63%	+5.86%

Mar. 08	Stanley Electric's Nine-Month Attributable Net Income Falls on Higher Extraordinary Losses	MT
Mar. 07	Morgan Stanley Adjusts Stanley Electric’s Price Target to 3,000 Yen From 3,100 Yen, Keeps at Overweight	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	486,319	345,178	528,882	371,741	488,440	450,428	-	-
Enterprise Value (EV) ¹	359,134	221,811	400,408	230,987	329,200	451,471	260,251	287,232
P/E ratio	12.1 x	18.7 x	23.1 x	17.4 x	18.1 x	17.3 x	13.3 x	11 x
Yield	1.68%	2.11%	1.37%	2.15%	1.71%	1.95%	2.43%	2.74%
Capitalization / Revenue	1.12 x	0.88 x	1.47 x	0.97 x	1.12 x	0.96 x	0.9 x	0.83 x
EV / Revenue	0.83 x	0.57 x	1.11 x	0.6 x	0.75 x	0.96 x	0.52 x	0.53 x
EV / EBITDA	4.11 x	3.93 x	5.78 x	3.61 x	4.3 x	4.16 x	2.79 x	2.85 x
EV / FCF	16.1 x	10 x	26 x	13.9 x	16.6 x	25.9 x	11.4 x	9.77 x
FCF Yield	6.2%	9.97%	3.85%	7.2%	6.03%	3.86%	8.81%	10.2%
Price to Book	1.32 x	0.96 x	1.33 x	0.86 x	1.02 x	0.86 x	0.87 x	0.83 x
Nbr of stocks (in thousands)	163,468	161,903	160,510	159,957	166,646	160,380	-	-
Reference price ²	2,975	2,132	3,295	2,324	2,931	2,808	2,808	2,808
Announcement Date	4/24/19	4/27/20	4/26/21	4/28/22	4/27/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	434,124	391,622	359,710	382,561	437,790	472,397	498,250	543,964
EBITDA ¹	87,392	56,457	69,328	64,060	76,539	72,741	93,167	100,809
EBIT ¹	53,927	24,833	35,903	27,743	34,926	35,834	51,000	57,425
Operating Margin	12.42%	6.34%	9.98%	7.25%	7.98%	7.59%	10.24%	10.56%
Earnings before Tax (EBT) ¹	59,716	28,624	37,663	35,774	44,889	43,018	59,433	64,950
Net income ¹	40,265	18,550	22,918	21,445	26,496	26,497	37,127	39,689
Net margin	9.27%	4.74%	6.37%	5.61%	6.05%	5.61%	7.45%	7.3%
EPS ²	245.8	114.2	142.4	133.8	162.3	162.4	211.3	255.8
Free Cash Flow ¹	22,269	22,104	15,409	16,624	19,849	11,662	22,927	29,396
FCF margin	5.13%	5.64%	4.28%	4.35%	4.53%	2.47%	4.6%	5.4%
FCF Conversion (EBITDA)	25.48%	39.15%	22.23%	25.95%	25.93%	16.03%	24.61%	29.16%
FCF Conversion (Net income)	55.31%	119.16%	67.24%	77.52%	74.91%	47.68%	61.75%	74.07%
Dividend per Share ²	50.00	45.00	45.00	50.00	50.00	55.00	68.12	76.88
Announcement Date	4/24/19	4/27/20	4/26/21	4/28/22	4/27/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	204,467	187,155	155,811	203,899	84,712	179,109	100,754	102,698	203,452	93,058	120,038	213,096	109,555	115,139	224,694	111,726	114,437	226,163	129,235	116,999	246,234	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	21,625	3,208	8,659	27,244	4,621	12,977	8,426	6,340	14,766	2,838	11,787	14,625	6,540	13,761	20,301	3,664	10,413	14,077	13,337	8,420	21,757	-	-	-	-
Operating Margin	10.58%	1.71%	5.56%	13.36%	5.45%	7.25%	8.36%	6.17%	7.26%	3.05%	9.82%	6.86%	5.97%	11.95%	9.03%	3.28%	9.1%	6.22%	10.32%	7.2%	8.84%	-	-	-	-
Earnings before Tax (EBT) ¹	23,541	5,083	8,428	29,235	5,562	15,320	10,063	10,391	20,454	5,041	14,350	19,391	6,961	18,537	-	5,885	10,241	16,126	10,520	16,372	26,892	-	-	-	-
Net income ¹	15,669	2,881	3,770	19,148	3,278	9,334	5,484	6,627	12,111	2,573	7,729	10,302	3,757	12,437	16,194	2,347	5,668	8,015	5,806	12,676	18,482	7,750	9,050	9,150	8,850
Net margin	7.66%	1.54%	2.42%	9.39%	3.87%	5.21%	5.44%	6.45%	5.95%	2.76%	6.44%	4.83%	3.43%	10.8%	7.21%	2.1%	4.95%	3.54%	4.49%	10.83%	7.51%	-	-	-	-
EPS ²	96.16	18.03	23.40	119.0	20.41	58.13	34.22	41.40	-	16.09	48.31	64.40	22.26	75.66	97.92	14.27	34.51	48.78	35.52	78.11	-	-	-	-	-
Dividend per Share	25.00	20.00	20.00	25.00	-	25.00	-	-	25.00	-	-	25.00	-	-	25.00	-	-	27.00	-	-	-	-	-	-	-
Announcement Date	10/28/19	4/27/20	10/29/20	4/26/21	10/26/21	10/26/21	1/31/22	4/28/22	4/28/22	7/29/22	10/31/22	10/31/22	1/30/23	4/27/23	4/27/23	7/28/23	10/31/23	10/31/23	1/31/24	4/26/24	4/26/24	-	-	-	-

