RINNAI CORPORATION |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3,800 JPY | -0.58% |
|
+11.80% | +16.28% |
| May. 09 | Rinnai Corporation announces an Equity Buyback for 4,000,000 shares, representing 2.79% for ¥10,000 million. | CI |
| May. 09 | Rinnai Corporation authorizes a Buyback Plan. | CI |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 402,460 | 393,202 | 636,824 | 456,683 | 473,561 | 547,333 | - | - |
| Enterprise Value (EV) 1 | 245,070 | 219,748 | 431,890 | 271,198 | 314,941 | 498,929 | 406,466 | 396,568 |
| P/E ratio | 19.7 x | 18.2 x | 23.1 x | 19.5 x | 18.3 x | 18.9 x | 18.9 x | 17.8 x |
| Yield | 1.2% | 1.28% | 1.01% | 1.53% | 1.65% | 1.72% | 2.05% | 2.25% |
| Capitalization / Revenue | 1.16 x | 1.15 x | 1.85 x | 1.25 x | 1.11 x | 1.16 x | 1.19 x | 1.16 x |
| EV / Revenue | 0.7 x | 0.65 x | 1.25 x | 0.74 x | 0.74 x | 1.16 x | 0.89 x | 0.84 x |
| EV / EBITDA | 5.73 x | 4.72 x | 8.29 x | 5.69 x | 5.76 x | 7.99 x | 6.67 x | 6.32 x |
| EV / FCF | 16.3 x | 8.3 x | 12.2 x | 50.2 x | -29.4 x | -66.6 x | 17.2 x | 15.8 x |
| FCF Yield | 6.15% | 12% | 8.22% | 1.99% | -3.4% | -1.5% | 5.83% | 6.33% |
| Price to Book | 1.35 x | 1.25 x | 1.86 x | 1.33 x | 1.3 x | 1.29 x | 1.36 x | 1.34 x |
| Nbr of stocks (in thousands) | 154,199 | 154,197 | 154,195 | 149,405 | 146,387 | 143,206 | - | - |
| Reference price 2 | 2,610 | 2,550 | 4,130 | 3,057 | 3,235 | 3,822 | 3,822 | 3,822 |
| Announcement Date | 5/9/19 | 5/8/20 | 5/12/21 | 5/10/22 | 5/10/23 | 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 | 348,022 | 340,460 | 344,364 | 366,185 | 425,229 | 430,186 | 458,950 | 470,712 |
| EBITDA 1 | 42,755 | 46,556 | 52,103 | 47,658 | 54,696 | 51,650 | 60,900 | 62,752 |
| EBIT 1 | 30,879 | 34,422 | 40,690 | 35,864 | 41,418 | 39,362 | 45,680 | 47,695 |
| Operating Margin | 8.87% | 10.11% | 11.82% | 9.79% | 9.74% | 9.15% | 9.95% | 10.13% |
| Earnings before Tax (EBT) 1 | 33,164 | 34,834 | 43,846 | 39,060 | 44,565 | 45,921 | 49,098 | 50,185 |
| Net income 1 | 20,480 | 21,561 | 27,581 | 23,748 | 26,096 | 26,667 | 28,920 | 30,488 |
| Net margin | 5.88% | 6.33% | 8.01% | 6.49% | 6.14% | 6.2% | 6.3% | 6.48% |
| EPS 2 | 132.8 | 139.8 | 178.9 | 156.8 | 176.9 | 184.8 | 201.8 | 214.9 |
| Free Cash Flow 1 | 15,070 | 26,462 | 35,517 | 5,401 | -10,700 | -6,200 | 23,700 | 25,100 |
| FCF margin | 4.33% | 7.77% | 10.31% | 1.47% | -2.52% | -1.44% | 5.16% | 5.33% |
| FCF Conversion (EBITDA) | 35.25% | 56.84% | 68.17% | 11.33% | - | - | 38.92% | 40% |
| FCF Conversion (Net income) | 73.58% | 122.73% | 128.77% | 22.74% | - | - | 81.95% | 82.33% |
| Dividend per Share 2 | 31.33 | 32.67 | 41.67 | 46.67 | 53.33 | 60.00 | 78.50 | 85.88 |
| Announcement Date | 5/9/19 | 5/8/20 | 5/12/21 | 5/10/22 | 5/10/23 | 5/9/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 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 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 160,361 | 148,945 | 195,419 | 95,214 | 179,721 | 94,042 | 92,422 | 186,464 | 95,006 | 99,341 | 194,347 | 119,746 | 111,136 | 230,882 | 89,853 | 102,841 | 192,694 | 117,468 | 120,024 | 97,000 | 113,450 | 111,400 | 128,500 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 13,240 | 12,957 | 27,733 | 10,927 | 20,107 | 7,935 | 8,083 | 15,757 | 10,079 | 9,005 | 19,084 | 14,604 | 7,730 | 22,334 | 3,113 | 7,007 | 10,120 | 15,348 | 13,894 | 8,050 | 9,350 | 6,200 | 17,300 |
