WEST JAPAN RAILWAY COMPANY Financials West Japan Railway Company
Equities
9021
JP3659000008
Passenger Transportation, Ground & Sea
|
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,964 JPY | -0.39% |
|
+0.08% | +0.78% |
| Jan. 31 | West Japan Railway Company Reports Earnings Results for the Nine Months Ended December 31, 2023 | CI |
| Jan. 01 | At least six dead after huge earthquake rocks Japan on New Year's Day | RE |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,604,020 | 1,414,150 | 1,173,042 | 1,241,552 | 1,329,793 | 1,444,468 | - | - |
| Enterprise Value (EV) 1 | 2,579,420 | 2,437,616 | 2,541,706 | 2,560,856 | 2,614,165 | 2,835,370 | 2,891,311 | 2,955,267 |
| P/E ratio | 15.6 x | 15.8 x | -5.03 x | -9.87 x | 15 x | 16.8 x | 14 x | 13.3 x |
| Yield | 2.1% | 2.47% | 1.63% | 1.96% | 2.29% | 2.09% | 2.48% | 2.62% |
| Capitalization / Revenue | 1.05 x | 0.94 x | 1.31 x | 1.2 x | 0.95 x | 0.88 x | 0.85 x | 0.82 x |
| EV / Revenue | 1.69 x | 1.62 x | 2.83 x | 2.48 x | 1.87 x | 1.73 x | 1.7 x | 1.68 x |
| EV / EBITDA | 7.14 x | 7.36 x | -35.3 x | 61.3 x | 10.7 x | 8.61 x | 8.5 x | 8.23 x |
| EV / FCF | 61 x | -63.2 x | -7.34 x | -9.31 x | 44.3 x | -146 x | -139 x | 8,556 x |
| FCF Yield | 1.64% | -1.58% | -13.6% | -10.7% | 2.26% | -0.68% | -0.72% | 0.01% |
| Price to Book | 1.49 x | 1.26 x | 1.38 x | 1.28 x | 1.29 x | 1.32 x | 1.24 x | 1.17 x |
| Nbr of stocks (in thousands) | 384,703 | 382,409 | 382,410 | 487,744 | 487,371 | 487,420 | - | - |
| Reference price 2 | 4,170 | 3,698 | 3,068 | 2,546 | 2,728 | 2,964 | 2,964 | 2,964 |
| Announcement Date | 4/26/19 | 4/30/20 | 4/30/21 | 4/28/22 | 4/28/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,529,308 | 1,508,201 | 898,172 | 1,031,103 | 1,395,531 | 1,642,281 | 1,698,684 | 1,754,912 |
| EBITDA 1 | 361,300 | 331,076 | -72,076 | 41,777 | 243,625 | 329,170 | 340,287 | 359,100 |
| EBIT 1 | 196,946 | 160,628 | -245,544 | -119,091 | 83,970 | 163,851 | 170,083 | 179,722 |
| Operating Margin | 12.88% | 10.65% | -27.34% | -11.55% | 6.02% | 9.98% | 10.01% | 10.24% |
| Earnings before Tax (EBT) 1 | 157,173 | 140,662 | -274,740 | -105,573 | 72,873 | 134,900 | 153,308 | 161,355 |
| Net income 1 | 102,750 | 89,380 | -233,214 | -113,198 | 88,528 | 85,913 | 102,109 | 108,825 |
| Net margin | 6.72% | 5.93% | -25.97% | -10.98% | 6.34% | 5.23% | 6.01% | 6.2% |
| EPS 2 | 266.7 | 233.4 | -609.9 | -258.0 | 181.6 | 176.2 | 211.2 | 223.2 |
| Free Cash Flow 1 | 42,308 | -38,555 | -346,455 | -275,179 | 59,062 | -19,379 | -20,846 | 345.4 |
| FCF margin | 2.77% | -2.56% | -38.57% | -26.69% | 4.23% | -1.18% | -1.23% | 0.02% |
| FCF Conversion (EBITDA) | 11.71% | - | - | - | 24.24% | - | - | 0.1% |
| FCF Conversion (Net income) | 41.18% | - | - | - | 66.72% | - | - | 0.32% |
| Dividend per Share 2 | 87.50 | 91.25 | 50.00 | 50.00 | 62.50 | 61.95 | 73.36 | 77.57 |
| Announcement Date | 4/26/19 | 4/30/20 | 4/30/21 | 4/28/22 | 4/28/23 | - | - | - |
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 | 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 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 762,035 | 746,166 | 389,971 | 508,201 | 234,866 | 436,834 | 293,156 | 301,113 | 297,144 | 319,561 | 616,705 | 358,140 | 420,686 | - | 369,270 | 400,632 | 769,902 | 424,420 | 449,314 | 385,600 | 408,900 | 424,600 | 457,000 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 128,873 | 31,755 | -144,731 | -100,813 | -36,713 | -86,100 | 6,636 | -39,627 | 19,535 | 14,319 | 33,854 | 36,141 | 13,975 | - | 52,210 | 54,082 | 106,292 | 66,154 | -5,661 | 59,200 | 59,000 | 53,400 | 800 |
