Financials Riken Keiki Co., Ltd.

Equities

7734

JP3971000009

Industrial Machinery & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-03 EDT			5-day change	1st Jan Change
4,210 ^JPY	+4.08%		+6.99%	+22.21%

02-16	Riken Keiki's Profit Down Nearly 8% in Fiscal Q1-Q3	MT
02-16	Riken Keiki Co., Ltd. Provides Dividend Guidance for the Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	47,483	64,095	114,054	132,250	178,148	188,394	-	-
Enterprise Value (EV) ¹	32,971	51,972	96,106	113,339	159,761	159,896	148,022	137,074
P/E ratio	10.9 x	13.7 x	19.1 x	15.3 x	10.6 x	19.8 x	16.9 x	15.5 x
Yield	1.96%	1.52%	1.22%	1.41%	2.09%	0.99%	1.11%	1.24%
Capitalization / Revenue	1.48 x	1.99 x	3.05 x	2.94 x	3.91 x	3.89 x	3.53 x	3.33 x
EV / Revenue	1.02 x	1.61 x	2.57 x	2.52 x	3.51 x	3.3 x	2.78 x	2.42 x
EV / EBITDA	-	-	-	8.53 x	12 x	11 x	8.81 x	7.55 x
EV / FCF	31.4 x	-	-	28.4 x	-653 x	16.7 x	13.5 x	12.1 x
FCF Yield	3.18%	-	-	3.52%	-0.15%	6%	7.39%	8.3%
Price to Book	1 x	1.26 x	2.03 x	2.09 x	1.23 x	2.38 x	2.13 x	1.92 x
Nbr of stocks (in thousands)	46,507	46,530	46,553	46,567	46,575	46,575	-	-
Reference price ²	1,021	1,378	2,450	2,840	3,825	4,045	4,045	4,045
Announcement Date	5/12/20	5/11/21	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	32,189	32,209	37,363	45,004	45,581	48,465	53,310	56,640
EBITDA ¹	-	-	-	13,292	13,260	14,525	16,805	18,145
EBIT ¹	6,197	6,598	8,402	11,551	11,476	12,610	14,965	16,370
Operating Margin	19.25%	20.48%	22.49%	25.67%	25.18%	26.02%	28.07%	28.9%
Earnings before Tax (EBT) ¹	5,847	6,659	8,827	11,753	12,298	13,320	16,540	18,360
Net income ¹	4,342	4,691	5,963	8,670	8,378	9,500	11,165	12,170
Net margin	13.49%	14.56%	15.96%	19.26%	18.38%	19.6%	20.94%	21.49%
EPS ²	93.38	100.9	128.1	186.2	359.8	204.0	239.7	261.3
Free Cash Flow ¹	1,050	-	-	3,985	-244.8	9,594	10,933	11,370
FCF margin	3.26%	-	-	8.86%	-0.54%	19.8%	20.51%	20.08%
FCF Conversion (EBITDA)	-	-	-	29.98%	-	66.06%	65.06%	62.66%
FCF Conversion (Net income)	24.18%	-	-	45.97%	-	100.99%	97.92%	93.43%
Dividend per Share ²	20.00	21.00	30.00	40.00	80.00	40.00	45.00	50.00
Announcement Date	5/12/20	5/11/21	5/12/22	5/11/23	5/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2022 S1	2022 Q3	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	15,357	18,278	9,631	10,763	11,641	22,404	12,364	10,236	22,600	11,490	11,185	22,675	11,650	11,256	22,906	11,625	11,730	23,500	12,335	12,775	24,500
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	3,288	-	3,655	3,465	-	3,740	3,890	-
EBIT ¹	2,834	4,346	2,364	3,428	2,980	6,408	4,049	1,094	5,143	3,058	2,789	5,847	2,808	2,821	5,629	2,975	3,080	6,000	3,215	3,340	6,500
Operating Margin	18.45%	23.78%	24.55%	31.85%	25.6%	28.6%	32.75%	10.69%	22.76%	26.61%	24.94%	25.79%	24.1%	25.06%	24.57%	25.59%	26.26%	25.53%	26.06%	26.14%	26.53%
Earnings before Tax (EBT)	2,893	4,503	2,373	3,666	-	6,427	3,690	-	-	3,560	-	6,456	2,846	-	-	-	-	-	-	-	-
Net income	2,002	3,167	1,660	2,581	-	4,546	2,573	-	-	2,533	-	4,548	2,019	-	-	-	-	-	-	-	-
Net margin	13.04%	17.33%	17.24%	23.98%	-	20.29%	20.81%	-	-	22.05%	-	20.06%	17.33%	-	-	-	-	-	-	-	-
EPS	43.06	68.06	35.66	55.46	-	97.64	55.25	-	-	54.41	-	97.66	43.36	-	-	-	-	-	-	-	-
Dividend per Share	10.00	10.50	-	-	-	20.00	-	-	-	-	-	20.00	-	-	-	-	-	-	-	-	-
Announcement Date	11/10/20	11/11/21	2/10/22	8/9/22	11/10/22	11/10/22	2/10/23	5/11/23	5/11/23	8/9/23	11/9/23	11/9/23	2/8/24	5/10/24	5/10/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	14,512	12,123	17,948	18,911	18,386	28,498	40,372	51,320
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,050	-	-	3,985	-245	9,595	10,933	11,371
ROE (net income / shareholders' equity)	9.5%	9.5%	11.1%	14.5%	12.3%	12.6%	14%	13.9%
ROA (Net income/ Total Assets)	-	11.1%	13%	15.8%	14.6%	-	-	-
Assets ¹	-	42,196	45,955	54,932	57,461	-	-	-
Book Value Per Share ²	1,020	1,097	1,206	1,361	3,111	1,700	1,897	2,111
Cash Flow per Share	119.0	131.0	165.0	224.0	436.0	-	-	-
Capex ¹	4,182	4,298	678	876	1,796	1,650	1,300	1,300
Capex / Sales	12.99%	13.34%	1.81%	1.95%	3.94%	3.4%	2.44%	2.3%
Announcement Date	5/12/20	5/11/21	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 Riken Keiki Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,045 JPY

Average target price

4,000 JPY

Spread / Average Target

-1.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Testing & Measuring Equipment

	1st Jan change	Capi.
RIKEN KEIKI CO., LTD.	+22.21%	1.17B
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WUHAN GUIDE INFRARED CO., LTD.	-18.77%	3.48B
RENISHAW PLC	+2.64%	3.37B
HORIBA, LTD.	+24.07%	3.43B
ESCO TECHNOLOGIES INC.	-11.11%	2.68B
MIRION TECHNOLOGIES, INC.	+4.49%	2.22B

Testing & Measuring Equipment