TSE: 5192 - Mitsuboshi Belting Ltd.

Yield per half year: -7.77%
Dividend yield: +8.37%
Sector: Industrials

Reporting Mitsuboshi Belting Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								125.9
Выручка, млрд ¥	69.59	72	71.05	64.86	74.87	82.91	84.01	84.01	75.54	3.41
Чистая прибыль, млрд ¥	6.25	6.16	5.46	4.07	6.38	7.07	7.1	7.1	6.02	5.39
EV, млрд ¥	47.64	33.11	10.24	22.75	28.14	84.62	109.15	109.15	50.98	60.53
EBIT, млрд ¥	8.95	8.9	7.3	4.97	7.64	9.03	10.35	10.35	7.86	7.23
EBITDA, млрд ¥	11.94	11.91	11.13	9.89	11.51	13.14	14.63	14.63	12.06	5.62
Баланс стоимость, млрд ¥	68.35	72.42	71.95	78.26	86.88	87.6	98.25	98.25	84.59	6.43
FCF, млрд ¥	5.24	4.87	3.55	4.89	2.99	3.74	6.88	6.88	4.41	14.15
Операционный денежный поток, млрд ¥	9.31	8.77	7.91	8.61	9.04	9.34	11.93	11.93	9.37	8.57
Операционная прибыль, млрд ¥	8.43	8.13	7.3	4.97	7.64	9.03	7.76	7.76	7.34	1.23
Операционные расходы, млрд ¥	13.98	14.36	14.55	14.03	15.79	17.54	16.79	16.79	15.74	2.91
CAPEX, млрд ¥	4.07	3.89	4.37	3.72	6.06	5.6	5.05	5.05	4.96	2.93

	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥		21.97	21.26	2 998.47	20.55	21.48	21.01	20.98	22.44	23.01	22.42	21.97	1.31
Чистая прибыль, млрд ¥		1.88	1.69	229.71	2.19	1.4	1.54	1.97	4.44	1.65	2.2	2.36	7.39
EV, млрд ¥		59.87	70.88	13 276.29	97.86	101.59	98.88	110.21	94.34	83.69	86.87	94.80	-2.56
EBIT, млрд ¥		2.45	2.68	274.96	3.26	2.38	0.903	1.61	1.41	2.96	1.98	1.77	17.00
EBITDA, млрд ¥		2.88	2.34	392.33	4.24	3.48	1.96	2.75	2.66	4.14	3.04	2.91	9.18
Баланс стоимость, млрд ¥		89.35	84.89	13 763.68	91.49	94.8	91.04	98.25	98.74	94.4	98.31	96.15	1.55
FCF, млрд ¥			2.08	2.13	1.96	2.2	2.11					2.10	0.29
Операционный денежный поток, млрд ¥	9.04	4.83	2.08	2.13	1.96	2.2	2.11					2.10	0.29
Операционная прибыль, млрд ¥		2.45	2.68	274.96	2.03	2.11	2.09	1.54	1.59	2.96	1.98	2.03	-1.08
Операционные расходы, млрд ¥		4.63	4.28	675.46	4.3	4.38	4.43	4.69	4.81	4.82	4.83	4.72	1.74
CAPEX, млрд ¥	6.06	2.82		5.6								4.83	-2.60

