CKD CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3,055 JPY | -0.49% |
|
+3.14% | +20.28% |
| 04-15 | AstraZeneca: expects a sharp rise in kidney disease | CF |
| 04-11 | TVS Supply Chain's Supply of CKD Kits to TVS Motor Crosses 500,000 | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 61,797 | 90,178 | 153,656 | 125,624 | 143,387 | 203,883 | - | - |
| Enterprise Value (EV) 1 | 78,040 | 94,700 | 137,691 | 109,006 | 133,444 | 201,213 | 208,418 | 202,282 |
| P/E ratio | 12.9 x | 24.8 x | 28.8 x | 10 x | 9.7 x | 24.1 x | 17 x | 12.6 x |
| Yield | 2.81% | 1.22% | 1.08% | 3.55% | 4.14% | 1.66% | 2.39% | 3.22% |
| Capitalization / Revenue | 0.53 x | 0.9 x | 1.44 x | 0.88 x | 0.9 x | 1.5 x | 1.37 x | 1.22 x |
| EV / Revenue | 0.67 x | 0.94 x | 1.29 x | 0.77 x | 0.84 x | 1.5 x | 1.41 x | 1.21 x |
| EV / EBITDA | 7.36 x | 8.57 x | 10.4 x | 4.58 x | 4.8 x | 11.1 x | 8.17 x | 6.08 x |
| EV / FCF | -6.19 x | 6.67 x | 9.31 x | 28.6 x | -76.6 x | -18.2 x | 27 x | 19.8 x |
| FCF Yield | -16.2% | 15% | 10.7% | 3.49% | -1.31% | -5.5% | 3.71% | 5.06% |
| Price to Book | 0.77 x | 1.12 x | 1.58 x | 1.15 x | 1.2 x | 1.56 x | 1.51 x | 1.39 x |
| Nbr of stocks (in thousands) | 61,920 | 60,931 | 66,604 | 66,644 | 66,692 | 66,737 | - | - |
| Reference price 2 | 998.0 | 1,480 | 2,307 | 1,885 | 2,150 | 3,055 | 3,055 | 3,055 |
| Announcement Date | 15/05/19 | 14/05/20 | 13/05/21 | 13/05/22 | 12/05/23 | 10/05/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 115,665 | 100,717 | 106,723 | 142,199 | 159,457 | 134,425 | 148,317 | 167,144 |
| EBITDA 1 | 10,602 | 11,052 | 13,205 | 23,789 | 27,796 | 19,232 | 25,504 | 33,270 |
| EBIT 1 | 5,429 | 5,230 | 7,698 | 17,879 | 21,170 | 13,113 | 17,416 | 23,644 |
| Operating Margin | 4.69% | 5.19% | 7.21% | 12.57% | 13.28% | 9.75% | 11.74% | 14.15% |
| Earnings before Tax (EBT) 1 | 5,846 | 5,235 | 7,727 | 17,947 | 21,388 | 12,904 | 17,300 | 23,233 |
| Net income 1 | 4,793 | 3,689 | 5,273 | 12,567 | 14,788 | 8,338 | 11,964 | 16,188 |
| Net margin | 4.14% | 3.66% | 4.94% | 8.84% | 9.27% | 6.2% | 8.07% | 9.68% |
| EPS 2 | 77.42 | 59.56 | 80.23 | 188.6 | 221.8 | 124.9 | 179.3 | 242.6 |
| Free Cash Flow 1 | -12,613 | 14,190 | 14,794 | 3,808 | -1,743 | -11,771 | 7,730 | 10,235 |
| FCF margin | -10.9% | 14.09% | 13.86% | 2.68% | -1.09% | -8.76% | 5.21% | 6.12% |
| FCF Conversion (EBITDA) | - | 128.39% | 112.03% | 16.01% | - | - | 30.31% | 30.76% |
| FCF Conversion (Net income) | - | 384.66% | 280.56% | 30.3% | - | - | 64.61% | 63.23% |
| Dividend per Share 2 | 28.00 | 18.00 | 25.00 | 67.00 | 89.00 | 50.00 | 72.86 | 98.39 |
| Announcement Date | 15/05/19 | 14/05/20 | 13/05/21 | 13/05/22 | 12/05/23 | 10/05/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 | 2025 Q1 | 2025 Q2 | 2025 S1 | 2025 Q3 | 2025 Q4 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 47,382 | 53,335 | 49,942 | 56,781 | 34,437 | 67,812 | 36,800 | 37,587 | 74,387 | 38,040 | 42,173 | 80,213 | 39,925 | 39,319 | 79,244 | 33,023 | 33,496 | 66,519 | 33,733 | 34,173 | 67,906 | 33,175 | 36,725 | 69,500 | 38,600 | 42,375 | 80,500 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 1,130 | 4,100 | 2,405 | 5,293 | 4,155 | 8,582 | 4,655 | 4,642 | 9,297 | 4,592 | 5,583 | 10,175 | 5,997 | 4,998 | 10,995 | 2,871 | 3,191 | 6,062 | 3,551 | 3,500 | 7,051 | 3,025 | 3,750 | 6,800 | 4,450 | 6,250 | 10,400 |
