Financials Meiko Electronics Co., Ltd.

Equities

6787

JP3915350007

Semiconductors

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-27 EDT			5-day change	1st Jan Change
7,090 ^JPY	-1.25%		-2.88%	+70.02%

05-10	Meiko Electronics Co., Ltd. Announces Dividend for the Fiscal Year Ended March 31, 2024, Effective June 12, 2024	CI
03-21	Meiko Electronics Co., Ltd. Announces Executive Changes, Effective April 1, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	45,359	35,021	69,980	103,973	74,930	181,839	-	-
Enterprise Value (EV) ¹	92,298	88,334	125,915	160,272	133,140	139,008	181,839	181,839
P/E ratio	6.73 x	13.5 x	15.2 x	9.13 x	8.62 x	12.6 x	14 x	12.8 x
Yield	2.02%	2.24%	0.74%	1.11%	1.88%	1.25%	1.02%	1.08%
Capitalization / Revenue	0.38 x	0.3 x	0.59 x	0.69 x	0.45 x	0.77 x	0.91 x	0.83 x
EV / Revenue	0.38 x	0.3 x	0.59 x	0.69 x	0.45 x	0.77 x	0.91 x	0.83 x
EV / EBITDA	2.98 x	2.97 x	4.95 x	4.89 x	3.87 x	6.08 x	6.38 x	5.64 x
EV / FCF	-13.9 x	-15 x	-42.8 x	47.5 x	-43.8 x	78.5 x	-99.9 x	36.8 x
FCF Yield	-7.17%	-6.65%	-2.34%	2.11%	-2.28%	1.27%	-1%	2.72%
Price to Book	1.35 x	1.08 x	1.73 x	1.78 x	1.07 x	1.53 x	1.66 x	1.49 x
Nbr of stocks (in thousands)	26,174	26,174	26,044	25,641	25,643	25,647	-	-
Reference price ²	1,733	1,338	2,687	4,055	2,922	7,090	7,090	7,090
Announcement Date	19-05-10	20-05-11	21-05-10	22-05-10	23-05-10	24-05-10	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	118,910	115,479	119,257	151,275	167,276	179,458	199,333	219,667
EBITDA ¹	15,207	11,796	14,145	21,249	19,370	22,875	28,500	32,250
EBIT ¹	8,926	5,189	6,657	13,255	9,575	11,660	16,000	18,333
Operating Margin	7.51%	4.49%	5.58%	8.76%	5.72%	6.5%	8.03%	8.35%
Earnings before Tax (EBT) ¹	7,862	3,265	5,059	12,612	10,672	13,873	16,000	17,500
Net income ¹	6,743	2,586	4,640	11,451	8,847	11,310	12,353	14,180
Net margin	5.67%	2.24%	3.89%	7.57%	5.29%	6.3%	6.2%	6.46%
EPS ²	257.6	98.81	177.3	444.2	338.9	428.7	506.9	552.9
Free Cash Flow ¹	-3,252	-2,329	-1,636	2,190	-1,709	1,771	-1,821	4,945
FCF margin	-2.73%	-2.02%	-1.37%	1.45%	-1.02%	0.99%	-0.91%	2.25%
FCF Conversion (EBITDA)	-	-	-	10.31%	-	7.74%	-	15.33%
FCF Conversion (Net income)	-	-	-	19.12%	-	15.66%	-	34.87%
Dividend per Share ²	35.00	30.00	20.00	45.00	55.00	68.00	72.00	76.67
Announcement Date	19-05-10	20-05-11	21-05-10	22-05-10	23-05-10	24-05-10	-	-

