Financials DAIHEN Corporation

Equities

6622

JP3497800007

Heavy Electrical Equipment

Delayed Japan Exchange Other stock markets 10:30:00 2024-06-02 pm EDT			5-day change	1st Jan Change
8,490 ^JPY	+1.43%		-3.85%	+31.63%

May. 15	DAIHEN Corporation Provides Consolidated Earnings Guidance for the First Half and Full Year of Fiscal Year Ending March 31, 2025	CI
May. 15	DAIHEN Corporation Provides Dividend Guidance for the Second Quarter-End and Year-End of Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	70,568	72,088	120,089	103,789	108,832	203,413	-	-
Enterprise Value (EV) ¹	98,294	89,993	130,167	106,570	141,721	227,489	246,908	241,721
P/E ratio	11.5 x	10.8 x	12.8 x	9.5 x	8.25 x	13.8 x	15.6 x	11.7 x
Yield	2.81%	2.92%	1.85%	2.6%	3.65%	1.78%	1.99%	2.43%
Capitalization / Revenue	0.49 x	0.5 x	0.83 x	0.65 x	0.59 x	1.21 x	0.99 x	0.84 x
EV / Revenue	0.69 x	0.62 x	0.9 x	0.66 x	0.76 x	1.21 x	1.2 x	1 x
EV / EBITDA	7.1 x	6.16 x	7.52 x	5.54 x	6.55 x	12.2 x	10.9 x	7.99 x
EV / FCF	-17.8 x	6.63 x	13.1 x	11 x	-11.9 x	-11.6 x	396 x	19.6 x
FCF Yield	-5.63%	15.1%	7.66%	9.06%	-8.43%	-8.6%	0.25%	5.11%
Price to Book	0.91 x	0.9 x	1.32 x	1.04 x	0.96 x	1.69 x	1.43 x	1.36 x
Nbr of stocks (in thousands)	24,804	24,807	24,684	24,536	24,539	24,303	-	-
Reference price ²	2,845	2,906	4,865	4,230	4,435	8,370	8,370	8,370
Announcement Date	5/10/19	5/12/20	5/11/21	5/12/22	5/10/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	143,457	145,044	145,144	160,618	185,288	188,571	206,150	242,700
EBITDA ¹	13,849	14,603	17,304	19,227	21,637	20,592	22,585	30,242
EBIT ¹	8,369	9,065	12,183	14,191	16,568	15,145	16,835	23,674
Operating Margin	5.83%	6.25%	8.39%	8.84%	8.94%	8.03%	8.17%	9.75%
Earnings before Tax (EBT) ¹	8,576	9,370	13,125	15,454	17,884	21,178	18,270	27,970
Net income ¹	6,166	6,672	9,411	10,985	13,193	16,494	13,076	17,556
Net margin	4.3%	4.6%	6.48%	6.84%	7.12%	8.75%	6.34%	7.23%
EPS ²	246.8	269.1	381.3	445.3	537.7	673.2	534.9	718.0
Free Cash Flow ¹	-5,534	13,566	9,970	9,651	-11,950	-19,557	624	12,344
FCF margin	-3.86%	9.35%	6.87%	6.01%	-6.45%	-10.37%	0.3%	5.09%
FCF Conversion (EBITDA)	-	92.9%	57.62%	50.2%	-	36.13%	2.76%	40.82%
FCF Conversion (Net income)	-	203.33%	105.94%	87.86%	-	45.98%	4.77%	70.31%
Dividend per Share ²	80.00	85.00	90.00	110.0	162.0	165.0	166.2	203.0
Announcement Date	5/10/19	5/12/20	5/11/21	5/12/22	5/10/23	5/9/24	-	-

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	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 Q3	2025 Q4
Net sales ¹	65,349	79,695	63,031	82,113	37,365	71,892	39,039	-	36,666	46,520	83,186	44,060	58,042	102,102	35,290	43,645	78,935	48,300	61,336	109,636	40,703	46,033	53,018	66,396
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	6,557	11,793	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,049	6,016	3,682	8,501	3,272	6,379	3,539	4,273	1,819	5,535	7,354	3,847	5,367	9,214	772	4,299	5,071	2,747	7,327	10,074	1,766	3,391	4,268	7,410
Operating Margin	4.67%	7.55%	5.84%	10.35%	8.76%	8.87%	9.07%	-	4.96%	11.9%	8.84%	8.73%	9.25%	9.02%	2.19%	9.85%	6.42%	5.69%	11.95%	9.19%	4.34%	7.37%	8.05%	11.16%
Earnings before Tax (EBT)	3,331	6,039	4,323	8,802	3,599	7,107	3,695	-	2,287	5,854	8,141	3,783	5,960	9,743	1,227	4,504	5,731	8,135	-	-	-	-	-	-
Net income	2,299	4,373	3,130	6,281	2,766	5,172	2,714	-	1,632	4,475	6,107	2,767	4,319	7,086	688	3,399	4,087	7,182	-	-	-	-	-	-
Net margin	3.52%	5.49%	4.97%	7.65%	7.4%	7.19%	6.95%	-	4.45%	9.62%	7.34%	6.28%	7.44%	6.94%	1.95%	7.79%	5.18%	14.87%	-	-	-	-	-	-
EPS ²	92.69	176.4	126.8	254.5	112.0	209.5	109.9	-	66.53	182.4	248.9	112.7	176.0	288.8	28.05	138.5	166.6	293.0	213.6	-	75.51	90.81	144.6	232.4
Dividend per Share	45.00	40.00	42.50	47.50	-	50.00	-	-	-	-	75.00	-	-	87.00	-	-	82.50	-	-	-	-	-	-	-
Announcement Date	11/8/19	5/12/20	11/6/20	5/11/21	11/2/21	11/2/21	2/2/22	5/12/22	8/2/22	11/2/22	11/2/22	2/3/23	5/10/23	5/10/23	8/2/23	11/2/23	11/2/23	2/2/24	5/9/24	5/9/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	27,726	17,905	10,078	2,781	32,889	46,972	43,495	38,308
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.002 x	1.226 x	0.5824 x	0.1446 x	1.52 x	2.281 x	1.926 x	1.267 x
Free Cash Flow ¹	-5,534	13,566	9,970	9,651	-11,950	-19,557	624	12,344
ROE (net income / shareholders' equity)	8%	8.5%	11%	11.5%	12.4%	13.3%	9%	11.5%
ROA (Net income/ Total Assets)	5.17%	5.67%	8.16%	8.54%	8.67%	6.57%	6.2%	7.4%
Assets ¹	119,161	117,631	115,384	128,680	152,209	250,925	210,901	237,243
Book Value Per Share ²	3,119	3,237	3,694	4,063	4,638	5,494	5,841	6,143
Cash Flow per Share ²	466.0	492.0	589.0	649.0	744.0	890.0	758.0	922.0
Capex ¹	7,615	3,491	3,967	4,420	4,872	8,278	7,500	7,000
Capex / Sales	5.31%	2.41%	2.73%	2.75%	2.63%	4.39%	3.64%	2.88%
Announcement Date	5/10/19	5/12/20	5/11/21	5/12/22	5/10/23	5/9/24	-	-

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 DAIHEN Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8,370 JPY

Average target price

9,975 JPY

Spread / Average Target

+19.18%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Heavy Electrical Equipment

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Other Heavy Electrical Equipment