Financials Keikyu Corporation

Equities

9006

JP3280200001

Passenger Transportation, Ground & Sea

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-30 am EDT			5-day change	1st Jan Change
1,255 ^JPY	-0.32%		-3.13%	-2.60%

Mar. 25	Keikyu Corpo to Transfer Assets Worth 220 Billion Yen, Expects Gain on Sale of Over 80 Billion Yen for Fiscal 2024	MT
Mar. 25	Keikyu Corporation agreed to acquire F-Climbing Co., Ltd.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	517,180	500,377	459,978	345,227	346,580	346,590	-	-
Enterprise Value (EV) ¹	901,286	909,557	917,725	773,511	776,911	761,677	771,409	791,347
P/E ratio	25 x	32 x	-16.9 x	27.5 x	21.9 x	5.02 x	14.9 x	14 x
Yield	0.85%	0.88%	0.3%	0.8%	0.87%	1.11%	1.27%	1.24%
Capitalization / Revenue	1.52 x	1.6 x	1.96 x	1.3 x	1.37 x	1.22 x	1.14 x	1.14 x
EV / Revenue	2.66 x	2.91 x	3.91 x	2.92 x	3.07 x	2.68 x	2.55 x	2.61 x
EV / EBITDA	12.8 x	14.8 x	69 x	23.4 x	19.9 x	13.2 x	11.9 x	11.7 x
EV / FCF	462 x	-35.7 x	-18.6 x	24 x	-23 x	-20.7 x	-19 x	-29.3 x
FCF Yield	0.22%	-2.8%	-5.36%	4.16%	-4.36%	-4.83%	-5.27%	-3.41%
Price to Book	1.92 x	1.88 x	1.86 x	1.36 x	1.28 x	1.08 x	1.02 x	0.96 x
Nbr of stocks (in thousands)	275,389	275,386	275,271	275,300	275,282	275,290	-	-
Reference price ²	1,878	1,817	1,671	1,254	1,259	1,259	1,259	1,259
Announcement Date	5/10/19	5/12/20	5/12/21	5/11/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	339,268	312,751	234,964	265,237	253,005	283,933	302,800	303,133
EBITDA ¹	70,146	61,639	13,292	33,077	39,128	57,557	64,940	67,640
EBIT ¹	40,147	29,489	-18,420	3,510	10,819	29,167	36,333	38,033
Operating Margin	11.83%	9.43%	-7.84%	1.32%	4.28%	10.27%	12%	12.55%
Earnings before Tax (EBT)	30,786	23,850	-33,037	20,357	22,352	-	30,500	32,900
Net income ¹	20,714	15,650	-27,211	12,529	15,817	69,000	23,333	24,700
Net margin	6.11%	5%	-11.58%	4.72%	6.25%	24.3%	7.71%	8.15%
EPS ²	75.22	56.83	-98.83	45.52	57.46	250.7	84.78	89.72
Free Cash Flow ¹	1,950	-25,488	-49,215	32,185	-33,846	-36,782	-40,618	-27,018
FCF margin	0.57%	-8.15%	-20.95%	12.13%	-13.38%	-12.95%	-13.41%	-8.91%
FCF Conversion (EBITDA)	2.78%	-	-	97.3%	-	-	-	-
FCF Conversion (Net income)	9.41%	-	-	256.88%	-	-	-	-
Dividend per Share ²	16.00	16.00	5.000	10.00	11.00	14.00	16.00	15.67
Announcement Date	5/10/19	5/12/20	5/12/21	5/11/22	5/10/23	-	-	-

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
Net sales ¹	165,241	103,014	53,471	106,185	65,428	93,624	59,512	60,883	120,395	65,803	66,807	62,041	65,985	128,026	72,511	81,163
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	21,708	-12,941	-441	-2,925	2,728	3,707	1,931	3,549	5,480	3,972	1,367	5,505	8,306	13,811	9,541	6,148
Operating Margin	13.14%	-12.56%	-0.82%	-2.75%	4.17%	3.96%	3.24%	5.83%	4.55%	6.04%	2.05%	8.87%	12.59%	10.79%	13.16%	7.57%
Earnings before Tax (EBT)	20,032	-23,946	-	13,484	2,904	-	11,184	-	17,386	4,651	-	5,346	-	13,047	8,936	-
Net income ¹	13,751	-18,299	-1,046	7,597	1,777	3,154	8,343	4,186	12,529	3,147	141	3,721	5,485	9,206	6,195	38,599
Net margin	8.32%	-17.76%	-1.96%	7.15%	2.72%	3.37%	14.02%	6.88%	10.41%	4.78%	0.21%	6%	8.31%	7.19%	8.54%	47.56%
EPS	49.93	-66.46	-3.800	27.60	6.460	11.46	30.31	15.20	45.51	11.44	0.5100	13.52	19.93	33.45	22.50	-
Dividend per Share	8.000	-	-	5.000	-	-	-	-	5.000	-	-	-	-	7.000	-	-
Announcement Date	11/13/19	11/11/20	11/11/21	11/11/21	2/9/22	5/11/22	8/5/22	11/11/22	11/11/22	2/13/23	5/10/23	8/4/23	11/10/23	11/10/23	2/13/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	384,106	409,180	457,747	428,284	430,331	415,088	424,819	444,758
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.476 x	6.638 x	34.44 x	12.95 x	11 x	7.212 x	6.542 x	6.575 x
Free Cash Flow ¹	1,950	-25,488	-49,215	32,185	-33,846	-36,782	-40,618	-27,018
ROE (net income / shareholders' equity)	7.9%	5.8%	-10.6%	5%	6%	19.4%	7.14%	7.12%
ROA (Net income/ Total Assets)	4.27%	3.01%	-2.22%	0.55%	1.32%	2.85%	2.72%	2.81%
Assets ¹	485,044	519,137	1,226,809	2,277,544	1,194,583	2,423,178	857,528	878,066
Book Value Per Share ²	976.0	968.0	897.0	925.0	985.0	1,167	1,236	1,311
Cash Flow per Share ²	184.0	174.0	16.40	153.0	160.0	367.0	215.0	228.0
Capex ¹	53,925	74,831	43,997	52,272	58,632	135,700	100,000	100,000
Capex / Sales	15.89%	23.93%	18.72%	19.71%	23.17%	47.79%	33.03%	32.99%
Announcement Date	5/10/19	5/12/20	5/12/21	5/11/22	5/10/23	-	-	-

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 Keikyu Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,259 JPY

Average target price

1,393 JPY

Spread / Average Target

+10.67%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Passenger Transportation, Ground & Sea

	1st Jan change	Capi.
KEIKYU CORPORATION	-2.60%	2.21B
CENTRAL JAPAN RAILWAY COMPANY	+0.92%	22.39B
INDIAN RAILWAY CATERING & TOURISM CORPORATION LIMITED	+17.18%	10.02B
WEST JAPAN RAILWAY COMPANY	+1.82%	9.22B
TOKYU CORPORATION	+8.57%	7.13B
HANKYU HANSHIN HOLDINGS, INC.	-7.91%	6.25B
KEISEI ELECTRIC RAILWAY CO., LTD	-11.57%	6.15B
KINTETSU GROUP HOLDINGS CO.,LTD.	-9.32%	4.97B
SEIBU HOLDINGS INC.	+25.65%	4.77B
TOBU RAILWAY CO., LTD.	-17.26%	4.17B

Other Passenger Transportation, Ground & Sea