Financials Yamaha Corporation

Equities

7951

JP3942600002

Recreational Products

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,261 ^JPY	+0.09%		+2.81%	+0.12%

Apr. 02	Lingering Fears Over Possible Yen Intervention Keeps Japanese Shares Muted	MT
Apr. 02	Yamaha Buys Back 4.8 Billion Yen Worth of Shares in March	MT

Valuation

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	999,138	741,084	1,056,555	917,758	871,014	541,351	-	-
Enterprise Value (EV) ¹	902,013	659,243	955,738	768,808	784,795	471,225	445,250	422,522
P/E ratio	23 x	21.6 x	39.7 x	24.9 x	22.9 x	19.5 x	16.1 x	14.3 x
Yield	1.08%	1.57%	1.1%	1.23%	1.3%	2.27%	2.34%	2.46%
Capitalization / Revenue	2.28 x	1.79 x	2.84 x	2.25 x	1.93 x	1.18 x	1.16 x	1.13 x
EV / Revenue	2.06 x	1.59 x	2.57 x	1.88 x	1.74 x	1.03 x	0.95 x	0.88 x
EV / EBITDA	13.5 x	12.1 x	18.3 x	11.5 x	11.9 x	9.56 x	7.41 x	6.35 x
EV / FCF	68.2 x	18.3 x	18.2 x	9.64 x	-21.6 x	21.6 x	12 x	11.6 x
FCF Yield	1.47%	5.48%	5.49%	10.4%	-4.64%	4.63%	8.35%	8.64%
Price to Book	2.6 x	2.28 x	2.67 x	2.21 x	1.9 x	1.15 x	1.11 x	1.06 x
Nbr of stocks (in thousands)	180,676	175,821	175,800	171,544	171,123	166,008	-	-
Reference price ²	5,530	4,215	6,010	5,350	5,090	3,261	3,261	3,261
Announcement Date	5/9/19	5/26/20	5/10/21	5/11/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	437,400	414,200	372,600	408,200	451,400	459,338	467,025	480,242
EBITDA ¹	66,865	54,500	52,095	66,634	65,754	49,266	60,083	66,550
EBIT ¹	56,000	43,300	35,000	49,300	46,500	31,547	41,975	47,375
Operating Margin	12.8%	10.45%	9.39%	12.08%	10.3%	6.87%	8.99%	9.86%
Earnings before Tax (EBT) ¹	60,500	47,200	37,100	53,000	50,600	37,008	46,265	51,196
Net income ¹	43,800	34,600	26,600	37,300	38,200	28,043	33,628	37,647
Net margin	10.01%	8.35%	7.14%	9.14%	8.46%	6.11%	7.2%	7.84%
EPS ²	240.9	194.7	151.4	214.8	222.6	167.1	202.6	228.2
Free Cash Flow ¹	13,226	36,100	52,440	79,723	-36,400	21,826	37,176	36,498
FCF margin	3.02%	8.72%	14.07%	19.53%	-8.06%	4.75%	7.96%	7.6%
FCF Conversion (EBITDA)	19.78%	66.24%	100.66%	119.64%	-	44.3%	61.87%	54.84%
FCF Conversion (Net income)	30.2%	104.34%	197.14%	213.73%	-	77.83%	110.55%	96.95%
Dividend per Share ²	60.00	66.00	66.00	66.00	66.00	74.00	76.27	80.09
Announcement Date	5/9/19	5/26/20	5/10/21	5/11/22	5/9/23	-	-	-

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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	208,524	-	164,803	-	95,998	198,498	103,800	105,902	-	105,889	112,111	218,000	120,212	113,188	-	106,200	113,400	219,600	122,160	117,885	108,700	115,700	125,900	116,533
EBITDA	-	-	-	-	-	-	-	-	-	15,744	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	27,560	-	10,736	-	15,375	28,775	11,851	8,674	-	10,977	13,723	24,700	14,408	7,349	-	6,900	8,400	15,300	10,200	6,214	9,200	11,450	14,950	7,850
Operating Margin	13.22%	-	6.51%	-	16.02%	14.5%	11.42%	8.19%	-	10.37%	12.24%	11.33%	11.99%	6.49%	-	6.5%	7.41%	6.97%	8.35%	5.27%	8.46%	9.9%	11.87%	6.74%
Earnings before Tax (EBT) ¹	28,851	-	10,111	-	10,772	29,472	12,400	11,128	-	12,573	17,527	30,100	11,724	8,752	-	10,000	11,700	21,700	7,725	8,550	-	-	-	-
Net income ¹	21,119	-	7,084	-	8,034	21,434	8,600	7,266	-	8,592	12,208	20,800	9,200	8,196	-	6,700	8,200	14,900	5,774	7,400	-	-	-	-
Net margin	10.13%	-	4.3%	-	8.37%	10.8%	8.29%	6.86%	-	8.11%	10.89%	9.54%	7.65%	7.24%	-	6.31%	7.23%	6.79%	4.73%	6.28%	-	-	-	-
EPS	118.3	-	40.30	-	-	122.5	49.93	42.39	-	50.08	-	121.2	53.60	-	-	39.64	-	88.31	34.21	-	-	-	-	-
Dividend per Share	33.00	33.00	33.00	33.00	-	33.00	-	-	33.00	-	-	33.00	-	-	33.00	-	-	37.00	-	-	-	-	-	-
Announcement Date	11/1/19	5/26/20	11/2/20	5/10/21	11/2/21	11/2/21	2/7/22	5/11/22	5/11/22	8/3/22	11/2/22	11/2/22	2/7/23	5/9/23	5/9/23	8/2/23	11/1/23	11/1/23	2/6/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	97,125	81,841	100,817	148,950	86,219	70,126	96,101	118,829
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	13,226	36,100	52,440	79,723	-36,400	21,826	37,176	36,498
ROE (net income / shareholders' equity)	11.4%	10.1%	7.4%	9.2%	8.8%	6.04%	7.08%	7.54%
ROA (Net income/ Total Assets)	10.9%	9.55%	7.19%	9.31%	8.6%	5.75%	6.52%	6.89%
Assets ¹	402,946	362,227	369,817	400,563	444,014	487,742	515,656	546,084
Book Value Per Share ²	2,125	1,851	2,252	2,418	2,680	2,833	2,941	3,090
Cash Flow per Share ²	301.0	292.0	248.0	315.0	335.0	268.0	316.0	358.0
Capex ¹	17,008	20,500	12,572	14,530	20,541	30,183	19,750	18,500
Capex / Sales	3.89%	4.95%	3.37%	3.56%	4.55%	6.57%	4.23%	3.85%
Announcement Date	5/9/19	5/26/20	5/10/21	5/11/22	5/9/23	-	-	-

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 Yamaha Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,261 JPY

Average target price

4,039 JPY

Spread / Average Target

+23.85%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Musical Instruments

	1st Jan change	Capi.
YAMAHA CORPORATION	+0.12%	3.44B
GUANGZHOU PEARL RIVER PIANO GROUP CO.,LTD	-27.73%	783M
ROLAND CORPORATION	-3.06%	747M
KAWAI MUSICAL INSTRUMENTS MANUFACTURING CO., LTD.	+3.09%	200M
HAILUN PIANO CO.,LTD.	-42.01%	151M
SAMICK MUSICAL INSTRUMENT CO., LTD	+17.80%	75.59M

Musical Instruments