CENTRAL JAPAN RAILWAY COMPANY Financials Central Japan Railway Company
Equities
9022
JP3566800003
Passenger Transportation, Ground & Sea
|
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3,461 JPY | -2.04% |
|
-3.70% | -3.43% |
| Apr. 11 | US, Japan signal support for Texas high-speed rail plan | RE |
| Mar. 28 | Beijing Outlook, Ex-Dividend Dates Roil Asian Stock Markets | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 5,037,894 | 3,400,017 | 3,255,566 | 3,141,898 | 3,111,395 | 3,476,455 | - | - |
| Enterprise Value (EV) 1 | 8,642,443 | 6,986,880 | 7,349,320 | 7,256,158 | 7,229,531 | 3,666,366 | 7,307,293 | 7,053,140 |
| P/E ratio | 11.5 x | 8.54 x | -16.1 x | -60.5 x | 14.2 x | 9.54 x | 9.15 x | 9.05 x |
| Yield | 0.56% | 0.87% | 0.79% | 0.81% | 0.85% | 0.78% | 0.83% | 0.89% |
| Capitalization / Revenue | 2.68 x | 1.84 x | 3.95 x | 3.36 x | 2.22 x | 2.14 x | 1.98 x | 1.94 x |
| EV / Revenue | 4.6 x | 3.79 x | 8.92 x | 7.76 x | 5.16 x | 2.14 x | 4.17 x | 3.94 x |
| EV / EBITDA | 9.38 x | 8.02 x | 503 x | 34.8 x | 12.4 x | 4.45 x | 8.73 x | 8.27 x |
| EV / FCF | 46.5 x | 53.1 x | -11 x | -89.2 x | 23.2 x | 23.1 x | 23.1 x | 22.6 x |
| FCF Yield | 2.15% | 1.88% | -9.07% | -1.12% | 4.32% | 4.33% | 4.33% | 4.43% |
| Price to Book | 1.45 x | 0.89 x | 0.89 x | 0.88 x | 0.83 x | 0.88 x | 0.77 x | 0.72 x |
| Nbr of stocks (in thousands) | 979,754 | 981,529 | 983,555 | 983,996 | 983,996 | 983,995 | - | - |
| Reference price 2 | 5,142 | 3,464 | 3,310 | 3,193 | 3,162 | 3,533 | 3,533 | 3,533 |
| Announcement Date | 4/25/19 | 4/27/20 | 4/27/21 | 4/26/22 | 4/26/23 | 4/30/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,878,137 | 1,844,647 | 823,517 | 935,139 | 1,400,285 | 1,710,407 | 1,753,485 | 1,790,722 |
| EBITDA 1 | 921,037 | 870,680 | 14,611 | 208,747 | 581,542 | 823,787 | 837,300 | 852,793 |
| EBIT 1 | 709,775 | 656,163 | -184,751 | 1,708 | 374,503 | 607,381 | 614,653 | 626,524 |
| Operating Margin | 37.79% | 35.57% | -22.43% | 0.18% | 26.74% | 35.51% | 35.05% | 34.99% |
| Earnings before Tax (EBT) 1 | 630,271 | 573,436 | -268,576 | -66,745 | 306,132 | 545,328 | 547,940 | 556,642 |
| Net income 1 | 438,715 | 397,881 | -201,554 | -51,928 | 219,417 | 384,411 | 379,390 | 386,054 |
| Net margin | 23.36% | 21.57% | -24.47% | -5.55% | 15.67% | 22.47% | 21.64% | 21.56% |
| EPS 2 | 447.8 | 405.6 | -205.1 | -52.77 | 223.0 | 390.7 | 386.1 | 390.5 |
| Free Cash Flow 1 | 185,920 | 131,502 | -666,800 | -81,303 | 312,000 | 323,603 | 316,227 | 312,530 |
| FCF margin | 9.9% | 7.13% | -80.97% | -8.69% | 22.28% | 19.2% | 18.03% | 17.45% |
| FCF Conversion (EBITDA) | 20.19% | 15.1% | - | - | 53.65% | 41.26% | 37.77% | 36.65% |
| FCF Conversion (Net income) | 42.38% | 33.05% | - | - | 142.19% | 93.52% | 83.35% | 80.96% |
| Dividend per Share 2 | 29.00 | 30.00 | 26.00 | 26.00 | 27.00 | 29.00 | 29.44 | 31.56 |
| Announcement Date | 4/25/19 | 4/27/20 | 4/27/21 | 4/26/22 | 4/26/23 | 4/30/24 | - | - |
