Financials Nihon Kohden Corporation

Equities

6849

JP3706800004

Advanced Medical Equipment & Technology

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
4,795 ^JPY	+3.07%		+4.40%	+7.44%

May. 13	Nihon Kohden Corporation Announces Dividend for the Fiscal Year Ended March 31, 2024	CI
May. 13	Nihon Kohden Corporation Provides Dividend Guidance for the Interim Second Quarter of the Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	280,165	345,733	275,098	249,128	302,014	402,285	-	-
Enterprise Value (EV) ¹	245,789	310,167	230,893	188,562	257,996	286,070	356,663	342,093
P/E ratio	25 x	35.1 x	15.1 x	10.7 x	17.7 x	19.8 x	24.6 x	22.6 x
Yield	1.06%	0.86%	1.7%	2.27%	1.7%	1.52%	1.29%	1.41%
Capitalization / Revenue	1.57 x	1.87 x	1.38 x	1.21 x	1.46 x	1.51 x	1.74 x	1.67 x
EV / Revenue	1.37 x	1.68 x	1.16 x	0.92 x	1.25 x	1.29 x	1.54 x	1.42 x
EV / EBITDA	13.1 x	16.1 x	7.3 x	5.47 x	10.4 x	12.2 x	13 x	11.3 x
EV / FCF	35 x	67.3 x	21 x	8.81 x	-23.9 x	27.5 x	39 x	35.3 x
FCF Yield	2.86%	1.49%	4.76%	11.3%	-4.19%	3.64%	2.56%	2.83%
Price to Book	2.41 x	2.84 x	1.98 x	1.59 x	1.8 x	1.86 x	2.12 x	1.99 x
Nbr of stocks (in thousands)	85,156	85,156	85,170	84,422	84,126	83,897	-	-
Reference price ²	3,290	4,060	3,230	2,951	3,590	4,795	4,795	4,795
Announcement Date	5/13/19	5/13/20	5/13/21	5/13/22	5/15/23	5/13/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	178,799	185,007	199,727	205,129	206,603	221,986	231,192	241,264
EBITDA ¹	18,736	19,248	31,637	34,482	24,911	23,444	27,444	30,239
EBIT ¹	15,044	15,503	27,094	30,992	21,120	19,591	23,316	25,717
Operating Margin	8.41%	8.38%	13.57%	15.11%	10.22%	8.83%	10.09%	10.66%
Earnings before Tax (EBT) ¹	15,519	13,980	27,166	34,263	24,716	29,369	23,481	25,590
Net income ¹	11,191	9,854	18,243	23,435	17,110	17,026	16,098	17,710
Net margin	6.26%	5.33%	9.13%	11.42%	8.28%	7.67%	6.96%	7.34%
EPS ²	131.4	115.7	214.2	276.5	203.3	202.4	195.2	212.3
Free Cash Flow ¹	7,025	4,610	10,999	21,396	-10,807	10,399	9,142	9,683
FCF margin	3.93%	2.49%	5.51%	10.43%	-5.23%	4.68%	3.95%	4.01%
FCF Conversion (EBITDA)	37.49%	23.95%	34.77%	62.05%	-	44.36%	33.31%	32.02%
FCF Conversion (Net income)	62.77%	46.78%	60.29%	91.3%	-	61.08%	56.79%	54.68%
Dividend per Share ²	35.00	35.00	55.00	67.00	61.00	61.00	62.00	67.52
Announcement Date	5/13/19	5/13/20	5/13/21	5/13/22	5/15/23	5/13/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	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	89,735	-	87,240	-	55,161	102,343	45,735	57,051	-	44,363	49,986	94,349	50,208	62,046	-	48,728	54,808	103,536	52,633	65,817	46,638	59,029	52,103	71,200
