Financials Keio Corporation

Equities

9008

JP3277800003

Passenger Transportation, Ground & Sea

Delayed Japan Exchange Other stock markets 02:00:00 2024-06-11 am EDT			5-day change	1st Jan Change
3,748 ^JPY	-0.27%		-0.43%	-15.57%

Apr. 09	Microsoft to Invest $2.9 Billion in Japanese Data Centers by 2025, Nikkei Reports	DJ
Mar. 19	BOJ Delivers First Interest-Rate Hike Since 2007	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	873,042	780,231	908,429	584,249	567,206	457,662	-	-
Enterprise Value (EV) ¹	1,153,254	1,067,752	1,231,266	892,560	898,828	871,727	823,983	831,290
P/E ratio	32.1 x	43.6 x	-33 x	105 x	43.2 x	17.4 x	14.1 x	14 x
Yield	0.7%	0.82%	0.54%	0.84%	0.86%	1.26%	1.64%	1.81%
Capitalization / Revenue	1.95 x	1.8 x	2.88 x	1.95 x	1.63 x	1.25 x	1.06 x	1.04 x
EV / Revenue	2.58 x	2.46 x	3.9 x	2.98 x	2.59 x	2.13 x	1.9 x	1.89 x
EV / EBITDA	15.1 x	14.9 x	89.2 x	28 x	17.8 x	11.7 x	10.5 x	9.78 x
EV / FCF	211 x	-165 x	-42.1 x	64.2 x	-52.9 x	89.2 x	108 x	-87.5 x
FCF Yield	0.47%	-0.61%	-2.37%	1.56%	-1.89%	1.12%	0.92%	-1.14%
Price to Book	2.37 x	2.09 x	2.64 x	1.71 x	1.61 x	1.3 x	1.12 x	1.07 x
Nbr of stocks (in thousands)	122,104	122,102	122,101	122,100	122,111	122,108	-	-
Reference price ²	7,150	6,390	7,440	4,785	4,645	3,758	3,758	3,758
Announcement Date	4/26/19	4/30/20	4/30/21	5/2/22	5/12/23	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	447,508	433,669	315,439	299,872	347,133	408,694	433,148	440,822
EBITDA ¹	76,326	71,886	13,797	31,904	50,606	74,483	78,600	84,967
EBIT ¹	40,078	36,024	-20,866	740	21,479	43,840	47,650	50,302
Operating Margin	8.96%	8.31%	-6.61%	0.25%	6.19%	10.73%	11%	11.41%
Earnings before Tax (EBT) ¹	40,142	28,420	-21,067	14,324	21,008	41,388	47,050	47,867
Net income ¹	27,213	17,875	-27,519	5,585	13,114	29,243	32,614	32,873
Net margin	6.08%	4.12%	-8.72%	1.86%	3.78%	7.16%	7.53%	7.46%
EPS ²	222.9	146.4	-225.4	45.75	107.4	239.5	267.1	269.2
Free Cash Flow ¹	5,474	-6,475	-29,224	13,904	-17,006	9,773	7,600	-9,500
FCF margin	1.22%	-1.49%	-9.26%	4.64%	-4.9%	2.39%	1.75%	-2.16%
FCF Conversion (EBITDA)	7.17%	-	-	43.58%	-	13.12%	9.67%	-
FCF Conversion (Net income)	20.12%	-	-	248.95%	-	33.42%	23.3%	-
Dividend per Share ²	50.00	52.50	40.00	40.00	40.00	52.50	61.67	68.00
Announcement Date	4/26/19	4/30/20	4/30/21	5/2/22	5/12/23	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	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	217,833	138,249	69,903	137,866	80,508	81,498	79,719	79,107	158,826	93,062	95,245	88,764	95,294	184,058	109,998	114,638	99,000	108,000	126,000	128,400
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	23,960	-16,481	-52	-1,337	5,495	-3,418	5,140	4,276	9,416	9,422	2,641	11,973	11,935	23,908	15,592	4,340	12,200	12,400	16,000	6,600