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	59,122	56,357	53,236	66,021	36,191	69,470	40,504	41,301	81,805	40,011	41,699	81,710	43,546	42,020	85,566	41,588	44,628	86,216	47,318	45,924	93,242	45,000	50,000	95,000	55,000	55,000	-
EBITDA	-	-	-	-	-	-	-	-	11,923	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,410	1,779	1,814	4,843	3,172	5,549	4,275	3,431	7,706	2,804	1,837	4,641	3,337	1,597	4,934	907	3,290	4,197	4,141	3,322	7,463	3,000	4,500	7,500	5,000	4,500	9,500
Operating Margin	5.77%	3.16%	3.41%	7.34%	8.76%	7.99%	10.55%	8.31%	9.42%	7.01%	4.41%	5.68%	7.66%	3.8%	5.77%	2.18%	7.37%	4.87%	8.75%	7.23%	8%	6.67%	9%	7.89%	9.09%	8.18%	-
Earnings before Tax (EBT)	2,842	-	272	-	-	4,631	4,122	-	-	5,106	-	8,527	686	-	-	2,921	-	6,745	3,055	-	-	-	-	-	-	-	-
Net income	2,366	-	194	-	-	4,190	3,682	-	7,261	3,952	-	6,419	702	-	-	2,262	-	5,223	2,457	-	-	-	-	-	-	-	-
Net margin	4%	-	0.36%	-	-	6.03%	9.09%	-	8.88%	9.88%	-	7.86%	1.61%	-	-	5.44%	-	6.06%	5.19%	-	-	-	-	-	-	-	-
EPS	90.40	-	7.440	-	-	161.7	143.1	-	-	154.2	-	250.4	24.75	-	-	85.15	-	197.5	92.73	-	-	-	-	-	-	-	-
Dividend per Share	15.00	-	-	-	-	20.00	-	-	-	-	-	27.00	-	-	-	-	-	27.00	-	-	-	-	-	-	-	-	-
Announcement Date	19-11-06	20-05-11	20-11-06	21-05-10	21-11-05	21-11-05	22-02-04	22-05-10	22-05-10	22-08-05	22-11-04	22-11-04	23-02-06	23-05-10	23-05-10	23-08-04	23-11-06	23-11-06	24-02-06	24-05-10	24-05-10	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	46,939	53,313	55,935	56,299	58,210	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.087 x	4.52 x	3.954 x	2.649 x	3.005 x	-	-	-
Free Cash Flow ¹	-3,252	-2,329	-1,636	2,190	-1,709	1,771	-1,821	4,945
ROE (net income / shareholders' equity)	20.2%	7.9%	12.8%	23.2%	13%	12.9%	12.2%	12.4%
ROA (Net income/ Total Assets)	7.45%	3.83%	4.2%	9.21%	6.05%	6.6%	5.5%	5.7%
Assets ¹	90,548	67,469	110,473	124,319	146,262	171,372	224,606	248,772
Book Value Per Share ²	1,283	1,234	1,552	2,281	2,736	3,549	4,263	4,769
Cash Flow per Share	498.0	350.0	462.0	754.0	727.0	878.0	-	-
Capex ¹	17,292	13,569	9,737	11,972	17,423	21,447	19,000	17,000
Capex / Sales	14.54%	11.75%	8.16%	7.91%	10.42%	11.95%	9.53%	7.74%
Announcement Date	19-05-10	20-05-11	21-05-10	22-05-10	23-05-10	24-05-10	-	-

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 Meiko Electronics Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7,090 JPY

Average target price

5,833 JPY

Spread / Average Target

-17.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Circuits

	1st Jan change	Capi.
MEIKO ELECTRONICS CO., LTD.	+70.02%	1.15B
MEDIATEK INC.	+37.44%	68.58B
SKYWORKS SOLUTIONS, INC.	-6.19%	17.03B
AVARY HOLDING(SHENZHEN)CO., LIMITED	+78.45%	12.86B
NOVATEK MICROELECTRONICS CORP.	+17.21%	11.44B
UNIVERSAL DISPLAY CORPORATION	+8.35%	9.85B
WUS PRINTED CIRCUIT (KUNSHAN) CO., LTD.	+62.97%	9.69B
UNIMICRON TECHNOLOGY CORP.	+1.42%	8.41B
GLOBALWAFERS CO., LTD.	-8.35%	7.77B
SHENNAN CIRCUIT COMPANY LIMITED	+45.49%	7.52B

Integrated Circuits