Financials Tazmo Co., Ltd.

Equities

6266

JP3468000009

Semiconductor Equipment & Testing

Delayed Japan Exchange Other stock markets 02:00:00 2024-05-02 am EDT			5-day change	1st Jan Change
3,920 ^JPY	+3.16%		+4.39%	+41.52%

Apr. 01	Tazmo Revises Summary of Consolidated 2023 Japanese GAAP After Errors in Cash Flow Statement Corrected	MT
Feb. 07	Tazmo Co., Ltd. Revises Consolidated Earnings Guidance for the Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	19,801	18,801	20,238	22,710	40,550	57,385	-	-
Enterprise Value (EV) ¹	22,304	20,278	22,121	25,509	45,172	57,385	57,385	57,385
P/E ratio	27.3 x	11 x	11.6 x	9.63 x	17.2 x	16.6 x	13.9 x	12.4 x
Yield	0.61%	1.14%	1.05%	1.35%	0.87%	0.73%	0.85%	0.89%
Capitalization / Revenue	1.09 x	0.96 x	0.92 x	0.93 x	1.44 x	1.59 x	1.45 x	1.36 x
EV / Revenue	1.09 x	0.96 x	0.92 x	0.93 x	1.44 x	1.59 x	1.45 x	1.36 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-40.1 x	11.8 x	-	-	-25.1 x	1,640 x	47.4 x	19.7 x
FCF Yield	-2.49%	8.44%	-	-	-3.99%	0.06%	2.11%	5.07%
Price to Book	1.95 x	1.62 x	1.51 x	1.31 x	2.05 x	-	-	-
Nbr of stocks (in thousands)	13,424	13,430	13,236	14,548	14,639	14,639	-	-
Reference price ²	1,475	1,400	1,529	1,561	2,770	3,920	3,920	3,920
Announcement Date	2/14/20	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	18,223	19,516	22,001	24,356	28,161	36,033	39,457	42,227
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	951	1,886	2,092	2,806	3,654	5,070	5,973	6,713
Operating Margin	5.22%	9.66%	9.51%	11.52%	12.98%	14.07%	15.14%	15.9%
Earnings before Tax (EBT) ¹	921	1,768	2,218	3,203	3,549	4,780	5,130	5,950
Net income ¹	726	1,693	1,749	2,263	2,356	3,470	4,137	4,647
Net margin	3.98%	8.67%	7.95%	9.29%	8.37%	9.63%	10.48%	11%
EPS ²	54.11	126.8	132.2	162.1	161.3	236.5	282.0	316.7
Free Cash Flow ¹	-494	1,587	-	-	-1,617	35	1,210	2,910
FCF margin	-2.71%	8.13%	-	-	-5.74%	0.1%	3.07%	6.89%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	93.74%	-	-	-	1.01%	29.25%	62.63%
Dividend per Share ²	9.000	16.00	16.00	21.00	24.00	28.67	33.50	35.00
Announcement Date	2/14/20	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	9,791	9,268	10,248	9,742	4,134	8,125	12,259	6,036	6,849	12,885	4,073	7,398	11,471	3,864	6,570	10,434	8,600	9,127	17,727	7,120	7,950	16,200	9,260	11,720	19,800
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	516	1,231	655	746	92	1,254	1,346	645	644	1,289	92	1,425	1,517	-136	675	539	1,866	1,249	3,115	710	1,170	2,170	1,495	1,715	3,230
Operating Margin	5.27%	13.28%	6.39%	7.66%	2.23%	15.43%	10.98%	10.69%	9.4%	10%	2.26%	19.26%	13.22%	-3.52%	10.27%	5.17%	21.7%	13.68%	17.57%	9.97%	14.72%	13.4%	16.14%	14.63%	16.31%
Earnings before Tax (EBT)	514	1,209	559	821	106	1,291	1,397	754	1,036	1,790	276	1,137	1,413	-218	604	386	1,983	1,180	3,163	-	-	-	-	-	-
Net income ¹	457	891	802	552	68	1,129	1,197	534	712	1,246	180	837	1,017	-219	356	137	1,402	817	2,219	450	920	1,420	1,040	1,240	2,280
Net margin	4.67%	9.61%	7.83%	5.67%	1.64%	13.9%	9.76%	8.85%	10.4%	9.67%	4.42%	11.31%	8.87%	-5.67%	5.42%	1.31%	16.3%	8.95%	12.52%	6.32%	11.57%	8.77%	11.23%	10.58%	11.52%
EPS ²	-	66.41	-	41.73	5.160	-	-	40.37	52.84	93.21	10.42	58.46	68.88	-15.11	24.53	9.420	96.02	55.90	151.9	27.50	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/14/20	8/7/20	2/12/21	8/6/21	11/12/21	2/14/22	2/14/22	5/13/22	8/10/22	8/10/22	11/14/22	2/13/23	2/13/23	5/12/23	8/10/23	8/10/23	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	2,503	1,477	1,883	2,799	4,622	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-494	1,587	-	-	-1,617	35	1,210	2,910
ROE (net income / shareholders' equity)	7.3%	15.7%	14.1%	14.8%	12.7%	16.4%	16%	-
ROA (Net income/ Total Assets)	3.66%	7.04%	7.9%	9.12%	8.96%	-	-	-
Assets ¹	19,818	24,061	22,143	24,803	26,293	-	-	-
Book Value Per Share	758.0	862.0	1,009	1,188	1,350	-	-	-
Cash Flow per Share	86.50	170.0	177.0	212.0	213.0	-	-	-
Capex ¹	2,164	591	471	1,025	1,355	800	1,000	1,100
Capex / Sales	11.88%	3.03%	2.14%	4.21%	4.81%	2.22%	2.53%	2.6%
Announcement Date	2/14/20	2/12/21	2/14/22	2/13/23	2/13/24	-	-	-

¹JPY in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Tazmo Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,920 JPY

Average target price

5,000 JPY

Spread / Average Target

+27.55%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Semiconductor Machinery Manufacturing

	1st Jan change	Capi.
TAZMO CO., LTD.	+41.52%	375M
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NAURA TECHNOLOGY GROUP CO., LTD.	+29.83%	23.4B
ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA	-7.77%	12.14B
BE SEMICONDUCTOR INDUSTRIES N.V.	-8.13%	10.4B
HANMI SEMICONDUCTOR CO., LTD.	+110.70%	9.26B
KOKUSAI ELECTRIC CORPORATION	+33.93%	6.25B

Semiconductor Machinery Manufacturing