Financials Keihan Holdings Co., Ltd.

Equities

9045

JP3279400000

Passenger Transportation, Ground & Sea

Market Closed - Japan Exchange Other stock markets 07:00:00 10/05/2024 BST			5-day change	1st Jan Change
3,281 ^JPY	+2.15%		+0.95%	-10.99%

2023	Keihan Holdings Co., Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI
2021	Keihan Holdings Co., Ltd. Provides Consolidated Dividend Guidance for the Year Ending March 31, 2021	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	498,971	514,496	493,042	322,631	370,394	351,815	-	-
Enterprise Value (EV) ¹	811,121	824,531	817,296	646,182	705,713	363,825	683,214	698,985
P/E ratio	23.2 x	25.6 x	-108 x	33.6 x	21 x	14.6 x	14.7 x	13.9 x
Yield	0.75%	0.73%	0.54%	0.83%	0.87%	1.03%	1.08%	1.17%
Capitalization / Revenue	1.53 x	1.62 x	1.95 x	1.25 x	1.42 x	1.2 x	1.15 x	1.14 x
EV / Revenue	2.49 x	2.6 x	3.23 x	2.5 x	2.71 x	1.2 x	2.24 x	2.26 x
EV / EBITDA	15.2 x	15.9 x	41.5 x	18.9 x	17.4 x	12.3 x	11.9 x	11.5 x
EV / FCF	-113 x	304 x	-45.5 x	160 x	185 x	82.7 x	-89.5 x	-59.8 x
FCF Yield	-0.88%	0.33%	-2.2%	0.62%	0.54%	1.21%	-1.12%	-1.67%
Price to Book	2.12 x	2.06 x	2.02 x	1.28 x	1.38 x	1.22 x	1.13 x	1.06 x
Nbr of stocks (in thousands)	107,190	107,187	107,183	107,186	107,205	107,228	-	-
Reference price ²	4,655	4,800	4,600	3,010	3,455	3,281	3,281	3,281
Announcement Date	09/05/19	08/05/20	07/05/21	11/05/22	11/05/23	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	326,159	317,103	253,419	258,118	260,070	302,147	305,050	309,750
EBITDA ¹	53,535	51,907	19,683	34,248	40,519	54,450	57,200	60,650
EBIT ¹	33,715	31,123	-1,265	13,408	20,491	33,904	36,550	38,350
Operating Margin	10.34%	9.81%	-0.5%	5.19%	7.88%	11.22%	11.98%	12.38%
Earnings before Tax (EBT) ¹	32,048	31,214	977	18,000	26,485	35,035	35,650	37,450
Net income ¹	21,480	20,121	-4,574	9,589	17,621	24,890	24,000	25,250
Net margin	6.59%	6.35%	-1.8%	3.71%	6.78%	8.24%	7.87%	8.15%
EPS ²	200.4	187.7	-42.68	89.47	164.4	232.1	223.9	235.5
Free Cash Flow ¹	-7,158	2,709	-17,979	4,032	3,823	8,126	-7,632	-11,691
FCF margin	-2.19%	0.85%	-7.09%	1.56%	1.47%	2.72%	-2.5%	-3.77%
FCF Conversion (EBITDA)	-	5.22%	-	11.77%	9.44%	14.92%	-	-
FCF Conversion (Net income)	-	13.46%	-	42.05%	21.7%	31.38%	-	-
Dividend per Share ²	35.00	35.00	25.00	25.00	30.00	35.00	35.50	38.50
Announcement Date	09/05/19	08/05/20	07/05/21	11/05/22	11/05/23	10/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 S1	2022 Q3	2023 Q1	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 S1	2024 Q3	2024 Q4
Net sales ¹	165,209	108,232	118,564	60,468	64,039	123,143	58,180	78,747	65,423	133,867	71,663	96,617
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	21,969	-5,854	2,793	6,058	6,252	10,174	7,300	-	9,060	17,172	10,909	5,823
Operating Margin	13.3%	-5.41%	2.36%	10.02%	9.76%	8.26%	12.55%	-	13.85%	12.83%	15.22%	6.03%
Earnings before Tax (EBT)	22,724	-4,536	5,010	6,430	11,212	14,948	8,771	-	13,056	21,058	9,424	-
Net income ¹	15,154	-6,320	1,950	3,946	8,060	10,506	5,795	1,320	8,843	14,484	7,129	3,277
Net margin	9.17%	-5.84%	1.64%	6.53%	12.59%	8.53%	9.96%	1.68%	13.52%	10.82%	9.95%	3.39%
EPS	141.4	-58.97	18.20	36.81	75.20	98.01	54.05	-	82.49	135.1	66.48	-
Dividend per Share	17.50	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	06/11/19	05/11/20	09/11/21	07/02/22	05/08/22	08/11/22	07/02/23	11/05/23	07/08/23	09/11/23	06/02/24	10/05/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	312,150	310,035	324,254	323,551	335,319	319,991	331,399	347,170
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.831 x	5.973 x	16.47 x	9.447 x	8.276 x	5.877 x	5.794 x	5.724 x
Free Cash Flow ¹	-7,158	2,709	-17,979	4,032	3,823	8,127	-7,632	-11,691
ROE (net income / shareholders' equity)	9.4%	8.3%	-1.9%	3.9%	6.8%	8.8%	7.98%	7.87%
ROA (Net income/ Total Assets)	4.49%	4.08%	0.03%	2.2%	2.71%	4.15%	3.72%	3.74%
Assets ¹	478,649	493,018	-14,383,648	436,699	651,209	599,519	645,943	674,593
Book Value Per Share ²	2,194	2,330	2,279	2,344	2,502	2,784	2,899	3,097
Cash Flow per Share ²	389.0	386.0	156.0	286.0	353.0	420.0	517.0	537.0
Capex ¹	43,631	29,324	33,261	17,193	29,712	40,800	40,350	47,000
Capex / Sales	13.38%	9.25%	13.12%	6.66%	11.42%	13.66%	13.23%	15.17%
Announcement Date	09/05/19	08/05/20	07/05/21	11/05/22	11/05/23	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

Ratings for Keihan Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,281 JPY

Average target price

4,100 JPY

Spread / Average Target

+24.96%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Passenger Transportation, Ground & Sea

	1st Jan change	Capi.
KEIHAN HOLDINGS CO., LTD.	-10.99%	2.26B
CENTRAL JAPAN RAILWAY COMPANY	-3.99%	21.72B
WEST JAPAN RAILWAY COMPANY	+6.14%	9.76B
TOKYU CORPORATION	+8.54%	7.18B
HANKYU HANSHIN HOLDINGS, INC.	-9.78%	6.25B
KEISEI ELECTRIC RAILWAY CO., LTD	-11.63%	6.14B
KINTETSU GROUP HOLDINGS CO.,LTD.	-13.33%	4.73B
SEIBU HOLDINGS INC.	+4.75%	3.96B
ODAKYU ELECTRIC RAILWAY CO., LTD.	-17.83%	4.06B
TOBU RAILWAY CO., LTD.	-23.09%	3.86B

Other Passenger Transportation, Ground & Sea