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Key Info

Japan Display Inc Web - www.j-display.com

Tel - 81-3-6732-8100

Next Reporting Date - 15.05.2019

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Japan Display Inc

Technology Hardware & Equipmen

JAPAN


DCF Model Assumptions

Risk Free Rate

2.00%

Country Equity Risk Premium

6.00%

Cost of Debt

4.00%

Cost of Debt

4.00%

Long Term Growth

2.00%

Beta Assumption

0.91

Current Market Cap mln$

590.19

Net Debt mln$

1,218.62

WACC Estimate

5.13%

Ordinary Current Price $

0.70

DCF Model

DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
Revenue7033.148245.878181.476476.237598.097641.307684.297739.207794.557846.327898.437950.898003.698056.858110.36
EBITDA Costs6338.327432.687175.496210.066866.216895.456924.546961.696999.147034.057069.147104.407139.837175.447211.24
EBITDA694.82813.201005.99266.17731.88745.85759.76777.51795.41812.27829.30846.49863.86881.40899.12
EBITDA Margin9.889.8612.304.119.639.769.8910.0510.2010.3510.5010.6510.7910.9411.09
Operating Costs6986.088106.578010.327033.577609.877638.607667.197703.707740.507774.777809.197843.767878.487913.367948.40
Operating Profit47.05139.30171.15-557.34-11.782.7017.1035.5154.0571.5589.24107.13125.21143.49161.96
Operating Margin0.671.692.09-8.61-0.160.040.220.460.690.911.131.351.561.782.00
Pretax Costs7108.728479.048285.438618.858140.068146.538152.968161.188169.478177.138184.808192.478200.158207.848215.54
PTP-75.58-233.17-103.96-2142.62-541.97-505.23-468.67-421.98-374.91-330.81-286.37-241.58-196.46-151.00-105.18
Pretax Margin-1.07-2.83-1.27-33.08-7.13-6.61-6.10-5.45-4.81-4.22-3.63-3.04-2.45-1.87-1.30
Net Income Costs7145.318511.318474.388707.708229.238236.658244.038253.468262.968271.758280.558289.358298.178307.008315.83
Net Income-112.17-265.44-292.91-2231.47-631.14-595.35-559.74-514.25-468.41-425.43-382.12-338.47-294.48-250.15-205.48
Net Margin-1.59-3.22-3.58-34.46-8.31-7.79-7.28-6.64-6.01-5.42-4.84-4.26-3.68-3.10-2.53
Revenue Less Capex8024.429799.439415.606922.968711.648776.538841.098923.549006.659084.699163.429242.829322.919403.699485.18
Capex-991.28-1553.55-1234.12-446.72-1113.55-1135.23-1156.79-1184.33-1212.10-1238.37-1264.98-1291.93-1319.22-1346.85-1374.82
Capex to Revenues-14.09-18.84-15.08-6.90-14.66-14.86-15.05-15.30-15.55-15.78-16.02-16.25-16.48-16.72-16.95
Revenue less FCF7354.118536.918379.516929.767901.917940.557978.998028.088077.578123.778170.238216.968263.958311.228358.75
FCF-320.97-291.04-198.03-453.53-303.83-299.25-294.70-288.88-283.02-277.45-271.80-266.07-260.26-254.37-248.40
FCF to Revenue-4.56-3.53-2.42-7.00-4.00-3.92-3.84-3.73-3.63-3.54-3.44-3.35-3.25-3.16-3.06

JAPAN Comparables

tickercompanycountryMarket Cap
2019
PE RATIO
2019
PE RATIO
2020
EV/EBITDA
2019
EV/EBITDA
2020
P/S
2019
DIVIDEND YIELD
2019
EBITDA Margin
2019
P/B
2019
ROE
2019
6 month return
2019
7751 JPCanon IncJAPAN 36841.5915.1514.608.248.151.075.2213.861.167.50-0.87
6981 JPMurata Manufacturing Co LtdJAPAN 36017.6417.0415.24-8.312.265.08---15.93
6501 JPHitachi LtdJAPAN 31888.8414.948.455.104.050.402.739.351.066.8115.04
6971 JPKyocera CorpJAPAN 24278.6222.8118.12-9.291.402.159.771.044.4927.39
4901 JPFUJIFILM Holdings CorpJAPAN 23856.0316.4513.398.567.521.091.5513.210.976.098.13
6645 JPOmron CorpJAPAN 11383.8119.8623.778.9211.381.551.6212.462.1110.7641.32
6701 JPNEC CorpJAPAN 8722.8124.2014.179.116.610.271.075.411.134.6218.23
7752 JPRicoh Co LtdJAPAN 7480.4314.3811.579.038.200.411.878.830.866.06-5.24
6841 JPYokogawa Electric CorpJAPAN 5568.5222.6620.2510.389.401.501.4313.382.139.786.25
4902 JPKonica Minolta IncJAPAN 5007.3213.3213.535.775.890.522.6911.590.997.610.00
6740 JPJapan Display IncJAPAN 590.19--5.514.480.100.005.310.68-24.83-24.90

International Comparables

tickercompanycountry Market Cap
2019
PE RATIO
2019
PE RATIO
2020
EV/EBITDA
2019
EV/EBITDA
2020
P/S
2019
DIVIDEND YIELD
2019
EBITDA Margin
2019
P/B
2019
ROE
2019
6 month return
2019
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SMSN LISamsung Electronics Co LtdSOUTH KOREA 231030.5812.329.563.252.791.203.3026.091.189.628.04
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TEL USTE Connectivity LtdSWITZERLAND 32216.3317.1015.6511.8111.032.351.8722.013.1517.5329.02
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SMSD LISamsung Electronics Co LtdSOUTH KOREA 25542.40------#????!--6.60
MSI USMotorola Solutions IncUNITED STATES 23931.3619.0017.2312.6711.853.051.5928.21--115.4222.64
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HEXAB SSHexagon ABSWEDEN 20044.0821.8520.0314.9613.904.411.3232.663.0914.7617.27
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006400 KSSamsung SDI Co LtdSOUTH KOREA 13561.6220.4214.0610.788.711.450.4515.151.256.34-2.53
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XRX USXerox CorpUNITED STATES 7308.648.347.836.946.780.793.1418.241.5618.5920.02