15.03.

2013

Company Analysis - Overview

Ticker:

Kubota Corp

6326 JP

Currency:
Sector: Industrials

Industry: Machinery

Year:

Telephone
81-6-6648-2111
Revenue (M)
Website
www.kubota.co.jp/english/index.html No of Employees
Address
1-2-47 Shikitsu-Higashi Naniwa-ku Osaka, 556-8601 Japan
Share Price Performance in JPY
Price
1314.00
1M Return
52 Week High
1324.00
6M Return
52 Week Low
623.69
52 Wk Return
52 Wk Beta
1.12
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

KUBOTA CORPORATION manufactures industrial machinery, farm machinery, and fluid

piping systems. The Company's products include ductile iron pipes, engines, tractors,
combine harvesters, reaper binders, rice planters, and excavators. Kubota also
produces forged iron products, housing equipment, and environmental control plants.

Benchmark:
TOPIX INDEX (TOKYO) (TPX)

Tokyo: 6326, Currency: JPY

1'008'019
29'185
26.3%
62.9%
64.2%
33.3%

NR
WR
-

Date
Date
Date

3/09
14.2x
8.2x
6.3x
0.6x
1.2x
2.6%

3/10
25.6x
20.4x
14.4x
1.2x
1.7x
1.4%

3/11
18.2x
15.0x
11.4x
1.1x
1.6x
1.8%

3/12
16.3x
12.4x
10.1x
1.0x
1.5x
1.9%

3/13E
24.1x
14.3x
1.5x
2.4x
1.3%

3/14E
19.3x
11.8x
1.4x
2.2x
1.4%

3/15E
17.4x
10.9x
1.3x
2.0x
1.5%

3/09
Gross Margin
26.8
EBITDA Margin
12.1
Operating Margin
9.3
Profit Margin
4.3
Return on Assets
3.4
Return on Equity
7.8
Leverage and Coverage Ratios
3/09
Current Ratio
1.7
Quick Ratio
1.1
EBIT/Interest
38.6
Tot Debt/Capital
0.2
Tot Debt/Equity
0.3
Eff Tax Rate %
34.4

3/10
26.8
10.6
7.5
4.5
3.0
7.0

3/11
26.9
12.1
9.2
5.9
4.0
8.7

3/12
27.0
12.9
10.5
6.1
4.3
9.6

3/13E
26.2
12.4
9.6
6.0
5.9
10.1

3/14E
27.3
14.1
11.1
6.9
7.2
12.0

3/15E
27.6
14.5
11.7
7.4
7.6
12.0

3/10
1.9
1.3
32.8
0.4
0.6
35.2

3/11
1.8
1.3
52.8
0.3
0.5
33.4

3/12
1.6
1.1
55.9
0.3
0.5
35.6

09.01.2007
-

Outlook
Outlook
Outlook

Business Segments in JPY

Machines
Water/Environment System
Other Products Manufacturing
Social Infrastructure
Industrial Infrastructure
Other
Environmental Engineering

Sales (M)
713943
263286
30790

3%

9%

Sales (M)
498684
219929
169632
88715
31059

3%

26%
17%

Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %

Geographic Segments in JPY

Japan
North America
Asia
Europe
Rest of the World

49%

71%
22%

Machines

Water/Environment System

Other Products Manufacturing

Current Capitalization in JPY

Common Shares Outstanding (M)
Market Capitalization (M)
Cash and ST Investments (M)
Total Debt (M)
Preferred Equity (M)
LT Investments in Affiliate Companies (M)
Investments (M)
Enterprise Value (M)

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Japan

North America

Asia

Europe

Rest of the World

1256.0
1689697.8
98865.0
405192.0
0.0
0.0
53926.0
2049950.8

Company Analysis - Analysts Ratings

Kubota Corp

57%

53%

39%

37%

1'000

32%

37%

42%

47%

800

50%

600

40%

20%

31%

29%

29%

mars.12

avr.12

mai.12

33%

38%

41%

juin.12

juil.12

aot.12

50%

53%

400

58%

53%

47%

42%

200

0%

0
Buy

Hold

sept.12

Sell

oct.12

nov.12

Price

dc.12

janv.13

fvr.13

Target Price

Date

Buy

Hold

Sell

Date

28-Feb-13
31-Jan-13
31-Dec-12
30-Nov-12
31-Oct-12
28-Sep-12
31-Aug-12
31-Jul-12
29-Jun-12
31-May-12
30-Apr-12
30-Mar-12

