Financials METAWATER Co., Ltd.

Equities

9551

JP3921260000

Construction & Engineering

Delayed Japan Exchange Other stock markets 01:48:03 2024-04-30 EDT			5-day change	1st Jan Change
1,960 ^JPY	+1.55%		-13.92%	-10.38%

04-04	Japanese Shares Rebound as Yen Softens, Rising Commodity Prices Lift Resource Stocks	MT
04-04	Metawater's Largest Shareholder Cuts Stake	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	80,881	83,961	96,430	87,212	75,281	84,178	-	-
Enterprise Value (EV) ¹	66,025	82,835	89,329	78,328	77,954	100,010	79,156	75,354
P/E ratio	15.6 x	16.7 x	14.7 x	14 x	12 x	14.5 x	12.6 x	11.4 x
Yield	1.99%	1.84%	1.81%	2%	2.43%	2.01%	2.59%	2.52%
Capitalization / Revenue	0.69 x	0.65 x	0.72 x	0.64 x	0.5 x	0.6 x	0.5 x	0.49 x
EV / Revenue	0.56 x	0.64 x	0.67 x	0.58 x	0.52 x	0.6 x	0.47 x	0.44 x
EV / EBITDA	-	8.75 x	7.26 x	7.95 x	7.36 x	8.1 x	7.12 x	5.9 x
EV / FCF	11.6 x	28.4 x	9.24 x	14.4 x	-7.22 x	7.81 x	11 x	9.66 x
FCF Yield	8.6%	3.53%	10.8%	6.93%	-13.8%	12.8%	9.1%	10.4%
Price to Book	1.37 x	1.7 x	1.81 x	1.47 x	1.15 x	1.37 x	1.1 x	1.07 x
Nbr of stocks (in thousands)	51,847	43,447	43,535	43,562	43,590	43,616	-	-
Reference price ²	1,560	1,932	2,215	2,002	1,727	1,930	1,930	1,930
Announcement Date	19-04-25	20-04-27	21-04-27	22-04-27	23-04-26	24-04-24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	117,342	128,723	133,355	135,557	150,716	165,561	168,600	172,150
EBITDA ¹	-	9,469	12,303	9,857	10,595	12,347	11,120	12,770
EBIT ¹	7,607	8,223	10,863	8,146	8,688	9,903	9,980	11,017
Operating Margin	6.48%	6.39%	8.15%	6.01%	5.76%	5.98%	5.92%	6.4%
Earnings before Tax (EBT) ¹	7,624	8,132	11,053	8,751	9,068	10,490	10,000	10,500
Net income ¹	5,170	5,677	6,542	6,245	6,252	6,875	6,689	7,353
Net margin	4.41%	4.41%	4.91%	4.61%	4.15%	4.15%	3.97%	4.27%
EPS ²	99.73	115.8	150.5	143.4	143.5	157.7	152.8	169.2
Free Cash Flow ¹	5,681	2,921	9,669	5,429	-10,792	10,400	7,200	7,800
FCF margin	4.84%	2.27%	7.25%	4%	-7.16%	6.65%	4.27%	4.53%
FCF Conversion (EBITDA)	-	30.85%	78.59%	55.08%	-	86.14%	64.75%	61.08%
FCF Conversion (Net income)	109.88%	51.45%	147.8%	86.93%	-	154.66%	107.63%	106.08%
Dividend per Share ²	31.00	35.50	40.00	40.00	42.00	46.00	50.00	48.67
Announcement Date	19-04-25	20-04-27	21-04-27	22-04-27	23-04-26	24-04-24	-	-

