KDDI CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 4,332 JPY | +0.28% |
|
+0.51% | -3.43% |
| May. 13 | Jefferies Adjusts KDDI's Price Target to 3,730 Yen From 4,110 Yen, Keeps at Underperform | MT |
| May. 13 | Japanese shares fall ahead of earnings reports; rising yields weigh | RE |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 5,633,335 | 7,336,707 | 7,744,905 | 8,910,365 | 8,829,098 | 9,020,325 | - | - |
| Enterprise Value (EV) 1 | 6,578,327 | 8,647,871 | 8,179,659 | 9,713,856 | 9,601,040 | 9,338,327 | 10,654,005 | 10,395,638 |
| P/E ratio | 9.2 x | 11.6 x | 11.9 x | 13.3 x | 13.2 x | 14.9 x | 12.5 x | 11.4 x |
| Yield | 4.4% | 3.61% | 3.53% | 3.12% | 3.3% | 3.27% | 3.46% | 3.71% |
| Capitalization / Revenue | 1.11 x | 1.4 x | 1.46 x | 1.64 x | 1.56 x | 1.62 x | 1.52 x | 1.48 x |
| EV / Revenue | 1.29 x | 1.65 x | 1.54 x | 1.78 x | 1.69 x | 1.62 x | 1.8 x | 1.7 x |
| EV / EBITDA | 4.17 x | 5.04 x | 4.58 x | 5.43 x | 5.42 x | 5.66 x | 5.89 x | 5.51 x |
| EV / FCF | 20.9 x | 12.1 x | 7.99 x | 13.7 x | 27.7 x | 17.5 x | 14.9 x | 14.5 x |
| FCF Yield | 4.79% | 8.24% | 12.5% | 7.28% | 3.61% | 5.72% | 6.7% | 6.9% |
| Price to Book | 1.34 x | 1.67 x | 1.62 x | 1.78 x | 1.72 x | 1.78 x | 1.63 x | 1.49 x |
| Nbr of stocks (in thousands) | 2,361,985 | 2,299,908 | 2,281,268 | 2,224,810 | 2,157,121 | 2,082,254 | - | - |
| Reference price 2 | 2,385 | 3,190 | 3,395 | 4,005 | 4,093 | 4,332 | 4,332 | 4,332 |
| Announcement Date | 5/15/19 | 5/14/20 | 5/14/21 | 5/13/22 | 5/11/23 | 5/10/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,080,353 | 5,237,221 | 5,312,599 | 5,446,708 | 5,671,762 | 5,754,047 | 5,924,563 | 6,105,067 |
| EBITDA 1 | 1,576,131 | 1,715,162 | 1,786,170 | 1,788,693 | 1,772,901 | 1,648,933 | 1,809,092 | 1,887,027 |
| EBIT 1 | 1,013,729 | 1,025,237 | 1,037,395 | 1,060,592 | 1,075,749 | 961,584 | 1,130,069 | 1,200,524 |
| Operating Margin | 19.95% | 19.58% | 19.53% | 19.47% | 18.97% | 16.71% | 19.07% | 19.66% |
| Earnings before Tax (EBT) 1 | 1,010,275 | 1,020,699 | 1,038,056 | 1,064,497 | 1,077,878 | 656,104 | 1,125,882 | 1,198,619 |
| Net income 1 | 617,669 | 639,767 | 651,496 | 672,486 | 677,469 | 637,874 | 708,084 | 765,159 |
| Net margin | 12.16% | 12.22% | 12.26% | 12.35% | 11.94% | 11.09% | 11.95% | 12.53% |
| EPS 2 | 259.1 | 275.7 | 284.2 | 300.0 | 310.2 | 301.3 | 346.0 | 380.4 |
| Free Cash Flow 1 | 315,028 | 712,406 | 1,023,241 | 707,055 | 346,389 | 598,552 | 714,061 | 716,870 |
| FCF margin | 6.2% | 13.6% | 19.26% | 12.98% | 6.11% | 10.32% | 12.05% | 11.74% |
| FCF Conversion (EBITDA) | 19.99% | 41.54% | 57.29% | 39.53% | 19.54% | 33.55% | 39.47% | 37.99% |
| FCF Conversion (Net income) | 51% | 111.35% | 157.06% | 105.14% | 51.13% | 86.86% | 100.84% | 93.69% |
| Dividend per Share 2 | 105.0 | 115.0 | 120.0 | 125.0 | 135.0 | 141.5 | 150.0 | 160.9 |
| Announcement Date | 5/15/19 | 5/14/20 | 5/14/21 | 5/13/22 | 5/11/23 | 5/10/24 | - | - |
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 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 | 2025 Q1 | 2025 Q2 | 2025 S1 | 2025 Q3 | 2025 Q4 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,564,457 | 2,537,196 | 1,324,897 | 2,625,161 | 1,388,665 | 1,432,882 | 1,351,676 | 1,389,160 | 2,740,836 | 1,442,057 | 1,488,869 | 2,930,926 | 1,332,576 | 1,446,391 | 2,778,967 | 1,486,564 | 1,488,516 | 2,975,080 | 1,393,063 | 1,488,000 | 2,865,000 | 1,522,000 | 1,543,000 | 3,095,000 |
