Financials Fujitsu General Limited

Equities

6755

JP3818400008

Electrical Components & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 EDT			5-day change	1st Jan Change
2,140 ^JPY	-0.09%		+1.61%	-7.66%

04-25	Fujitsu General Limited Revises Consolidated Earnings Guidance for the Full Year Ending March 31, 2025	CI
01-26	Jefferies Adjusts Fujitsu General’s Price Target to 2,100 Yen From 2,700 Yen, Keeps at Hold	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	163,846	204,336	322,836	250,163	391,085	224,191	-	-
Enterprise Value (EV) ¹	129,471	182,981	292,188	245,522	407,312	197,325	219,800	219,289
P/E ratio	18.4 x	35.4 x	24.8 x	67.2 x	45 x	64.3 x	29.5 x	17.8 x
Yield	1.66%	1.43%	0.97%	1.34%	0.91%	1.91%	1.78%	1.86%
Capitalization / Revenue	0.65 x	0.78 x	1.22 x	0.88 x	1.05 x	0.62 x	0.65 x	0.62 x
EV / Revenue	0.51 x	0.7 x	1.1 x	0.86 x	1.1 x	0.62 x	0.64 x	0.61 x
EV / EBITDA	6.5 x	8.71 x	11.8 x	15.7 x	17.6 x	13.4 x	9.84 x	7.42 x
EV / FCF	-32.4 x	-19.4 x	21.3 x	-10.8 x	-24.7 x	7.53 x	24.6 x	22.5 x
FCF Yield	-3.09%	-5.15%	4.7%	-9.29%	-4.04%	13.3%	4.07%	4.44%
Price to Book	1.5 x	1.91 x	2.66 x	1.98 x	2.93 x	1.42 x	1.59 x	1.5 x
Nbr of stocks (in thousands)	104,627	104,627	104,647	104,671	104,708	104,737	-	-
Reference price ²	1,566	1,953	3,085	2,390	3,735	2,140	2,140	2,140
Announcement Date	19-04-24	20-04-24	21-04-26	22-04-27	23-04-27	24-04-25	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	252,667	262,117	265,452	284,128	371,019	316,476	343,467	358,929
EBITDA ¹	19,908	21,012	24,861	15,662	23,093	14,714	22,340	29,557
EBIT ¹	14,589	14,941	18,737	8,444	15,098	5,747	13,160	19,914
Operating Margin	5.77%	5.7%	7.06%	2.97%	4.07%	1.82%	3.83%	5.55%
Earnings before Tax (EBT) ¹	14,116	10,210	18,534	10,565	14,445	8,387	12,950	20,067
Net income ¹	8,892	5,765	13,008	3,722	8,694	3,067	7,592	12,621
Net margin	3.52%	2.2%	4.9%	1.31%	2.34%	0.97%	2.21%	3.52%
EPS ²	84.99	55.11	124.3	35.57	83.04	29.29	72.49	120.5
Free Cash Flow ¹	-4,002	-9,417	13,734	-22,816	-16,466	26,195	8,946	9,736
FCF margin	-1.58%	-3.59%	5.17%	-8.03%	-4.44%	8.28%	2.6%	2.71%
FCF Conversion (EBITDA)	-	-	55.24%	-	-	178.03%	40.05%	32.94%
FCF Conversion (Net income)	-	-	105.58%	-	-	854.09%	117.84%	77.14%
Dividend per Share ²	26.00	28.00	30.00	32.00	34.00	36.00	38.00	39.71
Announcement Date	19-04-24	20-04-24	21-04-26	22-04-27	23-04-27	24-04-25	-	-

