Financials Nippon Telegraph and Telephone Corporation Deutsche Boerse AG

Equities

NTT

JP3735400008

Integrated Telecommunications Services

Market Closed - Deutsche Boerse AG 14:06:36 17/05/2024 BST 5-day change 1st Jan Change
0.8907 EUR -1.81% Intraday chart for Nippon Telegraph and Telephone Corporation -7.01% -18.40%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 9,017,559 9,362,448 10,293,816 12,554,530 13,508,769 12,763,579 - -
Enterprise Value (EV) 1 12,216,398 13,081,630 17,730,177 19,841,020 21,865,382 23,726,002 20,375,035 19,989,540
P/E ratio 10.7 x 11.1 x 11.5 x 10.8 x 11.4 x 11.9 x 10 x 9.41 x
Yield 3.83% 3.69% 3.69% 3.24% 3.03% 2.78% 3.44% 3.75%
Capitalization / Revenue 0.76 x 0.79 x 0.86 x 1.03 x 1.03 x 1.13 x 0.95 x 0.92 x
EV / Revenue 1.03 x 1.1 x 1.48 x 1.63 x 1.66 x 1.77 x 1.51 x 1.44 x
EV / EBITDA 4.04 x 4.32 x 5.58 x 5.96 x 6.65 x 6.68 x 5.8 x 5.38 x
EV / FCF 17.2 x 11 x 13.8 x 15.1 x 41.7 x 81.8 x 15.3 x 21.1 x
FCF Yield 5.81% 9.09% 7.22% 6.61% 2.4% 1.22% 6.52% 4.75%
Price to Book 0.97 x 1.03 x 1.36 x 1.52 x 1.58 x 1.54 x 1.27 x 1.17 x
Nbr of stocks (in thousands) 95,870,284 90,879,905 90,550,810 88,536,882 85,239,584 84,081,548 - -
Reference price 2 94.06 103.0 113.7 141.8 158.5 151.8 151.8 151.8
Announcement Date 10/05/19 15/05/20 12/05/21 12/05/22 12/05/23 10/05/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 11,879,842 11,899,415 11,943,966 12,156,447 13,136,200 13,374,569 13,467,009 13,848,836
EBITDA 1 3,027,480 3,027,461 3,178,544 3,329,776 3,290,200 3,551,496 3,512,209 3,714,721
EBIT 1 1,693,833 1,562,151 1,671,391 1,768,593 1,829,000 1,922,910 1,967,228 2,102,242
Operating Margin 14.26% 13.13% 13.99% 14.55% 13.92% 14.38% 14.61% 15.18%
Earnings before Tax (EBT) 1 1,671,861 1,570,141 1,652,575 1,795,525 1,817,700 1,980,457 1,918,055 2,034,509
Net income 1 854,561 855,306 916,181 1,181,083 1,213,100 1,279,521 1,238,719 1,340,491
Net margin 7.19% 7.19% 7.67% 9.72% 9.23% 9.57% 9.2% 9.68%
EPS 2 8.805 9.248 9.926 13.17 13.92 15.09 15.16 16.14
Free Cash Flow 1 709,199 1,188,562 1,280,744 1,311,105 524,101 290,155 1,328,448 948,920
FCF margin 5.97% 9.99% 10.72% 10.79% 3.99% 2.17% 9.86% 6.85%
FCF Conversion (EBITDA) 23.43% 39.26% 40.29% 39.38% 15.93% 8.17% 37.82% 25.54%
FCF Conversion (Net income) 82.99% 138.96% 139.79% 111.01% 43.2% 22.68% 107.24% 70.79%
Dividend per Share 2 3.600 3.800 4.200 4.600 4.800 5.000 5.218 5.686
Announcement Date 10/05/19 15/05/20 12/05/21 12/05/22 12/05/23 10/05/24 - -
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 Q1 2025 Q2 2025 S1 2025 Q3 2025 Q4 2025 S2
Net sales 1 5,889,551 6,009,864 5,711,364 6,232,602 2,995,100 5,887,600 3,035,579 3,233,268 6,268,847 3,068,871 3,217,306 6,286,177 3,286,400 3,563,600 6,850,023 3,111,073 3,253,497 6,364,570 3,352,286 3,657,713 7,009,999 3,176,000 3,333,000 - 3,421,000 3,567,000 -
