PDF Report issued on the 25/02/2021

SHIMIZU CORPORATION Company Profile

Tokyo Stock Exchange / 1803 / JP3358800005

Business Summary Sector

Shimizu Corporation is one of the Japanese largest building and civil engineering works groups. Net sales break down by
activity as follows: Industrials
- subcontracting construction services (89.4%): construction of buildings (housings, offices, manufactures, schools, medical Industrial & Commercial Services
centers, shopping centers, warehouses, hospitals, hotels, etc.), construction of transport and civil engineering infrastructures
(roads, highways, railways, bridges, dams, etc.); Construction & Engineering
- other (10.6%): real estate development, leasing and sale of building materials equipments, financial services, etc. Construction & Engineering
Number of employees : 16 297 people. Other Construction & Engineering

Income Statement Evolution

Financials (JPY)

Sales 2021 1 535 B Sales 2022 1 613 B Capitalization 623 B

Net income 2021 76 337 M Net income 2022 79 257 M EV / Sales 2021 0,46x

Net Debt 2021 83 603 M Net Debt 2022 141 B EV / Sales 2022 0,47x

P/E ratio 2021 8,12x P/E ratio 2022 7,74x Nbr of Employees 14 119

Yield 2021 3,51% Yield 2022 3,94% Free-Float 75,2%

Sales per Business

2019 2020
Delta
JPY (in Million) % JPY (in Million) %

Construction 1,335,180 80.2% 1,348,320 79.4% +0.98%

Other 304,582 18.3% 323,743 19.1% +6.29% Managers

Investment Development 25,193 1.5% 26,232 1.5% +4.12%
Name Title

Executive President &

Sales per region Kazuyuki Inoue
Representative Director
2019 2020 Masakazu Hyodo Head-Finance & Investor Relations
Delta
JPY (in Million) % JPY (in Million) % Yoichi Miyamoto Chairman
Japan 1,664,960 100% 1,698,290 100% +2% Manager-Technology Research &
Yutaka Ishikawa
Head-Technology
Equities Kimio Handa Director & Head-Administration

Quantity Free-Float Aya Murakami Independent Outside Director

Stock A 788,514,613 593,119,114 75.2% Tamotsu Iwamoto Independent Outside Director

Mayumi Tamura Independent Outside Director

Upcoming events on SHIMIZU CORPORATION Representative Director &
Toshiyuki Imaki
Executive Vice President
03/30/21 Ex-dividend day for extraordinary dividend
03/30/21 Ex-dividend day for final dividend Representative Director &
Toru Yamaji
Executive Vice President
Past events on SHIMIZU CORPORATION
Shareholders
01/29/21 Q3 2020 Earnings Release
11/09/20 Interim 2020 Earnings Release Name Equities %

Shimizu Estate Co., Ltd. 62,819,000 7.97%

Shimizu Foundation 38,595,000 4.89%

Nomura Asset Management Co., Ltd. 36,417,500 4.62%

Asset Management One Co., Ltd. 27,805,368 3.53%

Shimizu Corporation 24,320,500 3.08%

Housing Research Foundation

17,420,000 2.21%
Jusoken

Shimizu Employee Stock Ownership

16,438,000 2.08%
Plan

The Vanguard Group, Inc. 14,730,002 1.87%

Nikko Asset Management Co., Ltd. 14,581,297 1.85%

Daiwa Asset Management Co. Ltd. 14,081,493 1.79%

Company contact info / Stock Exchange Codes

16-1 Kyobashi 2-chome,

JP-104-8370 Chuo-ku, Tokyo
Phone : +81 81 3 3561 1111
Fax :
web site : http://www.shimz.co.jp

- ISIN Code : JP3358800005 - Bloomberg Code : 1803:JP

- Reuters Code : 1803.T - Datastream Code :
Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and http://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

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 PDF Report issued on the 25/02/2021

