Financials HOYA Corporation OTC Markets

Equities

HOCPY

US4432511032

Medical Equipment, Supplies & Distribution

Market Closed - OTC Markets Other stock markets 20:59:45 14/06/2024 BST			5-day change	1st Jan Change
117.4 ^USD	-1.26%		-3.09%	-5.73%

05-24	Hoya Corporation Announces Dividend for the Year Ending March 31, 2024, Payable on June 10, 2024	CI
05-17	HOYA Group Company, PENTAX of America, Inc. and MAGENTIQ-EYE Ltd. Announces Their Intention to Form a Distribution Partnership for the U.S Market	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,776,645	3,460,044	4,774,145	5,121,819	5,171,784	6,546,471	-	-
Enterprise Value (EV) ¹	2,486,086	3,164,028	4,459,997	4,724,015	4,790,478	6,072,753	6,029,556	5,965,380
P/E ratio	22.7 x	30.3 x	38.7 x	31.4 x	31 x	36.4 x	32.4 x	28.6 x
Yield	1.23%	0.98%	0.69%	0.78%	0.76%	0.59%	0.65%	0.7%
Capitalization / Revenue	4.91 x	6 x	8.71 x	7.74 x	7.15 x	8.61 x	7.97 x	7.41 x
EV / Revenue	4.39 x	5.49 x	8.14 x	7.14 x	6.62 x	7.96 x	7.34 x	6.75 x
EV / EBITDA	14.5 x	16.8 x	22.3 x	19.4 x	18.4 x	15.1 x	20.3 x	17.9 x
EV / FCF	21.2 x	29 x	39.9 x	29.4 x	31 x	36.6 x	32.6 x	27.9 x
FCF Yield	4.72%	3.45%	2.5%	3.4%	3.22%	2.73%	3.06%	3.59%
Price to Book	4.46 x	5.35 x	6.98 x	6.37 x	6.3 x	6.79 x	6.78 x	6.23 x
Nbr of stocks (in thousands)	379,894	376,092	367,101	365,062	355,205	349,985	-	-
Reference price ²	7,309	9,200	13,005	14,030	14,560	18,705	18,705	18,705
Announcement Date	07/05/19	08/05/20	30/04/21	06/05/22	08/05/23	15/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	565,810	576,546	547,921	661,466	723,582	762,610	821,340	883,255
EBITDA ¹	171,464	188,868	200,371	243,353	260,371	401,017	297,171	332,428
EBIT ¹	145,048	154,494	164,035	200,334	210,756	353,802	244,195	274,944
Operating Margin	25.64%	26.8%	29.94%	30.29%	29.13%	46.39%	29.73%	31.13%
Earnings before Tax (EBT) ¹	144,657	147,268	159,218	210,706	215,832	236,564	255,434	285,583
Net income ¹	122,103	114,406	125,446	164,507	168,638	181,377	199,966	224,615
Net margin	21.58%	19.84%	22.89%	24.87%	23.31%	23.78%	24.35%	25.43%
EPS ²	321.6	303.3	335.8	446.4	469.8	515.5	577.4	652.9
Free Cash Flow ¹	117,384	109,218	111,719	160,757	154,333	165,855	184,806	214,150
FCF margin	20.75%	18.94%	20.39%	24.3%	21.33%	21.75%	22.5%	24.25%
FCF Conversion (EBITDA)	68.46%	57.83%	55.76%	66.06%	59.27%	41.36%	62.19%	64.42%
FCF Conversion (Net income)	96.14%	95.47%	89.06%	97.72%	91.52%	91.44%	92.42%	95.34%
Dividend per Share ²	90.00	90.00	90.00	110.0	110.0	110.0	121.9	130.4
Announcement Date	07/05/19	08/05/20	30/04/21	06/05/22	08/05/23	15/05/24	-	-

