Financials Kinden Corporation

Equities

1944

JP3263000006

Construction & Engineering

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-30 am EDT			5-day change	1st Jan Change
3,013 ^JPY	+0.63%		-1.12%	+25.75%

Apr. 04	Tranche Update on Kinden Corporation's Equity Buyback Plan announced on January 31, 2024.	CI
Feb. 14	Bintai Kinden Prices Private Placement Shares	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	397,889	343,395	386,326	323,403	326,929	602,663	-	-
Enterprise Value (EV) ¹	263,174	201,445	204,143	140,551	143,961	543,420	430,563	438,823
P/E ratio	13.8 x	10.6 x	12 x	12.3 x	11.4 x	16.3 x	16.6 x	16 x
Yield	1.64%	2.01%	1.86%	2.34%	2.51%	2.34%	2.36%	2.55%
Capitalization / Revenue	0.76 x	0.59 x	0.69 x	0.57 x	0.54 x	0.83 x	0.9 x	0.9 x
EV / Revenue	0.5 x	0.34 x	0.37 x	0.25 x	0.24 x	0.83 x	0.65 x	0.65 x
EV / EBITDA	5.76 x	3.99 x	4.16 x	3.21 x	3.25 x	9.04 x	7.94 x	7.65 x
EV / FCF	13.1 x	11.3 x	5.28 x	6.12 x	52.2 x	26.8 x	39.5 x	38.8 x
FCF Yield	7.66%	8.84%	18.9%	16.3%	1.92%	3.73%	2.53%	2.58%
Price to Book	0.89 x	0.73 x	0.79 x	0.63 x	0.61 x	0.95 x	1.02 x	1.01 x
Nbr of stocks (in thousands)	216,952	215,295	204,947	204,945	204,971	201,290	-	-
Reference price ²	1,834	1,595	1,885	1,578	1,595	2,994	2,994	2,994
Announcement Date	4/26/19	4/27/20	4/28/21	4/28/22	4/26/23	4/24/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	521,283	585,905	556,273	566,794	609,132	654,516	667,000	671,500
EBITDA ¹	45,676	50,441	49,109	43,771	44,234	47,967	54,200	57,367
EBIT ¹	40,354	45,026	42,948	37,087	37,430	42,677	46,440	49,960
Operating Margin	7.74%	7.68%	7.72%	6.54%	6.14%	6.52%	6.96%	7.44%
Earnings before Tax (EBT) ¹	42,066	47,790	47,427	39,444	42,709	49,062	51,950	55,075
Net income ¹	28,844	32,500	32,356	26,366	28,722	33,553	36,133	37,280
Net margin	5.53%	5.55%	5.82%	4.65%	4.72%	5.13%	5.42%	5.55%
EPS ²	133.0	150.2	156.5	128.6	140.2	165.3	180.6	187.4
Free Cash Flow ¹	20,153	17,798	38,649	22,975	2,760	16,150	10,900	11,300
FCF margin	3.87%	3.04%	6.95%	4.05%	0.45%	2.55%	1.63%	1.68%
FCF Conversion (EBITDA)	44.12%	35.28%	78.7%	52.49%	6.24%	33.67%	20.11%	19.7%
FCF Conversion (Net income)	69.87%	54.76%	119.45%	87.14%	9.61%	50.47%	30.17%	30.31%
Dividend per Share ²	30.00	32.00	35.00	37.00	40.00	63.00	70.75	76.20
Announcement Date	4/26/19	4/27/20	4/28/21	4/28/22	4/26/23	4/24/24	-	-

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	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2	2026 S1	2026 S2
Net sales ¹	251,425	-	241,943	314,330	136,787	244,144	131,054	191,596	322,650	115,451	142,657	258,108	144,565	206,459	351,024	112,798	157,872	270,670	156,442	227,404	133,800	157,150	-	159,400	212,650	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	13,163	-	13,496	29,452	8,770	11,557	8,302	17,228	25,530	354	6,245	6,599	6,968	23,863	30,831	869	8,266	9,135	11,485	22,057	1,300	9,300	-	11,200	22,050	-	-	-
Operating Margin	5.24%	-	5.58%	9.37%	6.41%	4.73%	6.33%	8.99%	7.91%	0.31%	4.38%	2.56%	4.82%	11.56%	8.78%	0.77%	5.24%	3.37%	7.34%	9.7%	0.97%	5.92%	-	7.03%	10.37%	-	-	-
Earnings before Tax (EBT)	15,995	-	14,968	32,459	8,997	13,247	9,167	17,030	26,197	1,929	7,057	8,986	8,346	25,377	33,723	2,352	9,303	11,655	14,816	-	-	-	-	-	-	-	-	-
Net income ¹	10,225	-	9,662	22,694	6,211	8,542	6,184	11,640	17,824	608	4,879	5,487	5,548	17,687	23,235	1,125	6,372	7,497	10,088	15,968	2,300	8,100	-	9,700	17,500	-	-	-
Net margin	4.07%	-	3.99%	7.22%	4.54%	3.5%	4.72%	6.08%	5.52%	0.53%	3.42%	2.13%	3.84%	8.57%	6.62%	1%	4.04%	2.77%	6.45%	7.02%	1.72%	5.15%	-	6.09%	8.23%	-	-	-
EPS	47.13	-	46.40	-	30.31	41.68	30.17	-	-	2.970	-	26.77	27.07	-	-	5.510	-	36.80	49.69	-	-	-	-	-	-	-	-	-
Dividend per Share	15.00	17.00	16.00	-	-	17.50	-	-	19.50	-	-	18.50	-	21.50	21.50	-	-	20.00	-	-	-	-	40.00	-	-	55.00	40.00	47.00
Announcement Date	10/30/19	4/27/20	10/29/20	4/28/21	10/28/21	10/28/21	1/31/22	4/28/22	4/28/22	7/27/22	10/31/22	10/31/22	1/30/23	4/26/23	4/26/23	7/27/23	10/30/23	10/30/23	1/31/24	4/24/24	-	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	134,715	141,950	182,183	182,852	182,968	169,275	172,100	163,840
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	20,153	17,798	38,649	22,975	2,760	16,150	10,900	11,300
ROE (net income / shareholders' equity)	6.5%	7.1%	6.8%	5.3%	5.5%	6.1%	6.27%	6.5%
ROA (Net income/ Total Assets)	6.85%	7.25%	6.7%	5.78%	5.58%	5.9%	5.4%	5.27%
Assets ¹	421,008	448,040	482,986	456,157	514,980	568,701	669,136	707,848
Book Value Per Share ²	2,070	2,189	2,401	2,493	2,599	2,848	2,933	2,977
Cash Flow per Share ²	157.0	175.0	186.0	161.0	173.0	199.0	223.0	235.0
Capex ¹	3,778	6,473	4,689	5,425	28,597	29,500	29,500	30,000
Capex / Sales	0.72%	1.1%	0.84%	0.96%	4.69%	4.66%	4.42%	4.47%
Announcement Date	4/26/19	4/27/20	4/28/21	4/28/22	4/26/23	4/24/24	-	-

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 Kinden Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,994 JPY

Average target price

2,860 JPY

Spread / Average Target

-4.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction & Engineering

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