Financials JAPAN MATERIAL Co., Ltd.

Equities

6055

JP3389680004

Semiconductor Equipment & Testing

Market Closed - Japan Exchange Other stock markets 07:00:00 02/05/2024 BST			5-day change	1st Jan Change
2,249 ^JPY	-0.49%		+2.46%	-10.40%

02-22	Japan Material's Attributable Profit Down 40.7% in Fiscal Due to Decline in Production	MT
2023	Japan Material's Fiscal H1 Attributable Profit Nearly Halves on Business Units' Weakness	MT

Valuation

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	139,154	145,619	134,433	178,588	242,053	231,058	-	-
Enterprise Value (EV) ¹	141,062	140,366	124,782	168,858	232,214	224,326	223,948	218,911
P/E ratio	25.2 x	26 x	21.9 x	26.5 x	30.6 x	40.6 x	25.5 x	21.6 x
Yield	0.96%	0.99%	1.22%	1.03%	0.85%	0.89%	0.99%	1.06%
Capitalization / Revenue	3.87 x	4.25 x	3.81 x	4.7 x	5.2 x	4.75 x	3.92 x	3.53 x
EV / Revenue	3.93 x	4.1 x	3.54 x	4.45 x	4.99 x	4.62 x	3.8 x	3.34 x
EV / EBITDA	16.8 x	16.1 x	13.3 x	17 x	19.7 x	25.2 x	16.3 x	14 x
EV / FCF	-1,414 x	16.7 x	21.5 x	167 x	175 x	39.5 x	54.2 x	30.5 x
FCF Yield	-0.07%	5.99%	4.66%	0.6%	0.57%	2.53%	1.84%	3.28%
Price to Book	6.09 x	5.37 x	4.23 x	4.8 x	5.56 x	4.85 x	4.27 x	3.69 x
Nbr of stocks (in thousands)	102,621	102,621	102,621	102,637	102,652	102,738	-	-
Reference price ²	1,356	1,419	1,310	1,740	2,358	2,249	2,249	2,249
Announcement Date	14/05/19	14/05/20	13/05/21	13/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	35,927	34,234	35,247	37,988	46,534	48,600	58,935	65,532
EBITDA ¹	8,373	8,712	9,362	9,933	11,808	8,900	13,700	15,650
EBIT ¹	7,905	8,102	8,758	9,330	11,097	8,000	12,968	15,285
Operating Margin	22%	23.67%	24.85%	24.56%	23.85%	16.46%	22%	23.32%
Earnings before Tax (EBT) ¹	7,908	8,120	8,891	9,592	11,214	8,351	13,703	15,793
Net income ¹	5,514	5,596	6,140	6,735	7,904	5,685	9,058	10,682
Net margin	15.35%	16.35%	17.42%	17.73%	16.99%	11.7%	15.37%	16.3%
EPS ²	53.73	54.54	59.84	65.63	77.00	55.34	88.18	104.0
Free Cash Flow ¹	-99.76	8,410	5,812	1,014	1,328	5,676	4,130	7,180
FCF margin	-0.28%	24.57%	16.49%	2.67%	2.85%	11.68%	7.01%	10.96%
FCF Conversion (EBITDA)	-	96.54%	62.08%	10.21%	11.25%	63.78%	30.15%	45.88%
FCF Conversion (Net income)	-	150.29%	94.66%	15.06%	16.8%	99.84%	45.6%	67.21%
Dividend per Share ²	13.00	14.00	16.00	18.00	20.00	20.00	22.25	23.75
Announcement Date	14/05/19	14/05/20	13/05/21	13/05/22	12/05/23	-	-	-

