Financials Olympus Corporation

Equities

7733

JP3201200007

Advanced Medical Equipment & Technology

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-20 am EDT			5-day change	1st Jan Change
2,553 ^JPY	+0.45%		+1.71%	+25.12%

May. 13	Olympus' Attributable Profit Soars 69.1% in Fiscal 2024	MT
May. 13	Japanese shares fall ahead of earnings reports; rising yields weigh	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,641,547	2,008,074	2,945,342	2,977,530	2,906,166	2,962,453	-	-
Enterprise Value (EV) ¹	1,706,301	2,126,495	3,072,860	3,061,085	3,076,894	2,578,960	2,832,074	2,741,406
P/E ratio	201 x	39.7 x	228 x	25.9 x	20.5 x	11.1 x	24.9 x	21.5 x
Yield	0.62%	0.64%	0.52%	0.6%	0.69%	0.71%	0.78%	0.92%
Capitalization / Revenue	2.07 x	2.52 x	4.03 x	3.43 x	3.3 x	2.75 x	2.97 x	2.83 x
EV / Revenue	2.15 x	2.67 x	4.21 x	3.52 x	3.49 x	2.75 x	2.84 x	2.62 x
EV / EBITDA	19.6 x	14 x	21.7 x	14 x	12.1 x	23.5 x	12.6 x	10.3 x
EV / FCF	86 x	37.7 x	122 x	31 x	76.8 x	-67.2 x	36.2 x	23.2 x
FCF Yield	1.16%	2.65%	0.82%	3.22%	1.3%	-1.49%	2.76%	4.32%
Price to Book	3.72 x	5.42 x	7.47 x	5.84 x	4.54 x	3.41 x	3.88 x	3.43 x
Nbr of stocks (in thousands)	1,365,680	1,285,579	1,285,614	1,272,993	1,253,468	1,165,632	-	-
Reference price ²	1,202	1,562	2,291	2,339	2,318	2,542	2,542	2,542
Announcement Date	5/10/19	5/29/20	5/7/21	5/11/22	5/12/23	5/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	793,862	797,411	730,544	868,867	881,923	936,210	996,825	1,045,797
EBITDA ¹	86,950	151,778	141,922	218,513	253,350	109,538	225,460	265,312
EBIT ¹	28,281	83,469	81,985	153,898	186,609	43,598	163,744	194,207
Operating Margin	3.56%	10.47%	11.22%	17.71%	21.16%	4.66%	16.43%	18.57%
Earnings before Tax (EBT) ¹	20,117	77,798	76,810	149,873	182,294	35,854	162,127	191,759
Net income ¹	8,147	51,670	12,918	115,742	143,432	242,566	119,426	135,388
Net margin	1.03%	6.48%	1.77%	13.32%	16.26%	25.91%	11.98%	12.95%
EPS ²	5.970	39.37	10.05	90.22	113.2	199.9	102.0	118.3
Free Cash Flow ¹	19,849	56,360	25,187	98,713	40,076	-38,362	78,142	118,293
FCF margin	2.5%	7.07%	3.45%	11.36%	4.54%	-4.1%	7.84%	11.31%
FCF Conversion (EBITDA)	22.83%	37.13%	17.75%	45.17%	15.82%	210.74%	34.66%	44.59%
FCF Conversion (Net income)	243.64%	109.08%	194.98%	85.29%	27.94%	123.74%	65.43%	87.37%
Dividend per Share ²	7.500	10.00	12.00	14.00	16.00	18.00	19.80	23.35
Announcement Date	5/10/19	5/29/20	5/7/21	5/11/22	5/12/23	5/10/24	-	-

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	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	389,189	408,222	316,500	414,044	221,500	413,100	216,698	239,110	214,100	255,700	469,800	224,485	187,638	412,123	207,723	228,900	436,600	239,070	260,540	499,610	223,815	243,981	250,988	273,059
EBITDA	-	-	-	-	64,736	-	48,772	61,610	58,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	50,937	32,532	30,292	51,693	48,600	76,300	32,654	44,988	40,800	47,900	88,700	48,969	48,940	97,909	22,476	-17,700	4,800	34,246	4,552	38,798	27,381	40,332	43,764	46,002
Operating Margin	13.09%	7.97%	9.57%	12.48%	21.94%	18.47%	15.07%	18.81%	19.06%	18.73%	18.88%	21.81%	26.08%	23.76%	10.82%	-7.73%	1.1%	14.32%	1.75%	7.77%	12.23%	16.53%	17.44%	16.85%
Earnings before Tax (EBT) ¹	48,569	29,229	28,331	48,479	46,900	73,800	29,789	46,238	38,200	51,088	89,321	50,049	42,924	92,973	19,710	-20,700	-1,000	33,976	2,878	36,854	27,028	45,644	48,343	50,256
Net income ¹	36,063	15,607	-22,702	35,620	43,700	62,400	25,270	28,075	24,900	42,000	66,800	41,381	35,251	76,632	240,560	-24,300	216,300	18,916	7,350	26,266	17,092	30,789	33,386	36,111
Net margin	9.27%	3.82%	-7.17%	8.6%	19.73%	15.11%	11.66%	11.74%	11.63%	16.43%	14.22%	18.43%	18.79%	18.59%	115.81%	-10.62%	49.54%	7.91%	2.82%	5.26%	7.64%	12.62%	13.3%	13.22%
EPS ²	26.93	12.44	-17.66	27.71	34.46	49.00	19.66	22.03	20.00	33.00	53.00	32.62	27.60	60.22	191.9	-17.90	174.0	17.78	8.130	25.91	16.72	29.04	28.77	18.91
Dividend per Share ²	-	10.00	-	12.00	-	-	-	14.00	-	-	-	-	-	-	-	-	-	-	18.00	-	-	-	-	20.00
Announcement Date	11/6/19	5/29/20	11/13/20	5/7/21	11/5/21	11/5/21	2/4/22	5/11/22	8/9/22	11/11/22	11/11/22	2/10/23	5/12/23	5/12/23	8/9/23	11/9/23	11/9/23	2/14/24	5/10/24	5/10/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	64,754	118,421	127,518	83,555	170,728	-	-	-
Net Cash position ¹	-	-	-	-	-	78,830	130,380	221,047
Leverage (Debt/EBITDA)	0.7447 x	0.7802 x	0.8985 x	0.3824 x	0.6739 x	-	-	-
Free Cash Flow ¹	19,849	56,360	25,187	98,713	40,076	-38,362	78,143	118,293
ROE (net income / shareholders' equity)	1.8%	12.7%	3.4%	25.6%	24.9%	34.7%	13.1%	15.8%
ROA (Net income/ Total Assets)	2.11%	7.99%	6.99%	11.8%	12.7%	2.36%	10.7%	10.1%
Assets ¹	386,897	646,786	184,720	980,399	1,127,630	10,291,914	1,116,127	1,347,144
Book Value Per Share ²	323.0	288.0	307.0	401.0	511.0	650.0	656.0	742.0
Cash Flow per Share ²	48.90	91.40	56.70	141.0	166.0	254.0	177.0	190.0
Capex ¹	66,830	77,184	59,227	75,503	72,023	80,727	86,700	79,219
Capex / Sales	8.42%	9.68%	8.11%	8.69%	8.17%	8.62%	8.7%	7.57%
Announcement Date	5/10/19	5/29/20	5/7/21	5/11/22	5/12/23	5/10/24	-	-

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 Olympus Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,542 JPY

Average target price

2,541 JPY

Spread / Average Target

-0.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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