Financials Kanamoto Co.,Ltd.

Equities

9678

JP3215200001

Business Support Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,688 ^JPY	+1.20%		+1.17%	-8.13%

Mar. 29	Kanamoto Repurchases 824.37 million yen Worth of Shares in March	MT
Mar. 28	Tranche Update on Kanamoto Co.,Ltd.'s Equity Buyback Plan announced on December 8, 2023.	CI

Valuation

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	112,963	81,201	92,048	79,353	87,807	94,994	-	-
Enterprise Value (EV) ¹	101,370	77,004	85,611	81,340	78,892	85,469	81,729	77,480
P/E ratio	9.87 x	9.7 x	10.3 x	9.56 x	13.1 x	11.7 x	10.4 x	9.41 x
Yield	2.23%	3.03%	2.88%	3.49%	3.08%	2.79%	2.86%	2.83%
Capitalization / Revenue	0.63 x	0.45 x	0.49 x	0.42 x	0.44 x	0.46 x	0.45 x	0.43 x
EV / Revenue	0.56 x	0.43 x	0.45 x	0.43 x	0.4 x	0.42 x	0.39 x	0.35 x
EV / EBITDA	2.23 x	1.78 x	1.85 x	1.78 x	1.68 x	1.72 x	1.63 x	1.5 x
EV / FCF	3.06 x	2.89 x	2.39 x	3.73 x	2.52 x	2.34 x	2.2 x	-
FCF Yield	32.7%	34.6%	41.8%	26.8%	39.6%	42.8%	45.5%	-
Price to Book	0.98 x	0.68 x	0.73 x	0.6 x	0.65 x	0.65 x	0.63 x	0.57 x
Nbr of stocks (in thousands)	38,739	37,803	37,817	36,943	36,060	35,340	-	-
Reference price ²	2,916	2,148	2,434	2,148	2,435	2,688	2,688	2,688
Announcement Date	12/6/19	12/4/20	12/10/21	12/9/22	12/8/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	180,694	179,053	189,416	188,028	197,481	204,427	212,240	218,860
EBITDA ¹	45,546	43,322	46,336	45,756	46,848	49,750	50,183	51,667
EBIT ¹	17,842	14,250	14,624	13,229	11,958	13,950	15,629	17,344
Operating Margin	9.87%	7.96%	7.72%	7.04%	6.06%	6.82%	7.36%	7.92%
Earnings before Tax (EBT) ¹	17,723	13,731	14,747	13,574	12,106	14,000	16,500	19,000
Net income ¹	11,430	8,466	8,907	8,345	6,721	8,297	9,277	10,262
Net margin	6.33%	4.73%	4.7%	4.44%	3.4%	4.06%	4.37%	4.69%
EPS ²	295.3	221.4	235.6	224.6	185.4	230.6	257.9	285.7
Free Cash Flow ¹	33,157	26,661	35,823	21,827	31,261	36,600	37,200	-
FCF margin	18.35%	14.89%	18.91%	11.61%	15.83%	17.9%	17.53%	-
FCF Conversion (EBITDA)	72.8%	61.54%	77.31%	47.7%	66.73%	73.57%	74.13%	-
FCF Conversion (Net income)	290.09%	314.92%	402.19%	261.56%	465.12%	441.12%	401.01%	-
Dividend per Share ²	65.00	65.00	70.00	75.00	75.00	75.00	77.00	76.00
Announcement Date	12/6/19	12/4/20	12/10/21	12/9/22	12/8/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: October	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	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
Net sales ¹	88,838	91,414	87,639	95,225	47,961	94,191	46,730	46,985	93,715	45,113	49,200	94,313	49,508	47,760	97,268	47,887	52,326	-	50,118	50,104	100,000	49,902	53,677	103,000	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	6,576	9,239	5,011	8,118	3,729	6,506	3,311	3,787	7,098	2,064	4,067	6,131	3,096	2,231	5,327	2,428	4,203	6,631	2,985	2,508	5,500	2,852	5,339	8,500	-	-