Operating Margin	11%	-11.92%	-0.07%	-0.97%	6.83%	-4.19%	6.45%	5.41%	5.93%	10.12%	2.77%	13.49%	12.52%	12.99%	14.17%	3.79%	12.32%	11.48%	12.7%	5.14%
Earnings before Tax (EBT)	23,965	-11,104	2,502	3,019	6,111	-	5,539	3,696	9,235	11,425	-	12,131	-	23,514	13,466	-	-	-	-	-
Net income ¹	15,915	-13,515	428	-1,070	4,082	2,573	1,727	2,520	4,247	8,476	391	8,825	8,389	17,214	8,148	3,881	-	-	-	-
Net margin	7.31%	-9.78%	0.61%	-0.78%	5.07%	3.16%	2.17%	3.19%	2.67%	9.11%	0.41%	9.94%	8.8%	9.35%	7.41%	3.39%	-	-	-	-
EPS	130.3	-110.7	3.500	-8.770	33.45	21.07	14.15	20.64	34.79	69.41	3.200	72.28	68.70	141.0	66.72	-	-	-	-	-
Dividend per Share	25.00	20.00	-	20.00	-	-	-	-	20.00	-	-	-	-	22.50	-	-	-	-	-	-
Announcement Date	11/5/19	11/2/20	11/4/21	11/4/21	2/1/22	5/2/22	8/3/22	11/4/22	11/4/22	2/6/23	5/12/23	8/2/23	11/6/23	11/6/23	2/5/24	5/10/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	280,212	287,521	322,837	308,311	331,622	362,288	366,321	373,628
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.671 x	4 x	23.4 x	9.664 x	6.553 x	4.864 x	4.661 x	4.397 x
Free Cash Flow ¹	5,474	-6,475	-29,224	13,904	-17,006	9,773	7,600	-9,500
ROE (net income / shareholders' equity)	7.6%	4.8%	-7.7%	1.6%	3.8%	7.9%	8.25%	7.96%
ROA (Net income/ Total Assets)	4.42%	3.93%	-2.01%	0.59%	2.34%	4.27%	4.7%	3.83%
Assets ¹	616,054	455,078	1,369,302	946,530	560,605	684,125	693,919	858,293
Book Value Per Share ²	3,012	3,056	2,820	2,804	2,879	3,220	3,348	3,514
Cash Flow per Share ²	520.0	440.0	58.50	301.0	346.0	490.0	499.0	511.0
Capex ¹	55,146	56,632	36,121	33,822	52,865	44,959	70,000	68,000
Capex / Sales	12.32%	13.06%	11.45%	11.28%	15.23%	11%	16.16%	15.43%
Announcement Date	4/26/19	4/30/20	4/30/21	5/2/22	5/12/23	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

Ratings for Keio Corporation

Trading Rating

Investor Rating

ESG Refinitiv

D-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,758 JPY

Average target price

4,450 JPY

Spread / Average Target

+18.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Passenger Transportation, Ground & Sea

	1st Jan change	Capi.
KEIO CORPORATION	-15.57%	2.92B
CENTRAL JAPAN RAILWAY COMPANY	-3.29%	22.05B
WEST JAPAN RAILWAY COMPANY	+5.93%	9.69B
INDIAN RAILWAY CATERING & TOURISM CORPORATION LIMITED	+15.71%	9.37B
TOKYU CORPORATION	+7.55%	7.05B
HANKYU HANSHIN HOLDINGS, INC.	-6.91%	6.39B
KEISEI ELECTRIC RAILWAY CO., LTD	-18.08%	5.67B
SEIBU HOLDINGS INC.	+20.01%	4.54B
KINTETSU GROUP HOLDINGS CO.,LTD.	-23.30%	4.12B
ODAKYU ELECTRIC RAILWAY CO., LTD.	-27.73%	3.64B

Other Passenger Transportation, Ground & Sea