Financials Keio Corporation

Equities

9008

JP3277800003

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
3,858 ^JPY	+0.47%		+0.52%	-13.09%

Apr. 09	Microsoft to Invest $2.9 Billion in Japanese Data Centers by 2025, Nikkei Reports	DJ
Mar. 19	BOJ Delivers First Interest-Rate Hike Since 2007	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	873,042	780,231	908,429	584,249	567,206	471,097	-	-
Enterprise Value (EV) ¹	1,153,254	1,067,752	1,231,266	892,560	898,828	837,103	841,914	846,999
P/E ratio	32.1 x	43.6 x	-33 x	105 x	43.2 x	16.6 x	14.8 x	14.5 x
Yield	0.7%	0.82%	0.54%	0.84%	0.86%	1.36%	1.6%	1.83%
Capitalization / Revenue	1.95 x	1.8 x	2.88 x	1.95 x	1.63 x	1.15 x	1.11 x	1.09 x
EV / Revenue	2.58 x	2.46 x	3.9 x	2.98 x	2.59 x	2.05 x	1.99 x	1.96 x
EV / EBITDA	15.1 x	14.9 x	89.2 x	28 x	17.8 x	11.1 x	10.2 x	9.99 x
EV / FCF	211 x	-165 x	-42.1 x	64.2 x	-52.9 x	-40.5 x	-111 x	-95.2 x
FCF Yield	0.47%	-0.61%	-2.37%	1.56%	-1.89%	-2.47%	-0.9%	-1.05%
Price to Book	2.37 x	2.09 x	2.64 x	1.71 x	1.61 x	1.26 x	1.18 x	1.11 x
Nbr of stocks (in thousands)	122,104	122,102	122,101	122,100	122,111	122,109	-	-
Reference price ²	7,150	6,390	7,440	4,785	4,645	3,858	3,858	3,858
Announcement Date	4/26/19	4/30/20	4/30/21	5/2/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	447,508	433,669	315,439	299,872	347,133	408,220	424,123	431,447
EBITDA ¹	76,326	71,886	13,797	31,904	50,606	75,423	82,194	84,817
EBIT ¹	40,078	36,024	-20,866	740	21,479	44,195	48,960	50,052
Operating Margin	8.96%	8.31%	-6.61%	0.25%	6.19%	10.83%	11.54%	11.6%
Earnings before Tax (EBT) ¹	40,142	28,420	-21,067	14,324	21,008	41,633	46,500	47,800
Net income ¹	27,213	17,875	-27,519	5,585	13,114	28,433	31,836	32,598
Net margin	6.08%	4.12%	-8.72%	1.86%	3.78%	6.97%	7.51%	7.56%
EPS ²	222.9	146.4	-225.4	45.75	107.4	232.8	260.7	267.0
Free Cash Flow ¹	5,474	-6,475	-29,224	13,904	-17,006	-20,668	-7,600	-8,900
FCF margin	1.22%	-1.49%	-9.26%	4.64%	-4.9%	-5.06%	-1.79%	-2.06%
FCF Conversion (EBITDA)	7.17%	-	-	43.58%	-	-	-	-
FCF Conversion (Net income)	20.12%	-	-	248.95%	-	-	-	-
Dividend per Share ²	50.00	52.50	40.00	40.00	40.00	52.50	61.75	70.75
Announcement Date	4/26/19	4/30/20	4/30/21	5/2/22	5/12/23	-	-	-

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	217,833	138,249	69,903	137,866	80,508	81,498	79,719	79,107	158,826	93,062	95,245	88,764	95,294	184,058	109,998	116,622	96,000	100,000	116,000	113,300
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	23,960	-16,481	-52	-1,337	5,495	-3,418	5,140	4,276	9,416	9,422	2,641	11,973	11,935	23,908	15,592	4,400	12,300	12,500	15,900	5,300
Operating Margin	11%	-11.92%	-0.07%	-0.97%	6.83%	-4.19%	6.45%	5.41%	5.93%	10.12%	2.77%	13.49%	12.52%	12.99%	14.17%	3.77%	12.81%	12.5%	13.71%	4.68%
Earnings before Tax (EBT)	23,965	-11,104	2,502	3,019	6,111	-	5,539	3,696	9,235	11,425	-	12,131	-	23,514	13,466	-	-	-	-	-
Net income ¹	15,915	-13,515	428	-1,070	4,082	2,573	1,727	2,520	4,247	8,476	391	8,825	8,389	17,214	8,148	2,638	-	-	-	-
Net margin	7.31%	-9.78%	0.61%	-0.78%	5.07%	3.16%	2.17%	3.19%	2.67%	9.11%	0.41%	9.94%	8.8%	9.35%	7.41%	2.26%	-	-	-	-
EPS	130.3	-110.7	3.500	-8.770	33.45	21.07	14.15	20.64	34.79	69.41	3.200	72.28	68.70	141.0	66.72	-	-	-	-	-
Dividend per Share	25.00	20.00	-	20.00	-	-	-	-	20.00	-	-	-	-	22.50	-	-	-	-	-	-
Announcement Date	11/5/19	11/2/20	11/4/21	11/4/21	2/1/22	5/2/22	8/3/22	11/4/22	11/4/22	2/6/23	5/12/23	8/2/23	11/6/23	11/6/23	2/5/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	280,212	287,521	322,837	308,311	331,622	366,007	370,818	375,903
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.671 x	4 x	23.4 x	9.664 x	6.553 x	4.853 x	4.511 x	4.432 x
Free Cash Flow ¹	5,474	-6,475	-29,224	13,904	-17,006	-20,668	-7,600	-8,900
ROE (net income / shareholders' equity)	7.6%	4.8%	-7.7%	1.6%	3.8%	7.88%	8.3%	7.99%
ROA (Net income/ Total Assets)	4.42%	3.93%	-2.01%	0.59%	2.34%	3.7%	3.81%	3.83%
Assets ¹	616,054	455,078	1,369,302	946,530	560,605	768,991	834,815	851,113
Book Value Per Share ²	3,012	3,056	2,820	2,804	2,879	3,072	3,270	3,467
Cash Flow per Share ²	520.0	440.0	58.50	301.0	346.0	333.0	499.0	511.0
Capex ¹	55,146	56,632	36,121	33,822	52,865	69,600	66,333	68,000
Capex / Sales	12.32%	13.06%	11.45%	11.28%	15.23%	17.05%	15.64%	15.76%
Announcement Date	4/26/19	4/30/20	4/30/21	5/2/22	5/12/23	-	-	-

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 Keio Corporation

Trading Rating

Investor Rating

ESG Refinitiv

D-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,858 JPY

Average target price

4,625 JPY

Spread / Average Target

+19.88%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Passenger Transportation, Ground & Sea

	1st Jan change	Capi.
KEIO CORPORATION	-13.09%	2.99B
CENTRAL JAPAN RAILWAY COMPANY	-0.50%	22.29B
INDIAN RAILWAY CATERING & TOURISM CORPORATION LIMITED	+17.77%	10.02B
WEST JAPAN RAILWAY COMPANY	+0.78%	9.18B
TOKYU CORPORATION	+8.34%	7.09B
HANKYU HANSHIN HOLDINGS, INC.	-9.24%	6.23B
KEISEI ELECTRIC RAILWAY CO., LTD	-11.06%	6.12B
KINTETSU GROUP HOLDINGS CO.,LTD.	-8.41%	4.95B
SEIBU HOLDINGS INC.	+26.72%	4.74B
TOBU RAILWAY CO., LTD.	-16.65%	4.15B

Other Passenger Transportation, Ground & Sea