SUBARU CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3,322 JPY | +1.40% |
|
+0.67% | +28.46% |
| Apr. 17 | Volkswagen Tennessee plant workers vote on UAW membership | RE |
| Mar. 29 | ASRA: Suzuki Motor, Hitachi Astemo Join 'Advanced Soc Research For Automotive' (ASRA) Organisation | RE |
Valuation
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,934,155 | 1,589,993 | 1,690,194 | 1,493,979 | 1,621,784 | 2,497,463 | - | - |
| Enterprise Value (EV) 1 | 1,082,888 | 970,237 | 1,116,751 | 701,746 | 1,072,755 | 1,656,114 | 1,511,950 | 1,367,840 |
| P/E ratio | 13.1 x | 10.4 x | 22.1 x | 21.3 x | 8.09 x | 7.07 x | 6.98 x | 6.81 x |
| Yield | 5.71% | 4.82% | 2.54% | 2.87% | 3.59% | 3% | 3.3% | 3.48% |
| Capitalization / Revenue | 0.61 x | 0.48 x | 0.6 x | 0.54 x | 0.43 x | 0.54 x | 0.52 x | 0.5 x |
| EV / Revenue | 0.34 x | 0.29 x | 0.39 x | 0.26 x | 0.28 x | 0.36 x | 0.31 x | 0.28 x |
| EV / EBITDA | 3.63 x | 2.41 x | 3.62 x | 2.23 x | 2.11 x | 2.91 x | 2.45 x | 2.16 x |
| EV / FCF | 36.3 x | 5.26 x | 6.78 x | 7.43 x | 2.91 x | 8.07 x | 4.11 x | 3.69 x |
| FCF Yield | 2.76% | 19% | 14.7% | 13.5% | 34.4% | 12.4% | 24.3% | 27.1% |
| Price to Book | 1.2 x | 0.93 x | 0.95 x | 0.79 x | 0.77 x | 1.06 x | 0.95 x | 0.86 x |
| Nbr of stocks (in thousands) | 766,761 | 766,816 | 766,876 | 766,929 | 766,982 | 751,795 | - | - |
| Reference price 2 | 2,522 | 2,074 | 2,204 | 1,948 | 2,114 | 3,322 | 3,322 | 3,322 |
| Announcement Date | 5/10/19 | 5/18/20 | 5/11/21 | 5/12/22 | 5/11/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,160,514 | 3,344,109 | 2,830,210 | 2,744,520 | 3,774,468 | 4,648,605 | 4,831,128 | 4,957,102 |
| EBITDA 1 | 298,278 | 403,061 | 308,785 | 314,507 | 507,289 | 569,502 | 616,894 | 633,695 |
| EBIT 1 | 195,529 | 210,319 | 102,468 | 90,452 | 267,483 | 458,810 | 489,599 | 499,461 |
| Operating Margin | 6.19% | 6.29% | 3.62% | 3.3% | 7.09% | 9.87% | 10.13% | 10.08% |
| Earnings before Tax (EBT) 1 | 195,838 | 207,656 | 113,954 | 106,972 | 278,366 | 505,853 | 514,140 | 528,224 |
| Net income 1 | 147,812 | 152,587 | 76,510 | 70,007 | 200,431 | 354,558 | 355,786 | 362,180 |
| Net margin | 4.68% | 4.56% | 2.7% | 2.55% | 5.31% | 7.63% | 7.36% | 7.31% |
| EPS 2 | 192.8 | 199.0 | 99.77 | 91.28 | 261.3 | 469.8 | 476.0 | 487.6 |
| Free Cash Flow 1 | 29,842 | 184,290 | 164,651 | 94,400 | 368,762 | 205,252 | 367,796 | 371,068 |
| FCF margin | 0.94% | 5.51% | 5.82% | 3.44% | 9.77% | 4.42% | 7.61% | 7.49% |
| FCF Conversion (EBITDA) | 10% | 45.72% | 53.32% | 30.02% | 72.69% | 36.04% | 59.62% | 58.56% |
| FCF Conversion (Net income) | 20.19% | 120.78% | 215.2% | 134.84% | 183.98% | 57.89% | 103.38% | 102.45% |
| Dividend per Share 2 | 144.0 | 100.0 | 56.00 | 56.00 | 76.00 | 99.71 | 109.7 | 115.6 |
| Announcement Date | 5/10/19 | 5/18/20 | 5/11/21 | 5/12/22 | 5/11/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: März | 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 S1 | 2025 Q3 | 2025 Q4 | 2025 S2 | 2026 S1 | 2026 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,605,673 | 1,738,436 | 1,218,392 | 1,611,818 | 706,484 | 1,341,655 | 665,859 | 737,006 | 1,402,865 | 834,101 | 916,795 | 1,750,896 | 1,057,088 | 966,484 | 2,023,572 | 1,082,140 | 1,131,315 | 2,213,455 | 1,282,943 | 1,117,313 | 2,390,727 | 1,160,854 | 1,191,088 | 2,187,608 | 1,205,145 | 1,156,470 | 2,157,717 | 2,290,126 | 2,256,161 |
| EBITDA 1 | - | - | - | - | 78,318 | - | 79,947 | 69,157 | - | 93,315 | 132,572 | - | 164,237 | 117,165 | - | 143,318 | 150,931 | - | 234,238 | 117,012 | - | 137,717 | 138,659 | - | 150,562 | 122,734 | - | - | - |
