Financials NSK Ltd

Equities

6471

JP3720800006

Auto, Truck & Motorcycle Parts

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-23 am EDT			5-day change	1st Jan Change
769.2 ^JPY	+1.05%		-0.86%	+0.81%

Jan. 31	Aviation lessor settlements with Russia over trapped planes	RE
2023	Transcript : NSK Ltd., Q2 2024 Earnings Call, Nov 02, 2023

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	530,953	355,438	581,743	377,459	387,907	371,986	-	-
Enterprise Value (EV) ¹	677,600	518,653	756,952	568,521	588,908	431,845	569,153	568,219
P/E ratio	9.65 x	20.4 x	1,645 x	22.8 x	21.1 x	51.2 x	15.7 x	11.8 x
Yield	3.86%	4.32%	1.76%	3.4%	3.97%	3.94%	3.94%	4.47%
Capitalization / Revenue	0.54 x	0.43 x	0.78 x	0.44 x	0.41 x	0.55 x	0.45 x	0.43 x
EV / Revenue	0.68 x	0.62 x	1.01 x	0.66 x	0.63 x	0.55 x	0.7 x	0.65 x
EV / EBITDA	5.29 x	6.69 x	12.4 x	6.61 x	6.45 x	6.95 x	5.78 x	5.4 x
EV / FCF	58.8 x	29.7 x	45.8 x	206 x	38.3 x	10.4 x	17.3 x	61.3 x
FCF Yield	1.7%	3.37%	2.18%	0.49%	2.61%	9.57%	5.79%	1.63%
Price to Book	0.99 x	0.7 x	1.05 x	0.61 x	0.63 x	0.65 x	0.57 x	0.57 x
Nbr of stocks (in thousands)	512,009	512,159	512,549	512,852	513,104	488,684	-	-
Reference price ²	1,037	694.0	1,135	736.0	756.0	761.2	761.2	761.2
Announcement Date	5/9/19	6/2/20	5/11/21	5/10/22	5/12/23	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	991,365	831,034	747,559	865,166	938,098	788,867	818,150	868,288
EBITDA ¹	128,080	77,530	60,891	85,988	91,312	81,657	98,500	105,129
EBIT ¹	79,279	23,604	6,364	29,430	32,936	27,391	39,175	49,725
Operating Margin	8%	2.84%	0.85%	3.4%	3.51%	3.47%	4.79%	5.73%
Earnings before Tax (EBT) ¹	79,229	24,065	5,889	29,516	31,926	26,210	38,167	50,475
Net income ¹	55,809	17,412	355	16,587	18,412	8,502	23,671	31,595
Net margin	5.63%	2.1%	0.05%	1.92%	1.96%	1.08%	2.89%	3.64%
EPS ²	107.5	34.00	0.6900	32.35	35.89	17.27	48.36	64.47
Free Cash Flow ¹	11,515	17,460	16,539	2,760	15,385	41,340	32,978	9,262
FCF margin	1.16%	2.1%	2.21%	0.32%	1.64%	5.24%	4.03%	1.07%
FCF Conversion (EBITDA)	8.99%	22.52%	27.16%	3.21%	16.85%	58.05%	33.48%	8.81%
FCF Conversion (Net income)	20.63%	100.28%	4,658.87%	16.64%	83.56%	486.24%	139.31%	29.31%
Dividend per Share ²	40.00	30.00	20.00	25.00	30.00	30.00	30.00	34.00
Announcement Date	5/9/19	6/2/20	5/11/21	5/10/22	5/12/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	434,820	396,214	315,892	431,667	204,306	417,764	215,016	232,386	219,387	244,437	463,824	236,356	237,918	188,247	198,444	386,691	201,368	200,808	199,000	205,500	219,500	194,200
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	15,765	7,839	-10,636	17,000	6,812	15,989	4,801	8,640	4,538	8,985	13,523	8,459	10,954	4,128	6,995	11,123	8,180	8,088	5,200	8,800	12,600	11,600
Operating Margin	3.63%	1.98%	-3.37%	3.94%	3.33%	3.83%	2.23%	3.72%	2.07%	3.68%	2.92%	3.58%	4.6%	2.19%	3.52%	2.88%	4.06%	4.03%	2.61%	4.28%	5.74%	5.97%
Earnings before Tax (EBT) ¹	15,552	-	-10,671	-	6,446	15,924	5,008	8,584	4,521	8,298	12,819	8,692	10,415	4,277	6,251	10,528	8,108	7,574	5,000	8,600	12,400	11,300
Net income ¹	11,816	-	-12,287	-	3,137	7,970	4,085	4,532	1,320	4,707	6,027	4,899	7,486	-929	1,588	659	4,064	3,779	-	3,600	7,400	4,900
Net margin	2.72%	-	-3.89%	-	1.54%	1.91%	1.9%	1.95%	0.6%	1.93%	1.3%	2.07%	3.15%	-0.49%	0.8%	0.17%	2.02%	1.88%	-	1.75%	3.37%	2.52%
EPS	23.07	-	-23.98	-	6.120	15.55	7.960	8.840	2.570	9.180	11.75	9.550	14.59	-1.850	-	1.330	8.240	-	-	-	-	-
Dividend per Share	20.00	-	10.00	-	-	10.00	-	-	-	-	15.00	-	-	-	-	15.00	-	-	-	-	-	-
Announcement Date	10/30/19	6/2/20	11/2/20	5/11/21	11/1/21	11/1/21	1/31/22	5/10/22	7/29/22	10/31/22	10/31/22	2/1/23	5/12/23	7/31/23	10/31/23	10/31/23	2/2/24	5/9/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	146,647	163,215	175,209	191,062	201,001	195,515	197,167	196,233
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.145 x	2.105 x	2.877 x	2.222 x	2.201 x	2.394 x	2.002 x	1.867 x
Free Cash Flow ¹	11,515	17,460	16,539	2,760	15,385	41,340	32,978	9,262
ROE (net income / shareholders' equity)	10.4%	3.3%	0.1%	2.8%	3%	1.3%	3.49%	4.91%
ROA (Net income/ Total Assets)	7.27%	2.27%	0.54%	2.46%	2.59%	2.07%	2.42%	2.55%
Assets ¹	767,363	765,629	66,231	674,935	711,602	410,556	976,528	1,241,220
Book Value Per Share ²	1,048	987.0	1,082	1,205	1,201	1,351	1,335	1,327
Cash Flow per Share ²	201.0	139.0	107.0	143.0	150.0	127.0	238.0	132.0
Capex ¹	81,102	54,927	37,303	52,311	62,085	58,478	60,000	64,800
Capex / Sales	8.18%	6.61%	4.99%	6.05%	6.62%	7.41%	7.33%	7.46%
Announcement Date	5/9/19	6/2/20	5/11/21	5/10/22	5/12/23	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 NSK Ltd

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

761.2 JPY

Average target price

847.5 JPY

Spread / Average Target

+11.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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