Financials Kyudenko Corporation

Equities

1959

JP3247050002

Construction & Engineering

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-01 am EDT			5-day change	1st Jan Change
6,551 ^JPY	-0.02%		-6.56%	+28.80%

Apr. 29	Kyudenko's Attributable Profit Up 6.3% in Fiscal 2024	MT
Apr. 26	Kyudenko Corporation Announces Dividend Guidance for Full Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	246,879	207,083	299,679	203,044	238,394	463,414	-	-
Enterprise Value (EV) ¹	224,088	166,930	263,399	176,177	207,266	450,472	341,128	310,910
P/E ratio	9.25 x	7.9 x	12 x	7.74 x	9.05 x	16.1 x	15 x	13.4 x
Yield	2.88%	3.42%	2.36%	3.49%	3.27%	1.88%	2%	2.18%
Capitalization / Revenue	0.6 x	0.48 x	0.76 x	0.54 x	0.6 x	0.96 x	0.95 x	0.89 x
EV / Revenue	0.55 x	0.39 x	0.67 x	0.47 x	0.52 x	0.96 x	0.7 x	0.59 x
EV / EBITDA	5.23 x	3.98 x	6.8 x	4.53 x	5.44 x	10.2 x	6.99 x	5.94 x
EV / FCF	9.67 x	4.88 x	53.2 x	-77.1 x	14.8 x	26.7 x	23 x	9.56 x
FCF Yield	10.3%	20.5%	1.88%	-1.3%	6.76%	3.75%	4.35%	10.5%
Price to Book	1.37 x	1.06 x	1.36 x	0.85 x	0.91 x	1.56 x	1.49 x	1.36 x
Nbr of stocks (in thousands)	71,147	70,846	70,846	70,846	70,845	70,729	-	-
Reference price ²	3,470	2,923	4,230	2,866	3,365	6,552	6,552	6,552
Announcement Date	4/26/19	4/28/20	4/28/21	4/28/22	4/28/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	408,143	428,939	391,901	376,563	395,783	469,057	486,750	523,400
EBITDA ¹	42,821	41,983	38,737	38,928	38,101	44,032	48,828	52,340
EBIT ¹	36,747	36,022	32,998	33,137	32,083	38,016	41,410	46,841
Operating Margin	9%	8.4%	8.42%	8.8%	8.11%	8.1%	8.51%	8.95%
Earnings before Tax (EBT) ¹	39,260	38,423	36,784	36,833	38,793	41,158	46,182	48,228
Net income ¹	26,691	26,245	25,042	26,216	26,349	28,017	30,947	34,712
Net margin	6.54%	6.12%	6.39%	6.96%	6.66%	5.97%	6.36%	6.63%
EPS ²	375.2	370.0	353.5	370.0	371.9	395.9	437.1	490.4
Free Cash Flow ¹	23,177	34,224	4,952	-2,284	14,008	15,815	14,840	32,533
FCF margin	5.68%	7.98%	1.26%	-0.61%	3.54%	3.39%	3.05%	6.22%
FCF Conversion (EBITDA)	54.13%	81.52%	12.78%	-	36.77%	35.8%	30.39%	62.16%
FCF Conversion (Net income)	86.83%	130.4%	19.77%	-	53.16%	55.89%	47.95%	93.72%
Dividend per Share ²	100.0	100.0	100.0	100.0	110.0	120.0	131.0	142.8
Announcement Date	4/26/19	4/28/20	4/28/21	4/28/22	4/28/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	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	2025 Q3	2025 Q4
Net sales ¹	195,870	233,069	180,101	211,800	87,504	158,194	83,089	135,280	218,369	69,089	99,433	168,522	82,733	144,528	227,261	86,242	114,375	200,617	114,450	153,990	268,440	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	13,820	22,202	11,244	21,754	7,335	11,658	5,083	16,396	21,479	2,918	7,397	10,315	5,297	16,471	21,768	4,808	8,884	13,692	9,533	14,791	24,324	-	-	-	-
Operating Margin	7.06%	9.53%	6.24%	10.27%	8.38%	7.37%	6.12%	12.12%	9.84%	4.22%	7.44%	6.12%	6.4%	11.4%	9.58%	5.58%	7.77%	6.82%	8.33%	9.61%	9.06%	-	-	-	-
Earnings before Tax (EBT) ¹	15,102	23,321	12,311	24,473	8,654	14,248	5,154	16,829	22,585	3,665	12,634	16,299	6,034	-	-	6,308	-	15,437	10,311	15,410	25,721	-	-	-	-
Net income ¹	10,471	15,774	8,286	16,756	6,035	9,843	3,944	12,429	16,373	2,356	8,760	11,116	3,728	11,505	15,233	4,254	5,906	10,160	6,890	10,967	17,857	5,000	6,500	7,000	13,795
Net margin	5.35%	6.77%	4.6%	7.91%	6.9%	6.22%	4.75%	9.19%	7.5%	3.41%	8.81%	6.6%	4.51%	7.96%	6.7%	4.93%	5.16%	5.06%	6.02%	7.12%	6.65%	-	-	-	-
EPS ²	147.5	-	117.0	-	85.19	138.9	55.68	175.4	-	33.26	123.7	156.9	52.61	162.4	-	60.05	83.44	143.5	97.38	155.0	-	70.56	91.72	98.78	194.7
Dividend per Share ²	50.00	-	50.00	-	50.00	50.00	-	50.00	-	-	50.00	50.00	50.00	55.00	-	-	55.00	55.00	-	50.00	-	-	60.00	-	80.00
Announcement Date	10/31/19	4/28/20	10/30/20	4/28/21	10/28/21	10/28/21	1/28/22	4/28/22	4/28/22	7/27/22	10/26/22	10/26/22	1/31/23	4/28/23	4/28/23	7/26/23	10/27/23	10/27/23	1/29/24	4/26/24	4/26/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	22,791	40,153	36,280	26,867	31,128	41,936	122,287	152,505
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	23,177	34,224	4,952	-2,284	14,008	15,815	14,840	32,533
ROE (net income / shareholders' equity)	15.6%	14%	12.1%	11.4%	10.5%	10.2%	10.2%	10.8%
ROA (Net income/ Total Assets)	11.7%	10.6%	9.77%	9.89%	8.6%	8.92%	7.9%	7.4%
Assets ¹	228,116	246,453	256,311	265,138	306,424	314,050	391,730	469,086
Book Value Per Share ²	2,534	2,761	3,103	3,375	3,682	4,083	4,395	4,819
Cash Flow per Share ²	461.0	454.0	434.0	452.0	457.0	481.0	533.0	512.0
Capex ¹	2,877	3,998	2,945	3,931	3,378	4,147	3,945	3,945
Capex / Sales	0.7%	0.93%	0.75%	1.04%	0.85%	0.89%	0.81%	0.75%
Announcement Date	4/26/19	4/28/20	4/28/21	4/28/22	4/28/23	4/26/24	-	-

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 Kyudenko Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6,552 JPY

Average target price

6,200 JPY

Spread / Average Target

-5.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction & Engineering

	1st Jan change	Capi.
KYUDENKO CORPORATION	+28.80%	2.94B
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CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+11.43%	30.82B
FERROVIAL SE	+2.36%	26.47B
CHINA RAILWAY GROUP LIMITED	+15.67%	20.73B
WSP GLOBAL INC.	+12.46%	18.95B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+21.84%	16.96B
EMCOR GROUP, INC.	+65.79%	16.79B

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