Buy Or Sell Opportunity • Aug 01
Now 20% undervalued Over the last 90 days, the stock has risen 2.6% to €36.88. The fair value is estimated to be €46.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has grown by 3.7%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings are also forecast to grow by 6.0% per annum over the same time period. Reported Earnings • Jul 31
First quarter 2027 earnings released: EPS: JP¥107 (vs JP¥99.15 in 1Q 2026) First quarter 2027 results: EPS: JP¥107 (up from JP¥99.15 in 1Q 2026). Revenue: JP¥1.04t (up 15% from 1Q 2026). Net income: JP¥96.2b (up 5.4% from 1Q 2026). Profit margin: 9.2% (in line with 1Q 2026). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Jul 29
Komatsu Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2027 Komatsu Ltd. revised consolidated earnings guidance for the fiscal year ending March 31, 2027. For the year, the company now expects net sales of JPY 4,302,000 million compared to previous guidance of JPY 4,118,000 million, operating income of JPY 555,000 million compared to previous guidance of JPY 508,000 million, net income attributable to the company of JPY 349,000 million or JPY 390.87 per basic share compared to previous guidance of JPY 318,000 million or JPY 352.90 per basic share. These revisions reflect demand declines in certain regions affected by the situation in the Middle East expected to be more limited than initially anticipated, as well as reduced impact of U.S. tariffs following changes to certain tariff rates and the latest market outlook. Declared Dividend • Jul 26
Final dividend of JP¥95.00 announced Shareholders will receive a dividend of JP¥95.00. Ex-date: 29th September 2026 Payment date: 1st December 2026 Dividend yield will be 272%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (46% earnings payout ratio) and cash flows (72% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jun 25
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.4% to €33.63. The fair value is estimated to be €43.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has grown by 6.3%. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings are also forecast to grow by 6.0% per annum over the same time period. Annonce • Jun 23
Komatsu Ltd. to Report Q1, 2027 Results on Jul 29, 2026 Komatsu Ltd. announced that they will report Q1, 2027 results on Jul 29, 2026 Buy Or Sell Opportunity • Jun 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.3% to €36.06. The fair value is estimated to be €45.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has grown by 6.3%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 6.4% per annum over the same time period. Buy Or Sell Opportunity • May 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to €33.57. The fair value is estimated to be €42.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has grown by 6.3%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 6.4% per annum over the same time period. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Naoko Saiki was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Apr 29
Komatsu Ltd., Annual General Meeting, Jun 23, 2026 Komatsu Ltd., Annual General Meeting, Jun 23, 2026. Annonce • Apr 21
Komatsu Ltd. to Report Fiscal Year 2026 Results on Apr 28, 2026 Komatsu Ltd. announced that they will report fiscal year 2026 results on Apr 28, 2026 Annonce • Feb 16
Komatsu Ltd. Announces Board Changes, Effective from April 1, 2026 Komatsu Ltd., at its board meeting held on February 16, 2026, made a resolution concerning the change of representative directors' positions as follows: Mr. Taisuke Kusaba has been appointed as Representative Director and Senior Executive Officer (Senmu). Prior to this appointment, he served as Director and Senior Executive Officer (Jomu). Mr. Taisuke Kusaba, born on November 2, 1965, joined Komatsu Ltd. in April 1989 and began his career in the Corporate Controlling Department at the Osaka Development Center within the Product Development Department of the Technology Division. From August 1996 to February 1998, he studied at Purdue University. In April 2005, he was assigned to Komatsu UK Ltd., where he served until March 2008. He was appointed Executive Officer in April 2016, and in April 2017 became General Manager of Construction Equipment Technical Center 1, Development Division. In April 2018, he assumed the role of General Manager of Vehicle Development Center 3, Development Division.