| Operating Margin | 2.38% | 7.69% | 4.82% | 9.32% | 12.07% | 12.66% | 12.65% | 12.35% | 12.5% | 12.07% | 13.24% | 12.68% | 15.02% | 12.71% | 13.87% | 8.69% | 9.53% | 9.11% | 10.53% | 10.24% | 10.38% | 9.12% | 10.21% | 9.78% | 11.53% | 14.75% | 12.92% |
| Earnings before Tax (EBT) 1 | 1,067 | 4,168 | 2,437 | 5,290 | 4,154 | 8,665 | 4,527 | 4,755 | 9,282 | 4,724 | 5,560 | 10,284 | 5,938 | 5,166 | 11,104 | 2,937 | 3,129 | 6,066 | 3,595 | 3,243 | 6,838 | 3,000 | 3,500 | - | 4,150 | 6,800 | - |
| Net income 1 | 683 | 3,006 | 1,618 | 3,655 | 2,874 | 6,081 | 3,123 | 3,363 | 6,486 | 3,133 | 3,906 | 7,039 | 4,189 | 3,560 | 7,749 | 1,871 | 2,090 | 3,961 | 2,417 | 1,960 | 4,377 | 1,850 | 2,250 | - | 2,750 | 4,550 | - |
| Net margin | 1.44% | 5.64% | 3.24% | 6.44% | 8.35% | 8.97% | 8.49% | 8.95% | 8.72% | 8.24% | 9.26% | 8.78% | 10.49% | 9.05% | 9.78% | 5.67% | 6.24% | 5.95% | 7.17% | 5.74% | 6.45% | 5.58% | 6.13% | - | 7.12% | 10.74% | - |
| EPS 2 | 11.03 | - | 24.91 | - | 43.13 | 91.26 | 46.87 | 50.45 | - | 47.00 | 58.56 | 105.6 | 62.83 | 53.37 | - | 28.06 | 31.30 | 59.36 | 36.23 | 29.35 | - | 28.50 | 36.00 | - | 45.00 | 71.90 | - |
| Dividend per Share | 5.000 | - | 8.000 | - | - | 28.00 | - | - | - | - | - | 42.00 | - | - | - | - | - | 24.00 | - | - | - | - | - | - | - | - | - |
| Announcement Date | 12/11/19 | 14/05/20 | 13/11/20 | 13/05/21 | 12/11/21 | 12/11/21 | 10/02/22 | 13/05/22 | 13/05/22 | 10/08/22 | 11/11/22 | 11/11/22 | 10/02/23 | 12/05/23 | 12/05/23 | 10/08/23 | 10/11/23 | 10/11/23 | 09/02/24 | 10/05/24 | 10/05/24 | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 16,243 | 4,522 | - | - | - | 10,094 | 4,535 | - |
| Net Cash position 1 | - | - | 15,965 | 16,618 | 9,943 | - | - | 1,601 |
| Leverage (Debt/EBITDA) | 1.532 x | 0.4092 x | - | - | - | 0.5248 x | 0.1778 x | - |
| Free Cash Flow 1 | -12,613 | 14,190 | 14,794 | 3,808 | -1,743 | -11,771 | 7,730 | 10,235 |
| ROE (net income / shareholders' equity) | 6% | 4.5% | 5.9% | 12.1% | 12.9% | 6.7% | 9.21% | 11.6% |
| ROA (Net income/ Total Assets) | 4.02% | 3.94% | 3.65% | 11.1% | 11.8% | 6.62% | 8.6% | 10.9% |
| Assets 1 | 119,176 | 93,708 | 144,393 | 113,265 | 125,022 | 125,859 | 139,116 | 148,512 |
| Book Value Per Share 2 | 1,297 | 1,321 | 1,463 | 1,643 | 1,794 | 1,934 | 2,023 | 2,192 |
| Cash Flow per Share | 161.0 | 154.0 | 267.0 | 277.0 | 321.0 | 227.0 | - | - |
| Capex 1 | 14,843 | 3,060 | 2,727 | 9,596 | 11,447 | 22,933 | 12,100 | 11,900 |
| Capex / Sales | 12.83% | 3.04% | 2.56% | 6.75% | 7.18% | 17.06% | 8.16% | 7.12% |
| Announcement Date | 15/05/19 | 14/05/20 | 13/05/21 | 13/05/22 | 12/05/23 | 10/05/24 | - | - |
1JPY in Million2JPY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
3,055
JPY
Average target price
3,218
JPY
Spread / Average Target
+5.33%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +20.28% | 1.31B | |
| +5.58% | 15.95B | |
| +38.46% | 5.46B | |
| -14.02% | 4.74B | |
| -7.49% | 4.62B | |
| +16.99% | 4.45B | |
| +43.64% | 3.85B | |
| +14.54% | 3.85B | |
| +2.58% | 3.38B | |
| -2.99% | 3.19B |
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