42%
47%
58%
53%
53%
50%
41%
38%
33%
29%
29%
31%

47%
42%
32%
37%
37%
39%
47%
50%
53%
50%
57%
56%

11%
11%
11%
11%
11%
11%
12%
13%
13%
21%
14%
13%

15-Mar-13
14-Mar-13
13-Mar-13
12-Mar-13
11-Mar-13
8-Mar-13
7-Mar-13
6-Mar-13
5-Mar-13
4-Mar-13
1-Mar-13
28-Feb-13
27-Feb-13
26-Feb-13
25-Feb-13
22-Feb-13
21-Feb-13
20-Feb-13
19-Feb-13
18-Feb-13
15-Feb-13
14-Feb-13
13-Feb-13
12-Feb-13
11-Feb-13
8-Feb-13
7-Feb-13
6-Feb-13
5-Feb-13
4-Feb-13

Price Target Price

1314.00
1258.00
1225.00
1240.00
1247.00
1229.00
1172.00
1168.00
1164.00
1149.00
1143.00
1119.00
1125.00
1102.00
1105.00
1073.00
1057.00
1083.00
1079.00
1065.00
1040.00
1043.00
1046.00
1035.00
1026.00
1026.00
1071.00
1113.00
1049.00
1054.00

1178.46
1178.46
1178.46
1178.46
1178.46
1178.46
1166.92
1166.92
1160.00
1133.57
1133.57
1133.57
1134.67
1134.67
1092.67
1092.67
1072.67
1055.33
1055.33
1055.33
1055.33
1055.33
1055.33
1055.33
1044.00
1044.00
1044.00
1044.00
1013.85
1013.85

Broker

Analyst

SMBC Nikko Securities Inc

Marusan Securities
Credit Suisse
Morgan Stanley
Iwai Cosmo Securities Co. Ltd
Mitsubishi UFJ Morgan Stanley Securitie
Mizuho Securities
Nomura
Macquarie
Goldman Sachs
BNP Paribas Equity Research
TIW
EVA Dimensions
Barclays
Tachibana Securities
Daiwa Securities Co. Ltd.
Mito Securities

TAKU OUCHI
KOSUKE SAHARA
SHINJI KURODA
YOSHINAO IBARA
HITOSHI OHNISHI
TAKESHI ISHIZUKA
JUNJI SAKURADA
RYO TAZAKI
KENJIN HOTTA
YUICHIRO ISAYAMA
CHRISTOPHER CINTAVEY
MASAKAZU ITOI
CRAIG STERLING
KUNIO SAKAIDA
YOSHIKAZU SHIMADA
HIROSUKE TAI
YOICHIRO WATANABE

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Mito Securities

56%

47%

Daiwa Securities Co. Ltd.

60%

50%

Tachibana Securities

1'200

80%

Barclays

11%

EVA Dimensions

11%

TIW

11%

BNP Paribas Equity Research

11%

Goldman Sachs

11%

Macquarie

11%

Nomura

12%

Mizuho Securities

13%

Mitsubishi UFJ Morgan Stanley

Securitie

13%

Iwai Cosmo Securities Co. Ltd

21%

Morgan Stanley

14%

Credit Suisse

13%

Brokers' Target Price

1600
1400
1200
1000
800
600
400
200
0
Marusan Securities

1'400

100%

SMBC Nikko Securities Inc

Buy and Sell Recommendations vs Price and Target Price

Price

Broker Recommendation

Target price in JPY

Recommendation

Target

Date

outperform
outperform
neutral
Equalwt/Attractive
Neutral Plus
neutral
buy
buy
neutral
neutral/attractive
hold
Neutral Plus
underweight
overweight
Strong Outperform
neutral
Neutral Plus

1350.00

14-Mar-13
8-Mar-13
8-Mar-13
7-Mar-13
28-Feb-13
27-Feb-13
22-Feb-13
21-Feb-13
12-Feb-13
6-Feb-13
6-Feb-13
16-Jan-13
15-Jan-13
5-Dec-12
13-Nov-12
5-Nov-12
17-Nov-10

1100.00
1200.00
1300.00
950.00
1300.00
1250.00
1100.00
1150.00
1070.00

1070.00
800.00

15.03.2013

Kubota Corp

Company Analysis - Ownership

Ownership Type

Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership

36%

64.01%
35.96%
0.02%

64%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in JPY

Top 20 Owners:
Holder Name
MASTER TRUST BANK OF
MITSUBISHI UFJ FINAN
NIPPON LIFE INSURANC
JAPAN TRUSTEE SERVIC
MEIJI YASUDA LIFE IN
SUMITOMO MITSUI FINA
MIZUHO FINANCIAL GRO
MOXLEY & CO
KUBOTA CORP
STATE STREET CUSTODI
SUMITOMO MITSUI TRUS
BLACKROCK
CAPITAL GROUP COMPAN
JP MORGAN CHASE BANK
FMR LLC
VANGUARD GROUP INC
NIKKO ASSET MANAGEME
NOMURA
TOKIO MARINE & NICHI
SARASIN

