Financials Giken Ltd.

Equities

6289

JP3264200001

Heavy Machinery & Vehicles

Delayed Japan Exchange Other stock markets 07:00:00 26/04/2024 BST			5-day change	1st Jan Change
1,910 ^JPY	+0.32%		+0.69%	+5.52%

04-15	Giken's Fiscal H1 Attributable Profit Jumps 35%	MT
04-12	Giken Ltd. Announces Dividend for the End of the Second Quarter of the Fiscal Year Ending August 31, 2024, Payable on May 8, 2024; Provides Dividend Guidance for the Fiscal Year Ending August 31, 2024	CI

Valuation

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	90,346	103,968	129,836	89,518	55,671	51,126	-	-
Enterprise Value (EV) ¹	83,748	98,663	120,503	77,968	46,521	39,186	37,828	36,413
P/E ratio	19.7 x	74.1 x	42.2 x	27.7 x	65.8 x	20.9 x	18.8 x	16.6 x
Yield	2.05%	1.84%	1.48%	2.15%	1.97%	2.09%	2.25%	2.51%
Capitalization / Revenue	2.78 x	4.22 x	4.7 x	2.95 x	1.9 x	1.74 x	1.67 x	1.59 x
EV / Revenue	2.58 x	4 x	4.36 x	2.57 x	1.59 x	1.34 x	1.23 x	1.14 x
EV / EBITDA	9.97 x	22.4 x	20.3 x	11.9 x	9.67 x	6.99 x	6.45 x	5.31 x
EV / FCF	108 x	486 x	21.2 x	45.7 x	24.7 x	10.7 x	15.9 x	17.4 x
FCF Yield	0.92%	0.21%	4.72%	2.19%	4.05%	9.37%	6.31%	5.74%
Price to Book	2.4 x	2.77 x	3.32 x	2.2 x	1.4 x	1.25 x	1.2 x	1.15 x
Nbr of stocks (in thousands)	27,213	27,360	27,421	27,502	27,438	26,768	-	-
Reference price ²	3,320	3,800	4,735	3,255	2,029	1,910	1,910	1,910
Announcement Date	10/10/19	09/10/20	11/10/21	12/10/22	11/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	32,442	24,640	27,618	30,378	29,272	29,308	30,650	32,081
EBITDA ¹	8,397	4,399	5,949	6,574	4,812	5,610	5,864	6,861
EBIT ¹	6,689	2,498	3,997	4,613	2,983	3,410	3,803	4,341
Operating Margin	20.62%	10.14%	14.47%	15.19%	10.19%	11.63%	12.41%	13.53%
Earnings before Tax (EBT) ¹	6,774	2,289	4,548	4,832	1,577	3,544	3,982	4,386
Net income ¹	4,571	1,400	3,073	3,234	846	2,453	2,718	3,077
Net margin	14.09%	5.68%	11.13%	10.65%	2.89%	8.37%	8.87%	9.59%
EPS ²	168.8	51.28	112.2	117.6	30.82	91.47	101.4	115.0
Free Cash Flow ¹	773	203	5,688	1,707	1,883	3,671	2,386	2,091
FCF margin	2.38%	0.82%	20.6%	5.62%	6.43%	12.53%	7.78%	6.52%
FCF Conversion (EBITDA)	9.21%	4.61%	95.61%	25.97%	39.13%	65.44%	40.69%	30.48%
FCF Conversion (Net income)	16.91%	14.5%	185.1%	52.78%	222.58%	149.65%	87.78%	67.96%
Dividend per Share ²	68.00	70.00	70.00	70.00	40.00	40.00	43.00	48.00
Announcement Date	10/10/19	09/10/20	11/10/21	12/10/22	11/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	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	14,471	10,169	13,293	14,325	7,161	7,057	14,218	6,550	9,610	16,160	7,482	7,451	14,933	6,263	8,076	14,339	7,418	8,117	15,535	5,965	8,500	14,465
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,491	7	2,169	1,828	1,383	1,403	2,786	388	1,439	1,827	1,123	1,023	2,146	30	807	837	1,198	1,219	2,417	-17	900	883
Operating Margin	17.21%	0.07%	16.32%	12.76%	19.31%	19.88%	19.59%	5.92%	14.97%	11.31%	15.01%	13.73%	14.37%	0.48%	9.99%	5.84%	16.15%	15.02%	15.56%	-0.28%	10.59%	6.1%
Earnings before Tax (EBT) ¹	2,532	-243	2,199	2,349	1,419	1,445	2,864	451	1,517	1,968	1,180	898	2,078	-1,308	807	-501	1,265	1,325	2,590	-210	1,020	810
Net income ¹	1,688	-288	1,446	1,627	921	972	1,893	307	1,034	1,341	717	657	1,374	-1,151	623	-528	872	977	1,849	-199	750	551
Net margin	11.66%	-2.83%	10.88%	11.36%	12.86%	13.77%	13.31%	4.69%	10.76%	8.3%	9.58%	8.82%	9.2%	-18.38%	7.71%	-3.68%	11.76%	12.04%	11.9%	-3.34%	8.82%	3.81%
EPS	61.88	-10.60	52.85	59.37	33.56	35.35	68.91	11.14	37.60	48.74	26.10	23.88	49.98	-41.87	22.71	-19.16	32.49	-	69.00	-	-	-
Dividend per Share	35.00	35.00	35.00	35.00	-	-	35.00	-	-	35.00	-	-	20.00	-	-	-	-	-	20.00	-	-	-
Announcement Date	10/04/20	09/10/20	09/04/21	11/10/21	11/01/22	11/04/22	11/04/22	11/07/22	12/10/22	12/10/22	11/01/23	07/04/23	07/04/23	07/07/23	11/10/23	11/10/23	10/01/24	09/04/24	09/04/24	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	6,598	5,305	9,333	11,550	9,150	11,941	13,298	14,714
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	773	203	5,688	1,707	1,883	3,671	2,386	2,091
ROE (net income / shareholders' equity)	12.7%	3.7%	8%	8.1%	2.1%	6.31%	6.97%	7.65%
ROA (Net income/ Total Assets)	13.4%	5.52%	8.21%	9.09%	5.77%	4.5%	5.3%	5.8%
Assets ¹	34,088	25,365	37,434	35,593	14,664	54,511	51,288	53,052
Book Value Per Share ²	1,382	1,372	1,426	1,481	1,453	1,528	1,590	1,662
Cash Flow per Share	232.0	121.0	183.0	189.0	97.40	-	-	-
Capex ¹	2,317	3,060	2,294	1,930	1,601	3,000	3,000	3,000
Capex / Sales	7.14%	12.42%	8.31%	6.35%	5.47%	10.24%	9.79%	9.35%
Announcement Date	10/10/19	09/10/20	11/10/21	12/10/22	11/10/23	-	-	-

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 Giken Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,910 JPY

Average target price

2,100 JPY

Spread / Average Target

+9.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Construction Machinery

	1st Jan change	Capi.
GIKEN LTD.	+5.52%	325M
CATERPILLAR INC.	+16.14%	171B
SANY HEAVY INDUSTRY CO.,LTD	+16.49%	18.7B
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