Financials Nichias Corporation

Equities

5393

JP3660400007

Construction & Engineering

Delayed Japan Exchange Other stock markets 03:30:00 08/05/2024 BST			5-day change	1st Jan Change
4,140 ^JPY	-2.24%		-2.59%	+22.12%

03-19	Tranche Update on Nichias Corporation's Equity Buyback Plan announced on March 18, 2024.	CI
03-19	Nichias Corporation's Equity Buyback announced on March 18, 2024, has closed with 644,000 shares, representing 0.97% for ¥2,563.12 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	145,410	134,263	186,400	167,623	176,510	278,244	-	-
Enterprise Value (EV) ¹	142,002	124,986	171,399	137,557	141,585	267,404	278,244	278,244
P/E ratio	9.18 x	9.15 x	17.4 x	7.61 x	8.25 x	10 x	10.8 x	10 x
Yield	3.1%	3.75%	2.78%	3.4%	3.46%	2.41%	2.31%	2.64%
Capitalization / Revenue	0.67 x	0.64 x	0.95 x	0.78 x	0.74 x	1.07 x	1.08 x	1.07 x
EV / Revenue	0.67 x	0.64 x	0.95 x	0.78 x	0.74 x	1.07 x	1.08 x	1.07 x
EV / EBITDA	5.11 x	5.03 x	7.13 x	5.1 x	4.72 x	6.66 x	6.46 x	6.14 x
EV / FCF	48.2 x	12.1 x	17 x	8.57 x	17.7 x	20.5 x	14.8 x	14.1 x
FCF Yield	2.07%	8.28%	5.89%	11.7%	5.66%	4.89%	6.74%	7.11%
Price to Book	1.25 x	1.06 x	1.38 x	1.09 x	1.02 x	1.34 x	1.33 x	1.21 x
Nbr of stocks (in thousands)	66,337	66,336	66,334	66,333	66,332	65,701	-	-
Reference price ²	2,192	2,024	2,810	2,527	2,661	4,235	4,235	4,235
Announcement Date	07/05/19	11/05/20	10/05/21	09/05/22	08/05/23	07/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	215,495	208,900	196,372	216,236	238,116	249,391	257,000	259,700
EBITDA ¹	28,430	26,701	26,152	32,880	37,408	41,800	43,100	45,350
EBIT ¹	22,629	20,400	19,616	26,264	29,954	35,208	35,500	38,000
Operating Margin	10.5%	9.77%	9.99%	12.15%	12.58%	14.12%	13.81%	14.63%
Earnings before Tax (EBT) ¹	22,832	21,037	17,532	30,679	30,822	38,352	37,087	39,587
Net income ¹	15,861	14,700	10,715	22,034	21,398	26,961	24,300	27,637
Net margin	7.36%	7.04%	5.46%	10.19%	8.99%	10.81%	9.46%	10.64%
EPS ²	238.7	221.2	161.5	332.2	322.6	406.6	392.9	422.9
Free Cash Flow ¹	3,017	11,116	10,980	19,550	9,999	13,601	18,751	19,770
FCF margin	1.4%	5.32%	5.59%	9.04%	4.2%	5.5%	7.3%	7.61%
FCF Conversion (EBITDA)	10.61%	41.63%	41.99%	59.46%	26.73%	32.54%	43.51%	43.59%
FCF Conversion (Net income)	19.02%	75.62%	102.47%	88.73%	46.73%	51.85%	77.17%	71.53%
Dividend per Share ²	68.00	76.00	78.00	86.00	92.00	98.00	98.00	112.0
Announcement Date	07/05/19	11/05/20	10/05/21	09/05/22	08/05/23	07/05/24	-	-

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 S1	2025 S2
Net sales ¹	101,014	107,886	89,400	106,972	51,225	103,525	56,300	56,411	112,711	54,617	58,890	113,507	62,808	61,801	124,609	59,200	60,835	120,035	65,061	64,295	129,356	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,969	10,431	7,100	12,516	6,071	12,671	7,400	6,193	13,593	6,589	6,364	12,953	8,752	8,249	17,001	7,600	8,090	15,690	9,806	9,712	19,518	-	-
Operating Margin	9.87%	9.67%	7.94%	11.7%	11.85%	12.24%	13.14%	10.98%	12.06%	12.06%	10.81%	11.41%	13.93%	13.35%	13.64%	12.84%	13.3%	13.07%	15.07%	15.11%	15.09%	-	-
Earnings before Tax (EBT)	10,031	-	7,313	-	-	14,022	8,116	-	-	8,153	-	16,206	8,344	-	-	8,943	-	18,291	9,679	-	-	-	-
Net income	7,040	-	4,666	-	-	10,249	5,729	-	-	5,617	-	11,309	6,088	-	-	6,353	-	12,978	6,704	-	-	-	-
Net margin	6.97%	-	5.22%	-	-	9.9%	10.18%	-	-	10.28%	-	9.96%	9.69%	-	-	10.73%	-	10.81%	10.3%	-	-	-	-
EPS	106.1	-	70.34	-	-	154.5	86.37	-	-	84.69	-	170.5	91.78	-	-	95.78	-	195.6	101.0	-	-	-	-
Dividend per Share	38.00	-	38.00	40.00	-	42.00	-	-	-	-	-	46.00	-	-	-	-	-	48.00	-	-	50.00	54.00	54.00
Announcement Date	05/11/19	11/05/20	09/11/20	10/05/21	08/11/21	08/11/21	07/02/22	09/05/22	09/05/22	01/08/22	07/11/22	07/11/22	06/02/23	08/05/23	08/05/23	07/08/23	06/11/23	06/11/23	08/02/24	07/05/24	07/05/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	3,408	9,277	15,001	30,066	34,925	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,017	11,116	10,980	19,550	9,999	13,601	18,751	19,770
ROE (net income / shareholders' equity)	14%	12.1%	8.2%	15.2%	13.1%	14.5%	11.9%	12.6%
ROA (Net income/ Total Assets)	11.5%	10.4%	9.95%	13.1%	12.9%	14%	-	-
Assets ¹	138,364	140,831	107,678	168,118	166,177	192,898	-	-
Book Value Per Share ²	1,761	1,904	2,042	2,326	2,598	3,039	3,198	3,509
Cash Flow per Share ²	325.0	316.0	260.0	432.0	435.0	521.0	533.0	590.0
Capex ¹	12,816	8,978	7,703	11,355	10,069	12,233	12,167	12,167
Capex / Sales	5.95%	4.3%	3.92%	5.25%	4.23%	4.94%	4.73%	4.68%
Announcement Date	07/05/19	11/05/20	10/05/21	09/05/22	08/05/23	07/05/24	-	-

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 Nichias Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,235 JPY

Average target price

4,100 JPY

Spread / Average Target

-3.19%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Plant

	1st Jan change	Capi.
NICHIAS CORPORATION	+22.12%	1.81B
CHINA NATIONAL CHEMICAL ENGINEERING CO., LTD	+14.31%	6.1B
SAMSUNG ENGINEERING CO., LTD.	-10.69%	3.73B
TAIKISHA LTD.	+12.85%	1B
INOX GREEN ENERGY SERVICES LIMITED	+21.31%	471M
TAIWAN PURITIC CORP.	+25.39%	373M
TOYO ENGINEERING CORPORATION	+15.37%	354M
BOUSTEAD SINGAPORE LIMITED	+8.72%	332M
CHINA ECOTEK CORPORATION	+28.72%	280M
HANYANG ENG CO.,LTD	+32.58%	249M

Industrial Plant