Japan
United States
Australia
Luxembourg
Britain
Switzerland
Ireland
Others

76.77%
15.68%
3.16%
1.32%
1.16%
0.50%
0.36%
1.05%

Institutional Ownership Distribution

Bank
Investment Advisor
Insurance Company
Corporation
Others

35.68%
33.95%
16.07%
7.42%
6.88%

MASUMOTO YASUO
KIMATA MASATOSHI
NARA HIROKAZU
TOMITA TETSUJI
SAKAMOTO SATORU

1% 0%
1% 1%
1%
3%

16%

77%

Japan

United States

Australia

Luxembourg

Britain

Switzerland

Ireland

Others

TOP 20 ALL

Position
119'924'000
106'709'439
81'633'000
66'382'000
59'929'000
45'006'000
42'043'000
30'503'000
29'565'000
28'101'000
26'125'000
25'263'786
23'203'000
22'742'000
20'595'816
17'987'177
14'893'000
12'453'000
6'899'902
4'919'000

Position Change
12'606'000
937'986
-4'464'265
6'733'000
0
0
-128'000
-1'255'000
12'000
948'000
-37'544'000
-583'609
-375'000
-22'642'000
-2'647'213
246'995
-1'257'000
938'000
0
-639'300

Market Value
157'580'136'000
140'216'202'846
107'265'762'000
87'225'948'000
78'746'706'000
59'137'884'000
55'244'502'000
40'080'942'000
38'848'410'000
36'924'714'000
34'328'250'000
33'196'614'804
30'488'742'000
29'882'988'000
27'062'902'224
23'635'150'578
19'569'402'000
16'363'242'000
9'066'471'228
6'463'566'000

% of Ownership
9.33%
8.30%
6.35%
5.16%
4.66%
3.50%
3.27%
2.37%
2.30%
2.19%
2.03%
1.96%
1.80%
1.77%
1.60%
1.40%
1.16%
0.97%
0.54%
0.38%

Report Date

Position

Position Change

Market Value

% of Ownership

Report Date

58'000
45'000
34'000
34'000
29'000

9'000

76'212'000
59'130'000
44'676'000
44'676'000
38'106'000

30.09.2012
31.12.2011
30.09.2012
30.09.2012
30.09.2012
30.09.2012
29.10.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
13.03.2013
31.12.2012
30.09.2012
31.01.2013
31.12.2012
13.04.2012
28.02.2013
31.03.2012
31.01.2013

Source
Co File
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG

Top 5 Insiders:
Holder Name

Geographic Ownership

Geographic Ownership Distribution

0%

1256.0
94.5%

4'000
7'000
6'000

0.01%
0.00%
0.00%
0.00%
0.00%

Source
22.06.2012
22.06.2012
22.06.2012
22.06.2012
22.06.2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Co File
Co File
Co File
Co File
Co File

Institutional Ownership

Country
JAPAN
JAPAN
JAPAN
JAPAN
JAPAN
JAPAN
JAPAN
UNITED STATES
JAPAN

7%
7%
36%
16%

34%
JAPAN
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES

JAPAN

Bank

Investment Advisor

Insurance Company

Corporation

Others

Company Analysis - Financials I/IV

Kubota Corp
Financial information is in JPY (M)
Periodicity:

Fiscal Year

Equivalent Estimates
3/02

3/03

3/04

3/05

3/06

3/07

3/08

3/09

3/10

3/11

3/12

3/13E

3/14E

3/15E

Revenue
- Cost of Goods Sold

965'791
729'863

926'145
695'571

930'237
701'718

983'226
713'312

1'065'736
753'952

1'127'456
794'687

1'154'574
824'093

1'107'482
810'226

930'644
681'374

933'685
682'167

1'008'019
735'836

1'153'334

1'238'408

1'293'888

Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)

235'928
201'504
30'186

230'574
200'961
26'400

228'519
205'548
23'261

269'914
183'141
21'963

311'784
190'726
22'700

332'769
202'422
22'900

330'481
193'606
24'800

297'256
194'441
26'300

249'270
179'568
25'200

251'518
165'407
25'042

272'183
166'503
27'900

302'462

337'776

356'466

Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)