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
Net sales ¹	34,052	94,671	33,980	99,375	23,548	39,482	27,115	68,960	96,075	19,918	26,812	46,730	31,018	72,968	103,986	21,161	31,850	53,011	38,000	74,831	112,550
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-2,957	11,180	-3,458	14,321	-381	-3,209	569	10,786	11,355	-1,932	-1,052	-2,984	961	10,711	11,672	-2,522	-260	-2,782	3,000	9,812	12,685
Operating Margin	-8.68%	11.81%	-10.18%	14.41%	-1.62%	-8.13%	2.1%	15.64%	11.82%	-9.7%	-3.92%	-6.39%	3.1%	14.68%	11.22%	-11.92%	-0.82%	-5.25%	7.89%	13.11%	11.27%
Earnings before Tax (EBT)	-3,077	11,209	-3,547	14,600	-385	-3,082	702	11,131	11,833	-1,142	-777	-1,919	491	10,496	10,987	-2,141	-139	-2,280	2,602	-	-
Net income ¹	-2,202	7,879	-2,706	9,248	-313	-2,391	567	8,069	8,636	-951	-636	-1,587	271	7,568	7,839	-1,895	-304	-2,199	2,000	7,314	9,074
Net margin	-6.47%	8.32%	-7.96%	9.31%	-1.33%	-6.06%	2.09%	11.7%	8.99%	-4.77%	-2.37%	-3.4%	0.87%	10.37%	7.54%	-8.96%	-0.95%	-4.15%	5.26%	9.77%	8.06%
EPS ²	-42.48	-	-62.31	-	-7.200	-54.93	13.04	185.3	-	-21.85	-14.59	-36.44	6.230	173.7	-	-43.48	-	-50.45	40.38	167.7	-
Dividend per Share ²	15.50	-	20.00	-	20.00	20.00	-	20.00	-	-	20.00	20.00	-	22.00	-	-	22.00	22.00	-	24.00	-
Announcement Date	19-10-29	20-04-27	20-10-28	21-04-27	21-10-27	21-10-27	22-01-27	22-04-27	22-04-27	22-07-27	22-10-28	22-10-28	23-01-31	23-04-26	23-04-26	23-07-26	23-10-26	23-10-26	24-01-31	24-04-24	24-04-24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	2,673	-	-	-
Net Cash position ¹	14,856	1,126	7,101	8,884	-	2,912	5,022	8,824
Leverage (Debt/EBITDA)	-	-	-	-	0.2523 x	-	-	-
Free Cash Flow ¹	5,681	2,921	9,669	5,429	-10,792	10,400	7,200	7,800
ROE (net income / shareholders' equity)	9.1%	10.5%	12.7%	11.1%	10.1%	10%	9.08%	9.71%
ROA (Net income/ Total Assets)	5.97%	6.45%	8.82%	6.62%	6.58%	6.73%	3.8%	4.1%
Assets ¹	86,668	87,992	74,181	94,292	95,062	102,089	176,038	179,346
Book Value Per Share ²	1,136	1,138	1,224	1,360	1,496	1,672	1,749	1,811
Cash Flow per Share	126.0	138.0	179.0	177.0	181.0	207.0	-	-
Capex ¹	555	600	735	1,206	3,174	1,400	1,500	1,600
Capex / Sales	0.47%	0.47%	0.55%	0.89%	2.11%	0.9%	0.89%	0.93%
Announcement Date	19-04-25	20-04-27	21-04-27	22-04-27	23-04-26	24-04-24	-	-

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 METAWATER Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,930 JPY

Average target price

2,393 JPY

Spread / Average Target

+24.01%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Water & Sewage Construction

	1st Jan change	Capi.
METAWATER CO., LTD.	-10.38%	537M
MEGA UNION TECHNOLOGY INC.	+118.13%	682M
KUO TOONG INTERNATIONAL CO., LTD.	+82.06%	633M
ZHEJIANG QIANJIANG BIOCHEMICAL CO., LTD	-18.29%	572M
PENYAO ENVIRONMENTAL PROTECTION CO., LTD.	-6.54%	528M
GREAT LAKES DREDGE & DOCK CORPORATION	-7.55%	474M
SHENZHEN WATER PLANNING & DESIGN INSTITUTE CO., LTD.	-21.05%	359M
ZHEJIANG RECLAIM CONSTRUCTION GROUP CO., LTD.	-47.97%	303M
FOREST WATER ENVIRONMENTAL ENGINEERING CO., LTD.	+49.01%	219M
THE INDIAN HUME PIPE COMPANY LIMITED	+14.11%	173M

Water & Sewage Construction