In May 2020, he was appointed President and Chief Operating Officer (COO) of Komatsu America Corp. In April 2023, he took office as Senior Executive Officer (Jomu) and currently serves as Chief Technology Officer (CTO) and President of the Development Division. Since April 2025, he has continued as Senior Executive Officer (Jomu) supervising Research & Development, and in June 2025, he assumed his current position as Director and Senior Executive Officer (Jomu). Mr. Takeshi Horikoshi has been appointed as Director. He previously served as Representative Director and Senior Executive Officer (Senmu). The changes are effective from April 1, 2026. Takeshi Horikoshi will retire from the position of Director and assume the position of Adviser, upon closing of the Ordinary General Meeting of Shareholders scheduled for June 2026. Declared Dividend • Dec 30
First half dividend of JP¥95.00 announced Shareholders will receive a dividend of JP¥95.00. Ex-date: 30th March 2026 Payment date: 22nd June 2026 Dividend yield will be 355%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (45% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Dec 30
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Naoko Saiki was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Dec 23
Komatsu Ltd. to Report Q3, 2026 Results on Jan 30, 2026 Komatsu Ltd. announced that they will report Q3, 2026 results on Jan 30, 2026 Annonce • Sep 21
Komatsu Ltd. to Report Q2, 2026 Results on Oct 29, 2025 Komatsu Ltd. announced that they will report Q2, 2026 results on Oct 29, 2025 Declared Dividend • Aug 18
Dividend of JP¥95.00 announced Shareholders will receive a dividend of JP¥95.00. Ex-date: 29th September 2025 Payment date: 2nd December 2025 Dividend yield will be 330%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (42% earnings payout ratio) and cash flows (68% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Aug 18
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Naoko Saiki was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Jun 21
Komatsu Ltd. to Report Q1, 2026 Results on Jul 29, 2025 Komatsu Ltd. announced that they will report Q1, 2026 results at 3:00 PM, Tokyo Standard Time on Jul 29, 2025 Annonce • Mar 22
Komatsu Ltd. to Report Fiscal Year 2025 Results on Apr 28, 2025 Komatsu Ltd. announced that they will report fiscal year 2025 results at 3:00 PM, Tokyo Standard Time on Apr 28, 2025 Annonce • Jan 03
Komatsu Ltd. to Report Q3, 2025 Results on Jan 31, 2025 Komatsu Ltd. announced that they will report Q3, 2025 results on Jan 31, 2025 Board Change • Dec 30
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Naoko Saiki was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 31
Second quarter 2025 earnings released: EPS: JP¥99.39 (vs JP¥106 in 2Q 2024) Second quarter 2025 results: EPS: JP¥99.39 (down from JP¥106 in 2Q 2024). Revenue: JP¥1.01t (up 9.2% from 2Q 2024). Net income: JP¥92.0b (down 8.0% from 2Q 2024). Profit margin: 9.1% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Annonce • Oct 29
Komatsu Ltd. Announces Interim Dividend for the Fiscal Year Ending March 31, 2025, Payable on December 2, 2024 Komatsu Ltd. announced interim dividend for the fiscal year ending March 31, 2025. For the year, the company announced dividend of JPY 83 per share against JPY 72 per share paid a year ago. Record date is September 30, 2024. Effective date is December 2, 2024. Annonce • Sep 21
Komatsu Ltd. to Report Q2, 2025 Results on Oct 29, 2024 Komatsu Ltd. announced that they will report Q2, 2025 results on Oct 29, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥83.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.5%). Annonce • Aug 23
Komatsu Ltd. (TSE:6301) agreed to acquire remaining 74% stake in Umw Komatsu Heavy Equipment SDN BHD from Umw Corporation Sdn Bhd. Komatsu Ltd. (TSE:6301) agreed to acquire remaining 74% stake in Umw Komatsu Heavy Equipment SDN BHD from Umw Corporation Sdn Bhd on August 23, 2024. Upon completion, Komatsu Ltd. will own 100% stake in Umw Komatsu Heavy Equipment SDN BHD. For the period ending December 31, 2023, Umw Komatsu Heavy Equipment SDN BHD reported total revenue of ¥24.57 billion, EBIT of ¥2.58 billion, net income of ¥2.02 billion, total assets of ¥22.98 billion and total common equity of ¥14.74 billion. The transaction is expected to complete in October 2024. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €23.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Machinery industry in Germany. Total returns to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €38.91 per share. Reported Earnings • Jul 31