Operating Margin	7.4%	10.11%	5.72%	8.53%	7.78%	6.91%	7.09%	8.06%	7.57%	4.58%	8.27%	6.5%	6.25%	4.67%	5.48%	5.07%	8.03%	-	5.96%	5%	5.5%	5.71%	9.95%	8.25%	-	-
Earnings before Tax (EBT)	-	8,754	4,977	8,397	3,370	6,350	3,515	-	7,450	2,233	3,891	6,124	3,194	-	5,380	2,407	-	-	3,156	-	-	-	-	-	-	-
Net income ¹	4,175	5,344	3,122	4,943	2,081	3,964	2,072	2,468	4,540	1,387	2,418	3,805	1,738	1,186	2,924	1,296	2,501	3,797	1,778	1,457	3,200	1,366	3,530	5,200	-	-
Net margin	4.7%	5.85%	3.56%	5.19%	4.34%	4.21%	4.43%	5.25%	4.84%	3.07%	4.91%	4.03%	3.51%	2.48%	3.01%	2.71%	4.78%	-	3.55%	2.91%	3.2%	2.74%	6.58%	5.05%	-	-
EPS ²	-	138.3	-	130.8	55.02	-	55.04	66.50	121.5	37.73	65.37	-	47.31	32.92	80.23	35.98	69.19	-	49.47	41.37	-	47.45	79.87	-	-	-
Dividend per Share ²	-	25.00	-	25.00	45.00	-	-	35.00	35.00	-	40.00	-	-	-	35.00	-	40.00	-	-	15.00	-	-	60.00	-	-	15.00
Announcement Date	12/6/19	6/5/20	12/4/20	6/4/21	12/10/21	12/10/21	3/4/22	6/3/22	6/3/22	9/2/22	12/9/22	12/9/22	3/3/23	6/2/23	6/2/23	9/8/23	12/8/23	12/8/23	3/8/24	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	1,987	-	-	-	-
Net Cash position ¹	11,593	4,197	6,437	-	8,915	9,525	13,265	17,514
Leverage (Debt/EBITDA)	-	-	-	0.0434 x	-	-	-	-
Free Cash Flow ¹	33,157	26,661	35,823	21,827	31,261	36,600	37,200	-
ROE (net income / shareholders' equity)	11%	7.2%	7.2%	6.4%	5%	5.86%	6.07%	5.57%
ROA (Net income/ Total Assets)	4.49%	5.02%	5.1%	4.52%	4.02%	2.6%	2.7%	-
Assets ¹	254,778	168,674	174,805	184,424	167,315	319,121	343,575	-
Book Value Per Share ²	2,982	3,150	3,357	3,572	3,730	4,153	4,239	4,696
Cash Flow per Share	1,011	977.0	1,057	1,084	1,130	-	-	-
Capex ¹	4,301	50,274	3,528	4,793	5,254	5,000	5,000	5,000
Capex / Sales	2.38%	28.08%	1.86%	2.55%	2.66%	2.45%	2.36%	2.28%
Announcement Date	12/6/19	12/4/20	12/10/21	12/9/22	12/8/23	-	-	-

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 Kanamoto Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,688 JPY

Average target price

2,900 JPY

Spread / Average Target

+7.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Commercial Equipment Rental

	1st Jan change	Capi.
KANAMOTO CO.,LTD.	-8.13%	603M
UNITED RENTALS, INC.	+20.47%	46B
ASHTEAD GROUP PLC	+11.75%	33.18B
AERCAP HOLDINGS N.V.	+15.03%	16.73B
WILLSCOT MOBILE MINI HOLDINGS CORP.	-12.99%	7.38B
AIR LEASE CORPORATION	+23.18%	5.75B
HERC HOLDINGS INC.	+2.27%	4.32B
AVIC INDUSTRY-FINANCE HOLDINGS CO., LTD.	-1.61%	3.73B
MCGRATH RENTCORP	-6.61%	2.74B
H&E EQUIPMENT SERVICES, INC.	+12.10%	2.14B

Commercial Equipment Rental