Financials Shimano Inc. OTC Markets

Equities

SMNNY

US82455C1018

Recreational Products

Market Closed - OTC Markets Other stock markets 15:59:49 2024-06-21 EDT			5-day change	1st Jan Change
15.76 ^USD	-1.62%		-2.72%	+2.20%

04-24	Shimano Shares Rise Sharply After Guidance Upgrade on China Road Bike Demand	DJ
04-23	Shimano’s Attributable Profit Jumps 17.2% in Fiscal Q1	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,647,300	2,232,679	2,819,778	1,895,961	1,964,408	2,272,848	-	-
Enterprise Value (EV) ¹	1,381,732	1,927,086	2,458,394	1,467,683	1,473,867	1,746,861	1,716,397	1,674,113
P/E ratio	31.8 x	35.2 x	24.5 x	14.9 x	32.3 x	32.9 x	28.6 x	26.1 x
Yield	0.87%	1.47%	0.77%	1.24%	1.31%	1.12%	1.14%	1.17%
Capitalization / Revenue	4.54 x	5.91 x	5.16 x	3.01 x	4.14 x	5.09 x	4.42 x	4.14 x
EV / Revenue	3.8 x	5.1 x	4.5 x	2.33 x	3.11 x	3.91 x	3.34 x	3.05 x
EV / EBITDA	16 x	19.1 x	14.7 x	7.72 x	13.7 x	18.8 x	15 x	13.6 x
EV / FCF	32.7 x	30.2 x	25.5 x	19 x	17.8 x	17.6 x	23.1 x	17.2 x
FCF Yield	3.05%	3.31%	3.92%	5.27%	5.62%	5.67%	4.32%	5.83%
Price to Book	3.37 x	4.22 x	4.58 x	2.56 x	2.45 x	2.77 x	2.62 x	2.44 x
Nbr of stocks (in thousands)	92,701	92,700	91,969	90,629	89,966	89,324	-	-
Reference price ²	17,770	24,085	30,660	20,920	21,835	25,445	25,445	25,445
Announcement Date	2/12/20	2/9/21	2/8/22	2/14/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	363,230	378,040	546,515	628,909	474,362	446,726	514,490	548,892
EBITDA ¹	86,140	100,971	167,036	190,150	107,590	92,695	114,378	123,239
EBIT ¹	68,010	82,701	148,287	169,158	83,653	67,046	90,391	99,370
Operating Margin	18.72%	21.88%	27.13%	26.9%	17.63%	15.01%	17.57%	18.1%
Earnings before Tax (EBT) ¹	71,393	84,820	153,728	174,112	83,438	89,368	110,163	121,403
Net income ¹	51,833	63,472	115,937	128,178	61,142	68,900	79,462	86,705
Net margin	14.27%	16.79%	21.21%	20.38%	12.89%	15.42%	15.44%	15.8%
EPS ²	559.2	684.7	1,253	1,408	676.8	772.3	888.3	973.4
Free Cash Flow ¹	42,199	63,841	96,283	77,306	82,807	99,110	74,217	97,600
FCF margin	11.62%	16.89%	17.62%	12.29%	17.46%	22.19%	14.43%	17.78%
FCF Conversion (EBITDA)	48.99%	63.23%	57.64%	40.66%	76.97%	106.92%	64.89%	79.2%
FCF Conversion (Net income)	81.41%	100.58%	83.05%	60.31%	135.43%	143.85%	93.4%	112.57%
Dividend per Share ²	155.0	355.0	235.0	260.0	285.0	285.5	290.0	298.1
Announcement Date	2/12/20	2/9/21	2/8/22	2/14/23	2/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	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	2025 Q1	2025 Q2
Net sales ¹	160,255	264,694	151,328	144,047	159,639	303,686	163,979	161,244	126,071	137,179	263,250	112,014	99,098	211,112	100,557	105,580	190,000	113,705	130,639	244,400	119,457	128,399
