Financials K's Holdings Corporation

Equities

8282

JP3277150003

Computer & Electronics Retailers

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,512 ^JPY	+1.07%		+3.10%	+14.42%

2023	Tranche Update on K's Holdings Corporation's Equity Buyback Plan announced on May 10, 2023.	CI
2023	K's Holdings Corporation's Equity Buyback announced on February 1, 2023, has closed with 7,718,300 shares, representing 4.27% for ¥9,999.87 million.	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	223,548	222,953	316,561	240,151	187,991	264,064	-	-
Enterprise Value (EV) ¹	267,508	246,358	298,470	238,613	251,608	294,638	297,684	296,644
P/E ratio	9.52 x	10.6 x	8.33 x	8.91 x	10.6 x	17.5 x	14.9 x	13.6 x
Yield	3.05%	2.93%	2.63%	3.4%	3.78%	2.91%	2.93%	3%
Capitalization / Revenue	0.32 x	0.31 x	0.4 x	0.32 x	0.25 x	0.37 x	0.36 x	0.35 x
EV / Revenue	0.39 x	0.35 x	0.38 x	0.32 x	0.34 x	0.41 x	0.4 x	0.39 x
EV / EBITDA	5.68 x	5.24 x	4.52 x	4.25 x	5.58 x	8.07 x	7.61 x	7.35 x
EV / FCF	14.9 x	5.09 x	7.97 x	16.3 x	-10.4 x	13 x	21.2 x	17.9 x
FCF Yield	6.7%	19.6%	12.5%	6.14%	-9.58%	7.67%	4.72%	5.58%
Price to Book	0.88 x	0.87 x	1.14 x	0.87 x	0.76 x	0.96 x	0.92 x	0.89 x
Nbr of stocks (in thousands)	227,645	217,940	208,127	190,144	161,643	174,703	-	-
Reference price ²	982.0	1,023	1,521	1,263	1,163	1,512	1,512	1,512
Announcement Date	5/9/19	5/14/20	5/6/21	5/9/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	689,125	708,222	792,542	747,219	737,320	721,037	739,802	754,413
EBITDA ¹	47,064	46,973	65,988	56,102	45,056	36,497	39,116	40,337
EBIT ¹	32,722	32,989	51,737	41,755	30,129	21,448	24,235	25,776
Operating Margin	4.75%	4.66%	6.53%	5.59%	4.09%	2.97%	3.28%	3.42%
Earnings before Tax (EBT) ¹	34,647	32,870	54,800	41,801	31,286	22,372	25,803	27,814
Net income ¹	23,807	21,525	38,734	28,547	21,120	15,268	17,479	18,534
Net margin	3.45%	3.04%	4.89%	3.82%	2.86%	2.12%	2.36%	2.46%
EPS ²	103.1	96.22	182.7	141.7	110.2	86.31	101.6	110.8
Free Cash Flow ¹	17,914	48,409	37,434	14,660	-24,101	22,601	14,052	16,541
FCF margin	2.6%	6.84%	4.72%	1.96%	-3.27%	3.13%	1.9%	2.19%
FCF Conversion (EBITDA)	38.06%	103.06%	56.73%	26.13%	-	61.93%	35.92%	41.01%
FCF Conversion (Net income)	75.25%	224.9%	96.64%	51.35%	-	148.03%	80.39%	89.25%
Dividend per Share ²	30.00	30.00	40.00	43.00	44.00	44.00	44.33	45.33
Announcement Date	5/9/19	5/14/20	5/6/21	5/9/22	5/10/23	-	-	-

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	377,054	405,272	194,417	375,174	186,420	185,625	177,089	192,395	369,484	186,918	180,918	166,309	196,443	362,752	179,988	176,140	169,300	197,200	183,200	181,300
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	22,476	31,676	10,512	21,947	9,336	10,472	6,895	9,117	16,012	6,095	8,022	2,651	8,167	10,818	3,078	7,536	3,000	8,500	4,000	8,000
Operating Margin	5.96%	7.82%	5.41%	5.85%	5.01%	5.64%	3.89%	4.74%	4.33%	3.26%	4.43%	1.59%	4.16%	2.98%	1.71%	4.28%	1.77%	4.31%	2.18%	4.41%
Earnings before Tax (EBT)	24,428	33,966	-	24,228	10,631	-	8,336	-	18,741	7,657	-	3,711	-	12,722	4,216	-	-	-	-	-
Net income ¹	16,751	23,189	8,136	16,632	7,244	4,671	5,505	7,061	12,566	5,138	3,416	2,564	6,094	8,658	2,827	3,743	2,900	6,300	3,600	4,500
Net margin	4.44%	5.72%	4.18%	4.43%	3.89%	2.52%	3.11%	3.67%	3.4%	2.75%	1.89%	1.54%	3.1%	2.39%	1.57%	2.13%	1.71%	3.19%	1.97%	2.48%
EPS ²	73.74	109.3	39.60	80.78	36.41	24.51	28.89	37.03	65.92	26.93	17.32	14.14	34.11	48.25	16.27	20.70	-	-	-	-
Dividend per Share ²	15.00	15.00	-	20.00	-	-	-	-	22.00	-	-	-	22.00	22.00	-	22.00	-	23.00	-	23.00
Announcement Date	11/8/19	11/4/20	11/4/21	11/4/21	2/1/22	5/9/22	8/2/22	11/4/22	11/4/22	2/1/23	5/10/23	8/8/23	11/7/23	11/7/23	2/6/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	43,960	23,405	-	-	63,617	30,574	33,620	32,580
Net Cash position ¹	-	-	18,091	1,538	-	-	-	-
Leverage (Debt/EBITDA)	0.934 x	0.4983 x	-	-	1.412 x	0.8377 x	0.8595 x	0.8077 x
Free Cash Flow ¹	17,914	48,409	37,434	14,660	-24,101	22,601	14,052	16,541
ROE (net income / shareholders' equity)	9.6%	8.5%	14.7%	10.4%	7.6%	5.5%	6.29%	6.66%
ROA (Net income/ Total Assets)	9.47%	9.26%	13.9%	10.7%	7.87%	4.79%	5.35%	5.82%
Assets ¹	251,362	232,355	278,993	266,799	268,220	318,751	326,419	318,456
Book Value Per Share ²	1,119	1,183	1,333	1,450	1,530	1,579	1,635	1,699
Cash Flow per Share	165.0	159.0	250.0	213.0	188.0	-	-	-
Capex ¹	9,247	12,262	19,791	9,074	21,924	14,498	13,940	13,840
Capex / Sales	1.34%	1.73%	2.5%	1.21%	2.97%	2.01%	1.88%	1.83%
Announcement Date	5/9/19	5/14/20	5/6/21	5/9/22	5/10/23	-	-	-

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 K's Holdings Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,512 JPY

Average target price

1,360 JPY

Spread / Average Target

-10.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Consumer Electronics Retailers

	1st Jan change	Capi.
K'S HOLDINGS CORPORATION	+14.42%	1.68B
YAMADA HOLDINGS CO., LTD.	+2.33%	1.97B
SUNING.COM CO., LTD.	-14.12%	1.92B
AO WORLD PLC	+7.78%	761M
ADITYA VISION LIMITED	+1.81%	537M
MIDWICH GROUP PLC	-2.97%	535M
ELECTRA CONSUMER PRODUCTS (1970) LTD	+6.55%	478M
JOSHIN DENKI CO., LTD.	+3.62%	417M
KOJIMA CO.,LTD.	+1.02%	386M
E-LIFE CORPORATION	-0.59%	257M

Consumer Electronics Retailers