Financials NEC Corporation

Equities

6701

JP3733000008

IT Services & Consulting

Delayed Japan Exchange 07:00:00 24/06/2024 BST 5-day change 1st Jan Change
12,805 JPY +1.55% Intraday chart for NEC Corporation +3.73% +53.35%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 973,098 1,025,023 1,776,673 1,403,157 1,358,384 3,359,995 - -
Enterprise Value (EV) 1 1,241,590 1,341,190 1,956,184 1,552,201 1,484,571 2,984,791 3,286,095 3,106,321
P/E ratio 24.2 x 10.2 x 11.7 x 9.93 x 12 x 19.6 x 21.5 x 18.5 x
Yield 1.07% 1.77% 1.38% 1.94% 2.16% 1.09% 1.1% 1.3%
Capitalization / Revenue 0.33 x 0.33 x 0.59 x 0.47 x 0.41 x 0.84 x 0.98 x 0.94 x
EV / Revenue 0.43 x 0.43 x 0.65 x 0.51 x 0.45 x 0.86 x 0.96 x 0.87 x
EV / EBITDA 7.88 x 4.56 x 6.09 x 4.96 x 4.2 x 7.94 x 7.8 x 6.84 x
EV / FCF -99.8 x 7.09 x 12.8 x 18.4 x 14.5 x 17.1 x 17.4 x 14.1 x
FCF Yield -1% 14.1% 7.79% 5.42% 6.91% 5.85% 5.75% 7.08%
Price to Book 1.13 x 1.12 x 1.36 x 0.93 x 0.84 x 1.53 x 1.65 x 1.6 x
Nbr of stocks (in thousands) 259,839 259,828 272,496 272,458 266,350 266,455 - -
Reference price 2 3,745 3,945 6,520 5,150 5,100 12,610 12,610 12,610
Announcement Date 26/04/19 12/05/20 12/05/21 28/04/22 28/04/23 26/04/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,913,446 3,095,234 2,994,023 3,014,095 3,313,018 3,477,262 3,423,225 3,572,838
EBITDA 1 157,547 293,969 321,372 313,064 353,745 375,712 421,213 454,254
EBIT 1 58,465 127,609 153,759 132,525 170,447 188,012 230,288 268,712
Operating Margin 2.01% 4.12% 5.14% 4.4% 5.14% 5.41% 6.73% 7.52%
Earnings before Tax (EBT) 1 77,993 123,969 157,831 144,436 167,671 185,011 237,077 273,631
Net income 1 40,195 99,967 149,606 141,277 114,500 149,521 156,078 182,466
Net margin 1.38% 3.23% 5% 4.69% 3.46% 4.3% 4.56% 5.11%
EPS 2 154.8 385.0 557.2 518.5 424.5 561.2 585.8 683.4
Free Cash Flow 1 -12,440 189,038 152,416 84,140 102,536 174,729 188,975 220,040
FCF margin -0.43% 6.11% 5.09% 2.79% 3.09% 5.02% 5.52% 6.16%
FCF Conversion (EBITDA) - 64.31% 47.43% 26.88% 28.99% 46.51% 44.86% 48.44%
FCF Conversion (Net income) - 189.1% 101.88% 59.56% 89.55% 116.86% 121.08% 120.59%
Dividend per Share 2 40.00 70.00 90.00 100.0 110.0 120.0 139.2 164.1
Announcement Date 26/04/19 12/05/20 12/05/21 28/04/22 28/04/23 26/04/24 - -
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 1,448,993 1,646,241 1,315,030 1,678,993 730,864 1,382,805 713,551 917,739 1,631,290 659,669 795,702 1,455,371 813,888 1,043,759 1,857,647 706,542 842,259 1,548,801 844,475 1,083,986 1,928,461 691,400 831,200 1,519,000 824,200 1,061,200 1,921,000
EBITDA 1 - - - - 59,890 - 69,818 136,746 - 28,862 74,836 - 91,594 158,453 - 37,930 83,239 - 90,027 164,516 - 50,791 103,430 - - - -
