TSE: 5331 - Noritake Co., Limited

Yield per half year: -7.27%
Dividend yield: +4.63%
Sector: Industrials

Reporting Noritake Co., Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								77.22
Выручка, млрд ¥	117.93	125.8	120.61	107	127.64	139.49	137.91	137.91	126.53	2.72
Чистая прибыль, млрд ¥	13.43	9.71	3.42	2.81	9.07	10.02	11.48	11.48	7.36	27.40
EV, млрд ¥	61.2	67.41	40.36	46.95	55.5	63.68	103.28	103.28	61.95	20.67
EBIT, млрд ¥	16.07	12.1	6.33	4.51	11.51	12.61	15.41	15.41	10.07	19.48
EBITDA, млрд ¥	20.1	16.16	10.77	9.29	16.23	17.39	20.22	20.22	14.78	13.43
Баланс стоимость, млрд ¥	99.61	103.75	100.67	110.92	118.12	128.19	147.1	147.1	121.00	7.88
FCF, млрд ¥	5.34	2.91	1.11	-0.527	8.01	-5.57	16.72	16.72	3.95	72.02
Операционный денежный поток, млрд ¥	9.68	8.24	8.23	5.9	12.84	-0.213	22.04	22.04	9.76	21.78
Операционная прибыль, млрд ¥	5.1	7.48	6.33	4.51	9.35	8.97	10.71	10.71	7.97	11.09
Операционные расходы, млрд ¥	26.35	26.47	26.36	24.12	25.72	26.39	27.13	27.13	25.94	0.58
CAPEX, млрд ¥	4.35	5.33	7.12	6.43	4.82	5.36	5.31	5.31	5.81	-5.70

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Выручка, млрд ¥	33.75	32.22	35.58	36.13	5 587.02	33.46	34.1	36.34	34.02	34.81	34.55	0.79
Чистая прибыль, млрд ¥	2.02	2.7	2.48	3.41	226.1	3.04	2.75	3.28	2.4	3.25	2.94	1.34
EV, млрд ¥	55.5	52.08	53.79	58.11	10 005.81	73.71	82.09	90.58	107.02	101.74	91.03	6.66
EBIT, млрд ¥	2.66	2.21	2.32	2.42	316.28	3.55	4.01	2.96	2.45	2.57	3.11	-6.26
EBITDA, млрд ¥	3.32	3.42	3.17	3.22	412.75	4.73	5.19	4.19	3.66	3.82	4.32	-4.18
Баланс стоимость, млрд ¥	118.12	121.62	124.89	125.41	20 141	132.52	135.96	136.41	147.1	148.85	140.17	2.35
FCF, млрд ¥				2.48	369.86	2.37	2.36	2.47			75.91	-0.08
Операционный денежный поток, млрд ¥	12.84		-0.951	2.48	369.86	2.37	2.36	2.47			75.91	-0.08
Операционная прибыль, млрд ¥	2.66	2.21	2.32	2.42	316.28	2.35	2.54	3.16	2.66	2.62	2.67	2.20
Операционные расходы, млрд ¥	6.58	6.6	6.5	6.61	1 050.5	6.58	6.73	6.97	6.84	7.03	6.83	1.33
CAPEX, млрд ¥	4.82		2.47		841.85						283.05	458.98

	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 ¥	18.49	14.08	12.59	12.26	14.17	14.6	21.34	21.34	14.99	11.13
Short Term Investments ¥		1.76	0.291	2.46	4.25	4.75	3.35	3.35	3.02	63.02
Total Receivables ¥		35.46	27.38	27.01	29.01	36.32	36.42	36.42	31.23	5.87
Total Current Assets ¥		72.67	68.54	65.06	73.66	88.6	96.58	96.58	78.49	7.10
Чистые активы, млрд ¥	73.55	72.67	68.54	65.06	44.92	45.9		45.9	59.42	-8.78
Активы, млрд ¥	156.46	151.77	145.92	154.91	163.56	180.59	202.07	202.07	169.41	6.73
Short Term Debt ¥		4.37	6.32	7.09	6.59	12.62	2.72	2.72	7.07	-15.52
Long Term Debt ¥		1.05	1.05	1.08	0.147	0.191		0.191	0.7036	-28.88
Задолженность, млрд ¥	53.43	44.43	42.17	40.92	44.76	51.62	54.1	54.1	46.71	5.11
Чистый долг, млрд ¥	-4.98	-8.73	-5.36	-4.27	-7.58	-1.99	-18.62	-18.62	-7.5640	28.28
Долг, млрд ¥	13.5	5.35	7.23	8	6.74	12.81	2.72	2.72	7.50	-17.76
Расходы на обслуживание долга ¥		0.033	0.02	0.026	0.025	0.026	0.02	0.02	0.0234	0.00
Чист. проц. доходы, млрд ¥	0.104	0.126	0.133	0.075	2.75	0.146	0.297	0.146	0.6802	17.43
Амортизация, млрд ¥		4.06	4.44	4.78	4.71	4.78	4.81	4.81	4.70	1.61
Себестоимость, млрд ¥			90.05	80.33	92.57	104.14	100.08	100.08	93.43	2.13
Товарно материальные запасы ¥		21.45	22.51	20.3	23.21	29.58	35.79	35.79	26.28	9.72

