Financials Anritsu Corporation

Equities

6754

JP3128800004

Electronic Equipment & Parts

Market Closed - Japan Exchange Other stock markets 07:00:00 07/05/2024 BST			5-day change	1st Jan Change
1,208 ^JPY	+2.03%		+0.08%	-11.17%

04-26	Japanese Shares Close Up Week as Yen Slips After BoJ Rate Decision	MT
04-26	Anritsu's Fiscal 2023 Attributable Profit Slumps on Weak Test, Measurement Revenue; Shares Down 3%	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	281,535	275,654	332,082	209,584	160,771	155,967	-	-
Enterprise Value (EV) ¹	253,121	244,903	286,403	168,432	128,672	162,814	111,099	115,674
P/E ratio	31.4 x	20.6 x	20.6 x	16.5 x	17.4 x	21.2 x	17.6 x	15.5 x
Yield	1.07%	1.55%	1.66%	2.58%	3.28%	3.23%	3.38%	3.61%
Capitalization / Revenue	2.82 x	2.58 x	3.14 x	1.99 x	1.45 x	1.48 x	1.36 x	1.28 x
EV / Revenue	2.54 x	2.29 x	2.7 x	1.6 x	1.16 x	1.48 x	0.97 x	0.95 x
EV / EBITDA	16.2 x	10.9 x	11.6 x	7.79 x	7.4 x	7.74 x	6.61 x	6.13 x
EV / FCF	26.8 x	20.6 x	19.7 x	23 x	143 x	12.6 x	16.5 x	14.3 x
FCF Yield	3.73%	4.86%	5.08%	4.35%	0.7%	7.92%	6.07%	6.99%
Price to Book	3.29 x	2.93 x	3.04 x	1.84 x	1.37 x	1.3 x	1.24 x	1.22 x
Nbr of stocks (in thousands)	137,334	137,415	137,451	134,954	131,672	131,673	-	-
Reference price ²	2,050	2,006	2,416	1,553	1,221	1,184	1,184	1,184
Announcement Date	25/04/19	27/04/20	27/04/21	28/04/22	28/04/23	25/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	99,659	107,000	105,900	105,400	110,900	110,000	114,750	121,472
EBITDA ¹	15,632	22,412	24,597	21,631	17,393	15,122	16,813	18,882
EBIT ¹	11,246	17,400	19,700	16,500	11,700	9,000	11,336	13,192
Operating Margin	11.28%	16.26%	18.6%	15.65%	10.55%	8.18%	9.88%	10.86%
Earnings before Tax (EBT) ¹	11,362	17,200	19,800	17,200	12,400	10,000	11,692	12,942
Net income ¹	8,956	13,400	16,100	12,800	9,300	7,675	8,845	10,044
Net margin	8.99%	12.52%	15.2%	12.14%	8.39%	6.98%	7.71%	8.27%
EPS ²	65.20	97.20	117.2	93.98	69.98	58.29	67.26	76.54
Free Cash Flow ¹	9,440	11,900	14,562	7,325	898	12,900	6,744	8,086
FCF margin	9.47%	11.12%	13.75%	6.95%	0.81%	11.73%	5.88%	6.66%
FCF Conversion (EBITDA)	60.39%	53.1%	59.2%	33.86%	5.16%	72.86%	40.11%	42.82%
FCF Conversion (Net income)	105.4%	88.81%	90.45%	57.23%	9.66%	168.08%	76.25%	80.51%
Dividend per Share ²	22.00	31.00	40.00	40.00	40.00	40.00	40.00	42.75
Announcement Date	25/04/19	27/04/20	27/04/21	28/04/22	28/04/23	25/04/24	-	-

