Financials Noritsu Koki Co., Ltd.

Equities

7744

JP3759500006

Recreational Products

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 am EDT			5-day change	1st Jan Change
3,160 ^JPY	-0.78%		+2.27%	+5.40%

Apr. 30	MediPal Holdings Corporation agreed to acquire PreMedica Inc. from Noritsu Koki Co., Ltd. for ¥3.8 billion.	CI
2023	Noritsu Koki Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	53,919	86,577	96,675	84,901	106,978	112,759	-	-
Enterprise Value (EV) ¹	62,464	86,577	162,982	39,541	79,365	112,759	112,759	112,759
P/E ratio	18.3 x	8.75 x	18.2 x	0.84 x	10.5 x	9.02 x	9.89 x	9.02 x
Yield	0.99%	0.82%	1.4%	6.38%	3.84%	4.05%	4.05%	4.43%
Capitalization / Revenue	0.84 x	2.1 x	1.28 x	1.15 x	1.17 x	1.06 x	1.03 x	0.98 x
EV / Revenue	0.84 x	2.1 x	1.28 x	1.15 x	1.17 x	1.06 x	1.03 x	0.98 x
EV / EBITDA	7.31 x	9.13 x	5.89 x	13 x	5.43 x	4.82 x	4.62 x	4.37 x
EV / FCF	10.7 x	-5.27 x	-2.64 x	0.81 x	-12.7 x	7.47 x	6.54 x	6.53 x
FCF Yield	9.3%	-19%	-37.8%	124%	-7.87%	13.4%	15.3%	15.3%
Price to Book	0.72 x	0.82 x	0.87 x	0.44 x	0.52 x	0.53 x	0.51 x	0.49 x
Nbr of stocks (in thousands)	35,614	35,614	35,634	35,658	35,683	35,683	-	-
Reference price ²	1,514	2,431	2,713	2,381	2,998	3,160	3,160	3,160
Announcement Date	5/15/19	2/15/21	2/14/22	2/14/23	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	63,924	41,148	75,326	73,515	91,552	106,080	109,500	114,600
EBITDA ¹	7,376	9,487	16,412	6,513	19,690	23,400	24,400	25,800
EBIT ¹	5,538	5,825	10,733	1,262	14,462	18,846	17,700	19,000
Operating Margin	8.66%	14.16%	14.25%	1.72%	15.8%	17.77%	16.16%	16.58%
Earnings before Tax (EBT) ¹	5,439	2,582	9,835	3,944	13,747	18,700	17,100	18,700
Net income ¹	2,953	9,899	5,299	101,548	10,199	12,500	11,400	12,500
Net margin	4.62%	24.06%	7.03%	138.13%	11.14%	11.78%	10.41%	10.91%
EPS ²	82.92	278.0	148.7	2,848	285.9	350.3	319.5	350.3
Free Cash Flow ¹	5,016	-16,427	-36,553	105,129	-8,422	15,093	17,229	17,259
FCF margin	7.85%	-39.92%	-48.53%	143%	-9.2%	14.23%	15.73%	15.06%
FCF Conversion (EBITDA)	68%	-	-	1,614.14%	-	64.5%	70.61%	66.9%
FCF Conversion (Net income)	169.86%	-	-	103.53%	-	120.74%	151.13%	138.07%
Dividend per Share ²	15.00	20.00	38.00	152.0	115.0	128.0	128.0	140.0
Announcement Date	5/15/19	2/15/21	2/14/22	2/14/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2024 Q1
Net sales ¹	32,972	31,994	33,240	18,431	23,655	42,086	14,224	17,312	31,536	18,126	23,853	41,979	17,398	24,071	41,469	24,320	27,304
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,495	811	6,109	2,218	2,406	4,624	1,671	1,596	3,267	960	-2,965	-2,005	2,020	5,345	7,365	5,157	7,640
Operating Margin	10.6%	2.53%	18.38%	12.03%	10.17%	10.99%	11.75%	9.22%	10.36%	5.3%	-12.43%	-4.78%	11.61%	22.21%	17.76%	21.2%	27.98%
Earnings before Tax (EBT) ¹	3,487	-1,856	4,605	2,470	2,760	5,230	2,020	2,726	4,746	3,224	-4,026	-802	1,825	5,389	7,214	5,050	7,657
Net income ¹	2,092	-814	2,040	886	2,373	3,259	100,140	981	101,121	1,807	-1,380	427	1,051	3,403	4,454	3,388	5,235
Net margin	6.34%	-2.54%	6.14%	4.81%	10.03%	7.74%	704.02%	5.67%	320.65%	9.97%	-5.79%	1.02%	6.04%	14.14%	10.74%	13.93%	19.17%
EPS ²	-	-22.88	57.29	24.85	-	-	2,810	-	2,837	50.38	-	-	29.50	-	124.9	94.96	146.7
Dividend per Share	-	7.000	14.00	-	-	-	-	-	21.00	-	-	-	-	-	24.00	-	-
Announcement Date	5/15/19	11/13/19	8/13/21	11/12/21	2/14/22	2/14/22	5/13/22	8/12/22	8/12/22	11/11/22	2/14/23	2/14/23	5/12/23	8/10/23	8/10/23	11/13/23	5/10/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	8,545	-	66,307	-	-	-	-	-
Net Cash position	-	-	-	45,360	27,613	-	-	-
Leverage (Debt/EBITDA)	1.158 x	-	4.04 x	-	-	-	-	-
Free Cash Flow ¹	5,016	-16,427	-36,553	105,129	-8,422	15,093	17,229	17,259
ROE (net income / shareholders' equity)	3.9%	10.8%	4.9%	66.9%	5.1%	6%	5.2%	5.6%
ROA (Net income/ Total Assets)	3.65%	5%	2.12%	1.38%	4.69%	-	-	-
Assets ¹	80,984	197,980	250,496	7,358,391	217,649	-	-	-
Book Value Per Share ²	2,104	2,960	3,121	5,399	5,755	6,015	6,200	6,417
Cash Flow per Share	135.0	-	319.0	2,996	432.0	-	-	-
Capex ¹	2,083	2,627	966	1,892	2,028	2,000	2,000	-
Capex / Sales	3.26%	6.38%	1.28%	2.57%	2.22%	1.89%	1.83%	-
Announcement Date	5/15/19	2/15/21	2/14/22	2/14/23	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 Noritsu Koki Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,160 JPY

Average target price

6,260 JPY

Spread / Average Target

+98.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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