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	28.96	34.79	31.36	33.77	34.71	35.31	35.86	35.86	34.20	2.72
Short Term Investments ¥		0.32	0.328	0.376	0.476	0.415	0.809	0.809	0.4808	19.79
Total Receivables ¥		15.33	14.69	15.94	17.67	16.66	17.58	17.58	16.51	3.66
Total Current Assets ¥		68.39	65.17	68.75	74.54	77.33	80.11	80.11	73.18	4.21
Чистые активы, млрд ¥	61.53	68.39	65.17	68.75	26.67	28.4		28.4	51.48	-16.12
Активы, млрд ¥	95.51	102.81	101.15	108.06	118.96	121.68	135.63	135.63	117.10	6.04
Short Term Debt ¥		3.91	4.52	3.23	-2.43	4.23	3.3	3.3	2.57	-6.10
Long Term Debt ¥		4.9	3.64	2.73	0.9	5.1	3	3	3.07	-3.79
Задолженность, млрд ¥	27.17	30.4	29.2	29.8	32.09	34.08	37.38	37.38	32.51	5.06
Чистый долг, млрд ¥	-23.59	-26.46	-24.14	-28.75	-30.58	-27.08	-29.55	-29.55	-28.0200	4.13
Долг, млрд ¥	5.37	8.33	7.22	5.03	4.13	9.33	6.3	6.3	6.40	-2.69
Расходы на обслуживание долга ¥		0.019	0.057	0.059	0.043	0.051	0.058	0.058	0.0536	0.35
Чист. проц. доходы, млрд ¥	0.127	0.219	0.242	0.084	1.23	1.22	0.433	1.22	0.6418	12.34
Амортизация, млрд ¥		3.01	3.83	4.92	3.87	4.1	4.29	4.29	4.20	2.29
Себестоимость, млрд ¥			49.21	45.87	51.44	56.34	59.46	59.46	52.46	3.86
Товарно материальные запасы ¥		17.55	18.21	18.32	21.33	24.28	25.61	25.61	21.55	7.06

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				33.82	29.54	5 547.42	34.77	35.88	32.29	35.05	36.96	34.96	31.73	34.20	-0.35
Short Term Investments ¥						284.7	1.8	0.893		0.809	0.49			57.74	-72.00
Total Receivables ¥				18.88	17.79	2 617.14	17.3	17.62	17.31	17.58	18.88	18.5	20.19	18.49	3.13
Total Current Assets ¥				77.22	71.38	12 150.22	78.51	79.39	75.61	80.11	83.25	79.13	79.44	79.51	0.99
Чистые активы, млрд ¥	71	74.54	75.73	77.22	27.97	4 462.04	29.41							934.47	-17.24
Активы, млрд ¥				120.99	114.66	19 118.63	127.38	130.86	126.67	135.63	135.37	127.22	132.66	131.51	0.93
Short Term Debt ¥				3.23	3.23	664.46	0.976	0.722	2.56	1.04	3.3	3.3	3.3	2.70	5.21
Long Term Debt ¥		0.9	0.675	0.45	0.225	801.78	3.75	3.5	3.25	3				163.06	-67.30
Задолженность, млрд ¥				31.64	29.77	5 354.95	35.88	36.06	35.63	37.38	36.63	32.82	34.35	35.36	-0.73
Чистый долг, млрд ¥				-30.13	-26.09	-4 254.48	-27.04	-28.63	-25.51	-28.51	-30.91	-29.16	-26.18	-28.0540	0.52
Долг, млрд ¥				3.68	3.45	1 292.94	7.73	7.25	6.78	6.53	6.05	5.8	5.55	6.14	-3.92
Расходы на обслуживание долга ¥		0.01	0.011	0.01	0.016	2.2	0.016	0.016	0.018	0.008	0.011			0.0138	-7.22
Чист. проц. доходы, млрд ¥	0.026	0.4	0.029	0.05	0.088	55.46	13.51	21.84	13.98	0.119				20.98	-70.74
Амортизация, млрд ¥				0.426	-0.347	117.37	0.982	1.1	1.05	1.14	1.25	1.19	1.07	1.14	0.38
Себестоимость, млрд ¥							14.22	14.99	14.49	14.76	16.04	15.24	15.61	15.23	1.50
Товарно материальные запасы ¥				23.51	23.16	3 814.24	25.04	24.68	24.59	25.61	25.69	24.32	25.77	25.20	0.94