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Наличность, млрд ¥		14.17	13.05	13.13	13.62	2 294.1	13.43	15.94	16.39	17.99	18.23	16.40	6.30
Short Term Investments ¥						684.88	5.65	3.34		3.35		174.31	-73.55
Total Receivables ¥		29.01	29.23	32.35	37.75	5 706.27	39.13	39.07	39.69	36.42	37.52	38.37	-0.84
Total Current Assets ¥		73.66	79.09	84.08	90.1	13 921.27	87.45	90.36	92.07	96.58	94.59	92.21	1.58
Чистые активы, млрд ¥	74.23	73.66	79.09	84.08	45	7 211.79	46.29					1493.25	-10.16
Активы, млрд ¥		163.56	168.92	175.36	180.63	28 373.44	182.22	186.02	187.17	202.07	200.4	191.58	1.92
Short Term Debt ¥		6.59	6.24	9.62	13.71	1 982.06	9.16	3.5	3.84	-2.05	6.46	4.18	-6.75
Long Term Debt ¥						30.01						30.01	0.00
Задолженность, млрд ¥		44.76	46.53	49.71	54.48	8 111.14	48.89	49.23	49.93	54.1	50.62	50.55	0.70
Чистый долг, млрд ¥		-7.58	-6.81	-3.51	0.089	-312.04	-4.27	-9.29	-3.93	-15.02	-11.77	-8.8560	22.48
Долг, млрд ¥		6.59	6.24	9.62	13.71	1 982.06	9.16	6.65	12.47	2.97	6.46	7.54	-6.75
Расходы на обслуживание долга ¥		0.007	0.004	0.004	0.011	1.1	0.005	0.005	0.007	0.003	0.003	0.0046	-9.71
Чист. проц. доходы, млрд ¥	0.009	0.636	0.018	0.028	0.048	8.17	11.31	10.84	12.1	0.079		8.50	-60.46
Амортизация, млрд ¥			1.21	0.844	0.793	96.47	1.18	1.18	1.23	1.21	1.25	1.21	1.16
Себестоимость, млрд ¥							24.53	24.82	26.2	24.52	25.16	25.05	0.51
Товарно материальные запасы ¥		23.21	28.6	30.61	29.93	4 648.07	31.79	32.96	33.27	35.79	36.45	34.05	2.77

	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	935.57	675.74	237.17	194.48	314.12	347.26	396.46		396.46	297.90	10.82
Цена акции ао					4020	3425	3970	3705	3705	3780.00	-2.02
Число акций ао, млн		14.37	14.4	14.43	28.87	28.87	28.96		28.96	23.11	15.00
FCF/акцию	371.6	202.44	77.37	-36.53	277.61	-193	577.53		577.53	140.60	49.49

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	5 quarters average	CAGR 5
EPS	140.16	186.72	171.83	118.13	7832.74	105.25	95.05	113.29	82.9	111.99		101.70	1.25
Цена акции ао											3705	3705.00	0.00
FCF/акцию				85.98	81.55	81.91	81.48	85.07				83.20	-0.21

	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, %	14.64	9.55	3.34	2.65	7.92	8.14	8.34		8.34	10.47	6.08	20.08
ROA, %	8.99	6.3	2.29	1.87	5.69	5.83	6		6	5.55	4.34	21.24
ROIC, %			4.25	3.59	9.26	9.56			9.56	9.78	6.67	22.47
ROS, %			2.83	2.62	7.1	7.19	8.32	8.32	8.32	6.75	6.71	26.00
ROCE, %	14.15	10.36	5.7	3.6	8.97	9.11	9.61	10.41	10.41	14.09	8.34	23.66
Ebit margin, %			4.14	3.85	9.02	9.04	11.17	11.17	11.17		8.85	23.74
Рентаб EBITDA, %	17.05	12.84	8.93	8.68	12.71	12.47	14.66	14.66	14.66	13.98	12.64	11.05
Чистая рентаб, %	11.39	7.72	2.83	2.62	7.1	7.19	8.32		8.32	6.75	5.61	24.07
Operation Margin, %			3.49	2.39	7.33	6.43	7.77	7.77	7.77	8.85	6.34	26.59

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %	1.78	2.32	2.09	2.81	1.16	2.41	2.13	2.49	1.77	2.32	10.47	2.22	-0.76
ROA, %	1.24	1.62	1.44	1.92	0.7968	1.68	1.5	1.76	1.23	1.61	5.55	1.56	-0.85
ROS, %						9.08	8.07	9.04	7.06	9.33	6.75	8.52	0.54
ROCE, %	2.11	1.73	1.78	1.83	1.49	2.57	2.85	2.06	1.64	1.67	14.09	2.16	-8.26
Ebit margin, %						10.6	11.76	8.14	7.19	7.39		9.02	-6.96
Рентаб EBITDA, %	9.82	10.61	8.9	8.9	7.39	14.14	15.22	11.54	10.76	10.97	13.98	12.53	-4.95
Чистая рентаб, %	5.99	8.37	6.97	9.44	4.05	9.08	8.07	9.04	7.06	9.33	6.75	8.52	0.54
Operation Margin, %						7.01	7.46	8.71	7.81	7.52	8.85	7.70	1.41

