TSE: 8157 - Tsuzuki Denki Co., Ltd.

Yield per half year: +3.34%
Dividend yield: +5.80%
Sector: Industrials

Reporting Tsuzuki Denki Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								35.96
Выручка, млрд ¥	111.97	118.87	125.37	120	119.32	123.9	124.86	124.86	122.69	-0.08
Чистая прибыль, млрд ¥	1.52	2.21	3.16	2.35	2.8	3.52	5.48	5.48	3.46	11.64
EV, млрд ¥	12.61	16.03	12.46	25.41	19.69	17.98	14.89	14.89	18.09	3.63
EBIT, млрд ¥	2.6	3.32	4.46	3.2	4.56	5.69	8.51	8.51	5.28	13.79
EBITDA, млрд ¥	3.9	5.49	6.97	5.94	7.18	7.91	10.13	10.13	7.63	7.76
Баланс стоимость, млрд ¥	27.58	28.72	29.75	30.93	32.85	34.95	40.4	40.4	33.78	6.31
FCF, млрд ¥	-2.02	-2.06	5.85	-1.44	3.69	3.17	4.01	4.01	3.06	-7.27
Операционный денежный поток, млрд ¥	1.77	0.852	8.03	0.749	5.56	4.26	4.95	4.95	4.71	-9.22
Операционная прибыль, млрд ¥	2.54	3.32	4.46	3.2	4.01	5.12	6.44	6.44	4.65	7.62
Операционные расходы, млрд ¥	16.92	18.18	18.62	18.26	18.5	19.06	18.46	18.46	18.58	-0.17
CAPEX, млрд ¥	3.79	2.92	2.18	2.19	1.87	1.09	0.946	0.946	1.66	-15.38

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥	24.61	30.44	27.5	6 497.52	28.13	32.76	32.13	31.84	18.77	23.07	27.71	-6.77
Чистая прибыль, млрд ¥	-0.098	0.847	0.273	400.34	0.448	2.46	1.28	1.29	0.001	1.04	1.21	-15.82
EV, млрд ¥	12.05	13.03	16.57	2 823.64	24.34	26.41	24.82	15.01	13.15	13.45	18.57	-12.62
EBIT, млрд ¥	-0.203	1.22	0.386	583.07	0.285	3.53	1.65	2.64	0.001	1.46	1.86	-16.19
EBITDA, млрд ¥	-0.081	1.26	0.51	586.37	0.697	3.94	2.05	3.03	0.4063	1.8	2.25	-14.50
Баланс стоимость, млрд ¥	32.28	33.2	33.35	5 490.54	35.2	37.91	38.62	40.4	39.63	40.62	39.44	1.39
FCF, млрд ¥			189.18	137.95	0.824	0.822	0.806				65.92	-66.43
Операционный денежный поток, млрд ¥		3.58	189.18	137.95	0.824	0.822	0.806				65.92	-66.43
Операционная прибыль, млрд ¥	-0.203	1.22	0.386	583.07	0.698	1.64	1.6	2.5	0.001	1.39	1.43	-3.25
Операционные расходы, млрд ¥	4.73	4.73	4.75	763.13	4.65	4.79	4.93	4.5	4.07	4.02	4.46	-3.44
CAPEX, млрд ¥		0.61		171.26							85.94	1575.57

	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 ¥	16.02	15.46	18.47	15.94	19.16	20.88	38.68	38.68	22.63	15.93
Short Term Investments ¥		0.044	0.035	0.034	1.2	1.13	0.012	0.012	0.4822	-19.27
Total Receivables ¥		33.23	26.54	28.05	31.83	31.37	21.58	21.58	27.87	-4.05
Total Current Assets ¥		59.17	58.24	56.74	61.2	67.2	65.93	65.93	61.86	2.51
Чистые активы, млрд ¥	57.62	59.17	58.24	56.74	5.43	4.5		4.5	36.82	-40.27
Активы, млрд ¥	76.17	78.94	77.45	76.2	79.23	83.21	81.07	81.07	79.43	0.92
Short Term Debt ¥		13.48	6.27	6.48	10.7	5.88	5.36	5.36	6.94	-3.09
Long Term Debt ¥			4.17	4.44	1.81	5.11	4.1	4.1	3.93	-0.34
Задолженность, млрд ¥	48.59	50.23	47.7	45.03	46.03	47.82	40.2	40.2	45.36	-3.36
Чистый долг, млрд ¥	-1.18	1.42	-5.21	-3.1	-6.66	-9.89	-28.5	-28.5	-10.6720	40.48
Долг, млрд ¥	14.84	16.88	13.26	12.85	12.51	10.99	10.19	10.19	11.96	-5.13
Расходы на обслуживание долга ¥		0.159	0.141	0.123	0.13	0.114	0.09	0.09	0.1196	-8.59
Чист. проц. доходы, млрд ¥	0.01	0.017	0.004	0.002	0.008	0.005	0.011	0.005	0.0060	22.42
Амортизация, млрд ¥		2.17	2.51	2.73	2.62	2.21	1.62	1.62	2.34	-8.38
Себестоимость, млрд ¥			102.29	98.54	96.8	99.72	99.96	99.96	99.46	-0.46
Товарно материальные запасы ¥		8.09	8.49	7.62	7.48	11.68	3.65	3.65	7.78	-15.53

