Stock 7732 TOPCON CORPORATION
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Financials Topcon Corporation

Equities

7732

JP3630400004

Industrial Machinery & Equipment

Market Closed - Japan Exchange
Other stock markets
 07:00:00 26/06/2024 BST 		5-day change 1st Jan Change
1,764 JPY -0.48% Intraday chart for Topcon Corporation -0.31% +16.02%
05-27 Jefferies Adjusts Topcon’s Price Target to 2,400 Yen From 2,300 Yen, Keeps at Buy MT
05-24 Topcon Corporation Announces Year End Dividend for the Year Ended March 31, 2024, Payable on June 7, 2024 CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 138,477 84,340 141,162 164,654 187,637 186,684 - -
Enterprise Value (EV) 1 173,137 115,577 168,171 187,890 223,460 247,725 246,284 242,484
P/E ratio 21.1 x 90.4 x 59.4 x 15.4 x 15.9 x 38 x 18.3 x 13.4 x
Yield 1.84% 2.99% 0.75% 2.3% 2.36% 2.36% 2.58% 2.98%
Capitalization / Revenue 0.93 x 0.61 x 1.03 x 0.93 x 0.87 x 0.87 x 0.81 x 0.76 x
EV / Revenue 1.16 x 0.83 x 1.23 x 1.07 x 1.04 x 1.14 x 1.07 x 0.98 x
EV / EBITDA 7.97 x 8.18 x 10.6 x 7.34 x 7.09 x 9.72 x 8.17 x 6.94 x
EV / FCF 19.7 x 139 x 18 x 17.5 x -76.2 x -13.9 x 22.5 x 24.5 x
FCF Yield 5.07% 0.72% 5.55% 5.72% -1.31% -7.17% 4.45% 4.09%
Price to Book 2.01 x 1.34 x 2.04 x 1.97 x 1.97 x 1.73 x 1.64 x 1.5 x
Nbr of stocks (in thousands) 106,032 105,162 105,188 105,210 105,296 105,352 - -
Reference price 2 1,306 802.0 1,342 1,565 1,782 1,772 1,772 1,772
Announcement Date 26/04/19 21/05/20 11/05/21 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 1 148,688 138,916 137,247 176,421 215,625 216,497 229,866 246,590
EBITDA 1 21,724 14,137 15,867 25,589 31,509 25,490 30,163 34,940
EBIT 1 13,596 5,381 6,593 15,914 19,537 11,204 16,985 22,098
Operating Margin 9.14% 3.87% 4.8% 9.02% 9.06% 5.18% 7.39% 8.96%
Earnings before Tax (EBT) 1 6,478 2,912 4,919 14,645 16,038 4,446 15,170 20,604
Net income 1 6,548 935 2,376 10,699 11,806 4,940 10,377 13,960
Net margin 4.4% 0.67% 1.73% 6.06% 5.48% 2.28% 4.51% 5.66%
EPS 2 61.76 8.870 22.59 101.7 112.2 46.90 96.80 132.5
Free Cash Flow 1 8,772 830 9,330 10,748 -2,931 -17,771 10,954 9,908
FCF margin 5.9% 0.6% 6.8% 6.09% -1.36% -8.21% 4.77% 4.02%
FCF Conversion (EBITDA) 40.38% 5.87% 58.8% 42% - 6.74% 36.32% 28.36%
FCF Conversion (Net income) 133.96% 88.77% 392.68% 100.46% - 45.2% 105.56% 70.97%
Dividend per Share 2 24.00 24.00 10.00 36.00 42.00 42.00 45.67 52.83
Announcement Date 26/04/19 21/05/20 11/05/21 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
Net sales 1 69,527 69,389 58,465 78,782 42,353 81,251 43,583 51,587 95,170 47,018 55,697 102,715 54,075 58,835 112,910 49,695 54,802 104,497 52,363 59,637 112,000 50,368 56,302 106,250 55,675 66,335
EBITDA - - - - 5,806 - 5,288 8,754 - 6,120 8,986 - 8,411 7,863 - - 4,819 - - - - - - - - -
EBIT 1 3,810 1,571 -768 7,361 3,522 6,980 3,367 5,567 8,934 3,834 5,502 9,336 4,638 5,563 10,201 1,717 2,113 3,830 2,674 4,700 7,374 2,142 3,366 5,708 4,317 6,929
Operating Margin 5.48% 2.26% -1.31% 9.34% 8.32% 8.59% 7.73% 10.79% 9.39% 8.15% 9.88% 9.09% 8.58% 9.46% 9.03% 3.46% 3.86% 3.67% 5.11% 7.88% 6.58% 4.25% 5.98% 5.37% 7.75% 10.45%
Earnings before Tax (EBT) 2,205 707 -1,960 6,879 3,573 6,781 2,757 5,107 7,864 3,993 5,009 9,002 3,101 3,935 7,036 465 1,523 1,988 -745 - - - - - - -
Net income 1 895 40 -2,037 4,413 2,060 3,883 1,869 4,947 6,816 2,790 3,242 6,032 1,827 3,947 5,774 -199 808 609 -256 4,587 4,331 1,650 - - - -
Net margin 1.29% 0.06% -3.48% 5.6% 4.86% 4.78% 4.29% 9.59% 7.16% 5.93% 5.82% 5.87% 3.38% 6.71% 5.11% -0.4% 1.47% 0.58% -0.49% 7.69% 3.87% 3.28% - - - -
EPS 2 8.470 0.4000 -19.38 - 20.00 36.92 17.76 47.03 64.79 26.52 30.80 57.32 17.35 37.49 54.84 -1.900 7.680 5.780 -2.430 43.55 41.12 15.70 - - - -
Dividend per Share 14.00 10.00 - 10.00 10.00 10.00 - 26.00 - - 20.00 20.00 - 22.00 22.00 - - 20.00 - - - - - - - -
Announcement Date 31/10/19 21/05/20 30/10/20 11/05/21 29/10/21 29/10/21 28/01/22 12/05/22 12/05/22 26/07/22 28/10/22 28/10/22 30/01/23 12/05/23 12/05/23 26/07/23 27/10/23 27/10/23 29/01/24 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 34,660 31,237 27,009 23,236 35,823 59,935 59,600 55,800
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.595 x 2.21 x 1.702 x 0.908 x 1.137 x 2.351 x 1.976 x 1.597 x
Free Cash Flow 1 8,772 830 9,330 10,748 -2,931 -17,771 10,954 9,908
ROE (net income / shareholders' equity) 9.8% 1.4% 3.6% 14% 13.2% 4.9% 10.8% 14.6%
ROA (Net income/ Total Assets) 7.16% 1.8% 3.39% 8.39% 9.08% 3.89% 10.7% 13%
Assets 1 91,422 52,000 70,155 127,490 130,076 126,866 97,115 107,278
Book Value Per Share 2 651.0 600.0 659.0 794.0 905.0 1,028 1,083 1,183
Cash Flow per Share 2 137.0 72.90 93.10 175.0 211.0 162.0 249.0 288.0
Capex 1 5,739 8,814 10,109 8,807 11,809 17,387 10,500 11,233
Capex / Sales 3.86% 6.34% 7.37% 4.99% 5.48% 8.03% 4.57% 4.56%
Announcement Date 26/04/19 21/05/20 11/05/21 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

Ratings for Topcon Corporation

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
1,772 JPY
Average target price
1,920 JPY
Spread / Average Target
+8.35%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Testing & Measuring Equipment
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