Stock 9045 KEIHAN HOLDINGS CO., LTD.
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Financials Keihan Holdings Co., Ltd.

Equities

9045

JP3279400000

Passenger Transportation, Ground & Sea

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
3,307 JPY +0.82% Intraday chart for Keihan Holdings Co., Ltd. +2.61% -10.28%
2023 Keihan Holdings Co., Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023 CI
2021 Keihan Holdings Co., Ltd. Provides Consolidated Dividend Guidance for the Year Ending March 31, 2021 CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 498,971 514,496 493,042 322,631 370,394 354,603 - -
Enterprise Value (EV) 1 811,121 824,531 817,296 646,182 705,713 674,594 686,002 701,773
P/E ratio 23.2 x 25.6 x -108 x 33.6 x 21 x 13.7 x 14.8 x 14 x
Yield 0.75% 0.73% 0.54% 0.83% 0.87% 1.06% 1.07% 1.16%
Capitalization / Revenue 1.53 x 1.62 x 1.95 x 1.25 x 1.42 x 1.19 x 1.16 x 1.14 x
EV / Revenue 2.49 x 2.6 x 3.23 x 2.5 x 2.71 x 2.26 x 2.25 x 2.27 x
EV / EBITDA 15.2 x 15.9 x 41.5 x 18.9 x 17.4 x 12.4 x 12 x 11.6 x
EV / FCF -113 x 304 x -45.5 x 160 x 185 x 83 x -89.9 x -60 x
FCF Yield -0.88% 0.33% -2.2% 0.62% 0.54% 1.2% -1.11% -1.67%
Price to Book 2.12 x 2.06 x 2.02 x 1.28 x 1.38 x 1.22 x 1.14 x 1.07 x
Nbr of stocks (in thousands) 107,190 107,187 107,183 107,186 107,205 107,228 - -
Reference price 2 4,655 4,800 4,600 3,010 3,455 3,307 3,307 3,307
Announcement Date 5/9/19 5/8/20 5/7/21 5/11/22 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 1 326,159 317,103 253,419 258,118 260,070 298,600 305,050 309,750
EBITDA 1 53,535 51,907 19,683 34,248 40,519 54,450 57,200 60,650
EBIT 1 33,715 31,123 -1,265 13,408 20,491 34,300 36,550 38,350
Operating Margin 10.34% 9.81% -0.5% 5.19% 7.88% 11.49% 11.98% 12.38%
Earnings before Tax (EBT) 1 32,048 31,214 977 18,000 26,485 36,650 35,650 37,450
Net income 1 21,480 20,121 -4,574 9,589 17,621 25,900 24,000 25,250
Net margin 6.59% 6.35% -1.8% 3.71% 6.78% 8.67% 7.87% 8.15%
EPS 2 200.4 187.7 -42.68 89.47 164.4 241.6 223.9 235.5
Free Cash Flow 1 -7,158 2,709 -17,979 4,032 3,823 8,126 -7,632 -11,691
FCF margin -2.19% 0.85% -7.09% 1.56% 1.47% 2.72% -2.5% -3.77%
FCF Conversion (EBITDA) - 5.22% - 11.77% 9.44% 14.92% - -
FCF Conversion (Net income) - 13.46% - 42.05% 21.7% 31.38% - -
Dividend per Share 2 35.00 35.00 25.00 25.00 30.00 35.00 35.50 38.50
Announcement Date 5/9/19 5/8/20 5/7/21 5/11/22 5/11/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2021 S1 2022 S1 2022 Q3 2023 Q1 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 S1 2024 Q3 2024 Q4
Net sales 1 165,209 108,232 118,564 60,468 64,039 123,143 58,180 78,747 65,423 133,867 71,663 90,570
EBITDA - - - - - - - - - - - -
EBIT 1 21,969 -5,854 2,793 6,058 6,252 10,174 7,300 - 9,060 17,172 10,909 7,219
Operating Margin 13.3% -5.41% 2.36% 10.02% 9.76% 8.26% 12.55% - 13.85% 12.83% 15.22% 7.97%
Earnings before Tax (EBT) 22,724 -4,536 5,010 6,430 11,212 14,948 8,771 - 13,056 21,058 9,424 -
Net income 1 15,154 -6,320 1,950 3,946 8,060 10,506 5,795 1,320 8,843 14,484 7,129 4,387
Net margin 9.17% -5.84% 1.64% 6.53% 12.59% 8.53% 9.96% 1.68% 13.52% 10.82% 9.95% 4.84%
EPS 141.4 -58.97 18.20 36.81 75.20 98.01 54.05 - 82.49 135.1 66.48 -
Dividend per Share 17.50 - - - - - - - - - - -
Announcement Date 11/6/19 11/5/20 11/9/21 2/7/22 8/5/22 11/8/22 2/7/23 5/11/23 8/7/23 11/9/23 2/6/24 -
1JPY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 312,150 310,035 324,254 323,551 335,319 319,991 331,399 347,170
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.831 x 5.973 x 16.47 x 9.447 x 8.276 x 5.877 x 5.794 x 5.724 x
Free Cash Flow 1 -7,158 2,709 -17,979 4,032 3,823 8,127 -7,632 -11,691
ROE (net income / shareholders' equity) 9.4% 8.3% -1.9% 3.9% 6.8% 9.27% 7.98% 7.87%
ROA (Net income/ Total Assets) 4.49% 4.08% 0.03% 2.2% 2.71% 3.85% 3.72% 3.74%
Assets 1 478,649 493,018 -14,383,648 436,699 651,209 672,640 645,943 674,593
Book Value Per Share 2 2,194 2,330 2,279 2,344 2,502 2,711 2,899 3,097
Cash Flow per Share 2 389.0 386.0 156.0 286.0 353.0 483.0 517.0 537.0
Capex 1 43,631 29,324 33,261 17,193 29,712 40,800 40,350 47,000
Capex / Sales 13.38% 9.25% 13.12% 6.66% 11.42% 13.66% 13.23% 15.17%
Announcement Date 5/9/19 5/8/20 5/7/21 5/11/22 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 Keihan Holdings Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
2
Last Close Price
3,307 JPY
Average target price
4,100 JPY
Spread / Average Target
+23.98%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Passenger Transportation, Ground & Sea

1st Jan change Capi.
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