KYUDENKO CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5,872 JPY | +1.05% |
|
-4.83% | +15.45% |
| May. 23 | New entries in the Investor Asia portfolio |  |
| May. 13 | Kyudenko to Invest in Electricity Retailer Erex | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 246,879 | 207,083 | 299,679 | 203,044 | 238,394 | 415,319 | - | - |
| Enterprise Value (EV) 1 | 224,088 | 166,930 | 263,399 | 176,177 | 207,266 | 383,879 | 293,048 | 262,843 |
| P/E ratio | 9.25 x | 7.9 x | 12 x | 7.74 x | 9.05 x | 16.1 x | 13.1 x | 12.1 x |
| Yield | 2.88% | 3.42% | 2.36% | 3.49% | 3.27% | 1.88% | 2.23% | 2.49% |
| Capitalization / Revenue | 0.6 x | 0.48 x | 0.76 x | 0.54 x | 0.6 x | 0.96 x | 0.84 x | 0.79 x |
| EV / Revenue | 0.55 x | 0.39 x | 0.67 x | 0.47 x | 0.52 x | 0.82 x | 0.59 x | 0.5 x |
| EV / EBITDA | 5.23 x | 3.98 x | 6.8 x | 4.53 x | 5.44 x | 8.72 x | 6 x | 5.12 x |
| EV / FCF | 9.67 x | 4.88 x | 53.2 x | -77.1 x | 14.8 x | 9.22 x | 19.7 x | 8.08 x |
| FCF Yield | 10.3% | 20.5% | 1.88% | -1.3% | 6.76% | 10.9% | 5.06% | 12.4% |
| Price to Book | 1.37 x | 1.06 x | 1.36 x | 0.85 x | 0.91 x | 1.56 x | 1.32 x | 1.2 x |
| Nbr of stocks (in thousands) | 71,147 | 70,846 | 70,846 | 70,846 | 70,845 | 70,729 | - | - |
| Reference price 2 | 3,470 | 2,923 | 4,230 | 2,866 | 3,365 | 5,872 | 5,872 | 5,872 |
| Announcement Date | 4/26/19 | 4/28/20 | 4/28/21 | 4/28/22 | 4/28/23 | 4/26/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 408,143 | 428,939 | 391,901 | 376,563 | 395,783 | 469,057 | 497,333 | 523,200 |
| EBITDA 1 | 42,821 | 41,983 | 38,737 | 38,928 | 38,101 | 44,032 | 48,808 | 51,340 |
| EBIT 1 | 36,747 | 36,022 | 32,998 | 33,137 | 32,083 | 38,016 | 42,767 | 46,433 |
| Operating Margin | 9% | 8.4% | 8.42% | 8.8% | 8.11% | 8.1% | 8.6% | 8.87% |
| Earnings before Tax (EBT) 1 | 39,260 | 38,423 | 36,784 | 36,833 | 38,793 | 41,158 | 45,772 | 46,842 |
| Net income 1 | 26,691 | 26,245 | 25,042 | 26,216 | 26,349 | 28,017 | 31,718 | 34,467 |
| Net margin | 6.54% | 6.12% | 6.39% | 6.96% | 6.66% | 5.97% | 6.38% | 6.59% |
| EPS 2 | 375.2 | 370.0 | 353.5 | 370.0 | 371.9 | 395.9 | 448.1 | 486.9 |
| Free Cash Flow 1 | 23,177 | 34,224 | 4,952 | -2,284 | 14,008 | 41,655 | 14,840 | 32,533 |
| FCF margin | 5.68% | 7.98% | 1.26% | -0.61% | 3.54% | 8.88% | 2.98% | 6.22% |
| FCF Conversion (EBITDA) | 54.13% | 81.52% | 12.78% | - | 36.77% | 94.6% | 30.4% | 63.37% |
| FCF Conversion (Net income) | 86.83% | 130.4% | 19.77% | - | 53.16% | 148.68% | 46.79% | 94.39% |
| Dividend per Share 2 | 100.0 | 100.0 | 100.0 | 100.0 | 110.0 | 120.0 | 130.8 | 146.4 |
| Announcement Date | 4/26/19 | 4/28/20 | 4/28/21 | 4/28/22 | 4/28/23 | 4/26/24 | - | - |
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 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 195,870 | 233,069 | 180,101 | 211,800 | 87,504 | 158,194 | 83,089 | 135,280 | 218,369 | 69,089 | 99,433 | 168,522 | 82,733 | 144,528 | 227,261 | 86,242 | 114,375 | 200,617 | 114,450 | 153,990 | 268,440 | 88,500 | 123,000 | 127,000 | 163,500 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 13,820 | 22,202 | 11,244 | 21,754 | 7,335 | 11,658 | 5,083 | 16,396 | 21,479 | 2,918 | 7,397 | 10,315 | 5,297 | 16,471 | 21,768 | 4,808 | 8,884 | 13,692 | 9,533 | 14,791 | 24,324 | 4,250 | 9,450 | 9,570 | 20,330 |
