Financials Aichi Corporation

Equities

6345

JP3103200006

Heavy Machinery & Vehicles

Market Closed - Japan Exchange Other stock markets 07:00:00 26/04/2024 BST			5-day change	1st Jan Change
1,057 ^JPY	+0.67%		-0.75%	-2.94%

04-23	Aichi's Profit Drops 11.5% in Fiscal Year 2024	MT
03-20	Mitsubishi Electric's Nagoya Factory Regains ISO9001 Certification	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	54,338	53,173	66,900	66,769	58,925	78,810	-	-
Enterprise Value (EV) ¹	53,325	52,296	66,118	66,769	58,071	80,376	78,810	78,810
P/E ratio	9.83 x	10.8 x	11.6 x	11.9 x	10.1 x	15.3 x	13.1 x	12.3 x
Yield	3.14%	3.5%	3.6%	3.85%	4.52%	3.71%	3.78%	4%
Capitalization / Revenue	0.88 x	0.91 x	1.13 x	1.18 x	0.97 x	1.51 x	1.31 x	1.22 x
EV / Revenue	0.88 x	0.91 x	1.13 x	1.18 x	0.97 x	1.51 x	1.31 x	1.22 x
EV / EBITDA	6.09 x	6.92 x	7.67 x	7.93 x	6.67 x	12.1 x	6.74 x	6.51 x
EV / FCF	123 x	6.11 x	6.62 x	20.1 x	15.8 x	10.9 x	10.9 x	9.99 x
FCF Yield	0.81%	16.4%	15.1%	4.99%	6.31%	9.15%	9.14%	10%
Price to Book	0.83 x	0.78 x	0.93 x	0.88 x	0.76 x	0.98 x	0.94 x	0.91 x
Nbr of stocks (in thousands)	77,626	77,625	75,168	75,702	74,027	74,560	-	-
Reference price ²	700.0	685.0	890.0	882.0	796.0	1,057	1,057	1,057
Announcement Date	24/04/19	24/04/20	26/04/21	26/04/22	25/04/23	23/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	61,838	58,336	59,330	56,591	60,679	53,129	60,000	64,700
EBITDA ¹	8,927	7,683	8,721	8,419	8,836	6,657	11,700	12,100
EBIT ¹	7,000	5,857	7,051	6,861	7,351	6,342	7,800	8,550
Operating Margin	11.32%	10.04%	11.88%	12.12%	12.12%	11.94%	13%	13.21%
Earnings before Tax (EBT) ¹	7,776	7,097	8,467	7,870	8,277	7,487	8,400	9,050
Net income ¹	5,525	4,923	5,906	5,644	5,958	5,270	6,305	6,445
Net margin	8.93%	8.44%	9.95%	9.97%	9.82%	9.92%	10.51%	9.96%
EPS ²	71.18	63.42	76.84	74.09	79.16	70.26	80.50	86.08
Free Cash Flow ¹	441	8,709	10,107	3,330	3,719	7,211	7,200	7,890
FCF margin	0.71%	14.93%	17.04%	5.88%	6.13%	11.95%	12%	12.19%
FCF Conversion (EBITDA)	4.94%	113.35%	115.9%	39.55%	42.09%	64.39%	61.54%	65.21%
FCF Conversion (Net income)	7.98%	176.9%	171.13%	58.99%	62.42%	121.71%	114.2%	122.42%
Dividend per Share ²	22.00	24.00	32.00	34.00	36.00	40.00	40.00	42.24
Announcement Date	24/04/19	24/04/20	26/04/21	26/04/22	25/04/23	23/04/24	-	-

