Financials Cosel Co., Ltd.

Equities

6905

JP3283700007

Electrical Components & Equipment

Market Closed - Japan Exchange Other stock markets 07:00:00 26/06/2024 BST			5-day change	1st Jan Change
1,259 ^JPY	-0.94%		-4.69%	-8.44%

04-30	Cosel Co., Ltd. announced that it expects to receive ¥11.584607 billion in funding from Lite-On Technology Corporation	CI
2023	Tranche Update on Cosel Co., Ltd.'s Equity Buyback Plan announced on December 19, 2022.	CI

Valuation

Fiscal Period: May	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	38,577	30,464	35,690	26,247	38,377	41,774	-	-
Enterprise Value (EV) ¹	30,308	18,889	17,427	11,502	25,014	30,538	22,220	21,993
P/E ratio	18.1 x	101 x	33.1 x	13.9 x	12.3 x	9.17 x	11.3 x	9.52 x
Yield	2.32%	2.28%	1.65%	3.38%	2.79%	3.78%	3.34%	3.81%
Capitalization / Revenue	1.38 x	1.28 x	1.32 x	0.93 x	1.09 x	1.15 x	1.1 x	1.04 x
EV / Revenue	1.09 x	0.79 x	0.64 x	0.41 x	0.71 x	0.74 x	0.58 x	0.55 x
EV / EBITDA	6.48 x	6.13 x	3.92 x	2.83 x	4.03 x	3.69 x	3.2 x	2.6 x
EV / FCF	-466,663,225 x	9,156,303 x	-59,457,191 x	-3,891,575 x	70,447,172 x	8,055,329 x	-	-
FCF Yield	-0%	0%	-0%	-0%	0%	0%	-	-
Price to Book	0.96 x	0.8 x	0.91 x	0.64 x	0.9 x	1.01 x	0.84 x	0.8 x
Nbr of stocks (in thousands)	35,786	34,657	34,684	34,087	33,430	33,180	-	-
Reference price ²	1,078	879.0	1,029	770.0	1,148	1,259	1,259	1,259
Announcement Date	19/06/19	22/06/20	23/06/21	15/06/22	19/06/23	19/06/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: May	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	27,876	23,865	27,020	28,077	35,266	41,437	38,000	40,267
EBITDA ¹	4,677	3,084	4,445	4,069	6,205	8,281	6,950	8,470
EBIT ¹	3,355	1,668	3,020	2,811	4,926	6,912	5,300	6,313
Operating Margin	12.04%	6.99%	11.18%	10.01%	13.97%	16.68%	13.95%	15.68%
Earnings before Tax (EBT)	3,262	1,169	2,476	2,942	5,212	7,549	-	-
Net income ¹	2,130	303	1,077	1,895	3,162	5,169	3,700	4,388
Net margin	7.64%	1.27%	3.99%	6.75%	8.97%	12.47%	9.74%	10.9%
EPS ²	59.41	8.740	31.07	55.51	93.55	155.9	111.5	132.3
Free Cash Flow	-64.95	2,063	-293.1	-2,956	355.1	3,791	-	-
FCF margin	-0.23%	8.64%	-1.08%	-10.53%	1.01%	9.15%	-	-
FCF Conversion (EBITDA)	-	66.9%	-	-	5.72%	45.78%	-	-
FCF Conversion (Net income)	-	680.86%	-	-	11.23%	73.34%	-	-
Dividend per Share ²	25.00	20.00	17.00	26.00	32.00	54.00	42.00	48.00
Announcement Date	19/06/19	22/06/20	23/06/21	15/06/22	19/06/23	19/06/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: May	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	11,722	12,143	13,485	13,535	6,695	13,815	6,697	7,565	14,262	7,620	8,711	16,331	8,942	9,993	18,935	10,390	11,212	21,602	9,919	9,916	19,835	9,000	9,000	18,000	10,000	10,000	20,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	766	902	1,734	1,286	751	1,538	575	697.7	1,273	784	1,241	2,025	1,382	1,519	2,901	2,063	2,155	4,218	1,772	922	2,694	1,050	1,050	2,100	1,600	1,600	3,200
