Financials Yamaha Corporation

Equities

7951

JP3942600002

Recreational Products

Delayed Japan Exchange Other stock markets 21:35:06 2024-06-02 EDT			5-day change	1st Jan Change
3,580 ^JPY	+0.31%		+6.77%	+9.92%

05-29	Yamaha to Cancel 6.3 Million Treasury Shares	MT
05-28	Yamaha Concludes 15 Billion Yen Share Buyback Program	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	999,138	741,084	1,056,555	917,758	871,014	585,971	-	-
Enterprise Value (EV) ¹	902,013	659,243	955,738	768,808	784,795	546,212	495,532	467,142
P/E ratio	23 x	21.6 x	39.7 x	24.9 x	22.9 x	18.6 x	17.3 x	15.5 x
Yield	1.08%	1.57%	1.1%	1.23%	1.3%	2.27%	2.07%	2.24%
Capitalization / Revenue	2.28 x	1.79 x	2.84 x	2.25 x	1.93 x	1.18 x	1.26 x	1.22 x
EV / Revenue	2.06 x	1.59 x	2.57 x	1.88 x	1.74 x	1.18 x	1.06 x	0.97 x
EV / EBITDA	13.5 x	12.1 x	18.3 x	11.5 x	11.9 x	12.8 x	7.8 x	6.82 x
EV / FCF	68.2 x	18.3 x	18.2 x	9.64 x	-21.6 x	23.6 x	10.7 x	12.8 x
FCF Yield	1.47%	5.48%	5.49%	10.4%	-4.64%	4.23%	9.37%	7.8%
Price to Book	2.6 x	2.28 x	2.67 x	2.21 x	1.9 x	1.06 x	1.2 x	1.14 x
Nbr of stocks (in thousands)	180,676	175,821	175,800	171,544	171,123	164,183	-	-
Reference price ²	5,530	4,215	6,010	5,350	5,090	3,569	3,569	3,569
Announcement Date	19-05-09	20-05-26	21-05-10	22-05-11	23-05-09	24-05-08	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	437,400	414,200	372,600	408,200	451,400	462,866	466,691	479,148
EBITDA ¹	66,865	54,500	52,095	66,634	65,754	42,799	63,525	68,460
EBIT ¹	56,000	43,300	35,000	49,300	46,500	28,999	43,486	48,000
Operating Margin	12.8%	10.45%	9.39%	12.08%	10.3%	6.27%	9.32%	10.02%
Earnings before Tax (EBT) ¹	60,500	47,200	37,100	53,000	50,600	37,629	46,765	51,562
Net income ¹	43,800	34,600	26,600	37,300	38,200	29,642	33,906	37,853
Net margin	10.01%	8.35%	7.14%	9.14%	8.46%	6.4%	7.27%	7.9%
EPS ²	240.9	194.7	151.4	214.8	222.6	175.7	205.9	230.0
Free Cash Flow ¹	13,226	36,100	52,440	79,723	-36,400	21,826	46,435	36,431
FCF margin	3.02%	8.72%	14.07%	19.53%	-8.06%	4.75%	9.95%	7.6%
FCF Conversion (EBITDA)	19.78%	66.24%	100.66%	119.64%	-	44.3%	73.1%	53.22%
FCF Conversion (Net income)	30.2%	104.34%	197.14%	213.73%	-	77.83%	136.95%	96.24%
Dividend per Share ²	60.00	66.00	66.00	66.00	66.00	74.00	74.00	80.09
Announcement Date	19-05-09	20-05-26	21-05-10	22-05-11	23-05-09	24-05-08	-	-

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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	208,524	-	164,803	-	95,998	198,498	103,800	105,902	-	105,889	112,111	218,000	120,212	113,188	-	106,200	113,400	219,600	122,160	121,106	108,633	116,267	125,233	116,700
EBITDA	-	-	-	-	-	-	-	-	-	15,744	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	27,560	-	10,736	-	15,375	28,775	11,851	8,674	-	10,977	13,723	24,700	14,408	7,349	-	6,900	8,400	15,300	10,200	3,499	8,950	11,450	14,450	9,600
Operating Margin	13.22%	-	6.51%	-	16.02%	14.5%	11.42%	8.19%	-	10.37%	12.24%	11.33%	11.99%	6.49%	-	6.5%	7.41%	6.97%	8.35%	2.89%	8.24%	9.85%	11.54%	8.23%
Earnings before Tax (EBT) ¹	28,851	-	10,111	-	10,772	29,472	12,400	11,128	-	12,573	17,527	30,100	11,724	8,752	-	10,000	11,700	21,700	7,725	8,204	-	-	-	-
Net income ¹	21,119	-	7,084	-	8,034	21,434	8,600	7,266	-	8,592	12,208	20,800	9,200	8,196	-	6,700	8,200	14,900	5,774	8,968	-	-	-	-
Net margin	10.13%	-	4.3%	-	8.37%	10.8%	8.29%	6.86%	-	8.11%	10.89%	9.54%	7.65%	7.24%	-	6.31%	7.23%	6.79%	4.73%	7.41%	-	-	-	-
EPS	118.3	-	40.30	-	-	122.5	49.93	42.39	-	50.08	-	121.2	53.60	-	-	39.64	-	88.31	34.21	-	-	-	-	-
Dividend per Share	33.00	33.00	33.00	33.00	-	33.00	-	-	33.00	-	-	33.00	-	-	33.00	-	-	37.00	-	-	-	-	-	-
Announcement Date	19-11-01	20-05-26	20-11-02	21-05-10	21-11-02	21-11-02	22-02-07	22-05-11	22-05-11	22-08-03	22-11-02	22-11-02	23-02-07	23-05-09	23-05-09	23-08-02	23-11-01	23-11-01	24-02-06	24-05-08	-	-	-	-

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	97,125	81,841	100,817	148,950	86,219	70,126	90,439	118,829
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	13,226	36,100	52,440	79,723	-36,400	21,826	46,435	36,431
ROE (net income / shareholders' equity)	11.4%	10.1%	7.4%	9.2%	8.8%	6.1%	7.07%	7.53%
ROA (Net income/ Total Assets)	10.9%	9.55%	7.19%	9.31%	8.6%	5.97%	7.03%	7.43%
Assets ¹	402,946	362,227	369,817	400,563	444,014	496,705	482,399	509,781
Book Value Per Share ²	2,125	1,851	2,252	2,418	2,680	3,076	2,983	3,128
Cash Flow per Share ²	301.0	292.0	248.0	315.0	335.0	300.0	-	358.0
Capex ¹	17,008	20,500	12,572	14,530	20,541	30,183	20,000	18,333
Capex / Sales	3.89%	4.95%	3.37%	3.56%	4.55%	6.57%	4.29%	3.83%
Announcement Date	19-05-09	20-05-26	21-05-10	22-05-11	23-05-09	24-05-08	-	-

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 Yamaha Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,569 JPY

Average target price

4,050 JPY

Spread / Average Target

+13.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Musical Instruments

	1st Jan change	Capi.
YAMAHA CORPORATION	+9.92%	3.73B
GUANGZHOU PEARL RIVER PIANO GROUP CO.,LTD	-26.00%	803M
KAWAI MUSICAL INSTRUMENTS MANUFACTURING CO., LTD.	-9.83%	172M
HAILUN PIANO CO.,LTD.	-42.42%	150M
SAMICK MUSICAL INSTRUMENT CO., LTD	+10.18%	66.03M

Musical Instruments