34'424
6'697
-561
-216

29'613
4'818
2'482
15'924

22'610
4'252
1'534
-11'848

86'773
4'699
-3'597
-72'688

121'058
1'156
1'952
-24'204

130'347
1'219
442
-4'232

136'875
986
9'043
4'175

102'815
2'664
11'525
5'145

69'702
2'127
-2'894
-3'416

86'111
1'632
1'640
-8'953

105'680
1'892
7'609
-6'388

110'573

137'639

152'027

Pretax Income
- Income Tax Expense

28'504
17'314

6'389
12'296

28'672
13'701

158'359
48'116

142'154
56'067

132'918
48'961

122'671
48'044

83'481
28'746

73'885
25'977

91'792
30'684

102'567
36'548

111'878

139'608

154'575

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

11'190
0
1'660

-5'907
0
2'097

14'971
795
2'476

110'243
-11'100
3'442

86'087
115
4'938

83'957
1'286
6'214

74'627
-189
6'790

54'735
0
6'671

47'908
0
5'582

61'108
0
6'286

66'019
0
4'467

78.67

61.76

60.00

52.65

37.68

33.28

43.11

48.75
68'839
54.56
16.72
0.31

85'956
68.25
18.72
0.27

95'190
75.32
19.83
0.26

143'334

174'407

188'036

Income Statement

Diluted EPS Before XO Items

Net Income Adjusted*
EPS Adjusted
Dividends Per Share
Payout Ratio %

9'530
6.78
6.00
88.2

0
(5.84)
6.00

11'700
8.72
6.00
64.4

117'901
89.11
6.00
9.8

81'034
62.14
10.00
16.0

76'457
59.01
12.00
19.9

68'026
52.80
14.00
26.4

48'064
37.68
14.00
37.1

42'326
33.28
12.00
36.1

54'822
43.11
14.00
32.5

61'552
48.75
15.00
30.6

Total Shares Outstanding

Diluted Shares Outstanding

1'390
1'494

1'345
1'370

1'340
1'411

1'300
1'360

1'299
1'315

1'291
1'296

1'281
1'288

1'272
1'276

1'272
1'272

1'272
1'272

1'256
1'263

74'959

68'417

50'365

112'581

146'879

157'444

167'440

134'057

98'873

113'104

129'588

EBITDA

*Net income excludes extraordinary gains and losses and one-time charges.

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials II/IV

Periodicity:

3/02

3/03

3/04

3/05

3/06

3/07

3/08

3/09

3/10

3/11

3/12

Total Current Assets

+ Cash & Near Cash Items
+ Short Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets

723764
60'983
1'394
460'537
155'354
45'496

692350
67'362
10
420'374
151'245
53'359

614427
81'221
3'001
325'323
142'973
61'909

675371
74'563
0
369'519
155'146
76'143

758224
91'858
0
387'837
175'660
102'869

817100
82'601
0
411'026
205'658
117'815

822638
88'784
0
387'485
206'220
140'149

816346
69'505
0
468'517
207'401
70'923

820828
111'428
0
459'110
172'323
77'967

777204
105'293

866012
100'559

452'642
174'217
45'052

498'920
202'070
64'463

Total Long-Term Assets

+ Long Term Investments
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets
+ Other Long Term Assets

476'353
115'694
742'327
466'116
276'211
84'448

446'661
92'078
727'456
474'901
252'555
102'028

509'798
161'464
649'091
426'345
222'746
125'588

517'685
227'704
647'362
427'612
219'750
70'231

647'178
361'138
660'349
433'977
226'372
59'668

685'432
385'161
669'893
432'247
237'646
62'625

641'632
362'469
682'428
444'355
238'073
41'090

569'478
291'666
667'673
442'052
225'621
52'191

588'205
331'697
667'653
446'760
220'893
35'615

579'648
326'882
668'868
451'510
217'358
35'408

621'657
336'511
685'639
460'572
225'067
60'079

Total Current Liabilities

+ Accounts Payable
+ Short Term Borrowings
+ Other Short Term Liabilities

514'554
225'584
165'053
108'171

479'364
205'784
171'398
102'182

414'680
193'706
121'857
99'117

504'045
217'042
186'679
100'324

516'438
220'461
182'229
113'748

576'683
258'190
199'794
118'699

519'461
212'274
179'063
128'124

494'375
179'627
185'978
128'770

440'238
157'949
159'765
122'524

435'128
164'803
162'198
108'127

535'983
215'977
170'833
149'173

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings

290'593
167'850
122'743

330'955
155'966
174'989

302'817
144'845
157'972

186'417
117'488
68'929

253'582
152'024
101'558

230'143
150'105
80'038

253'482
183'945
69'537

275'206
6'500
268'706

297'176
243'333
53'843

240'363
191'760
48'603

244'472
184'402
60'070

Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity

805'147
0
165'419
229'551

810'319
0
13'249
165'419
150'024

717'497
0
15'646
165'419
225'663

690'462
0
21'575
165'419
315'600

770'020
0
28'898
177'220
429'264

806'826
0
36'069
177'220
482'417

772'943
0
43'230
177'220
470'877

769'581
0
37'959
177'220
401'064

737'414
0
45'222
173'311
453'086

675'491
0
46'476
173'210
461'675

780'455
0
53'931
172'904
480'379

Total Shareholders Equity

394'970

328'692

406'728

502'594

635'382

695'706

691'327

616'243

671'619

681'361

707'214

1'200'117

1'139'011

1'124'225

1'193'056

1'405'402

1'502'532

1'464'270

1'385'824

1'409'033

1'356'852

1'487'669

284.07

234.45

291.81

369.90

466.85

510.91

506.09

454.60

492.51

499.24

520.14
498.72

3/13E

3/14E

3/15E

552.09

598.30

648.79

Balance Sheet

Total Liabilities & Equity

Book Value Per Share
Tangible Book Value Per Share

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials III/IV

Periodicity:

3/02

3/03

3/04

3/05

3/06

3/07

3/08

3/09

3/10

3/11

3/12

3/13E

3/14E

3/15E

9'530
40'535
6'517
21'244

-8'004
38'804
30'973
2'480

11'700
27'755
35'649
565

117'901
25'808
-56'165
-20'636

81'034
25'821
-7'983
-11'015

76'457
27'097
-6'958
234

68'026
30'565
24'109
-32'590

48'064
31'242
21'635
-123'518

42'326
29'171
1'392
46'183

54'822
26'993
16'404
-10'026

61'552
23'908
5'759
-6'856

68'839

85'956

95'190

Cash From Operating Activities

+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities

77'826
2'002
-32'473
-2'333
9'018
-10'672

64'253
1'803
-33'838
-2'056
6'537
-39

75'669
3'129
-26'493
-2'991
17'439
2'445

66'908
2'769
-20'818
-120'373
64'765
-4'571

87'857
5'568
-25'680
0
8'941
-50'121

96'830
3'709
-34'286
-61'967
2'391
146

90'110
115
-35'735
0
3'827
741

-22'577
2'961
-32'959
-44'468
261
184

119'072
1'182
-26'621
-22'239
9'101
-4'822

88'193
870
-27'358
-27'655
6'300
4'262

84'363
13'028
-26'962
0
187
-56'182

-49'475

-43'125

-38'143

Cash From Investing Activities

+ Dividends Paid
+ Change in Short Term Borrowings
+ Increase in Long Term Borrowings
+ Decrease in Long Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities

-34'458
-8'459
-3'077
28'202
-71'034
0
-6'926
276

-27'593
-8'289
-26'548
65'627
-45'447
0
-15'011
-613

-6'471
-8'061
-7'489
37'128
-74'171
0
-2'223
-523

-78'228
-7'989
34'453
39'582
-39'081
0
-21'451
-852

-61'292
-11'769
335
88'829
-71'719
0
-14'898
-48

-90'007
-14'274
-5'937
86'434
-73'654
0
-8'515
-134

-31'052
-16'777
-15'840
113'962
-84'895
0
-7'997
-36

-74'021
-19'193
54'619
129'967
-74'386
0
-5'338
-8'350

-43'399
-17'814
-43'729
121'966
-90'067
0
-191
-3'915

-43'581
-15'267
7'238
62'489
-93'895
0
-50
-4'976

-69'929
-17'700
9
104'816
-89'203
0
-10'016
-2'607

Cash From Financing Activities

-61'018

-30'281

-55'339

4'662

-9'270

-16'080

-11'583

77'319

-33'750

-44'461

-14'701

Net Changes in Cash

-17'650

6'379

13'859

-6'658

17'295

-9'257

47'475

-19'279

41'923

151

-267

Free Cash Flow (CFO-CAPEX)

45'353

30'415

49'176

46'090

62'177

62'544

54'375

-55'536

92'451

60'835

57'401

35'024

73'655

89'469

Free Cash Flow To Firm

Free Cash Flow To Equity
Free Cash Flow per Share

47'982
1'446
32.27

25'960
25'850
22.19

51'396
7'773
36.63

49'361
83'813
34.84

62'877
85'190
47.68

63'314
73'096
48.27

54'975
67'717
42.21

-53'789
57'625
-43.54

93'830
81'803
72.69

61'921
37'537
47.84

58'619
86'051
45.46

Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials IV/IV

Periodicity:

3/02

3/03

3/04

3/05

3/06

3/07

3/08

3/09

3/10

3/11

3/12

3/13E

3/14E

3/15E

Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield

58.4x
23.9x
11.0x
0.6x
1.4x
1.5%

53.3x
38.2x
17.1x
0.7x
1.7x
1.2%

7.1x
11.5x
8.8x
0.8x
1.5x
1.0%

20.4x
15.9x
13.1x
1.6x
2.7x
0.8%

17.2x
12.6x
10.4x
1.2x
2.0x
1.2%

11.8x
8.1x
6.6x
0.7x
1.2x
2.3%

14.2x
8.2x
6.3x
0.6x
1.2x
2.6%

25.6x
20.4x
14.4x
1.2x
1.7x
1.4%

18.2x
15.0x
11.4x
1.1x
1.6x
1.8%

16.3x
12.4x
10.1x
1.0x
1.5x
1.9%

24.1x

19.3x

17.4x

22.8x
9.9x
0.4x
1.3x
2.0%

14.3x
1.5x
2.4x
1.3%

11.8x
1.4x
2.2x
1.4%

10.9x
1.3x
2.0x
1.5%

Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity

24.4%
7.8%
3.6%
1.0%
0.8%
2.3%

24.9%
7.4%
3.2%
-0.9%
-0.7%
-2.3%

24.6%
5.4%
2.4%
1.3%
1.0%
3.3%

27.5%
11.5%
8.8%
12.0%
10.2%
27.0%

29.3%
13.8%
11.4%
7.6%
6.2%
14.9%

29.5%
14.0%
11.6%
6.8%
5.3%
12.1%

28.6%
14.5%
11.9%
5.9%
4.6%
10.4%

26.8%
12.1%
9.3%
4.3%
3.4%
7.8%

26.8%
10.6%
7.5%
4.5%
3.0%
7.0%

26.9%
12.1%
9.2%
5.9%
4.0%
8.7%

27.0%
12.9%
10.5%
6.1%
4.3%
9.6%

26.2%
12.4%
9.6%
6.0%
5.9%
10.1%

27.3%
14.1%
11.1%
6.9%
7.2%
12.0%

27.6%
14.5%
11.7%
7.4%
7.6%
12.0%

Leverage & Coverage Ratios

Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity

1.41
1.02
5.14
0.46
0.84

1.44
1.02
6.15
0.50
1.00

1.48
0.99
5.32
0.40
0.66

1.34
0.88
18.47
0.38
0.61

1.47
0.93
104.72
0.34
0.53

1.42
0.86
106.93
0.33
0.50

1.58
0.92
138.82
0.34
0.53

1.65
1.09
38.59
0.24
0.31

1.86
1.30
32.77
0.38
0.60

1.79
1.28
52.76
0.34
0.52

1.62
1.12
55.86
0.33
0.50

Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover

0.78
2.09
2.99
4.35

0.79
2.10
3.21
4.54

0.82
2.49
3.47
4.77

0.85
2.83
3.53
4.79

0.82
2.81
3.54
4.56

0.78
2.82
3.45
4.17

0.78
2.89
3.51
4.00

0.78
2.59
4.14
3.92

0.67
2.01
3.83
3.59

0.68
2.05
4.24
3.94

0.71
2.12
4.01
3.91

60.7%

192.5%

47.8%

30.4%

39.4%

36.8%

39.2%

34.4%

35.2%

33.4%

35.6%

Ratio Analysis

Effective Tax Rate

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Peers Comparision

KUBOTA CORP
Latest Fiscal Year:
52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume

Current Price (3/dd/yy)

52-Week High % Change
52-Week Low % Change
Total Common Shares (M)

Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents

Enterprise Value
Total Revenue

EV/Total Revenue

EBITDA

EV/EBITDA

EPS

P/E

Revenue Growth
EBITDA Growth
EBITDA Margin

LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
1 Year
5 Year
1 Year
5 Year
LTM
CY+1
CY+2