| Operating Margin | 8.26% | 8.7% | 14.19% | 11.48% | 11.19% | 8.44% | 8.75% | 8.45% | 10.61% | 9.06% | 9.82% | 12.2% | 6.96% | 9.67% | 3.46% | 6.81% | 5.25% | 13.07% | 11.58% | 8.3% | 8.24% | 5.57% | 13.46% |
| Earnings before Tax (EBT) 1 | 13,849 | 15,365 | 28,481 | 11,757 | 21,687 | 8,722 | 8,651 | 17,373 | 11,437 | 10,776 | 22,213 | 14,274 | 8,078 | 22,352 | 5,895 | 9,015 | 14,910 | 15,521 | 15,490 | 9,000 | 10,000 | 15,200 | 13,800 |
| Net income 1 | 7,990 | 10,029 | 17,552 | 7,055 | 13,247 | 5,118 | 4,406 | 10,501 | 7,014 | 6,368 | 13,382 | 8,041 | 4,673 | 12,714 | 3,288 | 4,614 | 7,902 | 9,473 | 9,292 | 5,700 | 4,800 | 9,700 | 7,800 |
| Net margin | 4.98% | 6.73% | 8.98% | 7.41% | 7.37% | 5.44% | 4.77% | 5.63% | 7.38% | 6.41% | 6.89% | 6.72% | 4.2% | 5.51% | 3.66% | 4.49% | 4.1% | 8.06% | 7.74% | 5.88% | 4.23% | 8.71% | 6.07% |
| EPS 2 | 51.82 | 65.04 | - | 46.33 | 86.46 | 34.30 | 31.40 | 70.34 | 46.99 | 43.14 | 90.14 | 54.77 | 32.01 | - | 22.49 | 31.89 | 54.38 | 65.72 | 64.65 | 38.63 | 37.96 | 29.12 | 74.65 |
| Dividend per Share 2 | 16.00 | 18.33 | - | - | 23.33 | - | 23.33 | - | - | - | 25.00 | - | 28.33 | - | - | 30.00 | 30.00 | - | 30.00 | - | 30.00 | - | 50.00 |
| Announcement Date | 11/7/19 | 11/6/20 | 5/12/21 | 11/5/21 | 11/5/21 | 2/9/22 | 5/10/22 | 5/10/22 | 8/5/22 | 11/4/22 | 11/4/22 | 2/8/23 | 5/10/23 | 5/10/23 | 8/4/23 | 11/7/23 | 11/7/23 | 2/8/24 | 5/9/24 | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 157,390 | 173,454 | 204,934 | 185,485 | 158,620 | 134,409 | 140,867 | 150,765 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 15,070 | 26,462 | 35,517 | 5,401 | -10,700 | -6,200 | 23,700 | 25,100 |
| ROE (net income / shareholders' equity) | 7% | 7% | 8.4% | 6.9% | 7.4% | 7.1% | 7.3% | 7.96% |
| ROA (Net income/ Total Assets) | 7.79% | 8.1% | 8.95% | 7.73% | 8.41% | 8.2% | 6.07% | 6.4% |
| Assets 1 | 262,969 | 266,308 | 308,262 | 307,082 | 310,347 | 325,358 | 476,709 | 476,374 |
| Book Value Per Share 2 | 1,940 | 2,047 | 2,220 | 2,297 | 2,488 | 2,708 | 2,802 | 2,850 |
| Cash Flow per Share 2 | 210.0 | 219.0 | 253.0 | 235.0 | 267.0 | 287.0 | 317.0 | 316.0 |
| Capex 1 | 14,409 | 11,232 | 13,974 | 23,295 | 27,317 | 50,100 | 28,975 | 23,475 |
| Capex / Sales | 4.14% | 3.3% | 4.06% | 6.36% | 6.42% | 11.65% | 6.31% | 4.99% |
| Announcement Date | 5/9/19 | 5/8/20 | 5/12/21 | 5/10/22 | 5/10/23 | 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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
3,822
JPY
Average target price
3,828
JPY
Spread / Average Target
+0.14%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +16.28% | 3.51B | |
| +34.35% | 33.03B | |
| +63.74% | 8.42B | |
| +106.62% | 7.43B | |
| -21.95% | 5.19B | |
| +38.56% | 4.56B | |
| +40.78% | 3.43B | |
| +12.08% | 3.19B | |
| +4.37% | 3.16B | |
| -8.95% | 2.77B |
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