Financials Tsubakimoto Chain Co.

Equities

6371

JP3535400000

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
5,360 ^JPY	+2.49%		+5.51%	+32.51%

2023	Tranche Update on Tsubakimoto Chain Co.'s Equity Buyback Plan announced on May 23, 2023.	CI
2023	Tsubakimoto Chain Co.'s Equity Buyback announced on May 23, 2023, has closed with 1,200,000 shares, representing 3.27% for ¥4,547.94 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	149,511	91,043	112,897	113,092	119,061	192,174	-	-
Enterprise Value (EV) ¹	155,521	102,499	108,040	98,163	95,100	165,074	152,874	141,074
P/E ratio	10.9 x	7.97 x	13 x	7.78 x	8.66 x	13.1 x	12.6 x	11.5 x
Yield	3.04%	4.88%	2.46%	3.93%	4.04%	2.8%	2.92%	3.23%
Capitalization / Revenue	0.63 x	0.4 x	0.58 x	0.52 x	0.47 x	0.72 x	0.7 x	0.68 x
EV / Revenue	0.65 x	0.45 x	0.56 x	0.45 x	0.38 x	0.62 x	0.56 x	0.5 x
EV / EBITDA	4.55 x	3.55 x	4.94 x	3.19 x	2.95 x	5.34 x	4.67 x	4.15 x
EV / FCF	-26.2 x	17.4 x	5.51 x	8.23 x	7.88 x	14.4 x	8.76 x	7.93 x
FCF Yield	-3.81%	5.74%	18.1%	12.1%	12.7%	6.97%	11.4%	12.6%
Price to Book	0.86 x	0.52 x	0.61 x	0.54 x	0.53 x	0.81 x	0.78 x	0.77 x
Nbr of stocks (in thousands)	37,851	37,009	37,015	37,019	37,033	35,853	-	-
Reference price ²	3,950	2,460	3,050	3,055	3,215	5,360	5,360	5,360
Announcement Date	5/10/19	5/27/20	5/11/21	5/11/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	238,515	226,423	193,399	215,879	251,574	267,433	275,433	281,550
EBITDA ¹	34,155	28,885	21,855	30,815	32,284	30,900	32,750	34,000
EBIT ¹	21,789	16,146	8,896	17,842	18,985	18,200	20,633	22,700
Operating Margin	9.14%	7.13%	4.6%	8.26%	7.55%	6.81%	7.49%	8.06%
Earnings before Tax (EBT) ¹	19,432	16,809	12,159	20,081	18,292	21,400	20,600	21,800
Net income ¹	13,779	11,576	8,706	14,543	13,742	15,440	15,923	14,250
Net margin	5.78%	5.11%	4.5%	6.74%	5.46%	5.77%	5.78%	5.06%
EPS ²	364.0	308.7	235.2	392.9	371.1	409.4	423.8	466.7
Free Cash Flow ¹	-5,925	5,887	19,600	11,925	12,073	11,500	17,450	17,800
FCF margin	-2.48%	2.6%	10.13%	5.52%	4.8%	4.3%	6.34%	6.32%
FCF Conversion (EBITDA)	-	20.38%	89.68%	38.7%	37.4%	37.22%	53.28%	52.35%
FCF Conversion (Net income)	-	50.86%	225.13%	82%	87.85%	74.48%	109.59%	124.91%
Dividend per Share ²	120.0	120.0	75.00	120.0	130.0	150.0	156.7	173.0
Announcement Date	5/10/19	5/27/20	5/11/21	5/11/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	114,254	88,472	52,192	102,518	52,941	60,420	57,968	60,965	118,933	63,931	68,710	61,946	66,814	128,760	68,046	72,494
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,231	3,042	4,190	8,185	4,820	4,837	4,329	4,046	8,375	5,416	5,194	3,878	4,744	8,622	5,727	4,951
Operating Margin	7.2%	3.44%	8.03%	7.98%	9.1%	8.01%	7.47%	6.64%	7.04%	8.47%	7.56%	6.26%	7.1%	6.7%	8.42%	6.83%
Earnings before Tax (EBT)	8,847	4,308	-	9,104	5,651	-	5,399	-	9,699	5,745	2,848	4,990	-	10,809	6,496	-
Net income	6,496	3,090	-	6,624	3,995	-	3,753	-	6,756	4,165	2,821	3,222	-	7,300	4,664	-
Net margin	5.69%	3.49%	-	6.46%	7.55%	-	6.47%	-	5.68%	6.51%	4.11%	5.2%	-	5.67%	6.85%	-
EPS	171.6	83.49	-	179.0	107.9	-	101.4	-	182.5	112.5	-	87.24	-	199.1	129.6	-
Dividend per Share	60.00	30.00	-	50.00	-	-	-	-	60.00	-	-	-	-	60.00	-	-
Announcement Date	10/31/19	10/30/20	10/29/21	10/29/21	2/4/22	5/11/22	7/29/22	10/31/22	10/31/22	2/3/23	5/11/23	7/28/23	10/31/23	10/31/23	2/6/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,010	11,456	-	-	-	-	-	-
Net Cash position ¹	-	-	4,857	14,929	23,961	27,100	39,300	51,100
Leverage (Debt/EBITDA)	0.176 x	0.3966 x	-	-	-	-	-	-
Free Cash Flow ¹	-5,925	5,887	19,600	11,925	12,073	11,500	17,450	17,800
ROE (net income / shareholders' equity)	8.1%	6.7%	4.8%	7.4%	6.4%	6.15%	5.95%	6.4%
ROA (Net income/ Total Assets)	7.31%	5.57%	3.67%	6.26%	6.18%	4%	3.9%	4.3%
Assets ¹	188,598	207,982	237,441	232,148	222,443	386,000	408,291	331,395
Book Value Per Share ²	4,590	4,711	5,019	5,612	6,059	6,655	6,911	6,928
Cash Flow per Share	691.0	648.0	578.0	736.0	730.0	-	-	-
Capex ¹	30,122	14,388	8,290	8,591	10,672	13,000	12,000	12,000
Capex / Sales	12.63%	6.35%	4.29%	3.98%	4.24%	4.86%	4.36%	4.26%
Announcement Date	5/10/19	5/27/20	5/11/21	5/11/22	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

Ratings for Tsubakimoto Chain Co.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

5,360 JPY

Average target price

4,150 JPY

Spread / Average Target

-22.57%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Industrial Machinery & Equipment

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TECHTRONIC INDUSTRIES CO. LTD.	+16.93%	25.5B
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