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	30,560	27,776	27,111	32,219	15,953	25,360	13,252	17,979	31,231	10,681	16,411	27,092	12,790	20,797	33,587	10,606	15,789	26,395	12,333	14,400	26,734
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,211	2,646	3,063	3,988	2,083	2,602	1,582	2,677	4,259	702	1,751	2,453	1,129	3,769	4,898	728	1,814	2,543	1,566	2,233	3,798
Operating Margin	10.51%	9.53%	11.3%	12.38%	13.06%	10.26%	11.94%	14.89%	13.64%	6.57%	10.67%	9.05%	8.83%	18.12%	14.58%	6.86%	11.49%	9.64%	12.69%	15.5%	14.21%
Earnings before Tax (EBT) ¹	3,470	-	4,103	4,364	2,324	3,091	1,926	2,853	4,779	986	1,917	2,903	1,260	4,113	5,374	936	1,937	2,874	1,920	2,693	4,614
Net income ¹	2,422	2,501	2,836	3,070	1,667	2,197	1,379	2,068	3,447	702	1,376	2,078	904.3	2,976	3,879	664	1,382	2,046	1,360	1,864	3,224
Net margin	7.93%	9%	10.46%	9.53%	10.45%	8.66%	10.41%	11.5%	11.04%	6.57%	8.38%	7.67%	7.07%	14.31%	11.55%	6.26%	8.75%	7.75%	11.03%	12.94%	12.06%
EPS	31.20	-	36.73	-	-	28.76	18.09	-	-	9.320	-	27.60	12.01	-	-	8.830	-	27.20	18.13	-	-
Dividend per Share	11.00	-	14.00	-	-	14.00	-	-	-	-	-	17.00	-	-	-	-	-	19.00	-	-	-
Announcement Date	28/10/19	24/04/20	28/10/20	26/04/21	27/10/21	27/10/21	28/01/22	26/04/22	26/04/22	27/07/22	26/10/22	26/10/22	31/01/23	25/04/23	25/04/23	26/07/23	27/10/23	27/10/23	31/01/24	23/04/24	23/04/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	1,013	877	782	-	854	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	441	8,709	10,107	3,330	3,719	7,211	7,200	7,890
ROE (net income / shareholders' equity)	8.8%	7.4%	8.4%	7.6%	7.7%	6.6%	7.36%	7.42%
ROA (Net income/ Total Assets)	8.94%	7.43%	8.88%	8.53%	8.61%	7.36%	5.82%	5.91%
Assets ¹	61,771	66,228	66,520	66,183	69,219	71,570	108,315	109,122
Book Value Per Share ²	841.0	875.0	960.0	1,006	1,045	1,097	1,124	1,166
Cash Flow per Share ²	96.00	86.90	98.50	94.50	98.90	89.50	116.0	125.0
Capex ¹	1,051	1,120	766	598	854	969	3,000	1,750
Capex / Sales	1.7%	1.92%	1.29%	1.06%	1.41%	1.82%	5%	2.7%
Announcement Date	24/04/19	24/04/20	26/04/21	26/04/22	25/04/23	23/04/24	-	-

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 Aichi Corporation

Trading Rating

Investor Rating

ESG Refinitiv

D-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

1,057 JPY

Average target price

950 JPY

Spread / Average Target

-10.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Construction Machinery

	1st Jan change	Capi.
AICHI CORPORATION	-2.94%	501M
SANY HEAVY INDUSTRY CO.,LTD	+16.49%	18.7B
XCMG CONSTRUCTION MACHINERY CO., LTD.	+26.19%	11.12B
ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO., LTD.	+32.01%	9.69B
DOOSAN BOBCAT INC.	+3.17%	3.78B
CHINA RAILWAY CONSTRUCTION HEAVY INDUSTRY CORPORATION LIMITED	-0.76%	2.9B
GUANGXI LIUGONG MACHINERY CO., LTD.	+58.46%	2.88B
ACTION CONSTRUCTION EQUIPMENT LIMITED	+84.29%	2.18B
TAKEUCHI MFG. CO., LTD.	+37.22%	1.78B
SHANTUI CONSTRUCTION MACHINERY CO., LTD.	+67.00%	1.71B

Construction Machinery