Financials Okuma Corporation

Equities

6103

JP3172100004

Industrial Machinery & Equipment

Delayed Japan Exchange Other stock markets 22:30:00 2024-06-30 EDT			5-day change	1st Jan Change
7,515 ^JPY	+3.68%		+10.74%	+23.70%

05-10	Okuma Corporation Announces Year-End Dividend for the Year Ended March 31, 2024, Payable on June 24, 2024	CI
05-10	Okuma Corporation Provides Dividend Guidance for the First Half and Full Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	110,030	200,480	160,945	183,921	217,837	219,209	-	-
Enterprise Value (EV) ¹	68,496	147,705	97,118	119,218	168,309	149,533	145,162	143,374
P/E ratio	10.3 x	96 x	13.9 x	9.59 x	11.3 x	12.9 x	10.7 x	9.64 x
Yield	3.73%	0.55%	1.76%	3.05%	2.81%	2.58%	3.28%	3.77%
Capitalization / Revenue	0.64 x	1.62 x	0.93 x	0.81 x	0.96 x	1 x	0.92 x	0.87 x
EV / Revenue	0.4 x	1.2 x	0.56 x	0.52 x	0.74 x	0.68 x	0.61 x	0.57 x
EV / EBITDA	3.26 x	13 x	4.52 x	3.64 x	4.81 x	4.63 x	3.78 x	3.36 x
EV / FCF	-51 x	10.2 x	13 x	12.5 x	-23 x	4.59 x	14.5 x	11.6 x
FCF Yield	-1.96%	9.8%	7.67%	8%	-4.35%	21.8%	6.89%	8.64%
Price to Book	0.67 x	1.17 x	0.87 x	0.9 x	0.95 x	0.94 x	0.9 x	0.85 x
Nbr of stocks (in thousands)	31,572	31,572	31,558	31,120	30,599	30,244	-	-
Reference price ²	3,485	6,350	5,100	5,910	7,119	7,248	7,248	7,248
Announcement Date	4/28/20	4/27/21	5/12/22	5/11/23	5/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	172,094	123,394	172,809	227,636	227,994	218,625	237,875	250,867
EBITDA ¹	20,984	11,401	21,480	32,767	34,998	32,267	38,400	42,633
EBIT ¹	14,995	4,820	14,462	24,804	25,364	23,075	27,875	31,133
Operating Margin	8.71%	3.91%	8.37%	10.9%	11.12%	10.55%	11.72%	12.41%
Earnings before Tax (EBT) ¹	15,036	4,014	15,547	26,446	26,873	24,275	29,250	32,433
Net income ¹	10,712	2,088	11,579	19,195	19,381	17,100	20,605	22,667
Net margin	6.22%	1.69%	6.7%	8.43%	8.5%	7.82%	8.66%	9.04%
EPS ²	339.3	66.15	366.9	616.0	629.8	562.6	679.9	752.1
Free Cash Flow ¹	-1,344	14,475	7,451	9,532	-7,328	32,564	9,998	12,385
FCF margin	-0.78%	11.73%	4.31%	4.19%	-3.21%	14.89%	4.2%	4.94%
FCF Conversion (EBITDA)	-	126.96%	34.69%	29.09%	-	100.92%	26.04%	29.05%
FCF Conversion (Net income)	-	693.25%	64.35%	49.66%	-	190.43%	48.52%	54.64%
Dividend per Share ²	130.0	35.00	90.00	180.0	200.0	186.7	237.5	273.3
Announcement Date	4/28/20	4/27/21	5/12/22	5/11/23	5/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	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	57,923	65,471	77,394	45,339	50,076	49,328	59,571	108,899	58,680	60,057	118,737	50,591	59,921	110,512	56,778	60,704	117,482
EBITDA	-	-	-	-	-	-	-	-	9,317	9,051	-	7,798	-	-	-	-	-
EBIT ¹	1,354	3,466	5,178	3,775	5,509	4,725	5,830	10,555	6,973	7,276	14,249	5,543	6,432	11,975	6,246	7,143	13,389
Operating Margin	2.34%	5.29%	6.69%	8.33%	11%	9.58%	9.79%	9.69%	11.88%	12.12%	12%	10.96%	10.73%	10.84%	11%	11.77%	11.4%
Earnings before Tax (EBT)	1,168	-	5,391	3,984	6,172	6,091	6,543	12,634	6,587	7,225	-	6,043	-	12,510	5,880	-	-
Net income	532	-	3,958	2,937	4,684	4,415	4,821	9,236	4,823	5,136	-	4,653	4,098	8,751	4,335	-	-
Net margin	0.92%	-	5.11%	6.48%	9.35%	8.95%	8.09%	8.48%	8.22%	8.55%	-	9.2%	6.84%	7.92%	7.63%	-	-
EPS ²	16.88	-	125.4	93.01	148.5	141.4	154.6	296.0	154.8	165.2	-	150.9	133.0	283.9	140.7	205.2	-
Dividend per Share	15.00	-	35.00	-	-	-	-	90.00	-	-	-	-	-	100.0	-	-	-
Announcement Date	10/30/20	4/27/21	10/29/21	1/31/22	5/12/22	7/29/22	10/31/22	10/31/22	1/31/23	5/11/23	5/11/23	7/31/23	10/31/23	10/31/23	1/31/24	5/10/24	5/10/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	41,534	52,775	63,827	64,703	49,528	69,676	74,047	75,835
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-1,344	14,475	7,451	9,532	-7,328	32,564	9,998	12,385
ROE (net income / shareholders' equity)	6.6%	1.2%	6.5%	9.9%	9%	8.03%	8.85%	9.3%
ROA (Net income/ Total Assets)	6.91%	2.51%	6.46%	9.68%	8.73%	6.3%	6.5%	6.8%
Assets ¹	155,020	83,298	179,230	198,338	221,934	271,429	317,000	333,333
Book Value Per Share ²	5,198	5,439	5,895	6,574	7,494	7,712	8,054	8,494
Cash Flow per Share	529.0	275.0	589.0	871.0	943.0	-	-	-
Capex ¹	10,328	4,487	8,114	10,026	14,660	12,500	14,000	14,000
Capex / Sales	6%	3.64%	4.7%	4.4%	6.43%	5.72%	5.89%	5.58%
Announcement Date	4/28/20	4/27/21	5/12/22	5/11/23	5/10/24	-	-	-

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 Okuma Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7,248 JPY

Average target price

7,268 JPY

Spread / Average Target

+0.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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