SHIMIZU CORPORATION Company Profile

Tokyo Stock Exchange / 1803 / JP3358800005

Income Statement Evolution : Past and Forecast Financial Ratios

Size 2021e 2022e

Capitalization 623 252 M JPY -

Entreprise Value (EV) 706 855 M JPY 763 803 M JPY

Valuation 2021e 2022e

P/E ratio (Price / EPS) 8,12x 7,74x

Capitalization / Revenue 0,41x 0,39x
EV / Revenue 0,46x 0,44x
EV / EBITDA 6,30x 5,89x
Yield (DPS / Price) 3,51% 3,94%
Price to book (Price / BVPS) 0,80x 0,73x

Profitability 2021e 2022e

Operating Margin (EBIT / Sales) 6,26% 6,53%

Operating Leverage (Delta EBIT / Delta Sales) -2,93x 1,90x
Net Margin (Net Profit / Revenue) 4,97% 4,91%
ROA (Net Profit / Asset) 4,53% 4,82%
ROE (Net Profit / Equities) 9,74% 9,58%
Annual Income Statement Data : Past and Forecast Rate of Dividend 28,5% 30,5%

Fiscal Period: March 2018 2019 2020 2021 2022 2023

Balance Sheet Analysis 2021e 2022e

Net sales 1 1 519 435 1 664 960 1 698 292 1 534 697 1 612 664 1 628 560 CAPEX / Sales 5,54% 5,48%
Cash Flow / Sales 5,71% 5,73%
EBITDA 1 133 772 143 028 147 527 112 219 120 087 122 054
Capital Intensity (Assets / Sales) 1,10x 1,02x
Financial Leverage (Net Debt / EBITDA) 0,74x 1,17x
Operating profit (EBIT) 1 121 373 129 724 133 894 96 072 105 329 105 636

Operating Margin 7,99% 7,79% 7,88% 6,26% 6,53% 6,49%

Revenue Revisions & EPS Revisions
Pre-Tax Profit (EBT) 1 128 326 143 219 141 349 109 866 114 546 114 930

Net income 1 84 978 99 668 98 977 76 337 79 257 79 346

Net margin 5,59% 5,99% 5,83% 4,97% 4,91% 4,87%

EPS 2 108 127 128 101 106 107

Dividend per Share 2 26,0 36,0 38,0 28,7 32,2 32,8

Last update 05/10/2018 05/10/2019 05/25/2020 02/08/2021 02/08/2021 02/08/2021

1 JPY in Million 2 JPY

Estimates

Finances - Leverage : Past and Forecast

Price Earning Ratio

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and http://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

Page 2 / 6
 PDF Report issued on the 25/02/2021

SHIMIZU CORPORATION Company Profile

Tokyo Stock Exchange / 1803 / JP3358800005

Evolution of the average Target Price

Consensus Sell Buy

Mean consensus OUTPERFORM

Number of Analysts 7

Average target price 858,57 JPY

Last Close Price 817,00 JPY

Spread / Highest target 34,6%

Spread / Average Target 5,09%

Spread / Lowest Target -14,3%

Consensus detail

Target Price consensus revisions : last 18 months Consensus revision (last 18 months)

EPS - Rate of surprise

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and http://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

Page 3 / 6
 PDF Report issued on the 25/02/2021

SHIMIZU CORPORATION Company Profile

Tokyo Stock Exchange / 1803 / JP3358800005

Chart Sector

Subsector Other Construction & Engineering Ratings

1st jan. Capitalization (M$) Investor Rating
SHIMIZU CORPORATION 8.93% 5 882
VINCI SA 8.04% 60 263
CHINA STATE CONSTRUCTION EN.. -0.60% 32 109
LARSEN & TOUBRO LIMITED 18.43% 29 608
CHINA RAILWAY GROUP LIMITED 7.59% 20 010
FERROVIAL, S.A. -4.78% 18 892
BOUYGUES 2.50% 15 935
JACOBS ENGINEERING GROUP 9.90% 15 578
CHINA RAILWAY CONSTRUCTION .. -0.89% 15 308
CHINA COMMUNICATIONS CONSTR.. 15.52% 14 796
QUANTA SERVICES 12.65% 11 266
WSP GLOBAL INC. -2.60% 10 643
EIFFAGE 9.44% 10 410
SKANSKA AB -2.53% 10 146
POWER CONSTRUCTION CORPORAT.. 0.26% 9 126
ACS, ACTIVIDADES DE CONSTRU.. -4.83% 9 078
ACCIONA S.A. 15.17% 8 897
AECOM 20.29% 8 845
TAISEI CORPORATION 6.33% 7 382
LENDLEASE GROUP 2.44% 6 995
KAJIMA CORPORATION -0.43% 6 562

