イビデン (4062) 業績予想上方修正、強気スタンス継続。GPU向けに加え、EMIB-T、ASIC向けABF基板の需要増も享受。

Research evidence excerpt

イビデン (4062) 業績予想上方修正、強気スタンス継続。GPU向けに加え、EMIB-T、ASIC向けABF基板の需要増も享受。

JP ٜٓ؝٤証券株式会社 ؓةؓقبنؔشؠ 株式調査部

金本 昭典AC 2026 年 7 月 15 日 J P M O R G A N

(81-3) 6736 8628

akinori.kanemoto@jpmorgan.com

図表 10: ؞ٔشبٖنٞ٭ 計算書

FY FY3/2017 FY3/2018 FY3/2019 FY3/2020 FY3/2021 FY3/2022 FY3/2023 FY3/2024 FY3/2025 FY3/2026 FY3/2027E FY3/2028E FY3/2029E FY3/2030E FY3/2031E

JPY mn

Net Income -62,848 11,583 3,306 11,329 25,698 41,232 52,187 31,490 33,704 63,713 80,312 109,289 146,056 223,756 274,701

Minority Interest 230 270 267 207 220 331 226 259 346 449 280 280 280 280 280

Depreciation 33,147 24,566 25,136 24,222 35,413 52,715 54,914 46,032 54,205 66,236 80,800 97,400 107,000 119,000 129,400

Change in Working Capital 1,123 -4,421 -6,366 786 -32,392 -14,412 -2,804 31,436 -9,772 -12,084 -28,725 -27,976 -24,770 -58,500 -36,374

Change in Other Current Assets 4,351 817 -962 7,255 5,068 14,575 48,237 95,814 -22,570 -29,924 100,000 210,000 180,000 165,000 150,000

CAPEX -20,997 -22,409 -22,892 -57,076 -78,189 -60,615 -131,275 -146,583 -157,304 -64,277 -210,000 -300,000 -270,000 -360,000 -290,000

Change in Investments -5,046 -7,848 12,812 4,681 -33,737 3,560 3,296 -48,824 51,369 26,512 0 0 0 0 0

Change in Intangible assets 955 524 -473 -324 -906 -56 269 589 241 -69 0 0 0 0 0

Change in Other Fixed Assets 704 -708 -3,840 -1,564 6,941 -2,588 -6,002 14,323 -15,920 -11,374 0 0 0 0 0

FCF -48,381 2,374 6,988 -10,484 -71,884 34,742 19,048 24,536 -65,701 39,182 22,667 88,993 138,566 89,536 228,008

Change in Interest Bearing Debt -66 -56 25 80,000 144 19,856 100,000 73,446 -500 -150,500 0 0 0 0 0

Dividends -4,658 -4,890 -4,890 -4,891 -4,886 -5,584 -6,982 -5,588 -5,584 -6,981 -9,773 -15,357 -18,149 -27,922 -33,506

Treasury Stock -3 15,696 7 27 -711 22 138 143 -514 45 0 0 0 0 0