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7,009	-	8,758	-	10,991	17,414	5,902	7,676	-	1,817	5,400	7,217	4,160	9,743	-	2,205	5,286	7,491	3,024	9,076	800	6,889	2,153	13,533
Operating Margin	7.81%	-	10.04%	-	19.93%	17.02%	12.9%	13.45%	-	4.1%	10.8%	7.65%	8.29%	15.7%	-	4.53%	9.64%	7.24%	5.75%	13.79%	1.72%	11.67%	4.13%	19.01%
Earnings before Tax (EBT)	5,665	-	8,157	-	11,202	17,945	6,683	9,635	-	5,483	7,492	12,975	915	10,826	-	5,794	-	12,545	710	-	-	-	-	-
Net income ¹	3,943	-	5,826	-	7,757	12,294	4,617	6,524	-	3,679	4,862	8,541	319	8,250	-	3,787	4,210	7,997	-71	9,100	601	4,702	2,068	8,444
Net margin	4.39%	-	6.68%	-	14.06%	12.01%	10.1%	11.44%	-	8.29%	9.73%	9.05%	0.64%	13.3%	-	7.77%	7.68%	7.72%	-0.13%	13.83%	1.29%	7.97%	3.97%	11.86%
EPS ²	46.31	-	68.42	-	91.47	144.8	54.51	77.15	-	43.66	-	101.4	3.820	-	-	45.02	50.03	95.05	-0.8500	108.2	8.010	57.30	32.66	93.04
Dividend per Share ²	17.00	18.00	17.00	38.00	19.00	19.00	-	48.00	48.00	-	-	20.00	-	-	41.00	-	30.00	30.00	-	31.00	-	31.00	-	31.00
Announcement Date	11/5/19	5/13/20	11/6/20	5/13/21	11/8/21	11/8/21	2/2/22	5/13/22	5/13/22	8/3/22	11/9/22	11/9/22	2/2/23	5/15/23	5/15/23	8/3/23	11/8/23	11/8/23	2/2/24	5/13/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	34,376	35,566	44,205	60,566	44,018	49,853	45,622	60,191
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	7,025	4,610	10,999	21,396	-10,807	10,399	9,142	9,683
ROE (net income / shareholders' equity)	9.9%	8.3%	14%	15.9%	10.6%	9.8%	8.85%	9.36%
ROA (Net income/ Total Assets)	9.69%	8.8%	15.7%	17.1%	11.3%	11.4%	10%	8.61%
Assets ¹	115,549	112,008	115,993	136,703	151,413	149,694	160,978	205,762
Book Value Per Share ²	1,363	1,430	1,632	1,852	1,992	2,158	2,265	2,410
Cash Flow per Share ²	173.0	158.0	252.0	317.0	247.0	246.0	227.0	221.0
Capex ¹	2,794	3,106	3,384	2,450	8,294	3,626	6,900	5,620
Capex / Sales	1.56%	1.68%	1.69%	1.19%	4.01%	1.63%	2.98%	2.33%
Announcement Date	5/13/19	5/13/20	5/13/21	5/13/22	5/15/23	5/13/24	-	-

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 Nihon Kohden Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4,795 JPY

Average target price

4,456 JPY

Spread / Average Target

-7.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Advanced Medical Equipment & Technology

	1st Jan change	Capi.
NIHON KOHDEN CORPORATION	+7.44%	2.56B
THERMO FISHER SCIENTIFIC	+7.01%	217B
DANAHER CORPORATION	+11.01%	190B
INTUITIVE SURGICAL, INC.	+19.20%	143B
BOSTON SCIENTIFIC CORPORATION	+30.79%	111B
SIEMENS HEALTHINEERS AG	+1.48%	64.59B
EDWARDS LIFESCIENCES CORPORATION	+13.95%	52.36B
SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD.	-0.16%	48.45B
AGILENT TECHNOLOGIES, INC.	-6.20%	38.03B
GE HEALTHCARE TECHNOLOGIES INC.	+0.91%	35.61B

Other Advanced Medical Equipment & Technology