Financials Kintetsu Group Holdings Co.,Ltd.

Equities

9041

JP3260800002

Passenger Transportation, Ground & Sea

Market Closed - Japan Exchange Other stock markets 07:00:00 28/06/2024 BST			5-day change	1st Jan Change
3,502 ^JPY	+0.03%		+4.60%	-21.69%

06-11	Kintetsu Group Holdings Co.,Ltd. agreed to additional acquire an unknown minority stake in ORION BREWERIES, LTD. from Nomura Capital Partners 1 Investment Limited Partnership, managed by Nomura Capital Partners Co., Ltd.	CI
2023	SkyDrive Inc. announced that it has received funding from a group of investors	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	950,482	802,202	666,591	811,135	846,670	665,801	-	-
Enterprise Value (EV) ¹	1,993,251	1,943,540	1,682,188	1,950,015	2,208,208	1,709,418	1,675,608	1,645,825
P/E ratio	46.2 x	-13.3 x	15.6 x	9.14 x	17.6 x	13.9 x	12.9 x	12.6 x
Yield	1%	-	0.71%	1.17%	1.12%	1.43%	1.52%	1.64%
Capitalization / Revenue	0.8 x	1.15 x	0.96 x	0.52 x	0.52 x	0.39 x	0.38 x	0.36 x
EV / Revenue	1.67 x	2.79 x	2.43 x	1.25 x	1.36 x	0.99 x	0.95 x	0.9 x
EV / EBITDA	19.3 x	-265 x	30.5 x	14.9 x	13.7 x	10.7 x	10 x	9.72 x
EV / FCF	-187 x	-24.1 x	16.5 x	21.2 x	23.4 x	173 x	36.9 x	39.3 x
FCF Yield	-0.53%	-4.15%	6.05%	4.72%	4.27%	0.58%	2.71%	2.54%
Price to Book	2.52 x	2.5 x	1.76 x	1.84 x	1.63 x	1.2 x	1.12 x	1.04 x
Nbr of stocks (in thousands)	190,096	190,095	190,183	190,184	190,177	190,174	-	-
Reference price ²	5,000	4,220	3,505	4,265	4,452	3,501	3,501	3,501
Announcement Date	14/05/20	14/05/21	13/05/22	02/06/23	15/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,194,244	697,203	691,512	1,561,002	1,629,529	1,727,733	1,773,000	1,834,500
EBITDA ¹	103,304	-7,336	55,134	130,762	161,002	159,533	166,733	169,250
EBIT ¹	49,380	-62,115	3,864	67,144	87,430	89,600	95,167	98,500
Operating Margin	4.13%	-8.91%	0.56%	4.3%	5.37%	5.19%	5.37%	5.37%
Earnings before Tax (EBT) ¹	36,075	-83,505	52,138	106,884	77,076	77,900	82,300	86,600
Net income ¹	20,561	-60,187	42,755	88,779	48,073	47,733	51,667	52,700
Net margin	1.72%	-8.63%	6.18%	5.69%	2.95%	2.76%	2.91%	2.87%
EPS ²	108.2	-316.6	224.8	466.8	252.8	251.0	271.7	277.1
Free Cash Flow ¹	-10,641	-80,677	101,812	92,137	94,216	9,867	45,414	41,862
FCF margin	-0.89%	-11.57%	14.72%	5.9%	5.78%	0.57%	2.56%	2.28%
FCF Conversion (EBITDA)	-	-	184.66%	70.46%	58.52%	6.18%	27.24%	24.73%
FCF Conversion (Net income)	-	-	238.13%	103.78%	195.99%	20.67%	87.9%	79.44%
Dividend per Share ²	50.00	-	25.00	50.00	50.00	50.00	53.33	57.50
Announcement Date	14/05/20	14/05/21	13/05/22	02/06/23	15/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2022 S1	2022 Q3	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	281,964	291,679	217,087	187,192	435,874	623,066	494,592	443,344	399,545	803,623	413,774	412,132	422,600	424,200	437,600	439,300
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-54,018	-19,045	22,956	6,317	7,362	13,679	33,000	20,465	22,011	43,060	26,136	18,234	19,200	18,500	30,300	22,000
Operating Margin	-19.16%	-6.53%	10.57%	3.37%	1.69%	2.2%	6.67%	4.62%	5.51%	5.36%	6.32%	4.42%	4.54%	4.36%	6.92%	5.01%
Earnings before Tax (EBT)	-47,650	4,839	51,645	12,694	-	72,341	32,806	-	18,554	39,039	24,516	-	-	-	-	-
Net income	-31,400	12,002	38,797	11,232	-	64,331	24,990	-	10,402	23,858	15,416	-	-	-	-	-
Net margin	-11.14%	4.11%	17.87%	6%	-	10.32%	5.05%	-	2.6%	2.97%	3.73%	-	-	-	-	-
EPS	-165.2	63.11	204.0	59.06	-	338.3	131.4	-	54.70	125.4	81.06	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	12/11/20	12/11/21	10/02/22	10/08/22	11/11/22	11/11/22	14/02/23	02/06/23	10/08/23	13/11/23	14/02/24	15/05/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,042,769	1,141,338	1,015,597	1,138,880	1,361,538	1,043,618	1,009,808	980,025
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	10.09 x	-155.6 x	18.42 x	8.71 x	8.457 x	6.542 x	6.056 x	5.79 x
Free Cash Flow ¹	-10,641	-80,677	101,812	92,137	94,216	9,867	45,415	41,863
ROE (net income / shareholders' equity)	5.4%	-17.3%	12.2%	21.6%	10%	8.76%	8.68%	8.54%
ROA (Net income/ Total Assets)	2.47%	-2.18%	1.59%	3.45%	3.47%	2.62%	2.73%	2.91%
Assets ¹	833,279	2,758,644	2,685,126	2,570,443	1,385,617	1,822,231	1,894,634	1,812,554
Book Value Per Share ²	1,983	1,687	1,991	2,323	2,730	2,928	3,138	3,360
Cash Flow per Share ²	392.0	-28.50	494.0	801.0	640.0	525.0	584.0	592.0
Capex ¹	68,907	55,207	26,547	38,274	60,785	88,000	72,000	78,000
Capex / Sales	5.77%	7.92%	3.84%	2.45%	3.73%	5.09%	4.06%	4.25%
Announcement Date	14/05/20	14/05/21	13/05/22	02/06/23	15/05/24	-	-	-

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 Kintetsu Group Holdings Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,501 JPY

Average target price

4,200 JPY

Spread / Average Target

+19.97%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Passenger Transportation, Ground & Sea

	1st Jan change	Capi.
KINTETSU GROUP HOLDINGS CO.,LTD.	-21.69%	4.14B
CENTRAL JAPAN RAILWAY COMPANY	-3.10%	21B
INDIAN RAILWAY CATERING & TOURISM CORPORATION LIMITED	+11.46%	9.5B
WEST JAPAN RAILWAY COMPANY	+1.85%	8.91B
HANKYU HANSHIN HOLDINGS, INC.	-4.79%	6.33B
KEISEI ELECTRIC RAILWAY CO., LTD	-22.33%	5.25B
SEIBU HOLDINGS INC.	+13.29%	4.15B
ODAKYU ELECTRIC RAILWAY CO., LTD.	-27.66%	3.5B
TOBU RAILWAY CO., LTD.	-28.52%	3.48B
KEIO CORPORATION	-15.90%	2.82B

Other Passenger Transportation, Ground & Sea