First quarter 2025 earnings released: EPS: JP¥117 (vs JP¥111 in 1Q 2024) First quarter 2025 results: EPS: JP¥117 (up from JP¥111 in 1Q 2024). Revenue: JP¥959.8b (up 6.7% from 1Q 2024). Net income: JP¥109.7b (up 4.2% from 1Q 2024). Profit margin: 11% (in line with 1Q 2024). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.2% to €25.56. The fair value is estimated to be €32.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 3.5% per annum over the same time period. Declared Dividend • Jul 11
Final dividend of JP¥83.00 announced Shareholders will receive a dividend of JP¥83.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 304%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (40% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Jun 23
Komatsu Ltd. to Report Q1, 2025 Results on Jul 29, 2024 Komatsu Ltd. announced that they will report Q1, 2025 results on Jul 29, 2024 Reported Earnings • Jun 21
Full year 2024 earnings released: EPS: JP¥416 (vs JP¥345 in FY 2023) Full year 2024 results: EPS: JP¥416 (up from JP¥345 in FY 2023). Revenue: JP¥3.87t (up 9.1% from FY 2023). Net income: JP¥393.4b (up 21% from FY 2023). Profit margin: 10% (up from 9.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 01
Full year 2024 earnings released: EPS: JP¥416 (vs JP¥345 in FY 2023) Full year 2024 results: EPS: JP¥416 (up from JP¥345 in FY 2023). Revenue: JP¥3.87t (up 9.1% from FY 2023). Net income: JP¥393.1b (up 21% from FY 2023). Profit margin: 10% (up from 9.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Annonce • Mar 23
Komatsu Ltd. to Report Fiscal Year 2024 Results on Apr 26, 2024 Komatsu Ltd. announced that they will report fiscal year 2024 results on Apr 26, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥72.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 24 June 2024. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (5.0%). In line with average of industry peers (3.2%). Annonce • Feb 16
Komatsu Ltd. Announces Change of Representative Directors, As of April 1, 2024 Board of Directors of Komatsu Ltd. in the Board meeting held February 16, 2024 the following changes Due to the change of management structure Takeshi Horikoshi Representative as Director and Senior Executive Officer (Senmu) from Present Position Director and Senior Executive Officer (Senmu). Masayuki Moriyama as Director from Present Position Representative Director and Senior Executive Officer (Senmu). Hiroyuki Ogawa, currently President and Chief Executive Officer, Representative Director will continue to serve in the same position. As a result, Hiroyuki Ogawa and Takeshi Horikoshi will serve as Komatsu's representative directors. With the completion of his term after the Ordinary General Meeting of Shareholders planned to be held in June 2024, Masayuki Moriyama is scheduled to retire from the Board of Directors and assume the position of Advisor to President, Senior Fellow (In charge of Mining Business). Name: Takeshi Horikoshi. Date of Birth: August 1, 1961. Business Career: April 2024: Scheduled to take office as Representative Director and Senior Executive Officer (Senmu) CFO, April 2023: Took office as Director and Senior Executive Officer (Senmu) (current). June 2021: Took office as Director and Senior Executive Officer (Jomu), April 2020: Took office as Senior Executive Officer (Jomu), April 2018 CFO (current), April 2017: Took office as Executive Officer, May 2016: General Manager of Corporate Controlling Department, June 2012: General Manager of Finance & Treasury Department, November 2008 Komatsu Europe International N.V. (until November 2011), September 1998 Komatsu France S.A.S (until May 2003), February 1996 Komatsu UK Ltd. April 1985: Joined Komatsu Ltd. Accounting Section, Administration Department of Osaka Plant. Appointment Date is As of April 1, 2024. Reported Earnings • Feb 01
Third quarter 2024 earnings released: EPS: JP¥105 (vs JP¥73.33 in 3Q 2023) Third quarter 2024 results: EPS: JP¥105 (up from JP¥73.33 in 3Q 2023). Revenue: JP¥972.0b (up 5.6% from 3Q 2023). Net income: JP¥98.9b (up 43% from 3Q 2023). Profit margin: 10% (up from 7.5% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Annonce • Dec 23
