Financials Meidensha Corporation

Equities

6508

JP3919800007

Heavy Electrical Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 EDT			5-day change	1st Jan Change
3,370 ^JPY	-1.89%		+1.66%	+38.40%

2023	Meidensha Corporation Reports Earnings Results for the Full Year Ended March 31, 2023	CI
2022	Jefferies Adjusts Meidensha’s Price Target to 2,600 Yen From 3,100 Yen, Keeps at Buy	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	68,829	73,591	109,205	115,283	87,153	152,889	-	-
Enterprise Value (EV) ¹	90,663	103,313	137,496	142,678	122,745	189,716	189,208	188,012
P/E ratio	8.99 x	8.97 x	15 x	17.1 x	12.2 x	15.3 x	15.1 x	13.2 x
Yield	2.97%	3.08%	1.99%	1.97%	2.6%	2%	2.09%	2.31%
Capitalization / Revenue	0.28 x	0.29 x	0.47 x	0.45 x	0.32 x	0.54 x	0.51 x	0.49 x
EV / Revenue	0.37 x	0.4 x	0.59 x	0.56 x	0.45 x	0.67 x	0.63 x	0.6 x
EV / EBITDA	4.64 x	4.59 x	7.51 x	6.48 x	6.23 x	8.08 x	7.12 x	6.37 x
EV / FCF	14 x	-31.5 x	92.7 x	36.7 x	37.9 x	29.7 x	29.1 x	26.5 x
FCF Yield	7.14%	-3.18%	1.08%	2.72%	2.64%	3.37%	3.44%	3.78%
Price to Book	0.82 x	0.84 x	1.13 x	1.13 x	0.81 x	1.29 x	1.21 x	1.13 x
Nbr of stocks (in thousands)	45,372	45,371	45,370	45,369	45,368	45,368	-	-
Reference price ²	1,517	1,622	2,407	2,541	1,921	3,370	3,370	3,370
Announcement Date	19-05-14	20-05-13	21-05-13	22-05-13	23-05-12	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	245,033	255,748	231,254	255,046	272,578	284,566	301,596	312,902
EBITDA ¹	19,539	22,490	18,302	22,002	19,702	23,485	26,585	29,513
EBIT ¹	10,336	12,725	8,384	9,468	8,539	11,656	14,623	16,740
Operating Margin	4.22%	4.98%	3.63%	3.71%	3.13%	4.1%	4.85%	5.35%
Earnings before Tax (EBT) ¹	10,272	11,441	11,303	9,984	10,397	13,396	14,560	16,660
Net income ¹	7,653	8,208	7,303	6,733	7,128	9,483	10,103	11,576
Net margin	3.12%	3.21%	3.16%	2.64%	2.62%	3.33%	3.35%	3.7%
EPS ²	168.7	180.9	161.0	148.4	157.1	220.0	222.7	255.2
Free Cash Flow ¹	6,470	-3,284	1,484	3,886	3,236	6,384	6,500	7,100
FCF margin	2.64%	-1.28%	0.64%	1.52%	1.19%	2.24%	2.16%	2.27%
FCF Conversion (EBITDA)	33.11%	-	8.11%	17.66%	16.42%	27.18%	24.45%	24.06%
FCF Conversion (Net income)	84.54%	-	20.32%	57.72%	45.4%	67.32%	64.34%	61.33%
Dividend per Share ²	45.00	50.00	48.00	50.00	50.00	67.25	70.50	78.00
Announcement Date	19-05-14	20-05-13	21-05-13	22-05-13	23-05-12	-	-	-