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥			22.44	21.07	18.24	3 280.19	21.99	25.61	23.7	38.68	38.7	36.33	32.60	7.24
Short Term Investments ¥				0.03	0.029	4.4	1.1	0.026	0.021	0.012		0.016	0.2350	-57.09
Total Receivables ¥			17.31	22.55	19.92	4 380.34	21.05	28.81	27.53	21.58	12.54	16.27	21.35	-10.80
Total Current Assets ¥			55.21	59.41	61.85	10 557.81	63.87	71.32	67.15	65.93	58.53	59.78	64.54	-3.47
Чистые активы, млрд ¥	54.64	61.2	55.21	59.41	61.85	707.67	4.3						177.69	-39.98
Активы, млрд ¥			73.24	76.73	79.81	13 073.45	80.41	85.6	81.37	81.07	73.97	75.07	79.42	-2.59
Short Term Debt ¥			10.53	7.47	6.48	924.18	5.58	5.48	5.44	5.36	4.75	8.18	5.84	8.34
Long Term Debt ¥		0.152	0.083	2.98	4.11	802.72	4.95	4.11	4.11	4.1		1.2	3.69	-24.68
Задолженность, млрд ¥			40.69	43.2	46.07	7 513.62	44.86	47.3	42.32	40.2	33.96	34.05	39.57	-6.36
Чистый долг, млрд ¥			-10.32	-9.3	-5.92	-1 553.28	-11.46	-15.16	-13.3	-28.5	-29.24	-26.34	-22.5080	11.68
Долг, млрд ¥			12.12	11.77	12.32	1 726.9	10.53	10.45	10.4	10.19	9.46	9.99	10.10	-0.90
Расходы на обслуживание долга ¥			0.029	0.03	0.028	4.24	0.024	0.023	0.022	0.021	0.021	0.023	0.0220	0.00
Чист. проц. доходы, млрд ¥	0.002	0.005	0.001	0.002	0.001	0.1571	2.51	1.26	0.3142				0.8485	215.82
Амортизация, млрд ¥			0.122	0.035	0.124	3.3	0.412	0.411	0.403	0.395	0.4053	0.342	0.3913	-3.61
Себестоимость, млрд ¥							22.78	26.32	25.6	24.85	14.66	17.66	21.82	-7.67
Товарно материальные запасы ¥			8.99	10.22	15.99	1 835.63	13.86	14.65	13.56	3.65	4.42	5.08	8.27	-19.09

	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	96.06	128.86	182.08	134.04	158.47	197.48	304.73		304.73	195.36	10.85
Цена акции ао					1297	2252	2815	2369	2369	2183.25	16.25
Число акций ао, млн		17.17	17.33	17.5	17.66	17.83	17.97		17.97	17.66	0.73
FCF/акцию	-128.27	-120.24	337.6	-82.33	208.82	177.96	223		223	173.01	-7.96

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	5 quarters average	CAGR 5
EPS	-5.53	47.75	15.39	22347.12	24.98	136.88	71.26	71.58	0.0555	57.29		67.41	-15.99
Цена акции ао											2369	2369.00	0.00
FCF/акцию			67.5	49.01	45.94	45.78	44.84					50.61	-7.85

	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, %	5.87	7.86	10.79	7.73	8.77	10.39	14.54		14.54	10.47	10.44	6.15
ROA, %	2.06	2.85	4.03	3.05	3.6	4.34	6.67		6.67	5.55	4.34	10.60
ROIC, %			10.57	7.66	8.22	10.67			10.67	9.78	9.28	0.24
ROS, %			2.52	1.95	2.35	2.84	4.39	4.39	4.39	6.75	3.18	17.62
ROCE, %	6.6	8.78	10.13	6.94	10.28	11.35	16.17	20.82	20.82	14.09	13.11	24.57
Ebit margin, %			3.56	2.8	3.82	4.6	6.81	6.81	6.81		4.97	19.45
Рентаб EBITDA, %	3.48	4.62	5.56	4.95	6.02	6.38	8.11	8.11	8.11	13.98	6.71	10.38
Чистая рентаб, %	1.35	1.86	2.52	1.95	2.35	2.84	4.39		4.39	6.75	2.81	11.74
Operation Margin, %			3.56	2.67	3.36	4.13	5.16	5.16	5.16	8.85	4.10	14.08