Komatsu Ltd. to Report Q3, 2024 Results on Jan 30, 2024 Komatsu Ltd. announced that they will report Q3, 2024 results on Jan 30, 2024 Reported Earnings • Oct 30
Second quarter 2024 earnings released: EPS: JP¥106 (vs JP¥86.86 in 2Q 2023) Second quarter 2024 results: EPS: JP¥106 (up from JP¥86.86 in 2Q 2023). Revenue: JP¥923.4b (up 8.0% from 2Q 2023). Net income: JP¥100.2b (up 22% from 2Q 2023). Profit margin: 11% (up from 9.6% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Annonce • Oct 27
Komatsu Ltd. Announces Dividend for the End of Second Quarter of Fiscal Year Ending March 31, 2024 Komatsu Ltd. announced dividend for the end of second quarter of fiscal year ending March 31, 2024 of JPY 72.00 per share compared to JPY 64.00 per share for same period last year. Annonce • Sep 23
Komatsu Ltd. to Report Q2, 2024 Results on Oct 27, 2023 Komatsu Ltd. announced that they will report Q2, 2024 results on Oct 27, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥69.00 per share at 3.1% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.8%). Reported Earnings • Jul 30
First quarter 2024 earnings released: EPS: JP¥112 (vs JP¥85.11 in 1Q 2023) First quarter 2024 results: EPS: JP¥112 (up from JP¥85.11 in 1Q 2023). Revenue: JP¥899.6b (up 18% from 1Q 2023). Net income: JP¥105.4b (up 31% from 1Q 2023). Profit margin: 12% (up from 11% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Annonce • Jun 24
Komatsu Ltd. to Report Q1, 2024 Results on Jul 28, 2023 Komatsu Ltd. announced that they will report Q1, 2024 results on Jul 28, 2023 Reported Earnings • Jun 22
Full year 2023 earnings released: EPS: JP¥346 (vs JP¥238 in FY 2022) Full year 2023 results: EPS: JP¥346 (up from JP¥238 in FY 2022). Revenue: JP¥3.54t (up 26% from FY 2022). Net income: JP¥326.4b (up 45% from FY 2022). Profit margin: 9.2% (up from 8.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 30
Full year 2023 earnings released: EPS: JP¥346 (vs JP¥238 in FY 2022) Full year 2023 results: EPS: JP¥346 (up from JP¥238 in FY 2022). Revenue: JP¥3.54t (up 26% from FY 2022). Net income: JP¥326.4b (up 45% from FY 2022). Profit margin: 9.2% (up from 8.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 06
Now 22% undervalued Over the last 90 days, the stock is up 9.3%. The fair value is estimated to be €27.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings is also forecast to grow by 3.3% per annum over the same time period. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥64.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 22 June 2023. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.9%). Annonce • Feb 17
Komatsu Ltd. Announces Management Changes The Board of Directors of Komatsu Ltd. made a resolution concerning the change of representative directors' positions as follows in the Board meeting held on February 17, 2023. Kiyoshi Mizuhara appointed as Director from Representative Director and Senior Executive Officer, with effect from April 1, 2023. Hiroyuki Ogawa, currently President and Chief Executive Officer, Representative Director, and Masayuki Moriyama, currently Representative Director and Senior Executive Officer, will continue to serve in the same position. As a result, Hiroyuki Ogawa and Masayuki Moriyama will serve as Komatsu's representative directors. With the completion of his term after the Ordinary General Meeting of Shareholders planned to be held in June 2023, Kiyoshi Mizuhara is scheduled to retire from the Board of Directors and assume the position of Advisor. Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: JP¥73.55 (vs JP¥65.97 in 3Q 2022) Third quarter 2023 results: EPS: JP¥73.55 (up from JP¥65.97 in 3Q 2022). Revenue: JP¥920.5b (up 27% from 3Q 2022). Net income: JP¥69.5b (up 12% from 3Q 2022). Profit margin: 7.5% (down from 8.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Annonce • Dec 24
Komatsu Ltd. to Report Q3, 2023 Results on Jan 31, 2023 Komatsu Ltd. announced that they will report Q3, 2023 results on Jan 31, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥86.86 (vs JP¥55.29 in 2Q 2022) Second quarter 2023 results: EPS: JP¥86.86 (up from JP¥55.29 in 2Q 2022). Revenue: JP¥854.9b (up 33% from 2Q 2022). Net income: JP¥82.0b (up 57% from 2Q 2022). Profit margin: 9.6% (up from 8.1% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Naoko Saiki was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 02