EBITDA	-	-	36,054	42,962	48,178	-	50,534	48,476	33,522	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	28,674	69,922	41,314	38,033	42,876	80,909	45,667	42,582	28,009	25,899	53,908	18,178	11,567	29,745	13,421	13,428	18,000	17,440	22,933	35,500	25,915	27,224
Operating Margin	17.89%	26.42%	27.3%	26.4%	26.86%	26.64%	27.85%	26.41%	22.22%	18.88%	20.48%	16.23%	11.67%	14.09%	13.35%	12.72%	9.47%	15.34%	17.55%	14.53%	21.69%	21.2%
Earnings before Tax (EBT) ¹	39,635	74,124	39,846	38,290	51,992	90,282	57,601	26,229	28,399	39,687	68,086	10,226	5,126	-	28,792	19,193	-	22,894	25,216	-	-	-
Net income ¹	31,206	56,007	29,913	28,740	39,818	68,558	44,928	14,692	20,203	30,175	50,378	9,791	973	-	23,687	14,403	-	17,444	18,654	-	-	-
Net margin	19.47%	21.16%	19.77%	19.95%	24.94%	22.58%	27.4%	9.11%	16.03%	22%	19.14%	8.74%	0.98%	-	23.56%	13.64%	-	15.34%	14.28%	-	-	-
EPS ²	336.6	604.2	324.3	314.0	436.6	750.7	494.3	163.2	223.1	333.7	556.8	108.5	11.42	-	263.7	69.09	-	158.1	259.6	-	-	-
Dividend per Share ²	77.50	117.5	-	-	-	117.5	-	142.5	-	-	142.5	-	142.5	-	-	-	-	-	285.0	-	-	-
Announcement Date	7/28/20	7/27/21	2/8/22	4/26/22	7/26/22	7/26/22	10/25/22	2/14/23	4/25/23	7/25/23	7/25/23	10/24/23	2/13/24	2/13/24	4/23/24	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	265,568	305,593	361,384	428,278	490,541	525,987	556,451	598,735
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	42,199	63,841	96,283	77,306	82,807	99,110	74,217	97,600
ROE (net income / shareholders' equity)	11%	12.5%	20.2%	18.9%	7.9%	8.24%	9.64%	9.94%
ROA (Net income/ Total Assets)	13.3%	14.4%	23.5%	23.1%	12.2%	6.93%	8.73%	8.93%
Assets ¹	389,116	439,861	492,357	555,992	502,220	993,750	909,871	970,580
Book Value Per Share ²	5,276	5,710	6,698	8,166	8,905	9,202	9,700	10,436
Cash Flow per Share ²	755.0	882.0	1,455	1,639	942.0	1,467	743.0	1,175
Capex ¹	25,698	27,209	20,529	27,762	31,356	40,000	23,846	23,798
Capex / Sales	7.07%	7.2%	3.76%	4.41%	6.61%	8.95%	4.63%	4.34%
Announcement Date	2/12/20	2/9/21	2/8/22	2/14/23	2/13/24	-	-	-

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 Shimano Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

25,445 JPY

Average target price

23,016 JPY

Spread / Average Target

-9.55%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Bicycle Manufacturing

	1st Jan change	Capi.
MERIDA INDUSTRY CO., LTD.	+23.29%	2.11B
KMC (KUEI MENG) INTERNATIONAL INC.	+8.37%	553M
ZHONGLU.CO.,LTD	+24.52%	523M
SHANGHAI PHOENIX ENTERPRISE (GROUP) CO., LTD.	-17.31%	445M
JOY KIE CORPORATION LIMITED	-19.93%	335M
HL CORP (SHENZHEN)	-19.91%	253M
INNOX CORPORATION	-1.51%	150M
ERAAYA LIFESPACES LIMITED	+544.85%	132M
LEE CHI ENTERPRISES COMPANY LTD.	+8.36%	116M

Bicycle Manufacturing