Financials Musashi Co., Ltd.

Equities

7521

JP3912600008

Office Equipment

Delayed Japan Exchange Other stock markets 06:24:27 02/05/2024 BST			5-day change	1st Jan Change
1,811 ^JPY	+0.56%		-0.28%	-0.66%

2023	Musashi Co., Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI
2021	Tranche Update on Musashi Co., Ltd.'s Equity Buyback Plan announced on August 17, 2021.	CI

Valuation

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,098	11,939	14,460	11,850	10,869	12,341	-	-
Enterprise Value (EV) ¹	1,867	-4,725	-504.8	-4,119	-6,291	12,341	12,341	12,341
P/E ratio	93.1 x	13.9 x	-515 x	12.3 x	6.17 x	13.7 x	12.3 x	7.26 x
Yield	1.04%	2.16%	1.19%	2.3%	2.7%	1.66%	1.66%	1.66%
Capitalization / Revenue	0.46 x	0.32 x	0.48 x	0.33 x	0.29 x	0.35 x	0.34 x	0.31 x
EV / Revenue	0.46 x	0.32 x	0.48 x	0.33 x	0.29 x	0.35 x	0.34 x	0.31 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-19,297,539 x	6,250,747 x	-14,445,705 x	-	7,962,667 x	-	26,257,003 x	9,566,505 x
FCF Yield	-0%	0%	-0%	-	0%	-	0%	0%
Price to Book	0.63 x	0.44 x	0.53 x	0.44 x	0.38 x	-	-	-
Nbr of stocks (in thousands)	7,443	7,383	7,183	6,814	6,814	6,814	-	-
Reference price ²	2,297	1,617	2,013	1,739	1,595	1,811	1,811	1,811
Announcement Date	17/05/19	15/05/20	14/05/21	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	37,135	37,589	30,261	36,213	37,072	35,000	36,700	40,000
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	306	1,025	-97	1,746	2,619	1,400	1,500	2,500
Operating Margin	0.82%	2.73%	-0.32%	4.82%	7.06%	4%	4.09%	6.25%
Earnings before Tax (EBT) ¹	482	1,179	22	1,821	2,690	1,400	1,500	2,500
Net income ¹	183	865	-28	981	1,762	900	1,000	1,700
Net margin	0.49%	2.3%	-0.09%	2.71%	4.75%	2.57%	2.72%	4.25%
EPS ²	24.66	116.5	-3.910	141.5	258.7	132.1	146.7	249.5
Free Cash Flow	-886	1,910	-1,001	-	1,365	-	470	1,290
FCF margin	-2.39%	5.08%	-3.31%	-	3.68%	-	1.28%	3.22%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	220.81%	-	-	77.47%	-	47%	75.88%
Dividend per Share ²	24.00	35.00	24.00	40.00	43.00	30.00	30.00	30.00
Announcement Date	17/05/19	15/05/20	14/05/21	13/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	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	19,851	17,738	14,180	16,081	9,492	16,871	9,466	9,876	19,342	9,051	9,338	18,389	8,831	9,852	18,683	8,695	8,084	16,779	7,894	10,327	18,221
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,127	-102	-185	88	501	558	815	373	1,188	643	912	1,555	444	620	1,064	710	20	730	164	506	670
Operating Margin	5.68%	-0.58%	-1.3%	0.55%	5.28%	3.31%	8.61%	3.78%	6.14%	7.1%	9.77%	8.46%	5.03%	6.29%	5.7%	8.17%	0.25%	4.35%	2.08%	4.9%	3.68%
Earnings before Tax (EBT) ¹	1,153	-	-129	-	490	560	851	410	1,261	677	902	1,579	470	641	1,111	729	19	748	175	478	649
Net income ¹	899	-34	-106	78	331	338	616	27	643	440	620	1,060	278	424	702	509	-11	498	80	322	402
Net margin	4.53%	-0.19%	-0.75%	0.49%	3.49%	2%	6.51%	0.27%	3.32%	4.86%	6.64%	5.76%	3.15%	4.3%	3.76%	5.85%	-0.14%	2.97%	1.01%	3.12%	2.21%
EPS	120.8	-	-14.38	-	-	47.89	88.84	-	-	64.59	-	155.6	40.86	-	-	74.79	-	73.11	11.82	-	-
Dividend per Share	20.00	-	12.00	-	-	18.00	-	-	-	-	-	23.00	-	-	-	-	-	15.00	-	-	-
Announcement Date	12/11/19	15/05/20	10/11/20	14/05/21	09/11/21	09/11/21	08/02/22	13/05/22	13/05/22	09/08/22	08/11/22	08/11/22	07/02/23	12/05/23	12/05/23	08/08/23	07/11/23	07/11/23	06/02/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	15,231	16,664	14,965	15,969	17,160	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-886	1,910	-1,001	-	1,365	-	470	1,290
ROE (net income / shareholders' equity)	0.7%	3.2%	-0.1%	3.6%	6.3%	-	-	-
ROA (Net income/ Total Assets)	0.87%	2.82%	0.06%	4.36%	6.19%	-	-	-
Assets ¹	21,087	30,682	-49,123	22,506	28,457	-	-	-
Book Value Per Share	3,648	3,684	3,763	3,966	4,211	-	-	-
Cash Flow per Share	69.20	162.0	40.80	202.0	319.0	-	-	-
Capex ¹	301	855	312	772	225	370	300	300
Capex / Sales	0.81%	2.27%	1.03%	2.13%	0.61%	1.06%	0.82%	0.75%
Announcement Date	17/05/19	15/05/20	14/05/21	13/05/22	12/05/23	-	-	-

¹JPY in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Musashi Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,811 JPY

Average target price

2,200 JPY

Spread / Average Target

+21.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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