Financials Takeuchi Mfg. Co., Ltd.

Equities

6432

JP3462660006

Heavy Machinery & Vehicles

Market Closed - Japan Exchange Other stock markets 07:00:00 02/05/2024 BST			5-day change	1st Jan Change
5,820 ^JPY	-1.19%		-1.85%	+35.82%

2023	Takeuchi Mfg. Co., Ltd. Reports Earnings Results for the Full Year Ended February 28, 2023	CI
2019	Takeuchi Mfg. Co., Ltd. Reports Consolidated Financial Results for the Second Quarter and First Half Year Ended Aug. 31, 2019	CI

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	92,963	78,921	128,514	122,315	138,569	277,424	-	-
Enterprise Value (EV) ¹	57,891	44,701	88,287	75,057	94,574	250,730	194,309	191,245
P/E ratio	8.16 x	8.68 x	13.2 x	9.16 x	8.67 x	9.59 x	10.8 x	10.3 x
Yield	2.31%	3.02%	1.97%	2.65%	3.37%	3%	2.99%	3.13%
Capitalization / Revenue	0.84 x	0.68 x	1.14 x	0.87 x	0.77 x	1.18 x	1.19 x	1.13 x
EV / Revenue	0.53 x	0.39 x	0.79 x	0.53 x	0.53 x	1.18 x	0.84 x	0.78 x
EV / EBITDA	3.47 x	3.15 x	5.93 x	3.88 x	4.07 x	6.3 x	5.35 x	4.89 x
EV / FCF	9.44 x	20.3 x	10.5 x	7.92 x	-290 x	15.2 x	4.27 x	7.72 x
FCF Yield	10.6%	4.91%	9.53%	12.6%	-0.34%	6.58%	23.4%	13%
Price to Book	1.2 x	0.94 x	1.43 x	1.18 x	1.14 x	1.7 x	1.66 x	1.54 x
Nbr of stocks (in thousands)	47,698	47,686	47,686	47,686	47,667	47,667	-	-
Reference price ²	1,949	1,655	2,695	2,565	2,907	5,820	5,820	5,820
Announcement Date	09/04/19	09/04/20	09/04/21	12/04/22	11/04/23	12/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	110,175	115,913	112,254	140,892	178,966	212,627	232,266	244,831
EBITDA ¹	16,691	14,178	14,883	19,350	23,260	35,151	36,350	39,075
EBIT ¹	15,411	12,649	13,207	17,764	21,221	35,296	35,930	37,160
Operating Margin	13.99%	10.91%	11.77%	12.61%	11.86%	16.6%	15.47%	15.18%
Earnings before Tax (EBT) ¹	15,694	12,403	13,298	18,080	21,379	35,455	35,062	35,012
Net income ¹	11,391	9,091	9,765	13,348	15,979	26,149	25,773	26,897
Net margin	10.34%	7.84%	8.7%	9.47%	8.93%	12.3%	11.1%	10.99%
EPS ²	238.8	190.6	204.8	279.9	335.2	548.6	536.8	563.8
Free Cash Flow ¹	6,135	2,197	8,411	9,477	-326	16,496	45,495	24,768
FCF margin	5.57%	1.9%	7.49%	6.73%	-0.18%	7.76%	19.59%	10.12%
FCF Conversion (EBITDA)	36.76%	15.5%	56.51%	48.98%	-	95.6%	125.16%	63.38%
FCF Conversion (Net income)	53.86%	24.17%	86.13%	71%	-	63.08%	176.52%	92.08%
Dividend per Share ²	45.00	50.00	53.00	68.00	98.00	158.0	174.2	182.0
Announcement Date	09/04/19	09/04/20	09/04/21	12/04/22	11/04/23	12/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	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 Q3	2025 Q4
Net sales ¹	62,461	53,452	53,177	59,077	40,896	74,228	32,674	33,990	66,664	42,414	43,619	86,033	46,893	46,040	92,933	53,039	52,137	105,176	53,655	53,796	107,451	54,700	53,200	48,000	47,400
