Financials Hankyu Hanshin Holdings, Inc.

Equities

9042

JP3774200004

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
4,074 ^JPY	-0.07%		-0.46%	-9.24%

Mar. 27	Hankyu Hanshin REIT Completes 6.5 Billion Yen Purchase of Osaka Store	MT
Mar. 21	Hankyu Hanshin REIT Secures 6.5 Billion Yen Debt Financing	MT

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,015,686	880,572	854,178	854,170	945,561	979,913	-	-
Enterprise Value (EV) ¹	1,857,241	1,734,026	1,889,679	1,918,802	2,009,034	2,055,628	2,064,672	2,076,168
P/E ratio	15.6 x	16.1 x	-23.4 x	39.9 x	20.1 x	14.9 x	14.5 x	13.3 x
Yield	0.96%	1.38%	1.41%	1.41%	1.27%	1.35%	1.35%	1.38%
Capitalization / Revenue	1.28 x	1.15 x	1.5 x	1.14 x	0.98 x	0.99 x	0.97 x	0.94 x
EV / Revenue	2.35 x	2.27 x	3.32 x	2.57 x	2.07 x	2.07 x	2.04 x	1.99 x
EV / EBITDA	11 x	11.4 x	30.4 x	18.9 x	13.1 x	12 x	11.7 x	11.1 x
EV / FCF	188 x	41.3 x	-13.4 x	-131 x	106 x	-6,617 x	654 x	608 x
FCF Yield	0.53%	2.42%	-7.46%	-0.76%	0.94%	-0.02%	0.15%	0.16%
Price to Book	1.15 x	0.97 x	0.99 x	0.98 x	1.04 x	1.02 x	0.97 x	0.92 x
Nbr of stocks (in thousands)	244,744	242,248	240,953	240,951	240,907	240,529	-	-
Reference price ²	4,150	3,635	3,545	3,545	3,925	4,074	4,074	4,074
Announcement Date	5/15/19	5/14/20	5/14/21	5/13/22	5/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	791,427	762,650	568,900	746,217	968,300	993,875	1,012,400	1,045,425
EBITDA ¹	169,109	151,712	62,076	101,523	153,899	171,100	176,125	186,900
EBIT ¹	114,937	95,170	2,066	39,212	89,350	107,133	108,250	115,650
Operating Margin	14.52%	12.48%	0.36%	5.25%	9.23%	10.78%	10.69%	11.06%
Earnings before Tax (EBT) ¹	88,562	86,746	-41,013	38,592	75,012	105,600	108,300	116,000
Net income ¹	65,476	54,859	-36,702	21,418	46,952	66,033	67,650	73,450
Net margin	8.27%	7.19%	-6.45%	2.87%	4.85%	6.64%	6.68%	7.03%
EPS ²	266.9	225.7	-151.7	88.89	194.9	274.2	281.7	307.0
Free Cash Flow ¹	9,875	41,996	-140,973	-14,598	18,875	-310.7	3,159	3,412
FCF margin	1.25%	5.51%	-24.78%	-1.96%	1.95%	-0.03%	0.31%	0.33%
FCF Conversion (EBITDA)	5.84%	27.68%	-	-	12.26%	-	1.79%	1.83%
FCF Conversion (Net income)	15.08%	76.55%	-	-	40.2%	-	4.67%	4.65%
Dividend per Share ²	40.00	50.00	50.00	50.00	50.00	55.00	55.00	56.25
Announcement Date	5/15/19	5/14/20	5/14/21	5/13/22	5/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	410,733	351,917	241,018	327,882	158,858	310,835	206,327	229,055	228,993	238,167	467,160	249,284	245,524	240,120	485,644	250,743	251,356	245,500	250,500	254,500	280,300
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	71,547	23,623	-14,723	16,789	5,343	10,104	17,174	11,934	24,425	24,329	48,754	25,756	33,750	30,570	64,320	26,213	17,284	30,500	29,500	25,000	19,100
Operating Margin	17.42%	6.71%	-6.11%	5.12%	3.36%	3.25%	8.32%	5.21%	10.67%	10.22%	10.44%	10.33%	13.75%	12.73%	13.24%	10.45%	6.88%	12.42%	11.78%	9.82%	6.81%
Earnings before Tax (EBT)	71,950	-	-29,165	-	-	12,590	19,817	-	25,759	-	48,651	29,722	36,839	-	66,636	27,697	-	-	-	-	-
Net income	47,630	-	-23,007	-	2,653	5,857	12,970	2,591	16,826	-	31,050	20,001	25,098	-	44,873	17,937	-	-	-	-	-
Net margin	11.6%	-	-9.55%	-	1.67%	1.88%	6.29%	1.13%	7.35%	-	6.65%	8.02%	10.22%	-	9.24%	7.15%	-	-	-	-	-
EPS	195.4	-	-94.97	-	-	24.31	53.83	-	69.84	-	128.9	83.02	104.2	-	186.5	74.58	-	-	-	-	-
Dividend per Share	25.00	-	25.00	-	-	25.00	-	-	-	-	25.00	-	-	-	25.00	-	-	-	-	-	-
Announcement Date	11/1/19	5/14/20	11/6/20	5/14/21	10/29/21	10/29/21	1/31/22	5/13/22	8/3/22	10/31/22	10/31/22	2/1/23	8/1/23	10/31/23	10/31/23	2/7/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	841,555	853,454	1,035,501	1,064,632	1,063,473	1,075,714	1,084,759	1,096,255
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.976 x	5.625 x	16.68 x	10.49 x	6.91 x	6.287 x	6.159 x	5.865 x
Free Cash Flow ¹	9,875	41,996	-140,973	-14,598	18,875	-311	3,159	3,412
ROE (net income / shareholders' equity)	7.6%	6.1%	-4.1%	2.5%	5.3%	7.09%	6.86%	7.06%
ROA (Net income/ Total Assets)	4.53%	3.58%	-0.3%	1.44%	3.16%	3.09%	3.09%	3.25%
Assets ¹	1,444,156	1,530,732	12,301,659	1,488,364	1,483,508	2,139,424	2,188,966	2,259,305
Book Value Per Share ²	3,616	3,739	3,599	3,612	3,764	3,991	4,209	4,449
Cash Flow per Share ²	488.0	458.0	86.00	338.0	453.0	636.0	639.0	578.0
Capex ¹	114,368	81,090	108,472	131,491	63,039	131,567	131,250	133,750
Capex / Sales	14.45%	10.63%	19.07%	17.62%	6.51%	13.24%	12.96%	12.79%
Announcement Date	5/15/19	5/14/20	5/14/21	5/13/22	5/15/23	-	-	-

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 Hankyu Hanshin Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4,074 JPY

Average target price

4,800 JPY

Spread / Average Target

+17.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Passenger Transportation, Ground & Sea

	1st Jan change	Capi.
HANKYU HANSHIN HOLDINGS, INC.	-9.24%	6.23B
CENTRAL JAPAN RAILWAY COMPANY	-0.50%	22.29B
INDIAN RAILWAY CATERING & TOURISM CORPORATION LIMITED	+17.68%	10.02B
WEST JAPAN RAILWAY COMPANY	+0.78%	9.18B
TOKYU CORPORATION	+8.34%	7.09B
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
ODAKYU ELECTRIC RAILWAY CO., LTD.	-18.32%	3.99B

Other Passenger Transportation, Ground & Sea