Financials Nikon Corporation

Equities

7731

JP3657400002

Household Electronics

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 am EDT			5-day change	1st Jan Change
1,694 ^JPY	+1.35%		+3.51%	+21.31%

May. 09	Nikon Corporation Provides Dividend Guidance for the Year Ended March 31, 2025	CI
May. 09	Nikon Corporation Announces Dividend for the Year Ended March 31, 2024; Provides Dividend Guidance for the Interim Period of 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	618,539	366,323	380,000	482,528	470,152	586,725	-	-
Enterprise Value (EV) ¹	333,894	163,116	161,097	242,313	392,835	530,409	556,125	554,124
P/E ratio	9.3 x	50.1 x	-11 x	11.3 x	10.8 x	16.3 x	18.6 x	13.9 x
Yield	3.84%	4.01%	1.93%	3.04%	3.32%	2.98%	3.13%	3.38%
Capitalization / Revenue	0.87 x	0.62 x	0.84 x	0.89 x	0.75 x	0.74 x	0.81 x	0.77 x
EV / Revenue	0.47 x	0.28 x	0.36 x	0.45 x	0.63 x	0.74 x	0.77 x	0.73 x
EV / EBITDA	3.02 x	3.99 x	-5.71 x	3.24 x	4.68 x	7.49 x	7.18 x	5.94 x
EV / FCF	8.09 x	-33.5 x	-6.03 x	7.83 x	-3.5 x	-10.9 x	30,896 x	28.3 x
FCF Yield	12.4%	-2.98%	-16.6%	12.8%	-28.5%	-9.16%	0%	3.54%
Price to Book	1 x	0.68 x	0.71 x	0.81 x	0.76 x	0.78 x	0.87 x	0.87 x
Nbr of stocks (in thousands)	396,245	367,058	367,150	367,221	346,976	346,457	-	-
Reference price ²	1,561	998.0	1,035	1,314	1,355	1,694	1,694	1,694
Announcement Date	5/9/19	5/28/20	5/13/21	5/12/22	5/11/23	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	708,660	591,012	451,223	539,612	628,105	717,245	722,330	759,101
EBITDA ¹	110,458	40,856	-28,214	74,791	83,964	71,981	77,471	93,253
EBIT ¹	82,653	6,751	-56,241	49,934	54,908	39,776	39,057	53,648
Operating Margin	11.66%	1.14%	-12.46%	9.25%	8.74%	5.55%	5.41%	7.07%
Earnings before Tax (EBT) ¹	87,915	11,864	-45,342	57,096	57,058	42,669	42,706	56,576
Net income ¹	66,513	7,693	-34,497	42,679	44,944	32,570	31,461	41,990
Net margin	9.39%	1.3%	-7.65%	7.91%	7.16%	4.54%	4.36%	5.53%
EPS ²	167.9	19.93	-93.96	116.2	125.5	94.03	90.87	121.6
Free Cash Flow ¹	41,291	-4,862	-26,731	30,966	-112,131	-49,357	18	19,592
FCF margin	5.83%	-0.82%	-5.92%	5.74%	-17.85%	-7.12%	0%	2.58%
FCF Conversion (EBITDA)	37.38%	-	-	41.4%	-	-	0.02%	21.01%
FCF Conversion (Net income)	62.08%	-	-	72.56%	-	-	0.06%	46.66%
Dividend per Share ²	60.00	40.00	20.00	40.00	45.00	50.50	53.00	57.22
Announcement Date	5/9/19	5/28/20	5/13/21	5/12/22	5/11/23	5/9/24	-	-

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	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	291,052	299,960	175,647	275,576	140,768	273,049	133,300	133,263	266,563	145,648	142,682	288,330	167,700	172,075	-	158,146	173,150	331,296	197,700	188,249	385,949	162,100	152,700	200,800	194,700
EBITDA ¹	-	-	-	-	18,195	-	21,000	9,572	-	22,007	15,983	-	33,278	12,700	-	-	-	-	-	9,299	-	-	-	-	-
EBIT ¹	17,504	-10,753	-46,635	-	12,143	32,105	14,800	3,029	17,829	15,357	9,062	24,419	26,200	4,289	30,489	3,290	10,339	13,629	20,800	5,347	26,147	8,800	2,700	15,000	12,300
Operating Margin	6.01%	-3.58%	-26.55%	-	8.63%	11.76%	11.1%	2.27%	6.69%	10.54%	6.35%	8.47%	15.62%	2.49%	-	2.08%	5.97%	4.11%	10.52%	2.84%	6.77%	5.43%	1.77%	7.47%	6.32%
Earnings before Tax (EBT) ¹	20,138	-8,274	-38,896	-	14,786	35,913	16,600	4,583	21,183	16,507	9,528	26,035	26,300	4,723	31,023	4,817	10,443	15,260	21,000	6,409	27,409	9,300	3,500	15,700	13,100
Net income ¹	16,343	-8,650	-31,537	-	10,604	26,464	12,600	3,615	16,215	11,866	7,014	18,880	20,600	5,464	26,064	2,576	7,225	9,801	15,100	7,669	22,769	7,200	600	12,800	10,100
Net margin	5.62%	-2.88%	-17.95%	-	7.53%	9.69%	9.45%	2.71%	6.08%	8.15%	4.92%	6.55%	12.28%	3.18%	-	1.63%	4.17%	2.96%	7.64%	4.07%	5.9%	4.44%	0.39%	6.37%	5.19%
EPS ²	41.70	-21.77	-85.90	-	28.88	72.07	34.34	9.820	44.16	32.38	19.47	51.85	57.36	16.25	73.61	7.440	20.86	28.30	43.80	21.93	65.73	17.70	-	-	-
Dividend per Share	30.00	-	10.00	-	20.00	20.00	-	20.00	-	-	20.00	20.00	-	25.00	-	-	25.00	25.00	-	-	-	-	-	-	-
Announcement Date	11/7/19	5/28/20	11/5/20	5/13/21	11/4/21	11/4/21	2/3/22	5/12/22	5/12/22	8/4/22	11/10/22	11/10/22	2/9/23	5/11/23	5/11/23	8/8/23	11/9/23	11/9/23	2/8/24	5/9/24	5/9/24	-	-	-	-

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	284,645	203,207	218,903	240,215	77,317	47,865	30,600	32,602
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	41,291	-4,862	-26,731	30,966	-112,131	-49,357	18	19,592
ROE (net income / shareholders' equity)	11.2%	1.3%	-6.4%	7.5%	7.4%	5%	4.67%	6.32%
ROA (Net income/ Total Assets)	7.87%	1.11%	-4.54%	5.63%	5.46%	3.88%	2.98%	4.05%
Assets ¹	844,824	694,101	759,150	758,448	823,070	838,648	1,055,434	1,037,740
Book Value Per Share ²	1,554	1,473	1,464	1,627	1,776	1,974	1,952	1,940
Cash Flow per Share ²	238.0	108.0	-17.60	184.0	207.0	197.0	158.0	231.0
Capex ¹	27,610	19,463	31,697	45,857	135,547	70,440	57,760	44,000
Capex / Sales	3.9%	3.29%	7.02%	8.5%	21.58%	10.16%	8%	5.8%
Announcement Date	5/9/19	5/28/20	5/13/21	5/12/22	5/11/23	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 Nikon Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,694 JPY

Average target price

1,728 JPY

Spread / Average Target

+2.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Photographic Equipment