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %	-0.3093	2.63	0.8358	7.68	1.27	7.07	3.56	3.45	0.0026	2.62	10.47	3.34	-18.01
ROA, %	-0.1286	1.13	0.3488	3.13	0.5572	2.96	1.53	1.59	0.0013	1.39	5.55	1.49	-14.03
ROS, %					1.59	7.5	3.99	4.05	0.0053	4.49	6.75	4.01	-9.75
ROCE, %	-0.4658	2.76	0.8431	7.86	0.8018	7.02	3.2	5.07	0.0019	2.83	14.09	3.62	-16.61
Ebit margin, %						10.77	5.12	8.28	0.0053	6.32		6.10	-10.11
Рентаб EBITDA, %	-0.33	4.13	1.85	9.02	2.48	12.02	6.37	9.52	2.16	7.81	13.98	7.58	-8.26
Чистая рентаб, %	-0.4	2.78	0.99	6.16	1.59	7.5	3.99	4.05	0.0053	4.49	6.75	4.01	-9.75
Operation Margin, %					2.48	5.02	4.97	7.85	0.0053	6.04	8.85	4.78	3.77

	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	9.1	6.6	5.6	12.15	9.41	7.91	7.92		7.92	83.01	8.60	7.18
P/BV	0.4998	0.5088	0.5941	0.9147	0.7935	0.7876	1.06		1.06	68.03	0.8300	12.28
P/S	0.1231	0.1229	0.141	0.2376	0.2208	0.2249	0.3475		0.3475	67.55	0.2344	19.77
P/FCF						11.34	8.97	8.97	8.97	46.22	9.76	-7.52
E/P						0.0979	0.1523	0.1523	0.1523	0.64	0.1342	15.87
EV/EBIT			2.8	7.56	4.32	3.16	1.75	1.75	1.75		3.71	-25.37
EV/EBITDA	3.23	2.92	1.79	4.28	2.74	2.27	1.47		1.47	76.43	2.51	-3.86
EV/S			0.0994	0.2118	0.165	0.1451	0.1193	0.1193	0.1193	67.57	0.1521	-10.85
EV/FCF			2.13	-17.64	5.34	5.67	3.72	3.72	3.72	18.47	0.1620	-173.25
Debt/EBITDA	3.81	3.08	1.9	2.16	1.74	1.39	1.01	1.01	1.01	2.58	1.46	-14.10
Netdebt/Ebitda			-0.7485	-0.5218	-0.9272	-1.25	-2.81	-2.81	-2.81	0.06	-1.6638	40.04
Debt/Ratio			0.1347	0.1686	0.1578	0.1321	0.1257	0.1257	0.1257	0.16	0.1420	-5.70
Debt/Equity			0.3507	0.4153	0.3807	0.3145	0.2522	2.26	2.26	34.64	0.7245	40.33
Debt/Net Income			3.31	5.48	4.47	3.12	1.86	1.86	1.86	5.13	3.36	-19.43
PEG								-0.0447	-0.0447		-0.0447	0.00
Бета						0.2943	4.96	0.3548	0.3548	17.07	1.87	6.43
Индекс Альтмана						2.01	2.36	2.35	2.35	7.75	2.24	5.35

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	9.38		7.26	7.77	7.9	8.68	7.25	5.65	7.92	8.4	10.99			83.01	8.04	8.68
P/BV		0.687	0.666	0.6666	0.7872	1.01	1.09	0.9765	1.06	1.06	0.9699			68.03	1.03	-2.31
P/S		0.1865	0.1833	0.1855	0.2239	0.2801	0.3197	0.2833	0.3475	0.3662	0.3747			67.55	0.3383	3.23
EV/EBIT							7.49	15.09	5.69	13153	9.22				2638.10	4.24
EV/EBITDA		2.71	2.83	3.76	3.32	34.92	2.5	2.16	1.48	1.4	1.85			76.43	1.88	-5.84
EV/S						0.8653	0.8061	0.7727	0.4713	0.7007	0.5829			67.57	0.6667	-6.28
EV/FCF						29.54	32.13	30.8						18.47	30.82	1.40
Debt/EBITDA	4.6		9.36	24.15	2.95	15.11	2.65	5.08	3.36	23.29	5.55			2.58	7.99	15.93
Netdebt/Ebitda						-16.44	-3.85	-6.5	-9.4	-71.98	-14.62			0.06	-21.2700	30.59
Debt/Ratio						0.1309	0.122	0.1278	0.1257	0.1279	0.1331			0.16	0.1273	1.76
Debt/Equity						0.2991	0.2756	0.2693	0.2522	0.2388	0.2459			34.64	0.2564	-2.25
Debt/Net Income						23.5	4.25	8.12	7.9	9463	9.64			5.13	1898.58	17.80
Бета												2.18	0.3548	17.07	1.27	-59.66
Индекс Альтмана												2.35	2.35	7.75	2.35	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		0.311	0.527	0.709	1.09	1.01	0.932	1.38		1.38		1.02	14.25
Дивиденд	17.5	20.5	29	39	50	16.54	48	74	97	97		57.11	14.17
Див доход, ао, %	3.13	2.07	3.08	2.79	3.13	1.3	5.71	4.19	6.09	5.8	4.14	4.08	14.24
Дивиденды / прибыль, %			20.53	23.82	22.47	46.59	35.95	26.47	25.18	25.18	37.59	31.33	2.30

	2022Q3	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.466	146.44		73.45	1672.71
Дивиденды / прибыль, %	55.02	36.58	37.59	45.80	-18.46

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	2328	2328	0.00

	CAGR 5

	CAGR 5