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	206.62	203.5	183.58	139.84	220.24	249.1	250.39		250.39	208.63	6.40
Цена акции ао					3420	4385	4000	3975	3975	3945.00	3.83
Число акций ао, млн		30.26	29.76	29.08	28.97	28.39	28.36		28.36	28.91	-0.96
FCF/акцию	173.27	161.1	119.17	168.32	103.08	131.79	242.6		242.6	152.99	15.28

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS	65.87	59.6	8101.24	77.27	49.42	54.29	69.41	156.44	58.23	77.7		83.21	7.43
Цена акции ао											3975	3975.00	0.00
FCF/акцию		73.43	74.98	69.27	77.62	74.24						73.91	0.22

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	9.51	8.75	7.57	5.41	7.73	8.11	7.64		7.64	10.47	7.29	0.18
ROA, %	6.74	6.21	5.36	3.89	5.62	5.88	5.52		5.52	5.54	5.25	0.59
ROIC, %			8.78	7	14.23	14.76			14.76	9.74	11.19	13.87
ROS, %			7.69	6.27	8.52	8.53	8.45	8.45	8.45	6.74	8.04	6.15
ROCE, %	11.66	10.7	8.97	5.62	7.9	9.05	9.25	10.53	10.53	13.17	8.47	13.38
Ebit margin, %			10.27	7.66	10.21	10.89	12.31	12.31	12.31		10.68	9.95
Рентаб EBITDA, %	17.16	16.54	15.67	15.24	15.37	15.84	17.42	17.42	17.42	13.97	16.26	2.71
Чистая рентаб, %	8.98	8.55	7.69	6.27	8.52	8.53	8.45		8.45	6.74	7.89	1.90
Operation Margin, %			10.27	7.66	10.2	10.89	9.24	9.24	9.24	8.83	9.45	3.82

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	2.19	1.95	1.68	2.5	1.58	1.7	2.13	4.68	1.73	2.28		10.47	2.50	6.05
ROA, %	1.55	1.43	1.24	1.76	1.09	1.2	1.5	3.28	1.26	1.69		5.54	1.79	7.09
ROS, %				10.66	6.53	7.33	9.39	19.77	7.18	9.8	8.45	6.74	10.92	-2.09
ROCE, %		2.78	1.8	3.29	2.34	0.8651	1.49	1.29	2.73	1.8	10.53	13.17	3.57	47.86
Ebit margin, %				15.87	11.09	4.3	7.65	6.27	12.85	8.81	12.31		9.58	9.98
Рентаб EBITDA, %		10.99	13.08	20.65	16.22	9.31	13.09	11.84	18.01	13.57	17.42	13.97	14.79	5.88
Чистая рентаб, %	8.54	7.95	7.66	10.66	6.53	7.33	9.39	19.77	7.18	9.8		6.74	10.69	5.98
Operation Margin, %				9.86	9.82	9.93	7.32	7.09	12.85	8.81	9.24	8.83	9.06	4.77

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	11.39	9.68	6.29	12.66	9.2	15.8	19.53		19.53	83.04	12.70	25.43
P/BV	1.04	0.8226	0.4778	0.6579	0.6759	1.28	1.41		1.41	68.03	0.9003	24.16
P/S	1.02	0.8274	0.4838	0.7939	0.7843	1.35	1.65		1.65	67.55	1.01	27.81
P/FCF						33.66	18.3	18.3	18.3	46.84	23.42	-18.38
E/P						0.0562	0.0564	0.0564	0.0564	0.42	0.0563	0.12
EV/EBIT			1.4	4.58	3.68	9.37	10.55	10.55	10.55		7.75	18.16
EV/EBITDA	3.99	2.78	0.92	2.3	2.45	6.44	7.46		7.46	76.17	3.91	51.98
EV/S			0.1441	0.3507	0.3758	1.02	1.3	1.3	1.3	67.57	0.8693	29.96
EV/FCF			2.89	4.65	9.42	22.62	15.86	15.86	15.86	18.74	13.68	27.81
Debt/EBITDA	0.4498	0.6992	0.6489	0.5082	0.3586	0.7105	0.4307	0.4307	0.4307	2.58	0.4877	-3.26
Netdebt/Ebitda			-2.17	-2.91	-2.66	-2.06	-2.02	-2.02	-2.02	0.07	-2.3340	-7.04
Debt/Ratio			0.0807	0.0551	0.0347	0.0767	0.0465	0.0465	0.0465	0.16	0.0519	-3.34
Debt/Equity			0.1134	0.0761	0.0475	0.1065	0.0642	0.3805	0.3805	0.88	0.1350	37.97
Debt/Net Income			1.49	1.46	0.6469	1.32	0.8875	0.8875	0.8875	5.17	1.04	-9.48
PEG								0.1808	0.1808		0.1808	0.00
Бета						-0.1739	-0.5707	1.06	1.06	22.42	0.1051	-282.67
Индекс Альтмана						1.7	1.52	1.49	1.49	7.70	1.57	-4.30