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 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 955,611 | 889,036 | 337,888 | 485,629 | 206,321 | 386,949 | 299,440 | 248,750 | 309,342 | 324,797 | 634,139 | 385,012 | 381,134 | 395,091 | 422,454 | 817,545 | 455,472 | 437,390 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 406,873 | 249,290 | -113,573 | -71,178 | -8,797 | -34,103 | 71,276 | -35,465 | 83,540 | 88,386 | 171,926 | 134,443 | 68,134 | 146,518 | 165,574 | 312,092 | 190,505 | 104,784 |
| Operating Margin | 42.58% | 28.04% | -33.61% | -14.66% | -4.26% | -8.81% | 23.8% | -14.26% | 27.01% | 27.21% | 27.11% | 34.92% | 17.88% | 37.08% | 39.19% | 38.17% | 41.83% | 23.96% |
| Earnings before Tax (EBT) 1 | 370,046 | - | -155,606 | - | -27,210 | -65,182 | 52,820 | -54,383 | 66,629 | 69,326 | 135,955 | 118,117 | 52,061 | 129,236 | 148,752 | 277,988 | 176,206 | 91,134 |
| Net income 1 | 257,533 | - | -113,566 | - | -16,013 | -44,455 | 32,129 | -39,602 | 47,001 | 49,948 | 96,949 | 83,711 | 38,757 | 90,549 | 104,530 | 195,079 | 123,691 | 65,641 |
| Net margin | 26.95% | - | -33.61% | - | -7.76% | -11.49% | 10.73% | -15.92% | 15.19% | 15.38% | 15.29% | 21.74% | 10.17% | 22.92% | 24.74% | 23.86% | 27.16% | 15.01% |
| EPS 2 | 262.6 | - | -115.6 | - | -16.27 | -45.18 | 32.65 | -40.25 | 47.77 | 50.76 | 98.53 | 85.07 | 39.39 | 92.02 | 106.2 | 198.2 | 125.7 | 15.82 |
| Dividend per Share | 15.00 | - | 13.00 | - | 13.00 | 13.00 | - | 13.00 | - | 13.00 | 13.00 | - | - | - | - | 14.00 | - | - |
| Announcement Date | 10/28/19 | 4/27/20 | 10/28/20 | 4/27/21 | 10/27/21 | 10/27/21 | 1/31/22 | 4/26/22 | 7/27/22 | 10/31/22 | 10/31/22 | 1/30/23 | 4/26/23 | 7/28/23 | 10/30/23 | 10/30/23 | 1/30/24 | 4/30/24 |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 3,604,549 | 3,586,863 | 4,093,754 | 4,114,260 | 4,118,136 | 3,993,478 | 3,830,838 | 3,576,685 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.914 x | 4.12 x | 280.2 x | 19.71 x | 7.081 x | 5.091 x | 4.575 x | 4.194 x |
| Free Cash Flow 1 | 185,920 | 131,502 | -666,800 | -81,303 | 312,000 | 323,603 | 316,227 | 312,530 |
| ROE (net income / shareholders' equity) | 13.4% | 10.9% | -5.4% | -1.4% | 6% | 9.7% | 8.76% | 8.5% |
| ROA (Net income/ Total Assets) | 6.95% | 6.08% | -2.73% | -0.71% | 3.24% | 5.62% | 3.8% | 3.95% |
| Assets 1 | 6,311,956 | 6,546,874 | 7,384,716 | 7,349,827 | 6,766,553 | 6,837,255 | 9,990,785 | 9,783,916 |
| Book Value Per Share 2 | 3,541 | 3,903 | 3,702 | 3,622 | 3,820 | 4,237 | 4,559 | 4,881 |
| Cash Flow per Share 2 | 663.0 | 624.0 | -2.230 | 158.0 | 446.0 | 611.0 | 638.0 | 677.0 |
| Capex 1 | 414,399 | 463,725 | 497,446 | 500,917 | 462,650 | 437,212 | 764,333 | 909,333 |
| Capex / Sales | 22.06% | 25.14% | 60.41% | 53.57% | 33.04% | 25.56% | 43.59% | 50.78% |
| Announcement Date | 4/25/19 | 4/27/20 | 4/27/21 | 4/26/22 | 4/26/23 | 4/30/24 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
C
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
3,533
JPY
Average target price
4,045
JPY
Spread / Average Target
+14.50%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -1.42% | 23.13B | |
| +7.97% | 10.15B | |
| +11.94% | 9.8B | |
| +8.86% | 7.24B | |
| -9.07% | 6.41B | |
| -11.31% | 6.22B | |
| -11.83% | 4.88B | |
| +25.80% | 4.78B | |
| -17.15% | 4.12B | |
| -21.50% | 3.93B |
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