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	127,185	123,367	128,474	140,754	159,240	148,089	190,177	163,196
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	22,269	22,104	15,409	16,624	19,849	11,662	22,927	29,396
ROE (net income / shareholders' equity)	11.3%	5.1%	6%	5.1%	5.8%	5.3%	7.49%	7.76%
ROA (Net income/ Total Assets)	12.1%	5.98%	7.97%	6.52%	7.39%	7.19%	6.02%	6.25%
Assets ¹	332,381	310,030	287,395	328,972	358,714	368,776	617,171	635,010
Book Value Per Share ²	2,260	2,214	2,486	2,716	2,875	3,270	3,231	3,373
Cash Flow per Share ²	450.0	309.0	350.0	360.0	417.0	389.0	462.0	520.0
Capex ¹	38,833	41,107	31,234	29,763	38,582	51,250	52,600	54,000
Capex / Sales	8.95%	10.5%	8.68%	7.78%	8.81%	10.86%	10.56%	9.93%
Announcement Date	4/24/19	4/27/20	4/26/21	4/28/22	4/27/23	4/26/24	-	-

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 Stanley Electric Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,808 JPY

Average target price

3,333 JPY

Spread / Average Target

+18.69%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Automotive Body Parts

	1st Jan change	Capi.
STANLEY ELECTRIC CO., LTD.	+5.86%	2.86B
LINAMAR CORPORATION	+3.72%	2.99B
MINTH GROUP LIMITED	-15.59%	1.98B
ASAHI INDIA GLASS LIMITED	+5.31%	1.77B
HUADA AUTOMOTIVE TECHNOLOGY CORP.,LTD	+17.02%	1.66B
CHANGCHUN FAWAY AUTOMOBILE COMPONENTS CO.,LTD	-8.48%	896M
SAF-HOLLAND SE	+21.05%	892M
STANDARD MOTOR PRODUCTS, INC.	-18.46%	733M
G-TEKT CORPORATION	+19.17%	560M
MILLER INDUSTRIES, INC.	+16.06%	562M

Automotive Body Parts