Financials SWCC Corporation

Equities

5805

JP3368400002

Electrical Components & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
4,810 ^JPY	+2.67%		+5.14%	+68.24%

Jan. 31	Japan's small cohort of listed firms led by women	RE
2023	Tranche Update on SWCC Corporation's Equity Buyback Plan announced on November 2, 2023.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	20,996	30,121	48,624	56,074	56,625	142,008	-	-
Enterprise Value (EV) ¹	61,697	67,216	81,219	91,067	93,112	114,551	142,008	142,008
P/E ratio	4.59 x	5.51 x	9.79 x	5.99 x	6.02 x	13.1 x	15.7 x	14.4 x
Yield	0.99%	1.49%	1.23%	2.66%	3.17%	2.32%	2.15%	2.46%
Capitalization / Revenue	0.12 x	0.18 x	0.3 x	0.28 x	0.27 x	0.54 x	0.62 x	0.6 x
EV / Revenue	0.12 x	0.18 x	0.3 x	0.28 x	0.27 x	0.54 x	0.62 x	0.6 x
EV / EBITDA	2.18 x	2.57 x	4.51 x	4.19 x	3.98 x	8.55 x	7.61 x	6.84 x
EV / FCF	5.31 x	6.68 x	8.64 x	-51.4 x	91.9 x	9.54 x	49.2 x	24.8 x
FCF Yield	18.8%	15%	11.6%	-1.95%	1.09%	10.5%	2.03%	4.04%
Price to Book	0.6 x	0.76 x	1.02 x	0.96 x	0.84 x	1.51 x	1.75 x	1.61 x
Nbr of stocks (in thousands)	29,824	29,823	29,831	29,842	29,881	29,523	-	-
Reference price ²	704.0	1,010	1,630	1,879	1,895	4,810	4,810	4,810
Announcement Date	5/10/19	5/15/20	5/13/21	5/12/22	5/12/23	5/13/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	177,174	171,142	161,697	199,194	209,111	213,904	228,333	237,433
EBITDA ¹	9,651	11,708	10,773	13,384	14,215	16,600	18,650	20,750
EBIT ¹	6,640	8,609	7,590	10,039	10,474	12,824	13,500	14,733
Operating Margin	3.75%	5.03%	4.69%	5.04%	5.01%	6%	5.91%	6.21%
Earnings before Tax (EBT) ¹	5,565	7,395	6,730	11,312	12,756	13,104	12,650	13,750
Net income ¹	4,569	5,465	4,966	9,353	9,410	8,838	9,067	9,867
Net margin	2.58%	3.19%	3.07%	4.7%	4.5%	4.13%	3.97%	4.16%
EPS ²	153.2	183.3	166.5	313.4	315.0	297.1	306.5	333.6
Free Cash Flow ¹	3,957	4,510	5,629	-1,091	616	12,004	2,886	5,733
FCF margin	2.23%	2.64%	3.48%	-0.55%	0.29%	5.61%	1.26%	2.41%
FCF Conversion (EBITDA)	41%	38.52%	52.25%	-	4.33%	61.79%	15.47%	27.63%
FCF Conversion (Net income)	86.61%	82.53%	113.35%	-	6.55%	135.82%	31.83%	58.1%
Dividend per Share ²	7.000	15.00	20.00	50.00	60.00	90.00	103.3	118.3
Announcement Date	5/10/19	5/15/20	5/13/21	5/12/22	5/12/23	5/13/24	-	-

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	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
Net sales ¹	85,976	85,166	72,200	89,497	49,557	94,741	52,506	51,947	104,453	50,026	52,259	102,285	55,763	51,063	106,826	48,415	50,014	98,429	60,076	55,399	115,475
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,273	4,336	2,415	5,175	2,449	5,015	3,218	1,806	5,024	2,156	2,154	4,310	2,774	3,390	6,164	1,603	2,860	4,463	4,886	3,475	8,361
Operating Margin	4.97%	5.09%	3.34%	5.78%	4.94%	5.29%	6.13%	3.48%	4.81%	4.31%	4.12%	4.21%	4.97%	6.64%	5.77%	3.31%	5.72%	4.53%	8.13%	6.27%	7.24%
Earnings before Tax (EBT)	3,994	-	2,613	-	-	4,686	2,859	-	-	2,435	-	6,523	3,158	-	-	1,804	3,012	4,816	4,632	-	-
Net income	2,856	-	1,823	-	-	3,171	2,054	-	-	1,640	-	3,714	2,700	2,996	-	1,180	2,111	3,291	3,035	-	-
Net margin	3.32%	-	2.52%	-	-	3.35%	3.91%	-	-	3.28%	-	3.63%	4.84%	5.87%	-	2.44%	4.22%	3.34%	5.05%	-	-
EPS	95.78	-	61.15	-	-	106.3	68.83	-	-	54.94	-	124.4	90.35	-	-	39.48	-	110.0	102.1	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	35.00	-	-	-
Announcement Date	11/5/19	5/15/20	11/4/20	5/13/21	11/4/21	11/4/21	2/3/22	5/12/22	5/12/22	8/3/22	11/4/22	11/4/22	2/3/23	5/12/23	5/12/23	8/3/23	11/2/23	11/2/23	2/2/24	5/13/24	5/13/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	40,701	37,095	32,595	34,993	36,487	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.217 x	3.168 x	3.026 x	2.615 x	2.567 x	-	-	-
Free Cash Flow ¹	3,957	4,510	5,629	-1,091	616	12,004	2,886	5,733
ROE (net income / shareholders' equity)	13.5%	14.7%	11.4%	17.7%	15%	12.3%	11.2%	11.4%
ROA (Net income/ Total Assets)	4.52%	6.38%	6.16%	7.14%	6.84%	7.68%	-	-
Assets ¹	101,140	85,716	80,576	130,999	137,626	115,145	-	-
Book Value Per Share ²	1,172	1,327	1,595	1,953	2,259	2,571	2,741	2,991
Cash Flow per Share	254.0	287.0	273.0	426.0	432.0	419.0	-	-
Capex ¹	2,944	4,186	3,253	6,303	4,282	5,736	9,000	8,750
Capex / Sales	1.66%	2.45%	2.01%	3.16%	2.05%	2.68%	3.94%	3.69%
Announcement Date	5/10/19	5/15/20	5/13/21	5/12/22	5/12/23	5/13/24	-	-

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 SWCC Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,810 JPY

Average target price

3,300 JPY

Spread / Average Target

-31.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Wires & Cables

	1st Jan change	Capi.
SWCC CORPORATION	+68.24%	903M
PRYSMIAN S.P.A.	+45.79%	17.8B
NEXANS	+40.19%	5.26B
WALSIN LIHWA CORPORATION	-4.40%	4.58B
NINGBO ORIENT WIRES & CABLES CO.,LTD.	+12.56%	4.57B
ENCORE WIRE CORPORATION	+35.17%	4.56B
KEI INDUSTRIES LIMITED	+26.06%	4.43B
RIYADH CABLES GROUP COMPANY	+3.67%	3.83B
LS CORP.	+82.51%	3.37B
R R KABEL LIMITED	+9.91%	2.33B

Wires & Cables