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7,847	4,802	6,814	6,393	5,756	9,958	4,202	3,604	7,806	5,355	3,973	9,328	4,624	7,269	11,893	8,542	8,427	16,969	8,652	9,675	18,327	9,000	8,800	7,300	7,200
Operating Margin	12.56%	8.98%	12.81%	10.82%	14.07%	13.42%	12.86%	10.6%	11.71%	12.63%	9.11%	10.84%	9.86%	15.79%	12.8%	16.11%	16.16%	16.13%	16.13%	17.98%	17.06%	16.45%	16.54%	15.21%	15.19%
Earnings before Tax (EBT) ¹	7,510	4,893	6,758	6,540	5,839	10,160	4,238	3,682	7,920	5,776	4,563	10,339	4,431	6,609	11,040	8,383	8,689	17,072	8,726	9,657	18,383	-	-	-	-
Net income ¹	5,483	3,608	4,916	4,849	4,326	7,481	3,137	2,730	5,867	4,233	3,430	7,663	3,268	5,048	8,316	6,103	6,567	12,670	6,278	7,201	13,479	-	-	-	-
Net margin	8.78%	6.75%	9.24%	8.21%	10.58%	10.08%	9.6%	8.03%	8.8%	9.98%	7.86%	8.91%	6.97%	10.96%	8.95%	11.51%	12.6%	12.05%	11.7%	13.39%	12.54%	-	-	-	-
EPS ²	115.0	-	103.1	-	90.72	156.9	65.79	57.24	-	88.78	71.93	160.7	68.58	105.9	-	128.0	137.8	265.8	131.7	151.1	-	139.4	136.3	113.0	111.5
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/10/19	09/04/20	09/10/20	09/04/21	07/10/21	07/10/21	13/01/22	12/04/22	12/04/22	12/07/22	13/10/22	13/10/22	13/01/23	11/04/23	11/04/23	13/07/23	12/10/23	12/10/23	12/01/24	12/04/24	12/04/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	35,072	34,220	40,227	47,258	43,995	55,890	83,116	86,179
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	6,135	2,197	8,411	9,477	-326	16,496	45,495	24,768
ROE (net income / shareholders' equity)	15.7%	11.3%	11.3%	13.8%	14.1%	19.4%	16.6%	16.9%
ROA (Net income/ Total Assets)	15.8%	11.6%	8.7%	14.3%	14.4%	19.9%	11.9%	12%
Assets ¹	71,982	78,071	112,254	93,291	110,612	131,626	216,578	224,143
Book Value Per Share ²	1,618	1,755	1,885	2,183	2,555	3,097	3,513	3,782
Cash Flow per Share ²	266.0	223.0	240.0	313.0	378.0	618.0	1,007	574.0
Capex ¹	2,286	3,292	2,004	4,537	8,885	8,144	4,167	4,833
Capex / Sales	2.07%	2.84%	1.79%	3.22%	4.96%	3.83%	1.79%	1.97%
Announcement Date	09/04/19	09/04/20	09/04/21	12/04/22	11/04/23	12/04/24	-	-

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

Ratings for Takeuchi Mfg. Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5,820 JPY

Average target price

6,000 JPY

Spread / Average Target

+3.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Construction Machinery

	1st Jan change	Capi.
TAKEUCHI MFG. CO., LTD.	+35.82%	1.8B
CATERPILLAR INC.	+13.45%	164B
SANY HEAVY INDUSTRY CO.,LTD	+18.45%	19.04B
XCMG CONSTRUCTION MACHINERY CO., LTD.	+28.75%	11.48B
ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO., LTD.	+30.32%	9.52B
DOOSAN BOBCAT INC.	+3.57%	3.8B
CHINA RAILWAY CONSTRUCTION HEAVY INDUSTRY CORPORATION LIMITED	+1.51%	2.97B
GUANGXI LIUGONG MACHINERY CO., LTD.	+56.38%	2.84B
ACTION CONSTRUCTION EQUIPMENT LIMITED	+77.80%	2.12B
SHANTUI CONSTRUCTION MACHINERY CO., LTD.	+63.77%	1.68B

Construction Machinery