Financials JVCKENWOOD Corporation BOERSE MUENCHEN

Equities

JVC

JP3386410009

Auto, Truck & Motorcycle Parts

Real-time BOERSE MUENCHEN Other stock markets 20:14:12 27/06/2024 BST			5-day change	1st Jan Change
5.42 ^EUR	+0.18%		+1.12%	+13.18%

06-21	JVCKENWOOD Corporation Announces New Management Structure Changes	CI
05-15	JVCKENWOOD Corporation Announces Dividend for the Fiscal Year Ended March 31, 2024	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	31,969	36,067	29,100	62,287	142,333	140,129	-	-
Enterprise Value (EV) ¹	66,640	93,624	50,231	68,582	141,755	140,129	140,129	140,129
P/E ratio	33.5 x	16.7 x	4.96 x	3.84 x	11.2 x	10.8 x	9.94 x	9.09 x
Yield	2.56%	2.27%	3.37%	3.15%	1.27%	1.38%	1.54%	2.08%
Capitalization / Revenue	0.11 x	0.13 x	0.1 x	0.18 x	0.4 x	0.39 x	0.39 x	0.38 x
EV / Revenue	0.11 x	0.13 x	0.1 x	0.18 x	0.4 x	0.39 x	0.39 x	0.38 x
EV / EBITDA	1.32 x	1.49 x	1.11 x	1.59 x	3.91 x	3.66 x	3.44 x	3.26 x
EV / FCF	16.3 x	1.5 x	-10.6 x	3.23 x	8.32 x	11.6 x	10.3 x	9.31 x
FCF Yield	6.15%	66.6%	-9.43%	31%	12%	8.61%	9.71%	10.7%
Price to Book	0.57 x	0.56 x	0.37 x	0.63 x	1.24 x	1.13 x	1.03 x	0.94 x
Nbr of stocks (in thousands)	163,942	163,941	163,486	163,484	150,776	149,232	-	-
Reference price ²	195.0	220.0	178.0	381.0	944.0	939.0	939.0	939.0
Announcement Date	20/05/20	27/04/21	27/04/22	27/04/23	26/04/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	291,304	273,609	282,088	336,910	359,459	358,000	361,500	367,000
EBITDA ¹	24,279	24,209	26,174	39,249	36,408	38,250	40,750	43,000
EBIT ¹	4,080	4,893	9,054	15,836	18,226	19,000	20,250	21,500
Operating Margin	1.4%	1.79%	3.21%	4.7%	5.07%	5.31%	5.6%	5.86%
Earnings before Tax (EBT) ¹	2,877	4,533	8,515	21,161	18,245	18,900	20,200	21,500
Net income ¹	954	2,154	5,873	16,229	13,016	13,100	13,950	14,800
Net margin	0.33%	0.79%	2.08%	4.82%	3.62%	3.66%	3.86%	4.03%
EPS ²	5.820	13.14	35.89	99.27	84.34	87.25	94.45	103.2
Free Cash Flow ¹	1,967	24,025	-2,745	19,278	17,110	12,064	13,612	15,047
FCF margin	0.68%	8.78%	-0.97%	5.72%	4.76%	3.37%	3.77%	4.1%
FCF Conversion (EBITDA)	8.1%	99.24%	-	49.12%	47%	31.54%	33.4%	34.99%
FCF Conversion (Net income)	206.18%	1,115.37%	-	118.79%	131.45%	92.09%	97.58%	101.67%
Dividend per Share ²	5.000	5.000	6.000	12.00	12.00	13.00	14.50	19.50
Announcement Date	20/05/20	27/04/21	27/04/22	27/04/23	26/04/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	144,608	117,698	155,911	124,433	70,193	87,462	72,000	86,108	158,108	89,389	89,413	85,598	89,106	174,704	92,554	92,201	86,000	88,250	92,250	91,500
EBITDA	-	-	-	-	5,644	9,537	5,077	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	903	-3,352	8,245	2,071	1,554	5,429	516	5,244	5,760	13,746	2,128	5,012	4,795	9,807	5,175	3,244	3,950	4,950	5,700	4,400
Operating Margin	0.62%	-2.85%	5.29%	1.66%	2.21%	6.21%	0.72%	6.09%	3.64%	15.38%	2.38%	5.86%	5.38%	5.61%	5.59%	3.52%	4.59%	5.61%	6.18%	4.81%
Earnings before Tax (EBT)	187	-3,605	8,138	1,731	1,346	-	539	-	5,784	13,559	-	4,873	-	9,740	5,192	-	-	-	-	-
Net income	-249	-4,292	6,446	-256	759	-	-246	-	3,677	11,836	-	3,477	-	6,750	4,172	-	-	-	-	-
Net margin	-0.17%	-3.65%	4.13%	-0.21%	1.08%	-	-0.34%	-	2.33%	13.24%	-	4.06%	-	3.86%	4.51%	-	-	-	-	-
EPS	-1.520	-26.18	-	-1.560	4.640	32.81	-1.510	-	22.49	72.40	-	21.84	-	43.04	27.20	-	-	-	-	-
Dividend per Share	5.000	-	5.000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	20/05/20	30/10/20	27/04/21	29/10/21	01/02/22	27/04/22	29/07/22	31/10/22	31/10/22	01/02/23	27/04/23	01/08/23	31/10/23	31/10/23	01/02/24	26/04/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	34,671	57,557	21,131	6,295	-	-	-	-
Net Cash position	-	-	-	-	578	-	-	-
Leverage (Debt/EBITDA)	1.428 x	2.378 x	0.8073 x	0.1604 x	-	-	-	-
Free Cash Flow ¹	1,967	24,025	-2,745	19,278	17,110	12,064	13,612	15,047
ROE (net income / shareholders' equity)	1.6%	3.6%	8.1%	18.2%	12.2%	11%	11%	10.8%
ROA (Net income/ Total Assets)	1.15%	1.76%	3.12%	7.29%	5.92%	5.8%	6.1%	6.2%
Assets ¹	82,957	122,119	187,996	222,472	219,789	225,862	228,689	238,710
Book Value Per Share ²	345.0	394.0	486.0	604.0	761.0	833.0	913.0	999.0
Cash Flow per Share ²	129.0	131.0	141.0	207.0	202.0	221.0	248.0	271.0
Capex ¹	8,170	13,912	12,300	11,400	21,009	21,000	20,500	20,500
Capex / Sales	2.8%	5.08%	4.36%	3.38%	5.84%	5.87%	5.67%	5.59%
Announcement Date	20/05/20	27/04/21	27/04/22	27/04/23	26/04/24	-	-	-

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 JVCKENWOOD Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

939 JPY

Average target price

1,025 JPY

Spread / Average Target

+9.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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