Financials SUMCO Corporation

Equities

3436

JP3322930003

Semiconductors

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-17 am EDT			5-day change	1st Jan Change
2,475 ^JPY	-1.43%		-4.48%	+17.05%

May. 09	Transcript : Sumco Corporation, Q1 2024 Earnings Call, May 09, 2024
May. 09	Sumco Corporation Provides Interim Dividend Guidance for the Fiscal Year Ending December 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	535,525	658,926	822,543	615,244	739,414	865,478	-	-
Enterprise Value (EV) ¹	617,530	725,854	738,936	496,988	807,308	973,405	870,227	765,821
P/E ratio	16.2 x	25.9 x	17.3 x	8.76 x	11.6 x	27.4 x	15.5 x	11.8 x
Yield	1.92%	1.19%	1.75%	4.61%	2.6%	1.29%	2.12%	2.83%
Capitalization / Revenue	1.79 x	2.26 x	2.45 x	1.39 x	1.74 x	2.06 x	1.72 x	1.6 x
EV / Revenue	2.06 x	2.49 x	2.2 x	1.13 x	1.9 x	2.32 x	1.73 x	1.41 x
EV / EBITDA	6.64 x	8.57 x	7.08 x	2.93 x	5.59 x	6.78 x	4.65 x	3.78 x
EV / FCF	39.8 x	23.8 x	19.8 x	9.36 x	-5.33 x	20.8 x	16.3 x	7.95 x
FCF Yield	2.51%	4.19%	5.06%	10.7%	-18.7%	4.8%	6.15%	12.6%
Price to Book	1.77 x	2.09 x	1.73 x	1.15 x	1.29 x	1.48 x	1.35 x	1.25 x
Nbr of stocks (in thousands)	293,278	291,174	350,167	350,167	349,687	349,688	-	-
Reference price ²	1,826	2,263	2,349	1,757	2,114	2,475	2,475	2,475
Announcement Date	2/13/20	2/9/21	2/9/22	2/9/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	299,460	291,333	335,674	441,083	425,941	419,620	501,997	542,046
EBITDA ¹	93,032	84,667	104,332	169,529	144,505	143,617	187,185	202,660
EBIT ¹	50,636	37,897	51,543	109,683	73,080	51,280	86,014	112,910
Operating Margin	16.91%	13.01%	15.36%	24.87%	17.16%	12.22%	17.13%	20.83%
Earnings before Tax (EBT) ¹	49,228	35,650	51,107	111,339	92,711	49,543	88,862	114,478
Net income ¹	33,112	25,505	41,120	70,205	63,884	30,423	55,979	73,024
Net margin	11.06%	8.75%	12.25%	15.92%	15%	7.25%	11.15%	13.47%
EPS ²	112.9	87.48	135.9	200.5	182.6	90.41	160.0	208.9
Free Cash Flow ¹	15,499	30,448	37,371	53,111	-151,335	46,724	53,538	96,351
FCF margin	5.18%	10.45%	11.13%	12.04%	-35.53%	11.13%	10.67%	17.78%
FCF Conversion (EBITDA)	16.66%	35.96%	35.82%	31.33%	-	32.53%	28.6%	47.54%
FCF Conversion (Net income)	46.81%	119.38%	90.88%	75.65%	-	153.58%	95.64%	131.94%
Dividend per Share ²	35.00	27.00	41.00	81.00	55.00	31.96	52.49	70.10
Announcement Date	2/13/20	2/9/21	2/9/22	2/9/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	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	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1
Net sales ¹	142,973	147,142	144,191	157,778	86,685	91,211	177,896	100,449	106,963	207,412	116,246	117,425	233,671	109,948	110,711	220,659	100,192	105,090	205,282	93,514	96,922	177,250	111,113	120,846	226,750	127,600
EBITDA ¹	-	-	-	-	28,458	30,290	-	36,889	40,531	-	45,756	46,353	-	40,136	37,374	-	34,272	32,723	-	29,100	30,100	-	34,100	39,100	-	-
EBIT ¹	17,093	23,170	14,727	21,720	14,813	15,010	29,823	23,452	26,299	49,751	30,180	29,752	59,932	25,974	20,812	46,786	15,069	11,225	26,294	8,693	12,054	13,250	13,600	13,050	27,000	15,800
Operating Margin	11.96%	15.75%	10.21%	13.77%	17.09%	16.46%	16.76%	23.35%	24.59%	23.99%	25.96%	25.34%	25.65%	23.62%	18.8%	21.2%	15.04%	10.68%	12.81%	9.3%	12.44%	7.48%	12.24%	10.8%	11.91%	12.38%
Earnings before Tax (EBT) ¹	-	22,650	13,000	20,964	14,220	15,923	30,143	23,734	27,195	50,929	32,483	27,927	60,410	47,468	-	68,612	15,465	-	-	9,104	6,133	7,000	16,044	18,819	40,000	-
Net income ¹	10,133	16,821	8,684	16,373	10,606	14,141	24,747	15,202	16,122	31,324	20,470	18,411	38,881	37,698	11,949	49,647	9,290	4,947	-	5,055	6,308	4,300	9,919	10,125	24,600	-
Net margin	7.09%	11.43%	6.02%	10.38%	12.24%	15.5%	13.91%	15.13%	15.07%	15.1%	17.61%	15.68%	16.64%	34.29%	10.79%	22.5%	9.27%	4.71%	-	5.41%	6.51%	2.43%	8.93%	8.38%	10.85%	-
EPS ²	-	57.62	-	56.36	36.54	42.96	-	43.42	46.04	89.46	58.45	52.58	-	107.7	34.16	141.8	26.60	14.17	-	14.46	21.27	-	29.11	29.21	-	-
Dividend per Share ²	-	18.00	-	17.00	-	24.00	-	-	36.00	36.00	-	45.00	-	-	42.00	42.00	-	13.00	-	-	10.00	-	-	20.00	-	-
Announcement Date	2/13/20	8/6/20	2/9/21	8/5/21	11/4/21	2/9/22	2/9/22	5/12/22	8/4/22	8/4/22	11/8/22	2/9/23	2/9/23	5/11/23	8/8/23	8/8/23	11/8/23	2/14/24	2/14/24	5/9/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	82,005	66,928	-	-	67,894	107,926	4,749	-
Net Cash position ¹	-	-	83,607	118,256	-	-	-	99,657
Leverage (Debt/EBITDA)	0.8815 x	0.7905 x	-	-	0.4698 x	0.7515 x	0.0254 x	-
Free Cash Flow ¹	15,499	30,448	37,371	53,111	-151,335	46,724	53,538	96,351
ROE (net income / shareholders' equity)	11.3%	8.3%	10.4%	13.9%	11.6%	5.51%	8.71%	11%
ROA (Net income/ Total Assets)	8.28%	6.08%	7.53%	13.4%	7.39%	3.41%	5.87%	7.34%
Assets ¹	399,853	419,224	546,420	522,530	864,506	892,072	953,483	994,969
Book Value Per Share ²	1,030	1,082	1,360	1,524	1,636	1,676	1,835	1,985
Cash Flow per Share ²	252.0	242.0	305.0	371.0	387.0	398.0	382.0	462.0
Capex ¹	62,165	53,740	67,786	125,453	256,910	193,028	97,791	87,259
Capex / Sales	20.76%	18.45%	20.19%	28.44%	60.32%	46%	19.48%	16.1%
Announcement Date	2/13/20	2/9/21	2/9/22	2/9/23	2/14/24	-	-	-

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 SUMCO Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,475 JPY

Average target price

2,641 JPY

Spread / Average Target

+6.70%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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