Best Growth (Revenue) : Power Construction Corp Worst Growth (Revenue) : ACS, Actividades de Con
Best Profitability : Larsen & Toubro Limited Worst Profitability : Ferrovial, S.A.
Best Situation Fi. : Skanska AB Worst Situation Fi. : Power Construction Corp
Best EPS revision 4m. : Skanska AB Worst EPS revision 4m. : Ferrovial, S.A.
Best Valuation : China Railway Construct Worst Valuation : Power Construction Corp
Best Investor Rating : China Railway Group Lim Worst Investor Rating : Taisei Corporation
Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and http://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

Page 4 / 6
 PDF Report issued on the 25/02/2021

SHIMIZU CORPORATION Company Profile

Tokyo Stock Exchange / 1803 / JP3358800005

Daily chart Technical analysis trends

Short Term Mid-Term Long Term

Trend Bullish Neutral Bearish

Resistance 828 844 822

Spread/Res. -1,3% -3,2% -0,61%

Spread/Supp. 3,8% 13% 13%

Support 787 724 724

Indicators

RSI 14 days 60.38

MA20 783.40
MA50 774.70
MA100 779.97
MA20 / Price 4.11%
MA50 / Price 5.18%
MA100 / Price 4.53%

Volumes

Avg. Volume 20 sessions 2 768 487

Volume ratio 1.09
Avg. Exchange 20 sessions 2 261 853 879¥

Weekly chart

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and http://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

Page 5 / 6
 PDF Report issued on the 25/02/2021

SHIMIZU CORPORATION Company Profile

Tokyo Stock Exchange / 1803 / JP3358800005

Summary Notations Surperformance©

Fundamental ratings
• In a short-term perspective, the company has interesting fundamentals.
Overall rating
Trading Rating
Strengths Investor Rating
Growth (Revenue)
• The group usually releases upbeat results with huge surprise rates. Valuation

• The stock, which is currently worth 2021 to 0.46 times its sales, is clearly overvalued in Finances
comparison with peers. Profitability
• The equity is one of the most attractive in the market with regard to earnings multiple-based Earnings quality
valuation.
Business Predictability
• The company is one of the best yield companies with high dividend expectations.
P/E ratio
Potential
Weaknesses Yield
Consensus

• Stock prices approach a strong long-term resistance in weekly data at JPY 822. 7 days EPS revision

• Technically, the stock approaches a strong medium-term resistance at JPY 844. 4 months EPS revision
1 year EPS revision
• As estimated by analysts, this group is among those businesses with the lowest growth prospects.
4 months Revenue revision
• For the last twelve months, the trend in sales revisions has been clearly going down, which
emphasizes downgraded expectations from the analysts. 1 year Revenue revision

• For the past year, analysts have significantly revised downwards their profit estimates. Technical ratings
• The underlying tendency is negative on the weekly chart below the resistance at 822 JPY Overall rating
Short Term Timing
Middle Term Timing
Long Term Timing
RSI
Bollinger Spread
Unusual Volumes

Competitors

Investor Rating
KNR CONSTRUCTIONS LIMITED
BUDIMEX SA
PNC INFRATECH LIMITED
NCC LIMITED
AECON GROUP INC.
DL HOLDINGS CO.,LTD.
CHINA RAILWAY GROUP LI...
SDIPTECH AB (PUBL)
KYUDENKO CORPORATION
PEAB AB (PUBL)

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result, including any decision
taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary knowledge and experience to understand and http://www.marketscreener.com
appreciate the information developed. These information are disseminated for information only. These information may contain inaccuracies, errors or omissions.

Page 6 / 6