| EBITDA 1 | - | - | 459,450 | - | 476,257 | 368,670 | 470,201 | 436,164 | - | - | 406,807 | - | 436,542 | 464,343 | - | 460,723 | 314,453 | - | 469,000 | 479,000 | - | 484,000 | 431,000 | - |
| EBIT 1 | 553,407 | 588,763 | 273,882 | 573,075 | 301,496 | 186,021 | 296,935 | 261,592 | 558,527 | 284,893 | 232,329 | 517,222 | 266,668 | 293,651 | 560,319 | 287,558 | 140,835 | 401,265 | 296,000 | 306,000 | - | 308,000 | 251,700 | - |
| Operating Margin | 21.58% | 23.21% | 20.67% | 21.83% | 21.71% | 12.98% | 21.97% | 18.83% | 20.38% | 19.76% | 15.6% | 17.65% | 20.01% | 20.3% | 20.16% | 19.34% | 9.46% | 13.49% | 21.25% | 20.56% | - | 20.24% | 16.31% | - |
| Earnings before Tax (EBT) 1 | 550,195 | 588,385 | 274,291 | 574,471 | 303,308 | 186,718 | 300,545 | 259,412 | 559,957 | 282,040 | 235,881 | 517,921 | 276,838 | 306,420 | 583,258 | 286,238 | -213,392 | 72,846 | 294,500 | 314,500 | 614,000 | 325,000 | 265,500 | 618,000 |
| Net income 1 | 347,545 | 372,899 | 171,579 | 361,469 | 192,752 | 118,265 | 191,797 | 162,581 | 354,378 | 177,990 | 145,101 | 323,091 | 176,943 | 191,752 | 368,695 | 176,898 | 77,427 | 269,179 | - | - | - | - | - | - |
| Net margin | 13.55% | 14.7% | 12.95% | 13.77% | 13.88% | 8.25% | 14.19% | 11.7% | 12.93% | 12.34% | 9.75% | 11.02% | 13.28% | 13.26% | 13.27% | 11.9% | 5.2% | 9.05% | - | - | - | - | - | - |
| EPS 2 | 148.7 | 162.1 | 76.22 | 160.3 | 86.20 | 53.57 | 87.01 | 74.11 | 161.1 | 81.79 | 67.34 | - | 82.02 | 89.74 | 171.8 | 84.59 | 44.89 | 129.5 | - | - | - | - | - | - |
| Dividend per Share 2 | 55.00 | 60.00 | 60.00 | 60.00 | - | 65.00 | - | 65.00 | 65.00 | - | 70.00 | 70.00 | - | 70.00 | 70.00 | - | 75.00 | 75.00 | - | 75.00 | 75.00 | - | 80.00 | 80.00 |
| Announcement Date | 11/1/19 | 10/30/20 | 10/29/21 | 10/29/21 | 1/28/22 | 5/13/22 | 7/29/22 | 11/2/22 | 11/2/22 | 2/2/23 | 5/11/23 | 5/11/23 | 7/28/23 | 11/2/23 | 11/2/23 | 2/2/24 | 5/10/24 | 5/10/24 | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 944,992 | 1,311,164 | 434,754 | 803,491 | 771,942 | 1,446,511 | 1,633,680 | 1,375,313 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.5996 x | 0.7645 x | 0.2434 x | 0.4492 x | 0.4354 x | 0.8108 x | 0.903 x | 0.7288 x |
| Free Cash Flow 1 | 315,028 | 712,406 | 1,023,241 | 707,055 | 346,389 | 598,552 | 714,061 | 716,870 |
| ROE (net income / shareholders' equity) | 15.5% | 14.9% | 14.2% | 13.8% | 13.4% | 12.3% | 13.5% | 13.6% |
| ROA (Net income/ Total Assets) | 14.5% | 12.1% | 10.3% | 9.85% | 9.37% | 7.62% | 5.02% | 5.49% |
| Assets 1 | 4,250,660 | 5,299,713 | 6,312,352 | 6,829,023 | 7,228,626 | 8,373,599 | 14,093,361 | 13,929,714 |
| Book Value Per Share 2 | 1,779 | 1,906 | 2,092 | 2,249 | 2,375 | 2,523 | 2,666 | 2,916 |
| Cash Flow per Share 2 | 495.0 | 573.0 | 602.0 | 625.0 | 630.0 | 626.0 | 749.0 | 688.0 |
| Capex 1 | 602,138 | 615,054 | 624,636 | 675,567 | 634,125 | 672,578 | 670,689 | 656,014 |
| Capex / Sales | 11.85% | 11.74% | 11.76% | 12.4% | 11.18% | 11.59% | 11.32% | 10.75% |
| Announcement Date | 5/15/19 | 5/14/20 | 5/14/21 | 5/13/22 | 5/11/23 | 5/10/24 | - | - |
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
18
Last Close Price
4,332
JPY
Average target price
4,890
JPY
Spread / Average Target
+12.89%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -3.43% | 58.03B | |
| +2.29% | 193B | |
| +3.69% | 125B | |
| +35.87% | 80.64B | |
| +12.57% | 26.53B | |
| +28.78% | 24.75B | |
| -4.15% | 17.13B | |
| +9.78% | 16.6B | |
| +7.51% | 9.96B | |
| +73.27% | 8.37B |
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- Financials KDDI Corporation
