Financials Koei Tecmo Holdings Co., Ltd.

Equities

3635

JP3283460008

Internet Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,455 ^JPY	-0.17%		+1.78%	-9.54%

Jan. 09	Akatsuki Inc. announced that it has received ¥5.34589 billion in funding from Sony Group Corporation, Koei Tecmo Holdings Co., Ltd.	CI
Jan. 09	Akatsuki Corp. announced that it has received ¥5.34589 billion in funding from Sony Group Corporation, Koei Tecmo Holdings Co., Ltd.	CI

Valuation

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	270,956	353,394	822,548	668,086	752,471	459,535	-	-
Enterprise Value (EV) ¹	263,774	353,167	805,315	670,812	779,207	449,660	451,473	453,366
P/E ratio	19.8 x	23 x	27.8 x	18.7 x	24.3 x	15.5 x	13.3 x	12.1 x
Yield	2.58%	2.19%	1.81%	2.69%	2.09%	3.63%	3.82%	4.11%
Capitalization / Revenue	6.95 x	8.29 x	13.6 x	9.18 x	9.6 x	5.26 x	4.66 x	4.31 x
EV / Revenue	6.77 x	8.28 x	13.3 x	9.22 x	9.94 x	5.15 x	4.58 x	4.26 x
EV / EBITDA	20.6 x	23.8 x	31 x	18.6 x	19.1 x	12.1 x	10.6 x	9.56 x
EV / FCF	32.6 x	-472 x	28.6 x	28.5 x	93.9 x	13.2 x	16.2 x	14.3 x
FCF Yield	3.07%	-0.21%	3.5%	3.51%	1.06%	7.6%	6.18%	7.01%
Price to Book	2.27 x	2.9 x	5 x	4.59 x	5.3 x	2.85 x	2.44 x	2.2 x
Nbr of stocks (in thousands)	330,125	329,919	331,339	332,795	315,105	315,831	-	-
Reference price ²	820.8	1,071	2,482	2,008	2,388	1,455	1,455	1,455
Announcement Date	4/26/19	4/27/20	4/26/21	4/25/22	4/24/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	38,968	42,645	60,370	72,759	78,417	87,349	98,567	106,546
EBITDA ¹	12,826	14,854	25,944	36,082	40,776	37,019	42,640	47,433
EBIT ¹	12,092	14,102	24,397	34,527	39,133	30,934	40,630	44,603
Operating Margin	31.03%	33.07%	40.41%	47.45%	49.9%	35.41%	41.22%	41.86%
Earnings before Tax (EBT) ¹	18,307	20,247	39,174	48,638	39,963	44,365	46,508	49,714
Net income ¹	13,694	15,306	29,550	35,359	30,935	32,704	34,390	37,894
Net margin	35.14%	35.89%	48.95%	48.6%	39.45%	37.44%	34.89%	35.57%
EPS ²	41.54	46.48	89.34	107.3	98.20	93.63	109.2	120.7
Free Cash Flow ¹	8,101	-748	28,206	23,519	8,298	34,174	27,902	31,772
FCF margin	20.79%	-1.75%	46.72%	32.32%	10.58%	39.12%	28.31%	29.82%
FCF Conversion (EBITDA)	63.16%	-	108.72%	65.18%	20.35%	92.31%	65.43%	66.98%
FCF Conversion (Net income)	59.16%	-	95.45%	66.51%	26.82%	104.49%	81.13%	83.85%
Dividend per Share ²	21.15	23.46	45.00	54.00	50.00	52.78	55.59	59.87
Announcement Date	4/26/19	4/27/20	4/26/21	4/25/22	4/24/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	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	16,564	23,141	16,700	37,220	18,107	17,432	18,653	16,109	34,762	14,677	28,978	18,297	21,425	39,722	21,414	25,600	23,862	22,212	26,788	29,338
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,439	8,447	6,705	16,423	10,704	7,400	11,657	6,664	18,321	4,673	16,139	7,506	6,349	13,855	6,461	11,800	10,490	7,686	10,848	9,976
Operating Margin	20.76%	36.5%	40.15%	44.12%	59.12%	42.45%	62.49%	41.37%	52.7%	31.84%	55.69%	41.02%	29.63%	34.88%	30.17%	46.09%	43.96%	34.6%	40.5%	34%
Earnings before Tax (EBT) ¹	7,455	15,165	-	25,064	13,697	-	9,086	-	17,667	-787	23,083	14,687	8,514	23,201	10,217	12,000	-	-	-	-
Net income	5,931	11,845	-	18,142	10,151	-	6,750	6,898	13,648	-171	17,458	10,552	-	16,795	7,488	-	-	-	-	-
Net margin	35.81%	51.19%	-	48.74%	56.06%	-	36.19%	42.82%	39.26%	-1.17%	60.25%	57.67%	-	42.28%	34.97%	-	-	-	-	-
EPS	18.04	35.86	-	54.60	30.50	-	21.44	-	43.33	-0.5500	-	33.46	-	53.24	23.71	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/25/19	10/26/20	10/25/21	10/25/21	1/31/22	4/25/22	7/25/22	10/31/22	10/31/22	1/30/23	4/24/23	7/31/23	10/30/23	10/30/23	1/29/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	2,726	26,736	-	-	-
Net Cash position ¹	7,182	227	17,233	-	-	9,875	8,062	6,169
Leverage (Debt/EBITDA)	-	-	-	0.0756 x	0.6557 x	-	-	-
Free Cash Flow ¹	8,101	-748	28,206	23,519	8,298	34,174	27,902	31,772
ROE (net income / shareholders' equity)	11.7%	12.7%	20.6%	23.4%	22.1%	21.6%	19.8%	18.6%
ROA (Net income/ Total Assets)	14.2%	-	23.2%	23.7%	18.5%	15.7%	17.3%	17.2%
Assets ¹	96,704	-	127,250	149,026	166,965	208,119	198,593	219,955
Book Value Per Share ²	362.0	369.0	496.0	437.0	451.0	511.0	597.0	662.0
Cash Flow per Share	43.80	48.80	94.00	112.0	103.0	-	-	-
Capex ¹	243	14,238	1,520	1,300	802	953	1,152	1,202
Capex / Sales	0.62%	33.39%	2.52%	1.79%	1.02%	1.09%	1.17%	1.13%
Announcement Date	4/26/19	4/27/20	4/26/21	4/25/22	4/24/23	-	-	-

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 Koei Tecmo Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,455 JPY

Average target price

2,141 JPY

Spread / Average Target

+47.18%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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