Financials DaikyoNishikawa Corporation

Equities

4246

JP3481300006

Auto, Truck & Motorcycle Parts

Market Closed - Japan Exchange Other stock markets 07:00:00 10/05/2024 BST			5-day change	1st Jan Change
724 ^JPY	-0.82%		+0.42%	+5.85%

2023	Suzhou Wanlong Auto Parts Co., Ltd. agreed to acquire remaining 49% stake in Changchun Wanlong Daikyo Nishikawa Auto Parts Co.,Ltd. from DaikyoNishikawa Corporation for CNY 73 million.	CI
2021	DaikyoNishikawa Corporation Proposes Dividend, Effective Date of Distribution June 21, 2021	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	71,987	35,002	54,940	38,349	45,842	51,480	-	-
Enterprise Value (EV) ¹	61,824	30,551	52,639	56,099	62,840	57,780	49,480	42,680
P/E ratio	6.92 x	7.13 x	21.7 x	-18.4 x	88.4 x	9.8 x	7.57 x	6.73 x
Yield	3.35%	6.07%	3.88%	5.56%	4.65%	4.14%	4.14%	4.42%
Capitalization / Revenue	0.39 x	0.19 x	0.37 x	0.33 x	0.31 x	0.32 x	0.29 x	0.29 x
EV / Revenue	0.34 x	0.17 x	0.35 x	0.48 x	0.43 x	0.35 x	0.28 x	0.24 x
EV / EBITDA	2.56 x	1.55 x	3.52 x	6.87 x	4.09 x	2.67 x	2.25 x	1.94 x
EV / FCF	-4.66 x	-5.63 x	-67.6 x	-	12.4 x	6.02 x	4.76 x	4.69 x
FCF Yield	-21.5%	-17.8%	-1.48%	-	8.05%	16.6%	21%	21.3%
Price to Book	0.97 x	0.45 x	0.71 x	0.52 x	0.61 x	0.64 x	0.61 x	0.57 x
Nbr of stocks (in thousands)	70,854	70,853	70,981	71,018	71,072	71,105	-	-
Reference price ²	1,016	494.0	774.0	540.0	645.0	724.0	724.0	724.0
Announcement Date	14/05/19	13/05/20	13/05/21	12/05/22	11/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	184,314	182,219	150,234	116,669	145,744	163,000	176,000	180,500
EBITDA ¹	24,182	19,711	14,966	8,166	15,348	21,600	22,000	22,000
EBIT ¹	14,621	8,995	4,456	-2,632	3,453	10,150	11,400	12,400
Operating Margin	7.93%	4.94%	2.97%	-2.26%	2.37%	6.23%	6.48%	6.87%
Earnings before Tax (EBT) ¹	14,889	7,678	3,553	-909	2,515	8,000	9,500	10,500
Net income ¹	10,402	4,907	2,536	-2,085	518	5,250	6,800	7,650
Net margin	5.64%	2.69%	1.69%	-1.79%	0.36%	3.22%	3.86%	4.24%
EPS ²	146.8	69.27	35.75	-29.37	7.300	73.85	95.60	107.6
Free Cash Flow ¹	-13,270	-5,428	-779	-	5,057	9,600	10,400	9,100
FCF margin	-7.2%	-2.98%	-0.52%	-	3.47%	5.89%	5.91%	5.04%
FCF Conversion (EBITDA)	-	-	-	-	32.95%	44.44%	47.27%	41.36%
FCF Conversion (Net income)	-	-	-	-	976.25%	182.86%	152.94%	118.95%
Dividend per Share ²	34.00	30.00	30.00	30.00	30.00	30.00	30.00	32.00
Announcement Date	14/05/19	13/05/20	13/05/21	12/05/22	11/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2022 Q2	2022 S1	2022 Q3	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	94,435	87,784	62,999	24,753	54,644	29,889	30,074	32,937	63,011	39,619	43,114	37,217	40,253	77,470	42,898	44,600	87,500
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,307	3,688	57	-2,088	-1,443	-893	-1,241	-205	-1,446	823	4,076	1,339	2,946	4,285	2,891	2,950	5,700
Operating Margin	5.62%	4.2%	0.09%	-8.44%	-2.64%	-2.99%	-4.13%	-0.62%	-2.29%	2.08%	9.45%	3.6%	7.32%	5.53%	6.74%	6.61%	6.51%
Earnings before Tax (EBT) ¹	5,473	2,205	304	-	-1,233	-652	-1,027	-183	-1,210	125	3,600	1,740	-	4,601	3,325	100	3,400
Net income ¹	4,002	905	-159	-	-1,307	-859	-1,127	-438	-1,565	-363	2,446	1,150	-	2,950	2,324	-300	2,100
Net margin	4.24%	1.03%	-0.25%	-	-2.39%	-2.87%	-3.75%	-1.33%	-2.48%	-0.92%	5.67%	3.09%	-	3.81%	5.42%	-0.67%	2.4%
EPS	56.49	-	-2.250	-23.26	-18.41	-12.11	-15.87	-	-22.04	-5.100	-	16.19	-	41.50	32.70	-	-
Dividend per Share	15.00	-	13.00	-	15.00	-	-	-	15.00	-	-	-	-	15.00	-	-	-
Announcement Date	13/11/19	13/05/20	05/11/20	10/11/21	10/11/21	08/02/22	09/08/22	14/11/22	14/11/22	14/02/23	11/05/23	08/08/23	07/11/23	07/11/23	13/02/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	17,750	16,998	6,300	-	-
Net Cash position ¹	10,163	4,451	2,301	-	-	-	2,000	8,800
Leverage (Debt/EBITDA)	-	-	-	2.174 x	1.108 x	0.2917 x	-	-
Free Cash Flow ¹	-13,270	-5,428	-779	-	5,057	9,600	10,400	9,100
ROE (net income / shareholders' equity)	14.7%	6.5%	3.28%	-2.8%	0.7%	6.4%	8%	8.3%
ROA (Net income/ Total Assets)	10.4%	6.4%	1.64%	-0.62%	1.8%	6%	6.5%	7%
Assets ¹	100,119	76,663	154,889	333,872	28,854	87,500	104,615	109,286
Book Value Per Share ²	1,048	1,089	1,089	1,045	1,064	1,133	1,196	1,266
Cash Flow per Share	282.0	221.0	237.0	123.0	175.0	-	-	-
Capex ¹	16,489	25,012	16,569	16,313	8,278	6,200	8,000	8,000
Capex / Sales	8.95%	13.73%	11.03%	13.98%	5.68%	3.8%	4.55%	4.43%
Announcement Date	14/05/19	13/05/20	13/05/21	12/05/22	11/05/23	-	-	-

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 DaikyoNishikawa Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

724 JPY

Average target price

750 JPY

Spread / Average Target

+3.59%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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