EBIT 1 46,856 80,753 19,973 133,786 22,072 23,205 24,057 85,263 109,320 -15,341 29,208 13,867 43,232 113,348 156,580 -8,125 36,120 27,995 41,820 118,197 160,017 -875 42,195 37,500 45,000 143,340 187,500
Operating Margin 3.23% 4.91% 1.52% 7.97% 3.02% 1.68% 3.37% 9.29% 6.7% -2.33% 3.67% 0.95% 5.31% 10.86% 8.43% -1.15% 4.29% 1.81% 4.95% 10.9% 8.3% -0.13% 5.08% 2.47% 5.46% 13.51% 9.76%
Earnings before Tax (EBT) 1 46,115 77,854 19,363 138,468 22,814 25,758 23,327 95,351 118,678 -6,647 30,758 24,111 33,492 110,068 143,560 -2,463 34,440 31,977 36,177 116,857 153,034 7,000 29,000 36,000 31,000 158,000 189,000
Net income 1 29,162 70,805 11,008 138,598 13,116 13,342 11,591 116,344 127,935 -13,862 17,835 3,973 22,396 88,131 110,527 -7,388 20,302 12,914 21,126 115,481 136,607 1,079 24,256 23,500 29,596 100,560 131,500
Net margin 2.01% 4.3% 0.84% 8.25% 1.79% 0.96% 1.62% 12.68% 7.84% -2.1% 2.24% 0.27% 2.75% 8.44% 5.95% -1.05% 2.41% 0.83% 2.5% 10.65% 7.08% 0.16% 2.92% 1.55% 3.59% 9.48% 6.85%
EPS 2 112.3 272.7 41.53 515.6 48.14 48.97 42.54 427.0 469.6 -50.88 65.48 14.60 82.82 327.1 409.9 -27.74 76.22 48.48 79.30 433.5 512.8 -8.252 103.4 79.40 105.6 380.3 527.3
Dividend per Share 2 30.00 40.00 40.00 50.00 50.00 50.00 - 50.00 50.00 - 55.00 55.00 - 55.00 55.00 - 60.00 60.00 - 60.00 60.00 - 65.00 65.00 - 65.00 65.00
Announcement Date 29/10/19 12/05/20 29/10/20 12/05/21 29/10/21 29/10/21 31/01/22 28/04/22 28/04/22 28/07/22 28/10/22 28/10/22 30/01/23 28/04/23 28/04/23 28/07/23 30/10/23 30/10/23 30/01/24 26/04/24 26/04/24 - - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 268,492 316,167 179,511 149,044 126,187 56,425 - -
Net Cash position 1 - - - - - - 73,900 253,674
Leverage (Debt/EBITDA) 1.704 x 1.076 x 0.5586 x 0.4761 x 0.3567 x 0.1502 x - -
Free Cash Flow 1 -12,440 189,038 152,416 84,140 102,536 174,729 188,975 220,040
ROE (net income / shareholders' equity) 4.6% 11.3% 13.5% 10% 7.3% 8.4% 7.97% 9.02%
ROA (Net income/ Total Assets) 2.7% 4.08% 4.65% 3.89% 4.33% 4.51% 4.3% 4.81%
Assets 1 1,487,349 2,448,953 3,218,939 3,633,892 2,644,739 3,318,184 3,629,711 3,792,084
Book Value Per Share 2 3,310 3,508 4,801 5,555 6,097 7,189 7,619 7,878
Cash Flow per Share 2 536.0 1,026 1,181 1,181 1,104 1,266 1,260 1,338
Capex 1 48,929 72,825 70,936 71,106 77,714 96,499 85,600 89,000
Capex / Sales 1.68% 2.35% 2.37% 2.36% 2.35% 2.78% 2.5% 2.49%
Announcement Date 26/04/19 12/05/20 12/05/21 28/04/22 28/04/23 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

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
12,610 JPY
Average target price
12,892 JPY
Spread / Average Target
+2.23%
Consensus
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