Operating Margin	6.53%	7.43%	12.86%	9.5%	11.22%	11.14%	8.59%	9.22%	8.92%	10.29%	14.25%	12.4%	15.46%	15.2%	15.32%	19.86%	19.22%	19.53%	17.86%	9.3%	13.58%	11.67%	11.67%	11.67%	16%	16%	16%
Earnings before Tax (EBT)	431	738	1,931	545	825	1,533	627	782.2	1,409	904	1,400	2,304	1,285	1,623	2,908	2,254	2,629	4,883	1,711	-	-	-	-	-	-	-	-
Net income ¹	159	105	1,294	-217	474	948.5	422	524.5	946.5	627	997	1,624	908	630	1,538	1,682	1,857	3,539	1,118	512	1,630	-	-	-	-	-	-
Net margin	1.36%	0.86%	9.6%	-1.6%	7.08%	6.87%	6.3%	6.93%	6.64%	8.23%	11.45%	9.94%	10.15%	6.3%	8.12%	16.19%	16.56%	16.38%	11.27%	5.16%	8.22%	-	-	-	-	-	-
EPS	4.570	3.040	37.33	-6.260	13.89	27.72	12.38	15.41	27.79	18.40	29.26	47.66	26.86	19.03	45.89	50.78	55.97	106.8	33.71	-	-	-	-	-	-	-	-
Dividend per Share ²	8.000	12.00	10.00	7.000	13.00	13.00	-	13.00	13.00	-	15.00	15.00	-	17.00	17.00	-	-	27.00	-	20.00	20.00	-	-	-	-	-	-
Announcement Date	18/12/19	22/06/20	16/12/20	23/06/21	15/12/21	15/12/21	16/03/22	15/06/22	15/06/22	16/09/22	19/12/22	19/12/22	17/03/23	19/06/23	19/06/23	19/09/23	20/12/23	20/12/23	22/03/24	19/06/24	19/06/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: May	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	8,270	11,574	18,263	14,745	13,363	16,910	19,554	19,780
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-64.9	2,063	-293	-2,956	355	3,791	-	-
ROE (net income / shareholders' equity)	5.3%	0.8%	2.8%	4.7%	7.6%	11.6%	7.5%	9.05%
ROA (Net income/ Total Assets)	7.37%	3.78%	7.91%	6.61%	11.2%	15.2%	-	-
Assets ¹	28,919	8,018	13,619	28,669	28,301	33,932	-	-
Book Value Per Share ²	1,128	1,103	1,133	1,199	1,274	1,419	1,492	1,574
Cash Flow per Share	96.30	44.80	67.10	91.70	131.0	197.0	-	-
Capex ¹	3,583	959	649	1,170	995	1,740	1,720	1,700
Capex / Sales	12.85%	4.02%	2.4%	4.17%	2.82%	4.2%	4.53%	4.22%
Announcement Date	19/06/19	22/06/20	23/06/21	15/06/22	19/06/23	19/06/24	-	-

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 Cosel Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,259 JPY

Average target price

1,600 JPY

Spread / Average Target

+27.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Batteries & Uninterruptable Power Supplies

	1st Jan change	Capi.
COSEL CO., LTD.	-8.44%	264M
CATL (CONTEMPORARY AMPEREX TECHNOLOGY)	+13.63%	113B
LG ENERGY SOLUTION, LTD.	-22.57%	55.68B
TDK CORPORATION	+45.94%	22.7B
SAMSUNG SDI CO., LTD.	-21.82%	17.56B
ECOPRO BM. CO., LTD.	-38.06%	12.59B
EVE ENERGY CO., LTD.	-2.54%	11.49B
VOLTRONIC POWER TECHNOLOGY CORP.	+6.43%	4.92B
GOTION HIGH-TECH CO.,LTD.	-8.74%	4.69B
ENERSYS	+0.38%	4.09B

Batteries & Uninterruptable Power Supplies