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	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	49,808	57,192	52,161	53,800	27,443	51,231	24,632	29,500	54,169	26,180	27,783	53,963	27,700	29,200	56,937	22,742	28,153	50,895	26,886	32,200	59,105	24,757	28,357	53,500	28,506	32,400	61,500
EBITDA ¹	-	-	-	-	5,664	-	4,737	7,133	-	4,455	3,860	-	4,068	5,008	-	1,444	4,447	-	3,738	6,097	-	4,063	4,565	-	4,728	-	-
EBIT ¹	6,632	10,768	9,846	9,800	4,400	7,483	3,459	5,600	9,017	3,017	2,395	5,412	2,600	3,700	6,288	-57	2,991	2,934	2,225	3,800	6,066	1,700	2,900	4,500	2,325	4,325	6,500
Operating Margin	13.32%	18.83%	18.88%	18.22%	16.03%	14.61%	14.04%	18.98%	16.65%	11.52%	8.62%	10.03%	9.39%	12.67%	11.04%	-0.25%	10.62%	5.76%	8.28%	11.8%	10.26%	6.87%	10.23%	8.41%	8.16%	13.35%	10.57%
Earnings before Tax (EBT) ¹	6,371	10,829	9,725	10,113	4,428	7,513	3,583	6,104	9,687	3,915	2,855	6,770	2,030	3,625	5,630	427	3,176	3,603	2,032	4,365	6,397	1,800	2,700	4,500	2,300	4,200	6,500
Net income ¹	4,656	8,744	7,061	9,044	3,381	5,464	2,704	4,632	7,336	2,917	2,183	5,100	1,200	3,051	4,200	250	2,539	2,789	1,134	3,752	4,886	1,350	2,020	3,370	1,720	3,210	4,930
Net margin	9.35%	15.29%	13.54%	16.81%	12.32%	10.67%	10.98%	15.7%	13.54%	11.14%	7.86%	9.45%	4.33%	10.45%	7.38%	1.1%	9.02%	5.48%	4.22%	11.65%	8.27%	5.45%	7.12%	6.3%	6.03%	9.91%	8.02%
EPS ²	33.89	-	51.38	-	24.67	39.83	20.00	34.15	-	21.70	16.55	38.29	8.790	22.90	-	1.900	19.28	21.19	8.610	28.49	-	-	-	-	-	-	-
Dividend per Share	11.00	-	15.50	-	-	20.00	-	-	-	-	-	20.00	-	-	-	-	-	20.00	-	-	-	-	-	-	-	-	-
Announcement Date	30/10/19	27/04/20	29/10/20	27/04/21	28/10/21	28/10/21	27/01/22	28/04/22	28/04/22	28/07/22	28/10/22	28/10/22	30/01/23	28/04/23	28/04/23	28/07/23	30/10/23	30/10/23	30/01/24	25/04/24	25/04/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	28,414	30,751	45,679	41,152	32,099	38,943	44,868	40,293
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	9,440	11,900	14,562	7,325	898	12,900	6,744	8,086
ROE (net income / shareholders' equity)	10.9%	14.9%	15.8%	11.5%	8%	6.3%	7.26%	8.25%
ROA (Net income/ Total Assets)	9.03%	9.95%	14%	11.5%	8.14%	6.35%	7.41%	7.88%
Assets ¹	99,183	134,700	114,827	110,969	114,212	120,830	119,297	127,491
Book Value Per Share ²	623.0	685.0	795.0	846.0	891.0	953.0	955.0	974.0
Cash Flow per Share ²	97.10	107.0	153.0	132.0	113.0	103.0	101.0	107.0
Capex ¹	2,807	2,800	5,919	6,200	5,973	3,600	5,264	5,569
Capex / Sales	2.82%	2.62%	5.59%	5.88%	5.39%	3.27%	4.59%	4.58%
Announcement Date	25/04/19	27/04/20	27/04/21	28/04/22	28/04/23	25/04/24	-	-

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 Anritsu Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,184 JPY

Average target price

1,207 JPY

Spread / Average Target

+1.91%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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HUIZHOU DESAY SV AUTOMOTIVE CO., LTD.	-4.52%	9.52B

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