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	294,948	281,598	249,640	298,281	162,601	320,601	171,271	169,594	340,865	180,179	184,112	364,291	173,525	185,766	359,291	182,288	188,701	370,989	194,798	196,823	391,621	191,128	203,790	397,000	210,073	218,922	415,000
EBITDA ¹	-	-	-	-	59,800	-	64,231	59,573	-	66,157	66,138	-	61,890	66,190	-	-	98,592	-	104,514	101,893	-	70,336	75,933	-	74,334	-	-
EBIT ¹	83,649	-	74,580	89,455	49,200	98,640	53,537	48,145	101,692	54,200	53,852	108,047	49,296	53,413	102,709	83,537	86,863	170,400	93,104	90,298	183,402	55,722	60,896	113,200	61,556	63,114	140,800
Operating Margin	28.36%	-	29.88%	29.99%	30.26%	30.77%	31.26%	28.39%	29.83%	30.08%	29.25%	29.66%	28.41%	28.75%	28.59%	45.83%	46.03%	45.93%	47.8%	45.88%	46.83%	29.15%	29.88%	28.51%	29.3%	28.83%	33.93%
Earnings before Tax (EBT) ¹	81,266	66,002	72,135	87,083	53,989	105,007	51,922	53,777	105,699	61,518	61,820	123,338	38,497	53,997	92,494	51,166	63,616	114,782	49,689	72,093	121,782	54,870	63,933	127,200	59,406	73,347	130,800
Net income ¹	64,911	49,495	57,730	67,716	42,966	84,224	40,861	39,422	80,283	48,358	47,101	95,459	30,626	42,553	73,179	38,215	47,418	85,633	38,653	57,091	95,744	44,664	47,858	99,799	48,064	54,321	102,215
Net margin	22.01%	17.58%	23.13%	22.7%	26.42%	26.27%	23.86%	23.24%	23.55%	26.84%	25.58%	26.2%	17.65%	22.91%	20.37%	20.96%	25.13%	23.08%	19.84%	29.01%	24.45%	23.37%	23.48%	25.14%	22.88%	24.81%	24.63%
EPS ²	171.6	131.6	154.0	181.7	116.5	228.3	110.8	107.4	218.2	132.8	131.0	263.8	86.34	119.6	206.0	108.1	134.4	242.5	110.3	162.7	273.0	128.5	145.2	284.7	145.2	174.2	291.6
Dividend per Share ²	45.00	45.00	45.00	45.00	45.00	45.00	-	65.00	65.00	-	45.00	45.00	-	65.00	65.00	-	45.00	45.00	-	65.00	65.00	-	50.00	50.00	-	80.00	80.00
Announcement Date	29/10/19	08/05/20	27/10/20	30/04/21	28/10/21	28/10/21	01/02/22	06/05/22	06/05/22	04/08/22	27/10/22	27/10/22	31/01/23	08/05/23	08/05/23	31/07/23	31/10/23	31/10/23	01/02/24	15/05/24	15/05/24	-	-	-	-	-	-

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	290,559	296,016	314,148	397,804	381,306	495,923	516,915	581,091
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	117,384	109,218	111,719	160,757	154,333	165,855	184,806	214,150
ROE (net income / shareholders' equity)	21.2%	18%	18.8%	22.1%	20.8%	20.3%	21%	22.9%
ROA (Net income/ Total Assets)	20.5%	18.7%	19.1%	22.8%	21.4%	21.2%	18.8%	21.9%
Assets ¹	597,005	611,744	655,641	720,675	789,608	855,633	1,064,841	1,024,435
Book Value Per Share ²	1,640	1,720	1,863	2,202	2,312	2,761	2,758	3,003
Cash Flow per Share ²	391.0	394.0	433.0	563.0	608.0	650.0	679.0	781.0
Capex ¹	29,204	54,148	40,093	34,435	43,468	56,947	46,414	48,783
Capex / Sales	5.16%	9.39%	7.32%	5.21%	6.01%	7.47%	5.65%	5.52%
Announcement Date	07/05/19	08/05/20	30/04/21	06/05/22	08/05/23	15/05/24	-	-

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 HOYA Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

18,705 JPY

Average target price

21,479 JPY

Spread / Average Target

+14.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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