Financials Kadokawa Corporation

Equities

9468

JP3214350005

Consumer Publishing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-10 am EDT			5-day change	1st Jan Change
2,808 ^JPY	-3.32%		+5.31%	-2.21%

Jun. 25	Mantra Inc. announced that it has received ¥780 million in funding from SHUEISHA Inc., SHOGAKUKAN Inc., Kadokawa Corporation, Square Enix Holdings Co., Ltd., and another investor	CI
May. 08	Vic Game Studios Co., Ltd. announced that it expects to receive funding from Kadokawa Corporation	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	83,748	276,756	447,864	393,333	356,156	372,614	-	-
Enterprise Value (EV) ¹	74,392	263,173	384,725	251,333	275,976	268,893	260,075	246,195
P/E ratio	10.5 x	27.7 x	30.4 x	31 x	31.8 x	25.8 x	22.7 x	17.8 x
Yield	2.2%	1.16%	0.93%	1.06%	1.13%	1.14%	1.34%	1.64%
Capitalization / Revenue	0.41 x	1.32 x	2.02 x	1.54 x	1.38 x	1.39 x	1.32 x	1.17 x
EV / Revenue	0.36 x	1.25 x	1.74 x	0.98 x	1.07 x	1 x	0.92 x	0.77 x
EV / EBITDA	-	-	15.6 x	7.88 x	11 x	9.76 x	7.83 x	4.95 x
EV / FCF	99.9 x	-64.8 x	27.9 x	200 x	-295 x	22.9 x	16.5 x	10.4 x
FCF Yield	1%	-1.54%	3.58%	0.5%	-0.34%	4.37%	6.07%	9.64%
Price to Book	0.8 x	2.17 x	2.61 x	1.94 x	1.87 x	1.92 x	1.78 x	1.7 x
Nbr of stocks (in thousands)	122,888	128,874	139,088	139,579	134,297	134,445	-	-
Reference price ²	681.5	2,148	3,220	2,818	2,652	2,904	2,904	2,904
Announcement Date	5/14/20	4/30/21	5/12/22	5/11/23	5/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	204,653	209,947	221,208	255,429	258,109	268,284	282,583	319,788
EBITDA ¹	-	-	24,621	31,901	25,189	27,543	33,212	49,735
EBIT ¹	8,087	13,625	18,519	25,931	18,454	20,873	25,552	33,286
Operating Margin	3.95%	6.49%	8.37%	10.15%	7.15%	7.78%	9.04%	10.41%
Earnings before Tax (EBT) ¹	9,499	14,256	19,458	21,352	19,694	22,900	27,001	35,325
Net income ¹	8,098	9,584	14,078	12,679	11,384	15,260	17,161	21,937
Net margin	3.96%	4.56%	6.36%	4.96%	4.41%	5.69%	6.07%	6.86%
EPS ²	65.06	77.42	106.0	90.91	83.42	112.6	127.7	163.2
Free Cash Flow ¹	745	-4,061	13,768	1,257	-934	11,756	15,796	23,733
FCF margin	0.36%	-1.93%	6.22%	0.49%	-0.36%	4.38%	5.59%	7.42%
FCF Conversion (EBITDA)	-	-	55.92%	3.94%	-	42.68%	47.56%	47.72%
FCF Conversion (Net income)	9.2%	-	97.8%	9.91%	-	77.03%	92.05%	108.19%
Dividend per Share ²	15.00	25.00	30.00	30.00	30.00	33.00	39.00	47.75
Announcement Date	5/14/20	4/30/21	5/12/22	5/11/23	5/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2021 S1	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	97,553	104,811	52,830	63,567	64,264	58,375	122,639	67,088	65,702	58,835	65,372	124,207	62,817	71,085	66,564	66,656	66,936	70,679
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7,847	9,938	2,871	5,710	9,622	3,615	13,237	6,192	6,502	3,267	5,337	8,604	4,730	5,120	6,241	5,509	4,803	4,580
Operating Margin	8.04%	9.48%	5.43%	8.98%	14.97%	6.19%	10.79%	9.23%	9.9%	5.55%	8.16%	6.93%	7.53%	7.2%	9.38%	8.27%	7.18%	6.48%
Earnings before Tax (EBT) ¹	7,689	10,684	3,478	5,296	12,308	4,442	16,750	3,703	899	6,034	3,363	9,397	3,937	6,360	7,500	4,500	4,400	4,900
Net income ¹	5,206	7,116	2,454	4,508	7,638	2,899	10,537	1,622	520	3,843	282	4,125	2,188	5,071	4,600	2,500	2,600	2,800
Net margin	5.34%	6.79%	4.65%	7.09%	11.89%	4.97%	8.59%	2.42%	0.79%	6.53%	0.43%	3.32%	3.48%	7.13%	6.91%	3.75%	3.88%	3.96%
EPS	42.28	55.16	18.01	-	54.85	-	75.62	11.60	-	27.59	-	29.81	16.23	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/29/20	10/29/21	2/3/22	5/12/22	7/29/22	11/2/22	11/2/22	2/2/23	5/11/23	8/3/23	11/2/23	11/2/23	2/8/24	5/9/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	9,356	13,583	63,139	142,000	80,180	103,721	112,539	126,419
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	745	-4,061	13,768	1,257	-934	11,756	15,796	23,733
ROE (net income / shareholders' equity)	7.8%	8.2%	9.4%	6.8%	5.8%	6.6%	8.08%	9.76%
ROA (Net income/ Total Assets)	3.64%	5.61%	6.79%	7.53%	5.6%	4.78%	5.12%	6.73%
Assets ¹	222,595	170,964	207,192	168,351	203,424	319,135	335,334	326,025
Book Value Per Share ²	856.0	988.0	1,234	1,450	1,418	1,512	1,632	1,711
Cash Flow per Share ²	104.0	113.0	149.0	134.0	133.0	107.0	163.0	188.0
Capex ¹	15,771	19,647	5,279	7,806	9,232	2,400	7,300	6,700
Capex / Sales	7.71%	9.36%	2.39%	3.06%	3.58%	0.89%	2.58%	2.1%
Announcement Date	5/14/20	4/30/21	5/12/22	5/11/23	5/9/24	-	-	-

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 Kadokawa Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,904 JPY

Average target price

3,838 JPY

Spread / Average Target

+32.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Consumer Publishing

	1st Jan change	Capi.
KADOKAWA CORPORATION	-2.21%	2.42B
PEARSON PLC	+4.75%	8.61B
SCHIBSTED ASA	+13.88%	7.09B
SAUDI RESEARCH AND MEDIA GROUP	+35.24%	4.94B
JIANGSU PHOENIX PUBLISHING & MEDIA CORPORATION LIMITED	+31.10%	4.04B
LAGARDÈRE S.A.	+16.43%	3.29B
CHINA SOUTH PUBLISHING & MEDIA GROUP CO., LTD	+26.75%	3.18B
TX GROUP AG	+38.74%	1.98B
SOUTHERN PUBLISHING AND MEDIA CO.,LTD.	-5.77%	1.48B
CHANGJIANG PUBLISHING & MEDIA CO.,LTD	+15.30%	1.43B

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