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	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	93,910	161,838	88,967	142,287	53,837	98,950	59,491	96,605	156,096	47,525	64,217	111,742	58,267	102,569	53,532	65,515	119,047	64,871	99,914	164,553
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-4,132	16,857	-3,550	11,934	-723	-2,750	1,629	10,589	12,218	-4,477	-415	-4,892	200	13,231	-3,374	1,008	-2,366	2,287	11,999	14,566
Operating Margin	-4.4%	10.42%	-3.99%	8.39%	-1.34%	-2.78%	2.74%	10.96%	7.83%	-9.42%	-0.65%	-4.38%	0.34%	12.9%	-6.3%	1.54%	-1.99%	3.53%	12.01%	8.85%
Earnings before Tax (EBT)	-4,479	-	-4,326	-	-803	-2,595	1,570	11,009	-	-3,187	-146	-3,333	108	13,622	-2,669	744	-1,925	4,744	-	-
Net income ¹	-3,091	-	-3,316	-	-747	-2,180	977	7,936	-	-2,496	-250	-2,746	164	9,710	-2,102	486	-1,616	3,257	9,100	-
Net margin	-3.29%	-	-3.73%	-	-1.39%	-2.2%	1.64%	8.21%	-	-5.25%	-0.39%	-2.46%	0.28%	9.47%	-3.93%	0.74%	-1.36%	5.02%	9.11%	-
EPS ²	-68.14	-	-73.11	-	-	-48.07	21.54	-	-	-55.03	-	-60.54	3.620	214.0	-46.34	10.72	-35.62	71.81	159.3	-
Dividend per Share	25.00	-	20.00	-	-	25.00	-	-	-	-	-	28.00	-	-	-	-	25.00	-	-	-
Announcement Date	19-10-30	20-05-13	20-10-29	21-05-13	21-10-28	21-10-28	22-01-31	22-05-13	22-05-13	22-07-28	22-10-31	22-10-31	23-01-31	23-05-12	23-07-28	23-10-30	23-10-30	24-01-31	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	21,834	29,722	28,291	27,395	35,592	36,828	36,319	35,123
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.117 x	1.322 x	1.546 x	1.245 x	1.807 x	1.568 x	1.366 x	1.19 x
Free Cash Flow ¹	6,470	-3,284	1,484	3,886	3,236	6,384	6,500	7,100
ROE (net income / shareholders' equity)	9.3%	9.6%	8%	6.8%	6.8%	9.36%	8.83%	9.87%
ROA (Net income/ Total Assets)	3.82%	4.28%	3.08%	3.58%	2.95%	3.3%	3.3%	3.8%
Assets ¹	200,257	191,597	237,021	188,003	241,675	287,375	306,138	304,629
Book Value Per Share ²	1,845	1,920	2,128	2,247	2,378	2,611	2,777	2,974
Cash Flow per Share	359.0	384.0	380.0	411.0	386.0	-	-	-
Capex ¹	7,895	16,042	15,575	10,748	12,347	11,000	11,000	11,000
Capex / Sales	3.22%	6.27%	6.74%	4.21%	4.53%	3.87%	3.65%	3.52%
Announcement Date	19-05-14	20-05-13	21-05-13	22-05-13	23-05-12	-	-	-

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 Meidensha Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,370 JPY

Average target price

3,133 JPY

Spread / Average Target

-7.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Heavy Electrical Equipment

	1st Jan change	Capi.
MEIDENSHA CORPORATION	+38.40%	971M
ABB LTD	+21.55%	90.86B
SIEMENS LIMITED	+43.53%	24.55B
ABB INDIA LIMITED	+38.04%	16.28B
CG POWER AND INDUSTRIAL SOLUTIONS LIMITED	+23.03%	10.21B
SHANGHAI ELECTRIC GROUP COMPANY LIMITED	+6.13%	8.52B
ZHUZHOU CRRC TIMES ELECTRIC CO., LTD.	+27.35%	8.09B
DOOSAN ENERBILITY CO., LTD.	+1.95%	7.54B
FORTUNE ELECTRIC CO., LTD.	+161.16%	6.83B
CHINA XD ELECTRIC CO., LTD	+51.72%	5.29B

Other Heavy Electrical Equipment