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 Q3	2025 Q4
Net sales ¹	16,597	17,637	16,244	19,003	9,584	18,257	9,110	10,621	19,731	10,933	12,812	23,745	11,687	11,102	22,789	10,332	12,495	22,827	13,324	12,449	-	14,090	14,900	15,490	16,160
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,241	4,861	4,052	4,706	2,526	4,663	2,380	2,287	4,667	2,439	3,688	6,127	3,118	1,852	4,970	1,349	1,746	3,095	2,390	2,515	-	2,990	3,280	3,490	3,710
Operating Margin	19.53%	27.56%	24.94%	24.76%	26.36%	25.54%	26.13%	21.53%	23.65%	22.31%	28.79%	25.8%	26.68%	16.68%	21.81%	13.06%	13.97%	13.56%	17.94%	20.2%	-	21.22%	22.01%	22.53%	22.96%
Earnings before Tax (EBT) ¹	3,245	4,875	4,051	4,840	2,550	4,579	2,434	2,579	5,013	2,641	3,833	6,474	2,902	1,838	4,740	1,594	1,707	3,301	2,302	2,648	4,963	-	-	-	-
Net income	2,221	3,375	2,801	3,339	1,765	3,173	1,679	1,883	3,562	1,851	2,660	4,511	2,024	1,369	3,393	1,115	1,177	2,292	1,586	-	-	-	-	-	-
Net margin	13.38%	19.14%	17.24%	17.57%	18.42%	17.38%	18.43%	17.73%	18.05%	16.93%	20.76%	19%	17.32%	12.33%	14.89%	10.79%	9.42%	10.04%	11.9%	-	-	-	-	-	-
EPS ²	21.65	32.89	27.29	32.55	17.20	30.92	16.36	18.35	34.71	18.04	25.91	43.95	19.72	13.33	33.05	10.87	11.46	22.33	15.44	17.73	-	-	-	-	-
Dividend per Share	-	14.00	-	16.00	-	-	-	-	18.00	-	-	-	-	-	20.00	-	-	-	-	-	-	-	-	-	-
Announcement Date	08/11/19	14/05/20	09/11/20	13/05/21	08/11/21	08/11/21	07/02/22	13/05/22	13/05/22	08/08/22	09/11/22	09/11/22	08/02/23	12/05/23	12/05/23	09/08/23	09/11/23	09/11/23	09/02/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,908	-	-	-	-	-	-	-
Net Cash position ¹	-	5,253	9,652	9,730	9,839	6,732	7,111	12,147
Leverage (Debt/EBITDA)	0.2279 x	-	-	-	-	-	-	-
Free Cash Flow ¹	-99.8	8,410	5,812	1,014	1,328	5,676	4,130	7,180
ROE (net income / shareholders' equity)	26.5%	22.4%	20.9%	19.5%	19.6%	12.6%	17.5%	19.1%
ROA (Net income/ Total Assets)	25.5%	23.6%	24.1%	23%	23.1%	10.8%	15.6%	16.6%
Assets ¹	21,658	23,707	25,432	29,285	34,230	52,639	58,061	64,352
Book Value Per Share ²	223.0	264.0	309.0	362.0	424.0	464.0	527.0	609.0
Cash Flow per Share	58.30	60.50	65.70	71.50	83.90	-	-	-
Capex ¹	3,622	470	128	3,605	2,810	2,274	2,280	2,310
Capex / Sales	10.08%	1.37%	0.36%	9.49%	6.04%	4.68%	3.87%	3.52%
Announcement Date	14/05/19	14/05/20	13/05/21	13/05/22	12/05/23	-	-	-

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 JAPAN MATERIAL Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,249 JPY

Average target price

2,725 JPY

Spread / Average Target

+21.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Semiconductor Machinery Manufacturing

	1st Jan change	Capi.
JAPAN MATERIAL CO., LTD.	-10.40%	1.47B
APPLIED MATERIALS, INC.	+22.13%	161B
DISCO CORPORATION	+32.90%	31.71B
ASM INTERNATIONAL N.V.	+23.80%	31.29B
GLOBALFOUNDRIES, INC.	-20.33%	26.04B
NAURA TECHNOLOGY GROUP CO., LTD.	+29.83%	23.39B
ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA	-7.77%	12.13B
HANMI SEMICONDUCTOR CO., LTD.	+118.80%	9.41B
KOKUSAI ELECTRIC CORPORATION	+33.93%	6.19B
ACM RESEARCH (SHANGHAI), INC.	-21.45%	4.94B

Semiconductor Machinery Manufacturing