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Nissan Motor Co Ltd 7201

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Stock XTKS Rating as of
JPY 535.20 −10.10 (1.85%)
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Company Report

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Nissan Earnings: Results As Guided but Fiscal 2024 Outlook Indicated Continuous Cost Pressure

Vincent Sun

No-moat-rated Nissan reported fiscal fourth-quarter 2023 (ended March 31, 2024) earnings per share of JPY 31.37, in line with the company’s lowered guidance if excluding litigation impact, and up 15% from the JPY 27.28 reported a year ago. Increased volume, pricing, and favorable currency movement during the period supported revenue growth. However, inflationary cost pressure and the China joint venture's equity loss offset consolidated volume gains, leading to a 5% year-over-year decrease in the quarter’s net income.

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Price vs Fair Value

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7201 is trading at a 885% premium.
Price
JPY 545.30
Fair Value
JPY 3,295.00
Uncertainty
High
1-Star Price
JPY 2,885.10
5-Star Price
JPY 592.00
Economic Moat
Hrt
Capital Allocation
Bmhkyjgl

Bulls Say, Bears Say

Bulls

Through its Renault alliance and ownership in Mitsubishi, Nissan enjoys economies of scale due to cost-sharing arrangements with its partners.

Bears

Nissan participates in a capital-intensive, highly competitive, cyclical industry where swings in volume and volatile input costs can substantially impact profitability.

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Trading Information

Previous Close Price
JPY 545.30
Day Range
JPY 535.20–546.20
52-Week Range
JPY 523.80–712.50
Bid/Ask
JPY 535.20 / JPY 535.70
Market Cap
JPY 2.00 Tril
Volume/Avg
20.1 Mil / 30.8 Mil

Key Statistics

Price/Earnings (Normalized)
4.11
Price/Sales
0.16
Dividend Yield (Trailing)
3.67%
Dividend Yield (Forward)
3.67%
Total Yield
9.55%

Company Profile

While Nissan sold 3.3 million vehicles last fiscal year, total calendar 2022 Renault-Nissan-Mitsubishi alliance sales volume of 6.5 million vehicles makes the group the fourth-largest vehicle seller in the world, behind Toyota at 10.3 million, Volkswagen at 8.5 million, and Hyundai/Kia with 6.8 million vehicles sold. Nissan's financial services subsidiary provides consumers with auto loans and leases but also finances Nissan's sales to its dealerships (known as floor-plan financing). Nissan is 43.4% owned by Renault, while Nissan in turn owns 15% of Renault. Nissan also owns a 34% stake in Mitsubishi Motors. Under a new alliance agreement expected to be completed before the end of December 2023, Nissan and Renault will have cross-shareholding capped at 15% voting rights for each company.
Sector
Consumer Cyclical
Industry
Auto Manufacturers
Stock Style Box
Large Value
Total Number of Employees
147,116
Website
http://www.nissan-global.com

Competitors

Valuation

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Metric
7201
VWAGY
HMC
Price/Earnings (Normalized)
 4.113.888.05
Price/Book Value
 0.340.380.63
Price/Sales
 0.160.190.38
Price/Cash Flow
 1.901.334.11
Price/Earnings
7201
VWAGY
HMC

Financial Strength

Metric
7201
VWAGY
HMC
Quick Ratio
 1.360.891.07
Current Ratio
 1.751.161.45
Interest Coverage
 7.9129.4327.53
Quick Ratio
7201
VWAGY
HMC

Profitability

Metric
7201
VWAGY
HMC
Return on Assets (Normalized)
 2.64%2.83%3.87%
Return on Equity (Normalized)
 8.81%10.57%8.59%
Return on Invested Capital (Normalized)
 3.75%4.62%4.54%
Return on Assets
7201
VWAGY
HMC
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