Financials Kyoritsu Maintenance Co., Ltd.

Equities

9616

JP3253900009

Hotels, Motels & Cruise Lines

Delayed Japan Exchange Other stock markets 02:00:00 2024-05-23 am EDT			5-day change	1st Jan Change
3,090 ^JPY	-0.71%		-4.63%	+3.17%

May. 15	Kyoritsu Maintenance Co., Ltd. Proposes Dividends for the Year Ended March 31, 2024, Effective June 27, 2023	CI
May. 15	Kyoritsu Maintenance Co., Ltd. Provides Dividend Guidance for the Second Quarter of Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	214,061	92,952	142,900	180,132	208,651	242,825	-	-
Enterprise Value (EV) ¹	280,370	147,705	247,979	277,623	305,856	273,495	344,784	333,331
P/E ratio	22.4 x	13.4 x	-11.7 x	334 x	49.2 x	26.6 x	19.3 x	17.4 x
Yield	0.82%	1.89%	0.55%	0.43%	0.41%	1.4%	0.89%	1.04%
Capitalization / Revenue	1.31 x	0.55 x	1.18 x	1.04 x	1.19 x	1.34 x	1.11 x	1.03 x
EV / Revenue	1.72 x	0.87 x	2.04 x	1.6 x	1.74 x	1.34 x	1.58 x	1.41 x
EV / EBITDA	14.5 x	8.97 x	-60.6 x	37.4 x	22.8 x	11.6 x	13 x	11.5 x
EV / FCF	-79.9 x	-22.9 x	-8.91 x	30.9 x	-54.8 x	44.3 x	58.4 x	-790 x
FCF Yield	-1.25%	-4.36%	-11.2%	3.24%	-1.83%	2.26%	1.71%	-0.13%
Price to Book	2.69 x	1.11 x	2.02 x	2.55 x	2.8 x	1.58 x	2.61 x	2.35 x
Nbr of stocks (in thousands)	77,982	77,980	77,981	77,979	78,001	78,029	-	-
Reference price ²	2,745	1,192	1,832	2,310	2,675	3,112	3,112	3,112
Announcement Date	5/15/19	5/15/20	5/14/21	5/13/22	5/15/23	5/15/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	162,811	169,770	121,281	173,701	175,630	204,126	218,299	236,078
EBITDA ¹	19,326	16,465	-4,095	7,431	13,426	23,488	26,536	28,951
EBIT ¹	14,567	11,205	-9,057	1,431	7,326	16,708	19,177	21,725
Operating Margin	8.95%	6.6%	-7.47%	0.82%	4.17%	8.19%	8.78%	9.2%
Earnings before Tax (EBT) ¹	14,227	10,693	-14,870	1,399	6,417	17,069	18,981	21,528
Net income ¹	9,567	6,927	-12,164	539	4,241	12,414	12,878	14,223
Net margin	5.88%	4.08%	-10.03%	0.31%	2.41%	6.08%	5.9%	6.02%
EPS ²	122.7	88.84	-156.0	6.915	54.38	117.0	161.5	178.8
Free Cash Flow ¹	-3,511	-6,444	-27,841	8,990	-5,585	6,179	5,902	-421.8
FCF margin	-2.16%	-3.8%	-22.96%	5.18%	-3.18%	3.03%	2.7%	-0.18%
FCF Conversion (EBITDA)	-	-	-	120.98%	-	26.31%	22.24%	-
FCF Conversion (Net income)	-	-	-	1,667.9%	-	49.77%	45.83%	-
Dividend per Share ²	22.50	22.50	10.00	10.00	11.00	49.00	27.75	32.36
Announcement Date	5/15/19	5/15/20	5/14/21	5/13/22	5/15/23	5/15/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	93,815	56,250	38,070	67,713	37,353	68,635	39,252	43,841	83,093	46,038	46,499	46,699	51,963	98,662	52,434	53,030	48,800	68,700	48,300	56,800
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,066	-4,486	-1,565	-5,619	366	6,684	1,076	2,869	3,945	2,880	501	2,912	5,484	8,396	5,187	3,125	4,400	6,200	5,800	3,300
Operating Margin	9.66%	-7.98%	-4.11%	-8.3%	0.98%	9.74%	2.74%	6.54%	4.75%	6.26%	1.08%	6.24%	10.55%	8.51%	9.89%	5.89%	9.02%	9.02%	12.01%	5.81%
Earnings before Tax (EBT) ¹	9,187	-9,287	-1,679	-5,384	292	6,491	1,046	2,548	3,594	2,751	72	2,720	4,607	7,327	5,067	4,675	4,300	6,100	5,700	2,400
Net income ¹	6,114	-7,856	-1,277	-4,076	146	4,469	691	1,601	2,292	1,851	98	1,749	2,955	4,704	3,226	4,484	2,900	4,100	3,900	1,600
Net margin	6.52%	-13.97%	-3.35%	-6.02%	0.39%	6.51%	1.76%	3.65%	2.76%	4.02%	0.21%	3.75%	5.69%	4.77%	6.15%	8.46%	5.94%	5.97%	8.07%	2.82%
EPS ²	78.41	-100.7	-16.38	-52.28	1.865	57.32	8.870	20.52	29.40	23.74	1.245	22.44	37.87	60.30	41.34	17.55	37.20	52.50	50.00	20.50
Dividend per Share ²	11.00	5.000	5.000	5.000	-	5.000	-	5.000	5.000	-	6.000	-	8.000	8.000	-	14.00	-	16.00	-	16.00
Announcement Date	11/8/19	11/9/20	11/9/21	11/9/21	2/9/22	5/13/22	8/9/22	11/9/22	11/9/22	2/9/23	5/15/23	8/9/23	11/9/23	11/9/23	2/9/24	5/15/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	66,309	54,753	105,079	97,491	97,205	98,508	101,958	90,505
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.431 x	3.325 x	-25.66 x	13.12 x	7.24 x	4.533 x	3.842 x	3.126 x
Free Cash Flow ¹	-3,511	-6,444	-27,841	8,990	-5,585	6,179	5,902	-422
ROE (net income / shareholders' equity)	12.6%	8.5%	-15.7%	0.8%	5.8%	15.4%	14.4%	14.4%
ROA (Net income/ Total Assets)	7.28%	5.96%	-4%	0.22%	2.77%	7.77%	5.44%	4.79%
Assets ¹	131,446	116,277	304,312	240,410	153,198	159,681	236,641	296,830
Book Value Per Share ²	1,020	1,077	908.0	905.0	956.0	2,220	1,193	1,327
Cash Flow per Share ²	192.0	164.0	-82.80	94.90	144.0	515.0	215.0	253.0
Capex ¹	17,481	22,632	12,440	9,519	13,338	18,500	10,267	18,325
Capex / Sales	10.74%	13.33%	10.26%	5.48%	7.59%	9.03%	4.7%	7.76%
Announcement Date	5/15/19	5/15/20	5/14/21	5/13/22	5/15/23	5/15/24	-	-

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 Kyoritsu Maintenance Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,112 JPY

Average target price

3,528 JPY

Spread / Average Target

+13.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Hotels, Motels & Cruise Lines

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MINOR INTERNATIONAL	+8.47%	4.97B
HILTON GRAND VACATIONS INC.	+3.63%	4.32B
EIH LIMITED	+90.50%	3.61B
ASSET WORLD CORP	+8.99%	3.4B

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