KOMATSU LTD

HITACHI CONST
MA

JAPAN STEEL
WORK

IHI CORP

DAIKIN INDS

03/2012
1'324.00
15.03.2013
630.00
04.06.2012
18'550'000

03/2012
2'512.00
19.03.2012
1'439.00
10.10.2012
7'879'300

03/2012
2'250.00
04.02.2013
1'203.00
10.10.2012
1'794'900

03/2012
613.00
15.03.2012
374.00
04.06.2012
3'209'000

03/2012
304.00
11.03.2013
150.00
04.06.2012
15'486'000

03/2012
4'140.00
15.03.2013
1'836.00
04.06.2012
3'689'500

1'314.00

2'213.00

2'002.00

518.00

295.00

-0.8%
108.6%
1'256.0

-11.9%
53.8%
952.3

-11.0%
66.4%
211.8

-15.5%
38.5%
370.8

-3.0%
96.7%
1'464.2

CATERPILLAR INC

DEERE & CO

NTN CORP

MITSUBISHI
HEAVY

KURITA WATER
IND

THK CO LTD

FANUC CORP

NSK LTD

MAKITA CORP

12/2012
114.25
16.03.2012
78.25
12.07.2012
7'329'016

10/2012
95.60
30.01.2013
69.51
04.06.2012
2'619'424

03/2012
379.00
19.03.2012
131.00
14.11.2012
6'404'000

03/2012
560.00
06.02.2013
263.00
24.08.2012
17'859'000

03/2012
2'129.00
11.03.2013
1'596.00
06.09.2012
933'000

03/2012
1'823.00
15.03.2013
1'137.00
04.10.2012
1'390'600

03/2012
17'130.00
04.01.2013
11'240.00
03.08.2012
1'263'300

03/2012
744.00
11.03.2013
414.00
14.11.2012
1'890'000

03/2012
4'550.00
12.03.2013
2'468.00
04.06.2012
616'000

4'100.00

88.70

92.20

262.00

534.00

2'076.00

1'814.00

14'410.00

740.00

4'455.00

-1.0%
123.3%
291.1

-22.4%
13.4%
655.0

-3.6%
32.6%
387.8

-30.9%
100.0%
531.9

-4.6%
103.0%
3'355.1

-2.5%
30.1%
126.7

-0.5%
59.5%
128.6

-15.9%
28.2%
195.7

-0.5%
78.7%
540.6

-2.1%
80.5%
135.8

1'689'698

2'175'667

430'660

192'418

432'782

1'201'767

58'103

35'917

139'505

1'801'528

275'693

242'816

3'451'315

407'938

623'739

355'235.0
53'931.0
100'559.0

647'800.0
47'761.0
83'986.0

401'502.0
45'441.0
72'803.0

63'607.0
940.0
48'179.0

345'243.0
7'874.0
66'506.0

389'888.0
12'110.0
135'339.0

10'486.0
50.0
3'306.0

5'869.7
19.9
5'009.4

273'107.0
15'222.0
49'360.0

1'167'541.0
49'409.0
262'288.0

8'423.0
1'110.0
69'402.0

60'804.0
1'652.0
110'788.0

3'999.0
637'076.0

298'151.0
18'212.0
138'793.0

2'391.0
2'525.0
83'441.0

1'749'996

65'333
Valuation

2'781'465

2'049'951

2'836'189

809'602

195'365

1'008'019.0
1'072'779.0
1'153'334.4
1'238'407.7
1.3x
1.2x
1.7x
1.6x
129'588.0
135'848.0
143'333.8
174'407.3
10.2x
9.7x
13.9x
11.4x
48.70
52.42
54.56
68.25
25.1x
25.1x
24.1x
19.3x
8.0%
0.3%
14.6%
(3.8%)
12.7%
12.4%
14.1%

1'981'763.0
1'926'745.0
1'909'756.0
2'006'823.6
1.0x
1.1x
1.4x
1.3x
346'449.0
323'627.0
323'962.8
382'483.8
5.9x
6.3x
8.4x
6.8x
173.32
144.96
146.91
183.37
15.3x
15.1x
12.1x
7.5%
1.5%
10.9%
1.8%
16.8%
17.0%
19.1%

817'143.0
829'108.0
765'201.7
792'789.3
0.8x
0.7x
1.0x
1.0x
94'408.0
93'446.0
88'173.3
104'780.1
6.5x
6.6x
8.8x
7.2x
109.94
158.97
141.73
149.93
12.6x
14.1x
13.4x
5.6%
1.0%
9.6%
(1.6%)
11.3%
11.5%
13.2%

221'368.0
217'316.0
224'760.0
219'216.7
0.7x
0.7x
0.9x
0.8x
43'163.0
35'662.0
33'100.0
30'075.0
3.8x
4.5x
6.1x
5.6x
35.19
20.50
25.37
25.43
25.3x
20.4x
20.4x
4.0%
(0.3%)
(11.0%)
7.7%
16.4%
14.7%
13.7%

1'221'869.0
1'260'958.0
1'254'233.3
1'202'846.2
0.4x
0.4x
0.6x
0.6x
89'546.0
86'546.0
83'309.4
99'342.9
5.7x
5.9x
8.9x
7.2x
10.42
20.93
16.68
17.48
14.1x
17.7x
16.9x
2.9%
1.0%
(15.7%)
26.8%
6.9%
6.6%
8.3%

756'458

1'218'700.0
1'246'941.0
1'262'742.1
1'505'854.7
0.7x
0.7x
1.3x
1.1x
131'717.0
134'825.0
129'069.2
170'603.2
6.3x
6.2x
13.2x
10.0x
140.13
75.89
98.21
218.39
54.0x
41.7x
18.8x
5.0%
0.9%
3.6%
2.7%
10.8%
10.2%
11.3%