| EBIT 1 | 94,847 | 115,472 | 30,611 | 71,857 | 24,916 | 54,451 | 22,735 | 13,266 | 36,001 | 36,980 | 73,465 | 110,445 | 103,247 | 53,791 | 157,038 | 84,467 | 101,375 | 185,842 | 182,128 | 95,051 | 307,498 | 138,486 | 149,556 | 417,804 | 107,530 | 121,204 | 251,682 | 445,159 | 280,483 |
| Operating Margin | 5.91% | 6.64% | 2.51% | 4.46% | 3.53% | 4.06% | 3.41% | 1.8% | 2.57% | 4.43% | 8.01% | 6.31% | 9.77% | 5.57% | 7.76% | 7.81% | 8.96% | 8.4% | 14.2% | 8.51% | 12.86% | 11.93% | 12.56% | 19.1% | 8.92% | 10.48% | 11.66% | 19.44% | 12.43% |
| Earnings before Tax (EBT) 1 | 93,104 | 114,552 | 36,100 | 77,854 | 26,913 | 61,170 | 30,080 | 15,722 | 45,802 | 38,407 | 81,949 | 120,356 | 94,766 | 63,244 | 158,010 | 115,364 | 111,089 | 226,453 | 189,773 | 101,800 | 311,623 | 139,033 | 151,883 | 416,248 | 116,978 | 132,784 | 249,786 | 450,132 | 282,737 |
| Net income 1 | 68,285 | 84,302 | 23,706 | 52,804 | 26,274 | 44,788 | 18,080 | 7,139 | 25,219 | 27,212 | 50,646 | 77,858 | 76,561 | 46,012 | 122,573 | 73,242 | 77,706 | 150,948 | 147,911 | 59,896 | 194,000 | 79,624 | 81,365 | - | 94,330 | 71,355 | - | - | - |
| Net margin | 4.25% | 4.85% | 1.95% | 3.28% | 3.72% | 3.34% | 2.72% | 0.97% | 1.8% | 3.26% | 5.52% | 4.45% | 7.24% | 4.76% | 6.06% | 6.77% | 6.87% | 6.82% | 11.53% | 5.36% | 8.11% | 6.86% | 6.83% | - | 7.83% | 6.17% | - | - | - |
| EPS 2 | 89.05 | 109.9 | 30.91 | 68.86 | 34.26 | 58.40 | 23.58 | 9.300 | 32.88 | 35.48 | 66.04 | 101.5 | 99.82 | 59.99 | 159.8 | 95.89 | 102.7 | 198.6 | 195.9 | 87.71 | 336.3 | 144.3 | 153.1 | 379.0 | 91.07 | 118.1 | 224.0 | 410.6 | 254.7 |
| Dividend per Share 2 | 72.00 | 28.00 | 28.00 | 28.00 | 28.00 | 28.00 | - | 28.00 | 28.00 | - | 38.00 | 38.00 | - | 38.00 | 38.00 | - | 48.00 | 48.00 | - | 88.00 | - | - | 68.00 | - | - | 68.00 | - | - | - |
| Announcement Date | 11/6/19 | 5/18/20 | 11/4/20 | 5/11/21 | 11/5/21 | 11/5/21 | 2/7/22 | 5/12/22 | 5/12/22 | 8/3/22 | 11/2/22 | 11/2/22 | 2/8/23 | 5/11/23 | 5/11/23 | 8/2/23 | 11/2/23 | 11/2/23 | 2/8/24 | - | - | - | - | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 851,267 | 619,756 | 573,443 | 792,233 | 549,029 | 841,349 | 985,513 | 1,129,623 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 29,842 | 184,290 | 164,651 | 94,400 | 368,762 | 205,252 | 367,796 | 371,068 |
| ROE (net income / shareholders' equity) | 9.4% | 9% | 4.4% | 3.8% | 10% | 15.9% | 14.1% | 13% |
| ROA (Net income/ Total Assets) | 6.69% | 6.62% | 3.4% | 3.08% | 7.44% | 10.2% | 9.67% | 9.35% |
| Assets 1 | 2,209,599 | 2,306,054 | 2,251,115 | 2,275,977 | 2,695,744 | 3,474,738 | 3,678,977 | 3,872,743 |
| Book Value Per Share 2 | 2,094 | 2,234 | 2,318 | 2,465 | 2,739 | 3,145 | 3,504 | 3,869 |
| Cash Flow per Share 2 | 327.0 | 450.0 | 369.0 | 383.0 | 574.0 | 610.0 | 612.0 | 627.0 |
| Capex 1 | 169,960 | 131,690 | 124,725 | 101,251 | 134,997 | 177,209 | 183,881 | 197,173 |
| Capex / Sales | 5.38% | 3.94% | 4.41% | 3.69% | 3.58% | 3.81% | 3.81% | 3.98% |
| Announcement Date | 5/10/19 | 5/18/20 | 5/11/21 | 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
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
3,322
JPY
Average target price
3,561
JPY
Spread / Average Target
+7.19%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +28.46% | 15.87B | |
| +35.50% | 300B | |
| +18.88% | 82.12B | |
| +5.58% | 71.52B | |
| +19.41% | 53.62B | |
| +4.92% | 51.06B | |
| +27.62% | 52.28B | |
| +28.00% | 43.93B | |
| +22.60% | 39.41B | |
| +18.24% | 27.31B |
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