Financials Hoshizaki Corporation

Equities

6465

JP3845770001

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-06 am EDT			5-day change	1st Jan Change
5,767 ^JPY	-0.29%		+4.72%	+11.74%

Jun. 05	Hoshizaki Buys Back Over 2 Billion Yen Worth of Shares Under New Program	MT
May. 29	Hoshizaki Corporation completed the acquisition of majority stake in Technolux Equipment and Supply Corporation and HKR Equipment Corporation from TECHNO HOLDINGS CORPORATION and William A. Stelton.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	705,377	685,823	626,488	674,327	747,688	835,810	-	-
Enterprise Value (EV) ¹	490,284	468,611	385,765	448,262	493,158	575,094	560,612	540,427
P/E ratio	28.9 x	59.9 x	28.9 x	27.7 x	22.8 x	24.3 x	22.5 x	20.9 x
Yield	1.13%	1.16%	1.27%	1.5%	1.84%	1.66%	1.7%	1.87%
Capitalization / Revenue	2.43 x	2.88 x	2.28 x	2.1 x	2 x	2.03 x	1.93 x	1.84 x
EV / Revenue	1.69 x	1.97 x	1.41 x	1.39 x	1.32 x	1.4 x	1.29 x	1.19 x
EV / EBITDA	13 x	19.6 x	12.8 x	13.1 x	9.66 x	10 x	9.43 x	8.52 x
EV / FCF	8.16 x	24 x	16.1 x	139 x	14.3 x	30.9 x	20.9 x	18.2 x
FCF Yield	12.3%	4.16%	6.2%	0.72%	6.98%	3.23%	4.79%	5.49%
Price to Book	2.93 x	2.88 x	2.43 x	2.33 x	2.28 x	2.48 x	2.34 x	2.16 x
Nbr of stocks (in thousands)	144,841	144,841	144,853	144,861	144,873	144,504	-	-
Reference price ²	4,870	4,735	4,325	4,655	5,161	5,784	5,784	5,784
Announcement Date	2/10/20	2/8/21	2/9/22	2/10/23	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	290,136	238,314	274,419	321,338	373,563	411,937	434,047	454,036
EBITDA ¹	37,817	23,917	30,161	34,130	51,070	57,418	59,455	63,428
EBIT ¹	32,664	18,447	24,931	27,915	43,520	47,169	50,849	54,516
Operating Margin	11.26%	7.74%	9.09%	8.69%	11.65%	11.45%	11.72%	12.01%
Earnings before Tax (EBT) ¹	34,263	17,288	31,231	34,632	48,378	49,137	52,513	56,833
Net income ¹	24,437	11,442	21,679	24,345	32,835	34,044	36,462	38,691
Net margin	8.42%	4.8%	7.9%	7.58%	8.79%	8.26%	8.4%	8.52%
EPS ²	168.7	79.00	149.7	168.1	226.7	238.4	256.8	276.2
Free Cash Flow ¹	60,100	19,505	23,912	3,229	34,412	18,600	26,854	29,663
FCF margin	20.71%	8.18%	8.71%	1%	9.21%	4.52%	6.19%	6.53%
FCF Conversion (EBITDA)	158.92%	81.55%	79.28%	9.46%	67.38%	32.39%	45.17%	46.77%
FCF Conversion (Net income)	245.94%	170.47%	110.3%	13.26%	104.8%	54.63%	73.65%	76.67%
Dividend per Share ²	55.00	55.00	55.00	70.00	95.00	95.83	98.57	108.1
Announcement Date	2/10/20	2/8/21	2/9/22	2/10/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	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
Net sales ¹	140,505	121,078	117,236	136,643	66,414	72,561	77,684	150,245	88,792	82,301	171,093	90,574	93,217	183,791	98,363	91,409	-	106,340	109,000	209,000	107,000	104,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,033	10,543	7,904	14,189	3,880	6,802	6,461	13,263	10,030	4,622	14,652	11,824	11,170	22,994	12,583	7,943	-	15,162	12,500	24,500	13,500	7,500
Operating Margin	9.99%	8.71%	6.74%	10.38%	5.84%	9.37%	8.32%	8.83%	11.3%	5.62%	8.56%	13.05%	11.98%	12.51%	12.79%	8.69%	-	14.26%	11.47%	11.72%	12.62%	7.21%
Earnings before Tax (EBT)	-	9,960	-	18,268	-	11,468	-	24,164	14,379	-3,911	-	12,739	16,102	28,841	14,566	4,971	-	15,421	-	-	-	-
Net income	11,637	6,484	-	12,683	3,985	7,906	8,688	16,594	9,868	-2,117	-	8,731	11,199	19,930	10,086	2,819	-	9,206	-	-	-	-
Net margin	8.28%	5.36%	-	9.28%	6%	10.9%	11.18%	11.04%	11.11%	-2.57%	-	9.64%	12.01%	10.84%	10.25%	3.08%	-	8.66%	-	-	-	-
EPS	-	44.78	-	87.56	27.52	54.58	59.98	114.6	68.12	-14.62	-	60.28	77.30	137.6	69.62	19.46	-	63.55	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	30.00	-	-	-	-	-	30.00	-	-	65.00	-	-	-	-	-
Announcement Date	2/10/20	8/7/20	2/8/21	8/6/21	2/9/22	5/11/22	8/8/22	8/8/22	11/9/22	2/10/23	2/10/23	5/10/23	8/10/23	8/10/23	11/10/23	2/13/24	2/13/24	5/10/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	215,093	217,212	240,723	226,065	254,530	260,716	275,198	295,384
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	60,100	19,505	23,912	3,229	34,412	18,600	26,854	29,663
ROE (net income / shareholders' equity)	10.6%	4.8%	8.7%	8.9%	10.6%	10.1%	10.4%	10.5%
ROA (Net income/ Total Assets)	9.97%	5.01%	8.63%	9.43%	11.3%	8.1%	8.13%	7.3%
Assets ¹	245,211	228,341	251,071	258,096	289,575	420,302	448,307	530,018
Book Value Per Share ²	1,661	1,644	1,780	1,997	2,267	2,331	2,472	2,677
Cash Flow per Share	201.0	114.0	183.0	205.0	274.0	-	-	-
Capex ¹	4,345	3,411	3,431	5,600	7,048	15,117	11,317	11,563
Capex / Sales	1.5%	1.43%	1.25%	1.74%	1.89%	3.67%	2.61%	2.55%
Announcement Date	2/10/20	2/8/21	2/9/22	2/10/23	2/13/24	-	-	-

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 Hoshizaki Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5,784 JPY

Average target price

6,130 JPY

Spread / Average Target

+5.98%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Industrial Machinery & Equipment

	1st Jan change	Capi.
HOSHIZAKI CORPORATION	+11.74%	5.35B
ATLAS COPCO AB	+16.28%	90.17B
PARKER-HANNIFIN CORPORATION	+13.57%	67.25B
INGERSOLL RAND INC.	+16.02%	36.2B
XYLEM INC.	+22.13%	33.86B
SANDVIK AB	+2.80%	26.98B
FANUC CORPORATION	+4.92%	26.36B
FORTIVE CORPORATION	+0.03%	25.93B
DOVER CORPORATION	+17.65%	24.87B
TECHTRONIC INDUSTRIES CO. LTD.	+7.25%	22.56B

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