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	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	132,914	129,203	126,564	138,888	59,758	134,418	63,731	85,979	149,710	82,948	100,027	182,975	73,790	114,254	-	68,004	84,144	152,148	62,348	101,980	164,328	77,500	88,000	161,000	76,750	111,750	189,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,238	8,703	7,725	11,012	-337	5,134	36	3,274	3,310	1,606	879	2,485	1,198	11,415	-	-666	1,941	1,275	-1,777	6,249	4,472	2,800	2,000	-	1,200	9,000	-
Operating Margin	4.69%	6.74%	6.1%	7.93%	-0.56%	3.82%	0.06%	3.81%	2.21%	1.94%	0.88%	1.36%	1.62%	9.99%	-	-0.98%	2.31%	0.84%	-2.85%	6.13%	2.72%	3.61%	2.27%	-	1.56%	8.05%	-
Earnings before Tax (EBT) ¹	5,947	-	8,389	10,145	-331	5,440	266	4,859	5,125	4,605	-	6,590	-3,347	-	-	5,966	-	7,592	-2,633	3,428	-	-	-	-	-	-	-
Net income ¹	3,722	-	6,201	6,807	-496	3,167	-127	682	555	3,326	1,651	4,977	-2,763	6,480	-	3,631	782	4,413	-2,184	838	-1,346	-	-	-	-	-	-
Net margin	2.8%	-	4.9%	4.9%	-0.83%	2.36%	-0.2%	0.79%	0.37%	4.01%	1.65%	2.72%	-3.74%	5.67%	-	5.34%	0.93%	2.9%	-3.5%	0.82%	-0.82%	-	-	-	-	-	-
EPS ²	35.58	-	59.27	65.05	-4.740	30.27	-1.220	6.520	5.300	31.78	15.76	47.54	-26.39	61.89	-	34.68	7.460	42.14	-20.85	8.000	-12.85	-	-	-	-	-	-
Dividend per Share ²	14.00	14.00	15.00	15.00	16.00	16.00	-	16.00	16.00	-	17.00	17.00	-	17.00	17.00	-	18.00	18.00	-	36.00	27.00	-	19.00	19.00	-	19.00	19.00
Announcement Date	19-10-25	20-04-24	20-10-23	21-04-26	21-10-26	21-10-26	22-01-26	22-04-27	22-04-27	22-07-26	22-10-26	22-10-26	23-01-25	23-04-27	23-04-27	23-07-25	23-10-24	23-10-24	24-01-25	24-04-25	24-04-25	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	16,227	2,303	-	-
Net Cash position ¹	34,375	21,355	30,648	4,641	-	-	4,390	4,901
Leverage (Debt/EBITDA)	-	-	-	-	0.7027 x	0.1769 x	-	-
Free Cash Flow ¹	-4,002	-9,417	13,734	-22,816	-16,466	26,195	8,946	9,736
ROE (net income / shareholders' equity)	8.3%	5.3%	11.4%	3%	6.7%	2.3%	5.87%	8.93%
ROA (Net income/ Total Assets)	6.62%	6.38%	8.84%	4.39%	6.15%	5.01%	2.7%	4.57%
Assets ¹	134,233	90,381	147,146	84,875	141,398	61,236	281,185	276,366
Book Value Per Share ²	1,046	1,022	1,162	1,205	1,273	1,324	1,346	1,427
Cash Flow per Share	135.0	111.0	183.0	101.0	155.0	110.0	-	-
Capex ¹	5,229	12,641	5,503	7,411	8,217	10,771	11,450	11,950
Capex / Sales	2.07%	4.82%	2.07%	2.61%	2.21%	3.4%	3.33%	3.33%
Announcement Date	19-04-24	20-04-24	21-04-26	22-04-27	23-04-27	24-04-25	-	-

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 Fujitsu General Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,140 JPY

Average target price

2,071 JPY

Spread / Average Target

-3.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Heating, Ventilation & Air Conditioning Systems

	1st Jan change	Capi.
FUJITSU GENERAL LIMITED	-7.66%	1.44B
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JOHNSON CONTROLS INTERNATIONAL PLC	+13.79%	44.19B
WATSCO, INC.	+11.85%	17.81B
A. O. SMITH CORPORATION	+4.78%	12.67B
NIBE INDUSTRIER AB	-19.21%	10.64B
AAON, INC.	+4.63%	6.35B
NINGBO DEYE TECHNOLOGY GROUP CO., LTD.	+18.59%	5.92B

Heating, Ventilation & Air Conditioning Systems