Second quarter 2023 earnings released: EPS: JP¥87.01 (vs JP¥55.29 in 2Q 2022) Second quarter 2023 results: EPS: JP¥87.01 (up from JP¥55.29 in 2Q 2022). Revenue: JP¥854.9b (up 33% from 2Q 2022). Net income: JP¥82.2b (up 57% from 2Q 2022). Profit margin: 9.6% (up from 8.1% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥48.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 34% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Lower than top quartile of German dividend payers (5.1%). In line with average of industry peers (3.2%). Buying Opportunity • Sep 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €24.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Earnings per share has grown by 2.6%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings is also forecast to grow by 2.4% per annum over the same time period. Reported Earnings • Jul 31
First quarter 2023 earnings released: EPS: JP¥85.19 (vs JP¥49.28 in 1Q 2022) First quarter 2023 results: EPS: JP¥85.19 (up from JP¥49.28 in 1Q 2022). Revenue: JP¥763.8b (up 18% from 1Q 2022). Net income: JP¥80.5b (up 73% from 1Q 2022). Profit margin: 11% (up from 7.2% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 5.3%, compared to a 9.5% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Board Change • Jul 08
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Naoko Saiki was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 21 June 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (3.6%). Higher than average of industry peers (1.9%). Reported Earnings • Feb 02
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: JP¥66.15 (up from JP¥30.35 in 3Q 2021). Revenue: JP¥723.3b (up 30% from 3Q 2021). Net income: JP¥62.5b (up 118% from 3Q 2021). Profit margin: 8.6% (up from 5.2% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.8%. Over the next year, revenue is forecast to grow 6.3%, compared to a 10.0% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 29
Second quarter 2022 earnings released: EPS JP¥55.38 (vs JP¥22.28 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥643.1b (up 29% from 2Q 2021). Net income: JP¥52.3b (up 149% from 2Q 2021). Profit margin: 8.1% (up from 4.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥31.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 01 December 2021. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.0%). Reported Earnings • Aug 03
First quarter 2022 earnings released: EPS JP¥43.31 (vs JP¥17.20 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥648.3b (up 41% from 1Q 2021). Net income: JP¥40.9b (up 152% from 1Q 2021). Profit margin: 6.3% (up from 3.5% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 27
Full year 2021 earnings released: EPS JP¥112 (vs JP¥163 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥2.19t (down 10% from FY 2020). Net income: JP¥106.2b (down 31% from FY 2020). Profit margin: 4.8% (down from 6.3% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • May 02
Full year 2021 earnings released: EPS JP¥113 (vs JP¥163 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥2.19t (down 10% from FY 2020). Net income: JP¥106.2b (down 31% from FY 2020). Profit margin: 4.9% (down from 6.3% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 19 June 2021. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (3.3%). In line with average of industry peers (1.2%). Is New 90 Day High Low • Mar 16
New 90-day high: €26.32 The company is up 20% from a price of €21.92 on 16 December 2020. Outperformed the German market which is up 9.0% over the last 90 days. Exceeded the Machinery industry, which is up 6.0% over the same period. Simply Wall St's valuation model estimates the intrinsic value at €18.01 per share. Is New 90 Day High Low • Feb 10
New 90-day high: €24.50 The company is up 19% from its price of €20.55 on 11 November 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.54 per share. Reported Earnings • Feb 02
Third quarter 2021 earnings released: EPS JP¥30.40 (vs JP¥33.77 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: JP¥555.6b (down 9.8% from 3Q 2020). Net income: JP¥28.7b (down 9.9% from 3Q 2020). Profit margin: 5.2% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 02
