Financials Nifco Inc.

Equities

7988

JP3756200006

Auto, Truck & Motorcycle Parts

Market Closed - Japan Exchange Other stock markets 07:00:00 28/06/2024 BST			5-day change	1st Jan Change
3,837 ^JPY	+0.13%		+0.74%	+5.27%

05-20	Tranche Update on Nifco Inc.'s Equity Buyback Plan announced on May 17, 2024.	CI
05-20	Nifco Inc.'s Equity Buyback announced on May 17, 2024, has closed with 1,300,000 shares, representing 1.31% for ¥4,999.80 million.	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	199,812	409,752	279,479	375,090	383,451	374,074	-	-
Enterprise Value (EV) ¹	180,195	382,254	236,173	309,063	283,412	262,398	260,654	237,279
P/E ratio	10.9 x	22.3 x	12.3 x	17.7 x	21.1 x	12.2 x	11.7 x	10.2 x
Yield	3.2%	1.31%	2.22%	1.71%	1.66%	2.12%	2.49%	2.77%
Capitalization / Revenue	0.69 x	1.6 x	0.98 x	1.17 x	1.03 x	1.05 x	0.99 x	0.95 x
EV / Revenue	0.63 x	1.49 x	0.83 x	0.96 x	0.76 x	0.74 x	0.69 x	0.6 x
EV / EBITDA	3.91 x	9.27 x	5.45 x	6.41 x	4.87 x	4.3 x	3.98 x	3.36 x
EV / FCF	14.1 x	15.7 x	10.6 x	12 x	7.61 x	6.42 x	8.31 x	5.56 x
FCF Yield	7.1%	6.35%	9.43%	8.33%	13.1%	15.6%	12%	18%
Price to Book	1.19 x	2.32 x	1.41 x	1.68 x	1.57 x	1.47 x	1.38 x	1.24 x
Nbr of stocks (in thousands)	102,996	101,549	100,172	100,024	99,314	97,491	-	-
Reference price ²	1,940	4,035	2,790	3,750	3,861	3,837	3,837	3,837
Announcement Date	18/05/20	13/05/21	13/05/22	12/05/23	13/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	288,012	256,078	283,777	321,771	371,639	356,968	377,923	394,112
EBITDA ¹	46,076	41,253	43,370	48,207	58,181	61,003	65,422	70,707
EBIT ¹	29,737	27,695	30,540	34,439	43,925	47,246	50,434	55,621
Operating Margin	10.32%	10.82%	10.76%	10.7%	11.82%	13.24%	13.35%	14.11%
Earnings before Tax (EBT) ¹	26,912	27,123	33,294	35,657	30,975	47,214	51,157	56,420
Net income ¹	18,321	18,402	22,959	21,170	18,252	31,085	32,217	36,877
Net margin	6.36%	7.19%	8.09%	6.58%	4.91%	8.71%	8.52%	9.36%
EPS ²	177.9	181.1	227.3	211.3	183.3	313.8	326.7	377.0
Free Cash Flow ¹	12,799	24,285	22,264	25,731	37,239	40,849	31,382	42,682
FCF margin	4.44%	9.48%	7.85%	8%	10.02%	11.44%	8.3%	10.83%
FCF Conversion (EBITDA)	27.78%	58.87%	51.34%	53.38%	64.01%	66.96%	47.97%	60.36%
FCF Conversion (Net income)	69.86%	131.97%	96.97%	121.54%	204.03%	131.41%	97.41%	115.74%
Dividend per Share ²	62.00	53.00	62.00	64.00	64.00	81.38	95.44	106.2
Announcement Date	18/05/20	13/05/21	13/05/22	12/05/23	13/05/24	-	-	-

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	142,697	107,455	148,623	139,663	68,767	75,347	72,648	75,702	148,350	85,860	87,561	87,977	90,858	178,835	94,944	97,860	86,713	89,396	90,716	97,441
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,598	6,528	21,167	16,076	6,771	7,693	7,928	7,289	15,217	10,256	8,966	10,146	10,536	20,682	10,831	12,412	10,412	11,252	11,284	13,053
Operating Margin	10.23%	6.08%	14.24%	11.51%	9.85%	10.21%	10.91%	9.63%	10.26%	11.95%	10.24%	11.53%	11.6%	11.56%	11.41%	12.68%	12.01%	12.59%	12.44%	13.4%
Earnings before Tax (EBT) ¹	-	5,545	-	17,091	7,136	9,067	11,238	8,605	19,843	8,614	-	13,464	11,591	25,055	9,605	-3,685	10,900	11,800	11,950	12,250
Net income ¹	8,622	3,137	15,265	11,890	4,673	6,396	8,035	5,805	13,840	4,690	2,640	9,728	7,607	17,335	6,073	-5,156	7,250	7,950	8,000	8,200
Net margin	6.04%	2.92%	10.27%	8.51%	6.8%	8.49%	11.06%	7.67%	9.33%	5.46%	3.02%	11.06%	8.37%	9.69%	6.4%	-5.27%	8.36%	8.89%	8.82%	8.42%
EPS ²	-	30.85	-	117.2	46.45	63.63	80.22	57.88	138.1	46.77	26.41	97.50	76.21	173.7	61.11	-51.56	65.32	67.36	68.37	93.83
Dividend per Share	-	25.00	-	31.00	-	-	-	-	31.00	-	-	-	-	32.00	-	-	-	-	-	-
Announcement Date	18/05/20	28/10/20	13/05/21	29/10/21	03/02/22	13/05/22	29/07/22	28/10/22	28/10/22	03/02/23	12/05/23	31/07/23	31/10/23	31/10/23	05/02/24	13/05/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	19,617	27,498	43,306	66,027	100,039	111,676	113,420	136,795
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	12,799	24,285	22,264	25,731	37,239	40,849	31,382	42,682
ROE (net income / shareholders' equity)	11.3%	10.7%	12.3%	10%	7.8%	12.6%	12.4%	13.4%
ROA (Net income/ Total Assets)	9.77%	9.66%	10.5%	10.9%	13.4%	10.5%	11.4%	11.1%
Assets ¹	187,581	190,441	218,711	193,450	135,894	297,005	282,024	332,531
Book Value Per Share ²	1,631	1,738	1,978	2,237	2,456	2,604	2,789	3,102
Cash Flow per Share ²	336.0	315.0	354.0	349.0	326.0	452.0	431.0	554.0
Capex ¹	23,030	15,637	8,940	8,872	10,018	23,500	16,100	16,000
Capex / Sales	8%	6.11%	3.15%	2.76%	2.7%	6.58%	4.26%	4.06%
Announcement Date	18/05/20	13/05/21	13/05/22	12/05/23	13/05/24	-	-	-

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 Nifco Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,837 JPY

Average target price

4,708 JPY

Spread / Average Target

+22.69%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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