Financials Yamato Kogyo Co., Ltd.

Equities

5444

JP3940400009

Iron & Steel

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
8,049 ^JPY	+2.16%		-0.02%	+8.17%

Jan. 31	Jefferies Adjusts Yamato Kogyo's Price Target to 10,000 Yen From 8,200 Yen, Keeps at Buy	MT
2023	Jefferies Adjusts Yamato Kogyo’s Price Target to 8,200 Yen From 7,800 Yen, Keeps at Buy	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	201,994	124,005	215,768	236,597	340,143	512,764	-	-
Enterprise Value (EV) ¹	94,462	23,822	114,196	136,860	177,702	314,154	303,349	292,014
P/E ratio	8.86 x	8.4 x	43.6 x	6.01 x	5.21 x	8.01 x	9.08 x	9.42 x
Yield	2.15%	5.39%	2.44%	4.31%	5.62%	4.47%	4.38%	4.38%
Capitalization / Revenue	1 x	0.68 x	1.59 x	1.58 x	1.89 x	3.2 x	3.01 x	2.76 x
EV / Revenue	0.47 x	0.13 x	0.84 x	0.91 x	0.98 x	1.96 x	1.78 x	1.57 x
EV / EBITDA	5.86 x	1.29 x	6.89 x	7.21 x	7.75 x	21.1 x	14.9 x	13.4 x
EV / FCF	6.9 x	1.46 x	42.9 x	1.55 x	3.76 x	5.6 x	8.06 x	7.52 x
FCF Yield	14.5%	68.5%	2.33%	64.4%	26.6%	17.8%	12.4%	13.3%
Price to Book	0.65 x	0.39 x	0.71 x	0.68 x	0.77 x	1.04 x	0.97 x	0.92 x
Nbr of stocks (in thousands)	66,885	66,885	65,683	63,687	63,697	63,705	-	-
Reference price ²	3,020	1,854	3,285	3,715	5,340	8,049	8,049	8,049
Announcement Date	4/26/19	5/15/20	4/30/21	4/28/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	201,299	181,964	136,025	150,029	180,438	160,400	170,350	185,900
EBITDA ¹	16,125	18,418	16,586	18,977	22,932	14,900	20,400	21,750
EBIT ¹	9,272	11,333	10,018	13,290	16,813	14,350	15,725	17,550
Operating Margin	4.61%	6.23%	7.36%	8.86%	9.32%	8.95%	9.23%	9.44%
Earnings before Tax (EBT) ¹	31,501	22,789	11,770	57,373	89,235	87,900	78,272	75,748
Net income ¹	22,793	14,762	4,984	39,917	65,317	64,000	56,475	54,425
Net margin	11.32%	8.11%	3.66%	26.61%	36.2%	39.9%	33.15%	29.28%
EPS ²	340.8	220.7	75.29	618.6	1,025	1,005	886.6	854.3
Free Cash Flow ¹	13,691	16,325	2,664	88,193	47,231	56,075	37,633	38,825
FCF margin	6.8%	8.97%	1.96%	58.78%	26.18%	34.96%	22.09%	20.88%
FCF Conversion (EBITDA)	84.91%	88.64%	16.06%	464.74%	205.96%	376.34%	184.48%	178.51%
FCF Conversion (Net income)	60.07%	110.59%	53.45%	220.94%	72.31%	87.62%	66.64%	71.34%
Dividend per Share ²	65.00	100.0	80.00	160.0	300.0	360.0	352.5	352.5
Announcement Date	4/26/19	5/15/20	4/30/21	4/28/22	4/28/23	-	-	-

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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	98,602	84,236	34,887	67,692	40,014	42,323	46,992	47,781	94,773	44,347	41,318	42,527	37,846	80,373	41,832	38,850	42,000	43,000	43,000	43,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,967	6,832	2,138	3,754	4,777	4,759	4,221	5,196	9,417	4,156	3,240	4,115	3,739	7,854	4,919	3,150	4,000	3,500	4,000	4,000
Operating Margin	7.07%	8.11%	6.13%	5.55%	11.94%	11.24%	8.98%	10.87%	9.94%	9.37%	7.84%	9.68%	9.88%	9.77%	11.76%	8.11%	9.52%	8.14%	9.3%	9.3%
Earnings before Tax (EBT)	14,800	5,384	-	21,097	18,500	17,776	23,175	26,981	50,156	21,399	-	24,372	-	49,192	21,681	-	-	-	-	-
Net income ¹	10,096	1,940	9,310	14,842	12,981	12,094	18,039	19,836	37,875	15,265	12,177	18,311	18,031	36,342	15,519	15,600	15,000	14,000	14,500	12,500
Net margin	10.24%	2.3%	26.69%	21.93%	32.44%	28.58%	38.39%	41.51%	39.96%	34.42%	29.47%	43.06%	47.64%	45.22%	37.1%	40.15%	35.71%	32.56%	33.72%	29.07%
EPS	151.0	29.07	-	228.2	201.1	-	283.2	-	594.7	239.7	-	287.5	-	570.5	243.6	-	-	-	-	-
Dividend per Share	50.00	40.00	-	60.00	-	-	-	-	150.0	-	-	-	-	150.0	-	-	-	-	-	-
Announcement Date	11/1/19	11/2/20	10/29/21	10/29/21	1/31/22	4/28/22	8/1/22	10/31/22	10/31/22	1/31/23	4/28/23	7/31/23	10/31/23	10/31/23	1/31/24	-	-	-	-	-

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	107,532	100,183	101,572	99,737	162,441	198,610	209,415	220,750
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	13,691	16,325	2,664	88,193	47,231	56,075	37,633	38,825
ROE (net income / shareholders' equity)	7.5%	4.7%	1.6%	12.2%	16.5%	12.7%	11%	9.4%
ROA (Net income/ Total Assets)	8.38%	6.03%	5.81%	14.9%	19.5%	9.8%	9.65%	8.6%
Assets ¹	272,116	244,839	85,822	268,226	335,603	653,061	585,233	632,849
Book Value Per Share ²	4,654	4,751	4,599	5,501	6,917	7,763	8,282	8,784
Cash Flow per Share	438.0	327.0	174.0	707.0	1,120	-	-	-
Capex ¹	10,702	9,780	6,464	3,606	5,423	8,333	11,033	12,033
Capex / Sales	5.32%	5.37%	4.75%	2.4%	3.01%	5.2%	6.48%	6.47%
Announcement Date	4/26/19	5/15/20	4/30/21	4/28/22	4/28/23	-	-	-

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 Yamato Kogyo Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8,049 JPY

Average target price

8,450 JPY

Spread / Average Target

+4.98%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
YAMATO KOGYO CO., LTD.	+8.17%	3.26B
JSW STEEL LIMITED	+1.77%	25.86B
BAOSHAN IRON & STEEL CO., LTD.	+18.55%	21.23B
CHINA STEEL CORPORATION	-7.41%	11.73B
JINDAL STEEL & POWER LIMITED	+25.93%	11.2B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+10.61%	10.91B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+10.96%	10.15B
TERNIUM S.A.	+0.79%	8.56B
BHARAT FORGE LIMITED	+3.56%	7.32B
JINDAL STAINLESS LIMITED	+22.33%	6.92B

Iron, Steel Mills & Foundries