Financials Lasertec Corporation

Equities

6920

JP3979200007

Semiconductor Equipment & Testing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 am EDT			5-day change	1st Jan Change
40,940 ^JPY	-0.20%		+0.66%	+10.14%

May. 01	Fed Outlook Caps Asian Stock Markets in Holiday-Thinned Trading	MT
May. 01	Japan's Nikkei edges lower as investors await Fed decision	RE

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	192,530	916,208	1,946,941	1,456,418	1,945,716	3,692,275	-	-
Enterprise Value (EV) ¹	179,344	891,484	1,919,023	1,442,924	1,920,943	3,648,827	3,625,602	3,585,008
P/E ratio	32.4 x	84.7 x	101 x	58.6 x	42.1 x	68.8 x	44 x	34.6 x
Yield	1.1%	0.57%	0.35%	0.6%	0.83%	0.5%	0.78%	0.99%
Capitalization / Revenue	6.69 x	21.5 x	27.7 x	16.1 x	12.7 x	18.3 x	13.7 x	11.1 x
EV / Revenue	6.23 x	20.9 x	27.3 x	16 x	12.6 x	18.1 x	13.4 x	10.8 x
EV / EBITDA	21.2 x	55.9 x	69.2 x	40.1 x	29.2 x	45.4 x	30.2 x	24.1 x
EV / FCF	37.3 x	61.7 x	283 x	-163 x	96 x	97.6 x	92.7 x	50.6 x
FCF Yield	2.68%	1.62%	0.35%	-0.61%	1.04%	1.02%	1.08%	1.98%
Price to Book	6.19 x	23.4 x	35.3 x	20 x	17.8 x	25.8 x	18.8 x	13.7 x
Nbr of stocks (in thousands)	90,178	90,178	90,178	90,181	90,184	90,187	-	-
Reference price ²	2,135	10,160	21,590	16,150	21,575	40,940	40,940	40,940
Announcement Date	8/7/19	8/5/20	8/6/21	8/5/22	8/7/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	28,770	42,572	70,248	90,378	152,832	201,913	269,871	331,164
EBITDA ¹	8,441	15,943	27,717	35,975	65,773	80,335	120,134	148,511
EBIT ¹	7,941	15,062	26,074	32,492	62,287	73,730	114,434	145,427
Operating Margin	27.6%	35.38%	37.12%	35.95%	40.76%	36.52%	42.4%	43.91%
Earnings before Tax (EBT) ¹	7,834	15,115	26,439	33,582	63,668	74,651	114,019	143,875
Net income ¹	5,934	10,824	19,250	24,850	46,164	53,844	84,064	106,847
Net margin	20.63%	25.42%	27.4%	27.5%	30.21%	26.67%	31.15%	32.26%
EPS ²	65.80	120.0	213.5	275.6	511.9	594.9	929.6	1,185
Free Cash Flow ¹	4,805	14,448	6,785	-8,852	20,003	37,375	39,100	70,841
FCF margin	16.7%	33.94%	9.66%	-9.79%	13.09%	18.51%	14.49%	21.39%
FCF Conversion (EBITDA)	56.93%	90.62%	24.48%	-	30.41%	46.52%	32.55%	47.7%
FCF Conversion (Net income)	80.98%	133.49%	35.25%	-	43.33%	69.41%	46.51%	66.3%
Dividend per Share ²	23.50	58.00	75.00	97.00	180.0	205.7	320.0	406.3
Announcement Date	8/7/19	8/5/20	8/6/21	8/5/22	8/7/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Juni	2020 S1	2020 S2	2021 S1	2021 S2	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	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 S2	2026 S1	2026 S2
Net sales ¹	19,949	22,623	32,231	38,017	9,111	27,819	36,930	16,636	36,812	53,448	25,723	29,377	55,100	24,330	73,402	97,732	47,305	47,684	94,989	62,213	54,902	115,241	57,991	68,592	109,480	71,099	137,522	-	-