| Operating Margin | 16.91% | 4.26% | -37.11% | -19.84% | -15.63% | -19.71% | 2.26% | -13.16% | 6.57% | 4.48% | 5.49% | 10.09% | 3.32% | - | 14.14% | 13.5% | 13.81% | 15.59% | -1.26% | 15.35% | 14.43% | 12.58% | 0.18% |
| Earnings before Tax (EBT) | 119,240 | - | -163,360 | - | -28,009 | -79,941 | 19,825 | -45,457 | 21,239 | 11,671 | 32,910 | 31,451 | 8,512 | - | 48,478 | 49,680 | 98,158 | 62,714 | - | - | - | - | - |
| Net income 1 | 80,483 | - | -128,115 | - | -36,549 | -68,634 | 14,613 | -59,177 | 57,872 | 6,645 | 64,517 | 22,855 | 1,156 | - | 33,313 | 33,830 | 67,143 | 42,745 | -17,888 | - | - | - | - |
| Net margin | 10.56% | - | -32.85% | - | -15.56% | -15.71% | 4.98% | -19.65% | 19.48% | 2.08% | 10.46% | 6.38% | 0.27% | - | 9.02% | 8.44% | 8.72% | 10.07% | -3.98% | - | - | - | - |
| EPS | 209.9 | - | -335.0 | - | -92.12 | -176.0 | 48.20 | -130.2 | 118.7 | 13.66 | 132.4 | 46.90 | 2.380 | - | 68.36 | 69.40 | 137.8 | 87.70 | - | - | - | - | - |
| Dividend per Share | 47.50 | - | 25.00 | - | 25.00 | 25.00 | - | 25.00 | - | 25.00 | 25.00 | - | - | 37.50 | - | - | 28.75 | - | - | - | - | - | - |
| Announcement Date | 10/28/19 | 4/30/20 | 10/30/20 | 4/30/21 | 11/2/21 | 11/2/21 | 1/31/22 | 4/28/22 | 8/2/22 | 11/1/22 | 11/1/22 | 1/31/23 | 4/28/23 | 4/28/23 | 8/1/23 | 10/31/23 | 10/31/23 | 1/31/24 | - | - | - | - | - |
1JPY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 975,400 | 1,023,466 | 1,368,664 | 1,319,304 | 1,284,372 | 1,390,902 | 1,446,843 | 1,510,799 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.7 x | 3.091 x | -18.99 x | 31.58 x | 5.272 x | 4.225 x | 4.252 x | 4.207 x |
| Free Cash Flow 1 | 42,308 | -38,555 | -346,455 | -275,179 | 59,062 | -19,379 | -20,846 | 345 |
| ROE (net income / shareholders' equity) | 9.8% | 8.1% | -23.7% | -12.4% | 8.8% | 8.08% | 9.04% | 9.1% |
| ROA (Net income/ Total Assets) | 5.81% | 4.56% | -7.62% | -3.37% | 1.98% | 2.24% | 2.65% | 2.78% |
| Assets 1 | 1,768,490 | 1,961,938 | 3,060,403 | 3,358,094 | 4,472,105 | 3,838,820 | 3,856,808 | 3,921,268 |
| Book Value Per Share 2 | 2,806 | 2,924 | 2,230 | 1,987 | 2,123 | 2,237 | 2,385 | 2,536 |
| Cash Flow per Share 2 | 690.0 | 679.0 | -156.0 | 109.0 | 509.0 | 506.0 | 578.0 | 606.0 |
| Capex 1 | 257,264 | 278,707 | 243,160 | 238,473 | 235,617 | 284,250 | 305,250 | 303,750 |
| Capex / Sales | 16.82% | 18.48% | 27.07% | 23.13% | 16.88% | 17.31% | 17.97% | 17.31% |
| Announcement Date | 4/26/19 | 4/30/20 | 4/30/21 | 4/28/22 | 4/28/23 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
2,964
JPY
Average target price
3,335
JPY
Spread / Average Target
+12.54%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +0.78% | 9.18B | |
| -0.50% | 22.29B | |
| +17.68% | 10.02B | |
| +8.34% | 7.09B | |
| -11.06% | 6.12B | |
| -9.24% | 6.23B | |
| -8.41% | 4.95B | |
| +26.72% | 4.74B | |
| -16.65% | 4.15B | |
| -18.32% | 3.99B |
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- Financials West Japan Railway Company