	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	4.93	7.84	13.39	18.25	6.96	6.55	10.62		10.62	83.01	11.15	-4.53
P/BV	0.6424	0.7093	0.4406	0.4494	0.531	0.5092	0.8239		0.8239	68.03	0.5508	13.34
P/S	0.5612	0.6052	0.379	0.4787	0.4942	0.4708	0.8839		0.8839	67.55	0.5413	18.45
P/FCF						-13.86	4.62	4.62	4.62	46.22	-1.5400	-169.34
E/P						0.1298	0.1487	0.1487	0.1487	0.64	0.1424	4.64
EV/EBIT			8.08	11.39	4.82	5.05	6.7	6.7	6.7		6.93	-10.07
EV/EBITDA	3.04	4.17	3.75	5.05	3.42	3.66	5.11		5.11	76.43	4.20	6.38
EV/S			0.3346	0.4388	0.4348	0.4565	0.7489	0.7489	0.7489	67.57	0.5656	11.28
EV/FCF			36.23	-89.1	6.93	-11.43	6.18	6.18	6.18	18.47	-16.2480	-158.64
Debt/EBITDA	0.6717	0.331	0.6713	0.8608	0.4152	0.7363	0.1346	0.1346	0.1346	2.58	0.4563	-31.00
Netdebt/Ebitda			-0.4971	-0.4593	-0.467	-0.1142	-0.921	-0.921	-0.921	0.06	-0.5765	14.93
Debt/Ratio			0.0505	0.0527	0.0412	0.0709	0.0135	0.0135	0.0135	0.16	0.0384	-23.84
Debt/Equity			0.0731	0.0736	0.057	0.0999	0.0185	0.0593	0.0593	34.64	0.0617	-4.23
Debt/Net Income			2.16	2.91	0.7431	1.28	0.237	0.237	0.237	5.13	1.08	-39.44
PEG								0.4182	0.4182		0.4182	0.00
Бета						2.59	0.4468	0.4578	0.4578	17.07	1.16	-43.88
Индекс Альтмана						-12.25	-0.032	-0.104	-0.104	7.75	-4.1287	-79.60

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	6.96	6.18	5.71	3.26	4.33	6.08	8.57	8.97	10.62	9.71			83.01	8.79	9.82
P/BV	0.531	0.4811	0.456	0.4599	0.5092	0.5849	0.6681	0.6886	0.8248	0.7578			68.03	0.7048	5.32
P/S	0.4942	0.4518	0.4277	0.2429	0.3173	0.4429	0.6547	0.6762	0.884	0.8148			67.55	0.6945	12.97
EV/EBIT						20.78	20.48	30.61	43.75	39.52				31.03	13.72
EV/EBITDA	4.65	4.08	4.03	4.43	5.12	4.19	4.43	5.17	6.02	6.03			76.43	5.17	7.55
EV/S						2.2	2.41	2.49	3.15	2.92			67.57	2.63	5.83
EV/FCF						31.16	34.78	36.73					18.47	34.22	5.63
Debt/EBITDA	1.99	1.83	3.04	4.26	4.8	1.94	1.28	2.97	0.8112	1.69			2.58	1.74	-2.72
Netdebt/Ebitda						-0.9034	-1.79	-0.9365	-4.11	-3.08			0.06	-2.1640	27.80
Debt/Ratio						0.0503	0.0357	0.0666	0.0147	0.0322			0.16	0.0399	-8.53
Debt/Equity						0.0691	0.0489	0.0914	0.0202	0.0434			34.64	0.0546	-8.88
Debt/Net Income						3.01	2.41	3.8	1.24	1.99			5.13	2.49	-7.94
Бета											1.57	0.4578	17.07	1.01	-46.00
Индекс Альтмана											-0.104	-0.104	7.75	-0.1040	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		0.877	1.17	1.46	1.17	1.46	2.5	3.46		3.46		2.01	18.84
Дивиденд	60	60	80	100	80	50.34	85	117.5	130	130		92.57	10.20
Див доход, ао, %	2.32	1.17	1.42	2.16	2.69	1.45	2.99	2.61	4.78	4.63	4.14	2.90	12.19
Дивиденды / прибыль, %			6.53	12.03	42.81	41.77	16.14	24.9	30.11	30.11	37.59	31.15	-6.80

	2022Q1	2022Q3	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	1.46	1.17	392.17		131.60	545.22
Дивиденды / прибыль, %	72.37	47.22	173.45	37.59	97.68	33.83

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	4831	4831	0.00

	CAGR 5

	CAGR 5