EBITDA ¹	-	-	-	-	2,868	-	-	4,615	16,847	-	9,206	10,539	-	10,256	-	-	11,357	22,614	-	27,615	27,548	-	26,235	36,620	-	40,200	-	-	-
EBIT ¹	7,989	7,073	12,057	14,017	2,019	10,784	12,804	3,739	15,949	19,688	8,508	9,616	18,124	9,348	34,815	44,163	10,279	21,473	31,752	26,358	19,795	45,996	22,171	27,379	34,820	29,253	65,614	-	-
Operating Margin	40.05%	31.26%	37.41%	36.87%	22.17%	38.77%	34.67%	22.48%	43.33%	36.84%	33.08%	32.73%	32.89%	38.42%	47.43%	45.19%	21.73%	45.03%	33.43%	42.37%	36.06%	39.91%	38.23%	39.92%	31.81%	41.14%	47.71%	-	-
Earnings before Tax (EBT) ¹	7,948	7,167	11,824	14,615	2,145	10,978	13,123	4,157	16,302	20,459	9,238	8,870	18,108	9,867	35,693	45,560	10,929	20,373	31,302	27,391	15,808	47,070	25,600	27,400	41,891	36,000	59,479	-	-
Net income ¹	5,594	5,230	8,362	10,888	1,568	8,168	9,736	3,265	11,849	15,114	6,731	6,851	13,582	7,134	25,448	32,582	7,702	14,496	22,198	19,323	16,068	34,109	15,284	20,341	25,822	23,057	49,192	-	-
Net margin	28.04%	23.12%	25.94%	28.64%	17.21%	29.36%	26.36%	19.63%	32.19%	28.28%	26.17%	23.32%	24.65%	29.32%	34.67%	33.34%	16.28%	30.4%	23.37%	31.06%	29.27%	29.6%	26.36%	29.66%	23.59%	32.43%	35.77%	-	-
EPS ²	62.03	-	92.73	120.7	17.39	90.57	108.0	36.21	131.4	167.6	74.64	75.97	150.6	79.11	282.2	361.3	85.40	160.8	246.2	214.2	185.4	372.5	161.6	191.6	278.8	205.9	534.7	-	-
Dividend per Share	15.50	-	20.00	55.00	-	32.00	32.00	-	65.00	65.00	-	52.00	52.00	-	128.0	128.0	-	73.00	73.00	-	103.6	118.0	-	138.6	115.0	-	179.5	180.0	219.0
Announcement Date	2/3/20	8/5/20	2/1/21	8/6/21	10/29/21	1/31/22	1/31/22	4/28/22	8/5/22	8/5/22	10/31/22	1/31/23	1/31/23	4/28/23	8/7/23	8/7/23	10/31/23	1/31/24	1/31/24	4/30/24	-	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	13,186	24,723	27,918	13,495	24,773	43,449	66,673	107,268
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	4,805	14,448	6,785	-8,852	20,003	37,375	39,100	70,841
ROE (net income / shareholders' equity)	20.4%	30.8%	40.8%	38.9%	50.8%	42.3%	49.7%	47%
ROA (Net income/ Total Assets)	17.8%	22.9%	26.4%	22.6%	28.3%	22.6%	25.5%	28.1%
Assets ¹	33,395	47,207	73,002	110,018	163,215	238,401	330,162	380,309
Book Value Per Share ²	345.0	434.0	612.0	806.0	1,210	1,584	2,174	2,984
Cash Flow per Share ²	71.30	130.0	232.0	314.0	551.0	644.0	865.0	996.0
Capex ¹	897	1,178	3,639	5,420	20,545	1,988	3,963	4,471
Capex / Sales	3.12%	2.77%	5.18%	6%	13.44%	0.98%	1.47%	1.35%
Announcement Date	8/7/19	8/5/20	8/6/21	8/5/22	8/7/23	-	-	-

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 Lasertec Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

40,940 JPY

Average target price

39,500 JPY

Spread / Average Target

-3.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Semiconductor Testing Equipment & Service