EBITDA 1 - - - - 876,300 - 918,696 632,180 - 892,994 884,857 - 880,200 702,400 - 870,797 874,956 - 942,311 863,432 - 868,000 869,000 - 913,000 827,000 -
EBIT 1 982,805 579,346 1,008,580 662,811 523,000 1,009,300 530,392 228,901 759,293 503,352 493,187 996,539 524,300 308,200 832,461 474,650 476,296 950,946 535,241 436,723 971,964 522,147 508,600 - 553,100 459,800 -
Operating Margin 16.69% 9.64% 17.66% 10.63% 17.46% 17.14% 17.47% 7.08% 12.11% 16.4% 15.33% 15.85% 15.95% 8.65% 12.15% 15.26% 14.64% 14.94% 15.97% 11.94% 13.87% 16.44% 15.26% - 16.17% 12.89% -
Earnings before Tax (EBT) 1 1,001,859 568,282 1,005,067 647,508 519,000 1,015,300 538,664 241,561 780,225 525,537 493,915 1,019,452 510,500 287,800 798,248 577,536 461,567 1,039,103 517,739 423,615 941,354 491,000 492,000 - 538,000 444,000 -
Net income 1 547,670 307,636 541,511 374,670 335,800 675,800 354,514 150,769 505,283 368,570 328,037 696,607 335,900 180,600 516,493 375,775 295,069 670,844 340,271 268,406 608,677 320,000 320,000 - 351,000 285,000 -
Net margin 9.3% 5.12% 9.48% 6.01% 11.21% 11.48% 11.68% 4.66% 8.06% 12.01% 10.2% 11.08% 10.22% 5.07% 7.54% 12.08% 9.07% 10.54% 10.15% 7.34% 8.68% 10.08% 9.6% - 10.26% 7.99% -
EPS 2 5.821 - 5.834 - 3.716 7.471 3.972 1.728 - 4.163 3.719 7.882 3.898 2.140 - 4.410 3.460 7.870 4.020 3.200 7.220 3.900 3.900 7.800 4.500 3.500 8.000
Dividend per Share 2 1.900 - 2.000 - 2.200 2.200 - 2.400 - - 2.400 2.400 - - - - 2.500 2.500 - 2.500 2.500 - 2.600 2.600 - 2.600 2.600
Announcement Date 05/11/19 15/05/20 06/11/20 12/05/21 10/11/21 10/11/21 07/02/22 12/05/22 12/05/22 08/08/22 08/11/22 08/11/22 09/02/23 12/05/23 12/05/23 09/08/23 07/11/23 07/11/23 08/02/24 10/05/24 10/05/24 - - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,198,839 3,719,182 7,436,361 7,286,490 8,356,613 8,608,140 7,611,456 7,225,961
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.057 x 1.228 x 2.34 x 2.188 x 2.54 x 2.424 x 2.167 x 1.945 x
Free Cash Flow 1 709,199 1,188,562 1,280,744 1,311,105 524,101 290,155 1,328,448 948,920
ROE (net income / shareholders' equity) 9.3% 9.3% 11% 14.9% 14.4% 13.9% 13.2% 12.9%
ROA (Net income/ Total Assets) 7.6% 6.93% 7.19% 7.67% 7.39% 4.66% 4.09% 5.36%
Assets 1 11,237,732 12,340,707 12,745,465 15,401,466 16,408,144 27,456,354 30,268,477 24,993,584
Book Value Per Share 2 96.60 99.70 83.50 93.50 100.0 117.0 119.0 129.0
Cash Flow per Share 2 22.50 25.10 26.30 30.60 32.10 28.00 35.70 38.60
Capex 1 1,696,958 1,806,649 1,728,320 1,687,599 1,862,404 2,084,004 1,996,806 2,069,451
Capex / Sales 14.28% 15.18% 14.47% 13.88% 14.18% 15.58% 14.83% 14.94%
Announcement Date 10/05/19 15/05/20 12/05/21 12/05/22 12/05/23 10/05/24 - -
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

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
151.8 JPY
Average target price
196.5 JPY
Spread / Average Target
+29.43%
Consensus
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