54.4%
33.4%
2.832x
2.037x
68.493x

64.2%
38.0%
1.916x
1.668x
44.508x

124.2%
52.1%
3.759x
3.244x
8.148x

49.8%
33.1%
1.432x
-0.008x
65.005x

137.8%
57.2%
3.625x
2.800x
17.030x

77.4%
43.0%
3.030x
1.730x
21.466x

NR
09.01.2007
WR
30.09.2005

A
26.10.2007
A2
01.10.2004

NR
10.04.2009
WR
25.05.2007

NR
09.01.2007
A3
02.11.2012

65'875.0
65'875.0
63'441.6
69'086.6
1.0x
1.0x
1.4x
1.1x
11'966.0
11'966.0
10'709.7
12'312.7
5.5x
5.5x
8.2x
6.4x
8.62
8.63
8.04
9.42
10.3x
10.3x
11.0x
9.4x
9.5%
11.5%
23.6%
12.2%
18.2%
16.9%
17.8%

38'333

415'955

2'765'940

215'824

196'658

599'845

521'239

35'656.6
36'352.5
36'025.9
37'121.4
1.1x
1.1x
1.4x
1.3x
5'424.5
5'787.0
5'794.8
6'017.7
7.2x
6.7x
8.6x
8.2x
7.63
7.99
8.57
9.01
11.5x
11.5x
10.8x
10.2x
13.0%
8.3%
12.8%
11.2%
15.9%
16.1%
16.2%

543'468.0
544'001.0
528'000.0
554'420.0
0.6x
0.6x
0.8x
0.7x
54'898.0
46'117.0
42'087.5
53'812.5
6.1x
7.3x
9.6x
7.3x
10.99
1.01
(12.29)
16.05
259.4x
16.3x
2.5%
3.1%
(9.3%)
(7.1%)
8.5%
8.0%
9.7%

2'820'932.0
2'852'710.0
2'994'423.5
3'245'264.7
0.7x
0.7x
0.9x
0.8x
235'925.0
206'597.0
275'671.4
302'877.8
8.4x
9.6x
9.6x
8.6x
9.66
1.14
21.40
25.27
469.7x
25.0x
21.1x
(2.9%)
(1.3%)
1.1%
1.8%
7.2%
9.2%
9.3%

193'792.0
194'513.0
190'800.0
194'275.0
1.1x
1.1x
45'416.0
42'997.0
39'100.0
39'083.3
5.3x
5.2x
131.14
106.84
103.84
122.85
19.4x
20.0x
16.9x
6.9%
(0.6%)
5.1%
8.1%
22.1%
20.5%
20.1%

196'866.0
181'090.0
167'971.6
184'280.3
0.5x
0.6x
1.1x
1.0x
30'296.0
24'883.0
21'229.5
28'539.0
3.3x
4.1x
8.9x
6.5x
98.85
79.94
57.88
91.13
22.7x
31.3x
19.9x
3.3%
8.3%
(1.5%)
(4.9%)
13.7%
12.6%
15.5%

538'492.0
535'685.0
484'752.2
472'779.7
3.3x
3.4x
5.7x
5.7x
237'300.0
224'687.0
199'430.5
197'668.8
7.6x
8.0x
13.9x
13.6x
707.21
672.15
606.30
595.57
21.4x
23.8x
24.2x
20.7%
20.4%
16.9%
6.5%
41.9%
41.1%
41.8%

733'192.0
750'716.0
722'422.7
761'918.2
0.6x
0.6x
0.8x
0.7x
80'989.0
75'687.0
64'869.3
78'130.0
5.2x
5.6x
8.8x
7.2x
52.75
48.07
31.13
46.77
15.4x
23.8x
15.8x
3.2%
2.5%
2.2%
(3.8%)
10.1%
9.0%
10.3%

295'711.0
293'907.0
303'342.2
324'648.6
1.1x
1.1x
1.7x
1.6x
55'753.0
52'905.0
54'173.2
62'334.6
5.9x
6.2x
9.7x
8.3x
240.12
229.48
233.05
271.97
19.4x
19.3x
19.1x
16.4x
8.5%
(0.6%)
12.7%
(0.4%)
18.0%
17.9%
19.2%

473.8%
82.5%
1.139x
0.417x
28.048x

138.7%
56.3%
6.857x
5.176x
16.295x

92.9%
47.2%
5.841x
3.880x
11.496x

4.0%
3.9%
516.091x

35.0%
25.7%
2.415x
-2.084x
46.538x

0.0%
0.0%
0.000x
-2.977x
-

106.2%
49.9%
3.919x
2.100x
16.508x

0.7%
0.7%
0.034x
-1.613x
230.384x

A
14.12.2006
A2
08.02.2007

NR
09.01.2007
WR
03.04.2009

BBB+
12.10.2010
WR
09.09.2008

NR
09.01.2007
-

NR
09.01.2007
-

NR
09.01.2007
-

NR
10.04.2009
WR
03.04.2009

NR
31.03.2008
WR
31.03.2005

Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense

229.0%
69.5%
0.876x
0.600x
25.623x

Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date

A
24.06.2003
A2
15.06.1995

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |