Financials Subaru Corporation

Equities

7270

JP3814800003

Auto & Truck Manufacturers

Market Closed - Japan Exchange 07:00:00 17/06/2024 BST 5-day change 1st Jan Change
3,262 JPY -0.58% Intraday chart for Subaru Corporation -3.12% +26.14%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,934,155 1,589,993 1,690,194 1,493,979 1,621,784 2,441,993 - -
Enterprise Value (EV) 1 1,082,888 970,237 1,116,751 701,746 1,072,755 1,943,689 1,748,755 1,670,597
P/E ratio 13.1 x 10.4 x 22.1 x 21.3 x 8.09 x 6.77 x 6.88 x 6.6 x
Yield 5.71% 4.82% 2.54% 2.87% 3.59% 3.07% 3.45% 3.69%
Capitalization / Revenue 0.61 x 0.48 x 0.6 x 0.54 x 0.43 x 0.55 x 0.5 x 0.49 x
EV / Revenue 0.34 x 0.29 x 0.39 x 0.26 x 0.28 x 0.41 x 0.36 x 0.33 x
EV / EBITDA 3.63 x 2.41 x 3.62 x 2.23 x 2.11 x 2.83 x 3.02 x 2.82 x
EV / FCF 36.3 x 5.26 x 6.78 x 7.43 x 2.91 x 3.35 x 5.07 x 4.65 x
FCF Yield 2.76% 19% 14.7% 13.5% 34.4% 29.8% 19.7% 21.5%
Price to Book 1.2 x 0.93 x 0.95 x 0.79 x 0.77 x 1.01 x 0.88 x 0.81 x
Nbr of stocks (in thousands) 766,761 766,816 766,876 766,929 766,982 748,618 - -
Reference price 2 2,522 2,074 2,204 1,948 2,114 3,262 3,262 3,262
Announcement Date 10/05/19 18/05/20 11/05/21 12/05/22 11/05/23 13/05/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,160,514 3,344,109 2,830,210 2,744,520 3,774,468 4,702,947 4,870,506 5,009,733
EBITDA 1 298,278 403,061 308,785 314,507 507,289 685,978 579,121 591,885
EBIT 1 195,529 210,319 102,468 90,452 267,483 468,198 473,922 477,524
Operating Margin 6.19% 6.29% 3.62% 3.3% 7.09% 9.96% 9.73% 9.53%
Earnings before Tax (EBT) 1 195,838 207,656 113,954 106,972 278,366 532,574 510,087 531,607
Net income 1 147,812 152,587 76,510 70,007 200,431 385,084 353,591 365,318
Net margin 4.68% 4.56% 2.7% 2.55% 5.31% 8.19% 7.26% 7.29%
EPS 2 192.8 199.0 99.77 91.28 261.3 509.2 474.3 494.3
Free Cash Flow 1 29,842 184,290 164,651 94,400 368,762 579,518 344,925 359,387
FCF margin 0.94% 5.51% 5.82% 3.44% 9.77% 12.32% 7.08% 7.17%
FCF Conversion (EBITDA) 10% 45.72% 53.32% 30.02% 72.69% 84.48% 59.56% 60.72%
FCF Conversion (Net income) 20.19% 120.78% 215.2% 134.84% 183.98% 150.49% 97.55% 98.38%
Dividend per Share 2 144.0 100.0 56.00 56.00 76.00 106.0 112.5 120.3
Announcement Date 10/05/19 18/05/20 11/05/21 12/05/22 11/05/23 13/05/24 - -
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 2026 S1 2026 S2
Net sales 1 1,605,673 1,738,436 1,218,392 1,611,818 706,484 1,341,655 665,859 737,006 1,402,865 834,101 916,795 1,750,896 1,057,088 966,484 2,023,572 1,082,140 1,131,315 2,213,455 1,282,943 1,206,549 2,489,492 1,200,762 1,218,448 2,537,168 1,268,529 1,245,741 2,471,551 2,560,104 2,656,230
EBITDA 1 - - - - 78,318 - 79,947 69,157 - 93,315 132,572 - 164,237 117,165 - 143,318 150,931 - 234,238 157,491 - 133,000 143,900 - 159,100 118,400 - - -
EBIT 1 94,847 115,472 30,611 71,857 24,916 54,451 22,735 13,266 36,001 36,980 73,465 110,445 103,247 53,791 157,038 84,467 101,375 185,842 182,128 100,228 282,356 105,684 116,122 - 144,088 105,267 - - -
Operating Margin 5.91% 6.64% 2.51% 4.46% 3.53% 4.06% 3.41% 1.8% 2.57% 4.43% 8.01% 6.31% 9.77% 5.57% 7.76% 7.81% 8.96% 8.4% 14.2% 8.31% 11.34% 8.8% 9.53% - 11.36% 8.45% - - -
Earnings before Tax (EBT) 1 93,104 114,552 36,100 77,854 26,913 61,170 30,080 15,722 45,802 38,407 81,949 120,356 94,766 63,244 158,010 115,364 111,089 226,453 189,773 116,348 306,121 131,633 139,000 - 143,633 106,000 - - -
Net income 1 68,285 84,302 23,706 52,804 26,274 44,788 18,080 7,139 25,219 27,212 50,646 77,858 76,561 46,012 122,573 73,242 77,706 150,948 147,911 86,225 234,136 89,843 92,773 - 97,523 70,091 - - -
Net margin 4.25% 4.85% 1.95% 3.28% 3.72% 3.34% 2.72% 0.97% 1.8% 3.26% 5.52% 4.45% 7.24% 4.76% 6.06% 6.77% 6.87% 6.82% 11.53% 7.15% 9.4% 7.48% 7.61% - 7.69% 5.63% - - -
EPS 2 89.05 109.9 30.91 68.86 34.26 58.40 23.58 9.300 32.88 35.48 66.04 101.5 99.82 59.99 159.8 95.89 102.7 198.6 195.9 114.7 310.6 120.0 117.7 - 147.8 91.54 - - -
Dividend per Share 2 72.00 28.00 28.00 28.00 28.00 28.00 - 28.00 28.00 - 38.00 38.00 - 38.00 38.00 - 48.00 48.00 - 58.00 - - 68.00 - - 68.00 - - -
Announcement Date 06/11/19 18/05/20 04/11/20 11/05/21 05/11/21 05/11/21 07/02/22 12/05/22 12/05/22 03/08/22 02/11/22 02/11/22 08/02/23 11/05/23 11/05/23 02/08/23 02/11/23 02/11/23 08/02/24 13/05/24 13/05/24 - - - - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 851,267 619,756 573,443 792,233 549,029 648,500 693,238 771,396
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 29,842 184,290 164,651 94,400 368,762 579,518 344,925 359,387
ROE (net income / shareholders' equity) 9.4% 9% 4.4% 3.8% 10% 16.5% 13.4% 12.7%
ROA (Net income/ Total Assets) 6.69% 6.62% 3.4% 3.08% 7.44% 12.2% 9.15% 8.93%
Assets 1 2,209,599 2,306,054 2,251,115 2,275,977 2,695,744 3,166,395 3,865,011 4,090,506
Book Value Per Share 2 2,094 2,234 2,318 2,465 2,739 3,409 3,714 4,005
Cash Flow per Share 2 327.0 450.0 369.0 383.0 574.0 797.0 658.0 724.0
Capex 1 169,960 131,690 124,725 101,251 134,997 188,147 175,266 189,692
Capex / Sales 5.38% 3.94% 4.41% 3.69% 3.58% 4% 3.6% 3.79%
Announcement Date 10/05/19 18/05/20 11/05/21 12/05/22 11/05/23 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

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
3,262 JPY
Average target price
3,643 JPY
Spread / Average Target
+11.68%
Consensus
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