Financials Kadokawa Corporation

Equities

9468

JP3214350005

Consumer Publishing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,839 ^JPY	+1.05%		+3.59%	-1.11%

Feb. 08	Kadokawa Corporation acquired Octopath Traveler of GungHo Online Entertainment, Inc. from GungHo Online Entertainment, Inc..	CI
2023	Tranche Update on Kadokawa Corporation's Equity Buyback Plan announced on May 11, 2023.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	73,810	83,748	276,756	447,864	393,333	381,269	-	-
Enterprise Value (EV) ¹	65,731	74,392	263,173	384,725	251,333	279,344	270,768	260,837
P/E ratio	-18.3 x	10.5 x	27.7 x	30.4 x	31 x	47.8 x	25.4 x	20.3 x
Yield	1.71%	2.2%	1.16%	0.93%	1.06%	1.06%	1.14%	1.44%
Capitalization / Revenue	0.35 x	0.41 x	1.32 x	2.02 x	1.54 x	1.52 x	1.44 x	1.37 x
EV / Revenue	0.32 x	0.36 x	1.25 x	1.74 x	0.98 x	1.11 x	1.02 x	0.94 x
EV / EBITDA	-	-	-	15.6 x	7.88 x	12.3 x	9.07 x	7.6 x
EV / FCF	-8.78 x	99.9 x	-64.8 x	27.9 x	200 x	75.2 x	23 x	16.5 x
FCF Yield	-11.4%	1%	-1.54%	3.58%	0.5%	1.33%	4.34%	6.06%
Price to Book	0.73 x	0.8 x	2.17 x	2.61 x	1.94 x	1.93 x	1.83 x	1.72 x
Nbr of stocks (in thousands)	126,496	122,888	128,874	139,088	139,579	134,297	-	-
Reference price ²	583.5	681.5	2,148	3,220	2,818	2,839	2,839	2,839
Announcement Date	5/14/19	5/14/20	4/30/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	208,605	204,653	209,947	221,208	255,429	251,603	264,841	278,500
EBITDA ¹	-	-	-	24,621	31,901	22,759	29,844	34,299
EBIT ¹	2,707	8,087	13,625	18,519	25,931	16,403	22,647	28,427
Operating Margin	1.3%	3.95%	6.49%	8.37%	10.15%	6.52%	8.55%	10.21%
Earnings before Tax (EBT) ¹	-379	9,499	14,256	19,458	21,352	14,919	23,444	29,502
Net income ¹	-4,085	8,098	9,584	14,078	12,679	8,005	15,145	18,819
Net margin	-1.96%	3.96%	4.56%	6.36%	4.96%	3.18%	5.72%	6.76%
EPS ²	-31.97	65.06	77.42	106.0	90.91	59.35	111.7	139.8
Free Cash Flow ¹	-7,486	745	-4,061	13,768	1,257	3,716	11,756	15,796
FCF margin	-3.59%	0.36%	-1.93%	6.22%	0.49%	1.48%	4.44%	5.67%
FCF Conversion (EBITDA)	-	-	-	55.92%	3.94%	16.33%	39.39%	46.05%
FCF Conversion (Net income)	-	9.2%	-	97.8%	9.91%	46.42%	77.62%	83.94%
Dividend per Share ²	10.00	15.00	25.00	30.00	30.00	30.00	32.50	40.80
Announcement Date	5/14/19	5/14/20	4/30/21	5/12/22	5/11/23	-	-	-

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	100,439	97,553	52,777	104,811	52,830	63,567	64,264	58,375	122,639	67,088	65,702	58,835	65,372	124,207	62,817	64,338	65,391	65,667	67,407	70,936
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,389	7,847	4,069	9,938	2,871	5,710	9,622	3,615	13,237	6,192	6,502	3,267	5,337	8,604	4,730	3,058	6,122	6,728	5,108	5,141
Operating Margin	6.36%	8.04%	7.71%	9.48%	5.43%	8.98%	14.97%	6.19%	10.79%	9.23%	9.9%	5.55%	8.16%	6.93%	7.53%	4.75%	9.36%	10.25%	7.58%	7.25%
Earnings before Tax (EBT) ¹	8,573	7,689	4,633	10,684	3,478	5,296	12,308	4,442	16,750	3,703	899	6,034	3,363	9,397	3,937	1,366	-	-	-	-
Net income ¹	6,202	5,206	3,093	7,116	2,454	4,508	7,638	2,899	10,537	1,622	520	3,843	282	4,125	2,188	743.5	-	-	-	-
Net margin	6.17%	5.34%	5.86%	6.79%	4.65%	7.09%	11.89%	4.97%	8.59%	2.42%	0.79%	6.53%	0.43%	3.32%	3.48%	1.16%	-	-	-	-
EPS	49.22	42.28	-	55.16	18.01	-	54.85	-	75.62	11.60	-	27.59	-	29.81	16.23	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/14/19	10/29/20	10/29/21	10/29/21	2/3/22	5/12/22	7/29/22	11/2/22	11/2/22	2/2/23	5/11/23	8/3/23	11/2/23	11/2/23	2/8/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	8,079	9,356	13,583	63,139	142,000	101,925	110,501	120,433
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-7,486	745	-4,061	13,768	1,257	3,716	11,756	15,796
ROE (net income / shareholders' equity)	-3.9%	7.8%	8.2%	9.4%	6.8%	4.04%	7.27%	8.65%
ROA (Net income/ Total Assets)	1.74%	3.64%	5.61%	6.79%	7.53%	3.62%	4.73%	5.35%
Assets ¹	-234,541	222,595	170,964	207,192	168,351	220,944	320,320	351,685
Book Value Per Share ²	801.0	856.0	988.0	1,234	1,450	1,469	1,549	1,650
Cash Flow per Share ²	17.90	104.0	113.0	149.0	134.0	129.0	163.0	182.0
Capex ¹	13,350	15,771	19,647	5,279	7,806	7,147	7,133	7,300
Capex / Sales	6.4%	7.71%	9.36%	2.39%	3.06%	2.84%	2.69%	2.62%
Announcement Date	5/14/19	5/14/20	4/30/21	5/12/22	5/11/23	-	-	-

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 Kadokawa Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,839 JPY

Average target price

3,838 JPY

Spread / Average Target

+35.20%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Consumer Publishing

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JIANGSU PHOENIX PUBLISHING & MEDIA CORPORATION LIMITED	+14.98%	3.56B
CHINA SOUTH PUBLISHING & MEDIA GROUP CO., LTD	+21.44%	3.06B
LAGARDÈRE S.A.	+8.71%	3B
SOUTHERN PUBLISHING AND MEDIA CO.,LTD.	+7.85%	1.71B
TX GROUP AG	+17.55%	1.64B
CHANGJIANG PUBLISHING & MEDIA CO.,LTD	+0.54%	1.25B

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