| Operating Margin | 7.06% | 9.53% | 6.24% | 10.27% | 8.38% | 7.37% | 6.12% | 12.12% | 9.84% | 4.22% | 7.44% | 6.12% | 6.4% | 11.4% | 9.58% | 5.58% | 7.77% | 6.82% | 8.33% | 9.61% | 9.06% | 4.8% | 7.68% | 7.54% | 12.43% |
| Earnings before Tax (EBT) 1 | 15,102 | 23,321 | 12,311 | 24,473 | 8,654 | 14,248 | 5,154 | 16,829 | 22,585 | 3,665 | 12,634 | 16,299 | 6,034 | - | - | 6,308 | - | 15,437 | 10,311 | 15,410 | 25,721 | - | - | - | - |
| Net income 1 | 10,471 | 15,774 | 8,286 | 16,756 | 6,035 | 9,843 | 3,944 | 12,429 | 16,373 | 2,356 | 8,760 | 11,116 | 3,728 | 11,505 | 15,233 | 4,254 | 5,906 | 10,160 | 6,890 | 10,967 | 17,857 | 5,000 | 6,500 | 7,000 | 13,768 |
| Net margin | 5.35% | 6.77% | 4.6% | 7.91% | 6.9% | 6.22% | 4.75% | 9.19% | 7.5% | 3.41% | 8.81% | 6.6% | 4.51% | 7.96% | 6.7% | 4.93% | 5.16% | 5.06% | 6.02% | 7.12% | 6.65% | 5.65% | 5.28% | 5.51% | 8.42% |
| EPS 2 | 147.5 | - | 117.0 | - | 85.19 | 138.9 | 55.68 | 175.4 | - | 33.26 | 123.7 | 156.9 | 52.61 | 162.4 | - | 60.05 | 83.44 | 143.5 | 97.38 | 155.0 | - | 70.56 | 91.72 | 98.78 | 194.3 |
| Dividend per Share 2 | 50.00 | - | 50.00 | - | 50.00 | 50.00 | - | 50.00 | - | - | 50.00 | 50.00 | 50.00 | 55.00 | - | - | 55.00 | 55.00 | - | 65.00 | - | - | 60.00 | - | 80.00 |
| Announcement Date | 10/31/19 | 4/28/20 | 10/30/20 | 4/28/21 | 10/28/21 | 10/28/21 | 1/28/22 | 4/28/22 | 4/28/22 | 7/27/22 | 10/26/22 | 10/26/22 | 1/31/23 | 4/28/23 | 4/28/23 | 7/26/23 | 10/27/23 | 10/27/23 | 1/29/24 | 4/26/24 | 4/26/24 | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 22,791 | 40,153 | 36,280 | 26,867 | 31,128 | 66,593 | 122,271 | 152,476 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 23,177 | 34,224 | 4,952 | -2,284 | 14,008 | 41,655 | 14,840 | 32,533 |
| ROE (net income / shareholders' equity) | 15.6% | 14% | 12.1% | 11.4% | 10.5% | 10.2% | 10.6% | 10.7% |
| ROA (Net income/ Total Assets) | 11.7% | 10.6% | 9.77% | 9.89% | 8.6% | 8.92% | 7.45% | 5.5% |
| Assets 1 | 228,116 | 246,453 | 256,311 | 265,138 | 306,424 | 314,050 | 425,741 | 626,671 |
| Book Value Per Share 2 | 2,534 | 2,761 | 3,103 | 3,375 | 3,682 | 4,083 | 4,442 | 4,905 |
| Cash Flow per Share 2 | 461.0 | 454.0 | 434.0 | 452.0 | 457.0 | 481.0 | 533.0 | 567.0 |
| Capex 1 | 2,877 | 3,998 | 2,945 | 3,931 | 3,378 | 7,084 | 3,945 | 3,945 |
| Capex / Sales | 0.7% | 0.93% | 0.75% | 1.04% | 0.85% | 1.51% | 0.79% | 0.75% |
| Announcement Date | 4/26/19 | 4/28/20 | 4/28/21 | 4/28/22 | 4/28/23 | 4/26/24 | - | - |
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
5
Last Close Price
5,872
JPY
Average target price
6,300
JPY
Spread / Average Target
+7.29%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +15.45% | 2.64B | |
| +4.53% | 60.67B | |
| -13.69% | 59.89B | |
| +26.64% | 40.01B | |
| +15.59% | 31.89B | |
| +10.90% | 28.69B | |
| +13.56% | 20.5B | |
| +11.36% | 18.76B | |
| +75.09% | 17.73B | |
| +39.37% | 17.1B |
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