Valuation

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Capitalization 1 7,843 7,978 6,274 7,177 6,427 6,502
Enterprise Value (EV) 1 6,067 5,163 2,176 3,707 1,883 3,177
P/E ratio 13.2 x 5.5 x 5.43 x 32.3 x 9.26 x 7.48 x
Yield 1.72% 3.46% 5.12% 1.35% 3.01% 3.68%
Capitalization / Revenue 1.35 x 0.91 x 0.8 x 1.71 x 0.99 x 0.86 x
EV / Revenue 1.05 x 0.59 x 0.28 x 0.88 x 0.29 x 0.42 x
EV / EBITDA 5.69 x 2.37 x 1.1 x 7.01 x 1.52 x 2.11 x
EV / FCF 5.89 x 3.58 x 1.48 x -7.94 x 1.21 x -2.8 x
FCF Yield 17% 27.9% 67.4% -12.6% 82.5% -35.7%
Price to Book 1.29 x 1.1 x 0.78 x 0.88 x 0.74 x 0.69 x
Nbr of stocks (in thousands) 6,429 6,429 6,429 6,442 6,453 6,470
Reference price 2 1,220 1,241 976.0 1,114 996.0 1,005
Announcement Date 6/19/18 6/18/19 6/23/20 6/22/21 6/21/22 6/27/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net sales 1 5,803 8,761 7,858 4,206 6,485 7,581
EBITDA 1 1,067 2,180 1,972 529 1,240 1,508
EBIT 1 836 1,974 1,730 286 981 1,156
Operating Margin 14.41% 22.53% 22.02% 6.8% 15.13% 15.25%
Earnings before Tax (EBT) 1 866 1,979 1,712 324 1,040 1,202
Net income 1 592 1,451 1,156 222 694 868
Net margin 10.2% 16.56% 14.71% 5.28% 10.7% 11.45%
EPS 2 92.09 225.7 179.8 34.48 107.6 134.3
Free Cash Flow 1 1,031 1,442 1,467 -467.1 1,554 -1,135
FCF margin 17.76% 16.46% 18.66% -11.11% 23.96% -14.97%
FCF Conversion (EBITDA) 96.6% 66.14% 74.37% - 125.31% -
FCF Conversion (Net income) 174.11% 99.37% 126.87% - 223.9% -
Dividend per Share 2 21.00 43.00 50.00 15.00 30.00 37.00
Announcement Date 6/19/18 6/18/19 6/23/20 6/22/21 6/21/22 6/27/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März 2020 S1 2021 S1 2022 S1 2022 Q3 2023 Q1 2023 S1 2023 Q3 2024 Q1 2024 S1 2024 Q3
Net sales 1 4,118 2,123 2,808 1,965 1,334 3,519 1,777 1,486 3,742 1,844
EBITDA - - - - - - - - - -
EBIT 1 1,017 127 401 405 12 494 302 99 529 222
Operating Margin 24.7% 5.98% 14.28% 20.61% 0.9% 14.04% 16.99% 6.66% 14.14% 12.04%
Earnings before Tax (EBT) 1 1,025 133 410 429 62 563 265 173 556 229
Net income 1 711 89 274 298 15 405 158 124 382 193
Net margin 17.27% 4.19% 9.76% 15.17% 1.12% 11.51% 8.89% 8.34% 10.21% 10.47%
EPS 2 110.6 13.91 42.52 46.33 2.450 62.84 24.41 19.27 59.00 29.79
Dividend per Share 25.00 5.000 15.00 - - 17.00 - - 20.00 -
Announcement Date 11/7/19 11/9/20 11/4/21 2/7/22 8/8/22 11/7/22 2/8/23 8/8/23 11/8/23 2/8/24
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: März 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 1,776 2,815 4,098 3,470 4,544 3,325
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 1,031 1,442 1,467 -467 1,554 -1,135
ROE (net income / shareholders' equity) 10.5% 22% 15.1% 2.74% 8.16% 9.55%
ROA (Net income/ Total Assets) 5.97% 12.6% 10.4% 1.69% 5.44% 6.12%
Assets 1 9,920 11,471 11,159 13,152 12,765 14,188
Book Value Per Share 2 945.0 1,131 1,255 1,268 1,351 1,457
Cash Flow per Share 2 476.0 597.0 762.0 781.0 921.0 614.0
Capex 1 40 66 178 76 128 742
Capex / Sales 0.69% 0.75% 2.27% 1.81% 1.97% 9.79%
Announcement Date 6/19/18 6/18/19 6/23/20 6/22/21 6/21/22 6/27/23
1JPY in Million2JPY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

  1. Stock Market
  2. Equities
  3. 6158 Stock
  4. Financials Waida Mfg. Co.,Ltd.