Financials Riken Keiki Co., Ltd.

Equities

7734

JP3971000009

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-13 am EDT			5-day change	1st Jan Change
3,815 ^JPY	-1.42%		-1.17%	+10.74%

Feb. 16	Riken Keiki's Profit Down Nearly 8% in Fiscal Q1-Q3	MT
Feb. 16	Riken Keiki Co., Ltd. Provides Dividend Guidance for the Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	49,623	47,483	64,095	114,054	132,250	177,682	-	-
Enterprise Value (EV) ¹	34,771	32,971	51,972	96,106	113,339	178,148	147,576	136,329
P/E ratio	11.9 x	10.9 x	13.7 x	19.1 x	15.3 x	10.6 x	18 x	15.8 x
Yield	1.69%	1.96%	1.52%	1.22%	1.41%	2.09%	1.11%	1.18%
Capitalization / Revenue	1.62 x	1.48 x	1.99 x	3.05 x	2.94 x	3.91 x	3.65 x	3.36 x
EV / Revenue	1.13 x	1.02 x	1.61 x	2.57 x	2.52 x	3.91 x	3.03 x	2.58 x
EV / EBITDA	-	-	-	-	8.53 x	13.4 x	9.94 x	8.19 x
EV / FCF	11 x	31.4 x	-	-	28.4 x	42.8 x	15.3 x	12.5 x
FCF Yield	9.1%	3.18%	-	-	3.52%	2.34%	6.55%	7.99%
Price to Book	1.12 x	1 x	1.26 x	2.03 x	2.09 x	1.23 x	2.27 x	2.03 x
Nbr of stocks (in thousands)	46,507	46,507	46,530	46,553	46,567	46,575	-	-
Reference price ²	1,067	1,021	1,378	2,450	2,840	3,815	3,815	3,815
Announcement Date	5/10/19	5/12/20	5/11/21	5/12/22	5/11/23	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	30,650	32,189	32,209	37,363	45,004	45,581	48,640	52,815
EBITDA ¹	-	-	-	-	13,292	13,260	14,845	16,645
EBIT ¹	5,138	6,197	6,598	8,402	11,551	11,476	12,995	14,860
Operating Margin	16.76%	19.25%	20.48%	22.49%	25.67%	25.18%	26.72%	28.14%
Earnings before Tax (EBT) ¹	5,857	5,847	6,659	8,827	11,753	12,298	14,100	16,340
Net income ¹	4,157	4,342	4,691	5,963	8,670	8,378	9,895	11,220
Net margin	13.56%	13.49%	14.56%	15.96%	19.26%	18.38%	20.34%	21.24%
EPS ²	89.40	93.38	100.9	128.1	186.2	359.8	212.5	240.9
Free Cash Flow ¹	3,163	1,050	-	-	3,985	3,669	9,664	10,888
FCF margin	10.32%	3.26%	-	-	8.86%	8.03%	19.87%	20.62%
FCF Conversion (EBITDA)	-	-	-	-	29.98%	27.32%	65.1%	65.41%
FCF Conversion (Net income)	76.09%	24.18%	-	-	45.97%	41.02%	97.67%	97.04%
Dividend per Share ²	18.00	20.00	21.00	30.00	40.00	80.00	42.50	45.00
Announcement Date	5/10/19	5/12/20	5/11/21	5/12/22	5/11/23	5/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 S1	2022 Q3	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	16,118	15,357	18,278	9,631	10,763	11,641	22,404	12,364	10,236	22,600	11,490	11,185	22,675	11,650	11,256	22,906	12,290	12,080	12,400	12,510
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,288	-	3,775	3,825	3,895	3,895
EBIT ¹	3,167	2,834	4,346	2,364	3,428	2,980	6,408	4,049	1,094	5,143	3,058	2,789	5,847	2,808	2,821	5,629	3,300	3,350	3,420	3,420
Operating Margin	19.65%	18.45%	23.78%	24.55%	31.85%	25.6%	28.6%	32.75%	10.69%	22.76%	26.61%	24.94%	25.79%	24.1%	25.06%	24.57%	26.85%	27.73%	27.58%	27.34%
Earnings before Tax (EBT)	3,262	2,893	4,503	2,373	3,666	-	6,427	3,690	-	-	3,560	-	6,456	2,846	-	-	-	-	-	-
Net income	2,371	2,002	3,167	1,660	2,581	-	4,546	2,573	-	-	2,533	-	4,548	2,019	-	-	-	-	-	-
Net margin	14.71%	13.04%	17.33%	17.24%	23.98%	-	20.29%	20.81%	-	-	22.05%	-	20.06%	17.33%	-	-	-	-	-	-
EPS	51.00	43.06	68.06	35.66	55.46	-	97.64	55.25	-	-	54.41	-	97.66	43.36	-	-	-	-	-	-
Dividend per Share	9.000	10.00	10.50	-	-	-	20.00	-	-	-	-	-	20.00	-	-	-	-	-	-	-
Announcement Date	11/12/19	11/10/20	11/11/21	2/10/22	8/9/22	11/10/22	11/10/22	2/10/23	5/11/23	5/11/23	8/9/23	11/9/23	11/9/23	2/8/24	5/10/24	5/10/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	14,852	14,512	12,123	17,948	18,911	20,715	30,106	41,353
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,163	1,050	-	-	3,985	3,669	9,665	10,888
ROE (net income / shareholders' equity)	9.7%	9.5%	9.5%	11.1%	14.5%	12.3%	13.9%	14.3%
ROA (Net income/ Total Assets)	10%	-	11.1%	13%	15.8%	14.6%	-	-
Assets ¹	41,579	-	42,196	45,955	54,932	57,461	-	-
Book Value Per Share ²	950.0	1,020	1,097	1,206	1,361	3,111	1,684	1,881
Cash Flow per Share	114.0	119.0	131.0	165.0	224.0	436.0	-	-
Capex ¹	1,057	4,182	4,298	678	876	1,750	1,400	1,300
Capex / Sales	3.45%	12.99%	13.34%	1.81%	1.95%	3.83%	2.88%	2.46%
Announcement Date	5/10/19	5/12/20	5/11/21	5/12/22	5/11/23	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 Riken Keiki Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,815 JPY

Average target price

4,050 JPY

Spread / Average Target

+6.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Testing & Measuring Equipment

	1st Jan change	Capi.
RIKEN KEIKI CO., LTD.	+10.74%	1.16B
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COGNEX CORPORATION	+12.24%	7.98B
BADGER METER, INC.	+25.80%	5.77B
WUHAN GUIDE INFRARED CO., LTD.	-5.48%	4.13B
RENISHAW PLC	+12.07%	3.72B
INFICON HOLDING AG	+11.94%	3.67B
ESCO TECHNOLOGIES INC.	-10.54%	2.71B
SKYVERSE TECHNOLOGY CO., LTD.	-29.91%	2.27B

Testing & Measuring Equipment