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	12.31	13.44	15.8	17.3	19.3	18.86	19.53	13.4	11.75	11.06			83.04	14.92	-10.12
P/BV	1.01	1.14	1.27	1.37	1.37	1.37	1.41	1.27	1.2	1.15			68.03	1.28	-3.44
P/S	1.13	1.17	1.35	1.51	1.58	1.51	1.65	1.46	1.29	1.28			67.55	1.44	-3.25
P/FCF												18.3	46.84	18.30	0.00
E/P												0.0564	0.42	0.0564	0.00
EV/EBIT				30.01	42.65	109.5	68.67	66.99	28.3	43.98		10.55		43.70	-31.25
EV/EBITDA	5.75	6.85	7.8	6.88	7.29	7.88	8.87	8.7	7.27	6.9			76.17	7.92	-2.62
EV/S				4.76	4.73	4.71	5.25	4.2	3.64	3.88		1.3	67.57	3.65	-24.36
EV/FCF				49.82	46.13	46.95						15.86	18.74	39.69	-24.89
Debt/EBITDA		1.48	3.3	1.82	2.08	3.47	2.38	2.28	1.4	1.83		0.4307	2.58	1.66	-28.96
Netdebt/Ebitda				-6.37	-8.22	-13.04	-10.38	-11.63	-7.04	-8.61		-2.02	0.07	-7.9360	-27.92
Debt/Ratio				0.0607	0.0554	0.0535	0.0482	0.0447	0.0456	0.0419		0.0465	0.16	0.0454	-0.72
Debt/Equity				0.0845	0.0765	0.0745	0.0665	0.0613	0.0615	0.0565		0.3805	0.88	0.1253	41.74
Debt/Net Income				3.53	5.17	4.4	3.32	1.36	3.51	2.53		0.8875	5.17	2.32	-23.19
PEG												0.1808		0.1808	0.00
Бета											0.717	1.06	22.42	0.8885	21.59
Индекс Альтмана											1.49	1.49	7.70	1.49	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	1.45	1.57	1.91	1.57	1.83	6.57	7.23			7.23		3.82	30.50
Дивиденд	48	40	37	54	23.73	230	255	215	90	180		162.75	30.55
Див доход, ао, %	1.63	1.63	1.77	3.17	1.63	8.74	8.17	8.54	8.2	8.37	4.38	7.06	38.14
Дивиденды / прибыль, %		23.22	25.55	34.88	38.61	28.73	92.89	101.83		101.83	37.78	59.39	23.90
Dividend Coverage Ratio									0.982	0.982		0.9820	0.00

	2022Q1	2022Q3	2023Q1	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	1.83	3.17	6.57			3.86	53.12
Дивиденды / прибыль, %	111.97	168.76	449.25		37.78	243.33	58.90
Dividend Coverage Ratio				0.982		0.9820	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	4342	4342	0.00

	CAGR 5

	CAGR 5