Financials Meiko Electronics Co., Ltd.

Equities

6787

JP3915350007

Semiconductors

Delayed Japan Exchange Other stock markets 02:30:15 07/05/2024 BST			5-day change	1st Jan Change
5,380 ^JPY	+4.26%		+3.86%	+29.02%

03-21	Meiko Electronics Co., Ltd. Announces Executive Changes, Effective April 1, 2024	CI
02-13	Japanese Shares Breach 38,000-Mark as Chip Stocks Rally	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	45,359	35,021	69,980	103,973	74,930	132,331	-	-
Enterprise Value (EV) ¹	92,298	88,334	125,915	160,272	133,140	132,331	132,331	132,331
P/E ratio	6.73 x	13.5 x	15.2 x	9.13 x	8.62 x	13.1 x	11.9 x	10.2 x
Yield	2.02%	2.24%	0.74%	1.11%	1.88%	1.1%	1.16%	1.23%
Capitalization / Revenue	0.38 x	0.3 x	0.59 x	0.69 x	0.45 x	0.74 x	0.68 x	0.62 x
EV / Revenue	0.38 x	0.3 x	0.59 x	0.69 x	0.45 x	0.74 x	0.68 x	0.62 x
EV / EBITDA	2.98 x	2.97 x	4.95 x	4.89 x	3.87 x	6.07 x	4.95 x	4.34 x
EV / FCF	-13.9 x	-15 x	-42.8 x	47.5 x	-43.8 x	45.6 x	-108 x	47.1 x
FCF Yield	-7.17%	-6.65%	-2.34%	2.11%	-2.28%	2.19%	-0.93%	2.12%
Price to Book	1.35 x	1.08 x	1.73 x	1.78 x	1.07 x	1.54 x	1.39 x	1.24 x
Nbr of stocks (in thousands)	26,174	26,174	26,044	25,641	25,643	25,646	-	-
Reference price ²	1,733	1,338	2,687	4,055	2,922	5,160	5,160	5,160
Announcement Date	10/05/19	11/05/20	10/05/21	10/05/22	10/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	118,910	115,479	119,257	151,275	167,276	178,333	196,000	214,667
EBITDA ¹	15,207	11,796	14,145	21,249	19,370	21,800	26,750	30,500
EBIT ¹	8,926	5,189	6,657	13,255	9,575	11,333	14,500	16,833
Operating Margin	7.51%	4.49%	5.58%	8.76%	5.72%	6.36%	7.4%	7.84%
Earnings before Tax (EBT) ¹	7,862	3,265	5,059	12,612	10,672	12,700	13,500	16,000
Net income ¹	6,743	2,586	4,640	11,451	8,847	10,090	11,087	12,980
Net margin	5.67%	2.24%	3.89%	7.57%	5.29%	5.66%	5.66%	6.05%
EPS ²	257.6	98.81	177.3	444.2	338.9	393.4	432.3	506.1
Free Cash Flow ¹	-3,252	-2,329	-1,636	2,190	-1,709	2,900	-1,230	2,808
FCF margin	-2.73%	-2.02%	-1.37%	1.45%	-1.02%	1.63%	-0.63%	1.31%
FCF Conversion (EBITDA)	-	-	-	10.31%	-	13.3%	-	9.2%
FCF Conversion (Net income)	-	-	-	19.12%	-	28.74%	-	21.63%
Dividend per Share ²	35.00	30.00	20.00	45.00	55.00	57.00	60.00	63.33
Announcement Date	10/05/19	11/05/20	10/05/21	10/05/22	10/05/23	-	-	-

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
Net sales ¹	59,122	56,357	53,236	66,021	36,191	69,470	40,504	41,301	81,805	40,011	41,699	81,710	43,546	42,020	85,566	41,588	44,628	86,216	47,318	44,933	91,784
EBITDA	-	-	-	-	-	-	-	-	11,923	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,410	1,779	1,814	4,843	3,172	5,549	4,275	3,431	7,706	2,804	1,837	4,641	3,337	1,597	4,934	907	3,290	4,197	4,141	2,911	6,803
Operating Margin	5.77%	3.16%	3.41%	7.34%	8.76%	7.99%	10.55%	8.31%	9.42%	7.01%	4.41%	5.68%	7.66%	3.8%	5.77%	2.18%	7.37%	4.87%	8.75%	6.48%	7.41%
Earnings before Tax (EBT)	2,842	-	272	-	-	4,631	4,122	-	-	5,106	-	8,527	686	-	-	2,921	-	6,745	3,055	-	-
Net income	2,366	-	194	-	-	4,190	3,682	-	7,261	3,952	-	6,419	702	-	-	2,262	-	5,223	2,457	-	-
Net margin	4%	-	0.36%	-	-	6.03%	9.09%	-	8.88%	9.88%	-	7.86%	1.61%	-	-	5.44%	-	6.06%	5.19%	-	-
EPS	90.40	-	7.440	-	-	161.7	143.1	-	-	154.2	-	250.4	24.75	-	-	85.15	-	197.5	92.73	-	-
Dividend per Share	15.00	-	-	-	-	20.00	-	-	-	-	-	27.00	-	-	-	-	-	27.00	-	-	-
Announcement Date	06/11/19	11/05/20	06/11/20	10/05/21	05/11/21	05/11/21	04/02/22	10/05/22	10/05/22	05/08/22	04/11/22	04/11/22	06/02/23	10/05/23	10/05/23	04/08/23	06/11/23	06/11/23	06/02/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	46,939	53,313	55,935	56,299	58,210	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.087 x	4.52 x	3.954 x	2.649 x	3.005 x	-	-	-
Free Cash Flow ¹	-3,252	-2,329	-1,636	2,190	-1,709	2,900	-1,231	2,808
ROE (net income / shareholders' equity)	20.2%	7.9%	12.8%	23.2%	13%	12.3%	11.8%	12.6%
ROA (Net income/ Total Assets)	7.45%	3.83%	4.2%	9.21%	6.05%	4.8%	4.8%	5.4%
Assets ¹	90,548	67,469	110,473	124,319	146,262	210,208	230,972	240,370
Book Value Per Share ²	1,283	1,234	1,552	2,281	2,736	3,343	3,720	4,176
Cash Flow per Share	498.0	350.0	462.0	754.0	727.0	-	-	-
Capex ¹	17,292	13,569	9,737	11,972	17,423	19,000	19,000	17,000
Capex / Sales	14.54%	11.75%	8.16%	7.91%	10.42%	10.65%	9.69%	7.92%
Announcement Date	10/05/19	11/05/20	10/05/21	10/05/22	10/05/23	-	-	-

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 Meiko Electronics Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5,160 JPY

Average target price

4,467 JPY

Spread / Average Target

-13.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Circuits

	1st Jan change	Capi.
MEIKO ELECTRONICS CO., LTD.	+29.02%	865M
MEDIATEK INC.	+1.97%	51.27B
SKYWORKS SOLUTIONS, INC.	-18.36%	14.84B
NOVATEK MICROELECTRONICS CORP.	+22.82%	11.95B
WUS PRINTED CIRCUIT (KUNSHAN) CO., LTD.	+49.64%	8.85B
UNIMICRON TECHNOLOGY CORP.	+4.55%	8.31B
UNIVERSAL DISPLAY CORPORATION	-7.83%	8.1B
AVARY HOLDING(SHENZHEN)CO., LIMITED	+18.95%	7.71B
GLOBALWAFERS CO., LTD.	-9.88%	7.02B
UNIGROUP GUOXIN MICROELECTRONICS CO., LTD.	-12.20%	6.82B

Integrated Circuits