Revenue beats expectations Revenue exceeded analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 7.1%, compared to a 4.9% growth forecast for the Machinery industry in Germany. Is New 90 Day High Low • Jan 07
New 90-day high: €23.00 The company is up 18% from its price of €19.48 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.97 per share. Annonce • Dec 26
Komatsu Ltd. to Report Q3, 2021 Results on Jan 29, 2021 Komatsu Ltd. announced that they will report Q3, 2021 results on Jan 29, 2021 Is New 90 Day High Low • Dec 23
New 90-day high: €22.08 The company is up 17% from its price of €18.83 on 24 September 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.07 per share. Is New 90 Day High Low • Dec 05
New 90-day high: €21.48 The company is up 19% from its price of €18.09 on 04 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.03 per share. Reported Earnings • Nov 13
Second quarter 2021 earnings released: EPS JP¥22.30 The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥499.0b (down 17% from 2Q 2020). Net income: JP¥21.1b (down 51% from 2Q 2020). Profit margin: 4.2% (down from 7.1% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 9% per year. Is New 90 Day High Low • Nov 11
New 90-day high: €20.58 The company is up 16% from its price of €17.81 on 13 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.14 per share. Annonce • Nov 06
Komatsu Introduces New Jumbo and Bolter Utilize Common Platform, an Industry First Komatsu introduced a new jumbo drill and bolter that utilize a groundbreaking common carrier and control system for underground hard rock mining designed to meet the industry’s needs for greater productivity and versatility while helping lower capital costs Developed through extensive research and collaboration with customers, new small-class ZJ21 jumbo drill and ZB21 bolter utilize a common platform that allows operators to convert their machine from a jumbo to a bolter, or vice versa. The platform offers 100 percent design commonality between bolter and jumbo from the rear skirt to the outer boom structure, making for a seamless conversion. The versatility provided by the common platform was created to help mining operations realize advantages in job site efficiency and — with the common parts, service and maintenance — help reduce costs. In addition, operator controls are universal between the jumbo and the bolter, to benefit mining organizations from a user training and adoption perspective. The ZJ21 jumbo drill is designed to provide excellent coverage in a small jumbo platform, delivering up to 66 square meters of face coverage. The unique boom design promotes zero contact with the operator's enclosure or the carrier or leveling jacks when drilling anywhere on the face. The ZB21 bolter enables operators to bolt in any direction, and is capable of handling up to an 8-foot bolting head. Operators can perform 100% of the bolting cycle from inside the enclosure using integrated screen handler and innovative chemical injection system, helping mining operations drive toward zero harm. Analyst Estimate Surprise Post Earnings • Oct 30
Second-quarter earnings released: Revenue misses expectations Second-quarter revenue missed analyst estimates by 0.9% at JP¥499.0b. Revenue is forecast to stay flat over the next year, in line with the revenue forecast for the Machinery industry in Germany. Reported Earnings • Oct 30
First half earnings released Over the last 12 months the company has reported total profits of JP¥101.0b, down 54% from the prior year. Total revenue was JP¥2.19t over the last 12 months, down 16% from the prior year. Annonce • Oct 29
Komatsu Ltd. Revises Consolidated Financial Guidance for the Fiscal Year Ending March 31, 2021 Komatsu Ltd. revises consolidated financial guidance for the Fiscal Year Ending March 31, 2021. For the period, the company expects net sales to be JPY 2,119,000 million, operating income to be JPY 134,000 million, income before income taxes and equity in earnings of affiliated companies to be JPY 127,000 million, net income attributable to Komatsu Ltd. to be JPY 80,000 million or JPY 84.67 per basic share against net sales to be JPY 2,068,000 million, operating income to be JPY 115,000 million, income before income taxes and equity in earnings of affiliated companies to be JPY 108,000 million, net income attributable to Komatsu Ltd. to be JPY 67,000 million or JPY 70.93 per basic share previous guidance. 
