KAWASAKI HEAVY INDUSTRIES, LTD. |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5,965 JPY | -0.08% |
|
-2.38% | +91.09% |
| May. 09 | Japan's Nikkei sheds early gains as chip stocks weigh | RE |
| May. 09 | Transcript : Kawasaki Heavy Industries, Ltd., 2024 Earnings Call, May 09, 2024 |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 456,036 | 262,092 | 458,031 | 372,793 | 484,694 | 999,985 | - | - |
| Enterprise Value (EV) 1 | 821,148 | 693,446 | 902,678 | 759,803 | 1,131,532 | 1,614,820 | 1,690,253 | 1,729,147 |
| P/E ratio | 16.6 x | 14 x | -23.7 x | 17.1 x | 9.14 x | 33.6 x | 13.5 x | 11.5 x |
| Yield | 2.56% | 2.23% | - | 1.8% | 3.11% | 0.98% | 2.3% | 2.69% |
| Capitalization / Revenue | 0.29 x | 0.16 x | 0.31 x | 0.25 x | 0.28 x | 0.46 x | 0.48 x | 0.45 x |
| EV / Revenue | 0.51 x | 0.42 x | 0.61 x | 0.51 x | 0.66 x | 0.87 x | 0.81 x | 0.77 x |
| EV / EBITDA | 6.67 x | 5.62 x | 16.1 x | 7.12 x | 7.08 x | 12.7 x | 7.59 x | 7.26 x |
| EV / FCF | 33.6 x | -8.07 x | -323 x | 8.27 x | -21 x | 13.3 x | 38.6 x | 48.9 x |
| FCF Yield | 2.97% | -12.4% | -0.31% | 12.1% | -4.76% | 7.52% | 2.59% | 2.05% |
| Price to Book | 0.96 x | 0.58 x | 0.98 x | 0.78 x | 0.84 x | 1.35 x | 1.5 x | 1.36 x |
| Nbr of stocks (in thousands) | 167,046 | 167,044 | 167,043 | 167,472 | 167,482 | 167,502 | - | - |
| Reference price 2 | 2,730 | 1,569 | 2,742 | 2,226 | 2,894 | 5,970 | 5,970 | 5,970 |
| Announcement Date | 4/25/19 | 5/12/20 | 5/11/21 | 5/10/22 | 5/10/23 | 5/9/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,594,743 | 1,641,335 | 1,488,486 | 1,500,879 | 1,725,609 | 1,849,287 | 2,098,042 | 2,233,642 |
| EBITDA 1 | 123,045 | 123,346 | 55,953 | 106,658 | 159,729 | 127,183 | 222,786 | 238,070 |
| EBIT 1 | 64,023 | 62,063 | -5,305 | 45,805 | 81,511 | 36,193 | 123,773 | 144,073 |
| Operating Margin | 4.01% | 3.78% | -0.36% | 3.05% | 4.72% | 1.96% | 5.9% | 6.45% |
| Earnings before Tax (EBT) 1 | 37,861 | 39,323 | -14,688 | 30,853 | 70,349 | 31,980 | 107,025 | 126,283 |
| Net income 1 | 27,453 | 18,662 | -19,332 | 21,801 | 53,029 | 25,377 | 74,545 | 86,737 |
| Net margin | 1.72% | 1.14% | -1.3% | 1.45% | 3.07% | 1.37% | 3.55% | 3.88% |
| EPS 2 | 164.3 | 111.7 | -115.7 | 130.3 | 316.6 | 151.5 | 443.7 | 517.0 |
| Free Cash Flow 1 | 24,418 | -85,956 | -2,791 | 91,893 | -53,840 | 121,476 | 43,799 | 35,369 |
| FCF margin | 1.53% | -5.24% | -0.19% | 6.12% | -3.12% | 6.57% | 2.09% | 1.58% |
| FCF Conversion (EBITDA) | 19.84% | - | - | 86.16% | - | 95.51% | 19.66% | 14.86% |
| FCF Conversion (Net income) | 88.94% | - | - | 421.51% | - | 478.69% | 58.75% | 40.78% |
| Dividend per Share 2 | 70.00 | 35.00 | - | 40.00 | 90.00 | 50.00 | 137.3 | 160.8 |
| Announcement Date | 4/25/19 | 5/12/20 | 5/11/21 | 5/10/22 | 5/10/23 | 5/9/24 | - | - |
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 | 2022 S2 | 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 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 736,565 | 904,770 | 657,325 | - | 325,451 | 681,082 | 357,649 | 462,148 | - | 350,344 | 409,401 | 759,745 | 436,585 | 529,279 | - | 405,340 | 364,001 | 769,341 | 459,728 | 620,218 | - | 435,500 | 481,000 | 518,750 | 701,950 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 8,678 | 53,385 | -21,883 | - | 5,240 | 20,406 | 18,614 | 6,785 | - | 3,804 | 26,431 | 30,235 | 47,786 | 6,429 | - | 10,253 | -50,077 | -39,824 | 34,395 | 41,622 | - | 18,000 | 24,000 | 36,000 | 60,000 |
| Operating Margin | 1.18% | 5.9% | -3.33% | - | 1.61% | 3% | 5.2% | 1.47% | - | 1.09% | 6.46% | 3.98% | 10.95% | 1.21% | - | 2.53% | -13.76% | -5.18% | 7.48% | 6.71% | - | 4.13% | 4.99% | 6.94% | 8.55% |
| Earnings before Tax (EBT) 1 | 2,107 | 37,216 | -17,385 | - | -2,187 | 12,496 | 10,146 | 8,211 | - | 10,605 | - | 35,946 | 36,181 | 1,161 | - | 14,966 | -49,437 | -34,471 | 16,540 | 49,911 | - | 7,900 | 16,500 | 29,200 | 34,400 |
| Net income 1 | -3,733 | 22,395 | -27,267 | - | -5,356 | 4,513 | 2,783 | 14,505 | - | 5,457 | 18,306 | 23,763 | 28,749 | 2,559 | - | 9,089 | -32,435 | -23,346 | 9,866 | 38,857 | - | 5,200 | 11,500 | 22,350 | 33,050 |
| Net margin | -0.51% | 2.48% | -4.15% | - | -1.65% | 0.66% | 0.78% | 3.14% | - | 1.56% | 4.47% | 3.13% | 6.58% | 0.48% | - | 2.24% | -8.91% | -3.03% | 2.15% | 6.27% | - | 1.19% | 2.39% | 4.31% | 4.71% |
| EPS 2 | -22.34 | - | -163.2 | - | -32.10 | 26.98 | 16.62 | - | - | 32.58 | - | 141.9 | 171.7 | 15.27 | - | 54.27 | -193.7 | -139.4 | 58.91 | 232.0 | - | - | - | - | - |
| Dividend per Share | 35.00 | - | - | - | - | 20.00 | - | - | 20.00 | - | - | 30.00 | - | - | 60.00 | - | - | 20.00 | - | - | 30.00 | - | - | - | - |
| Announcement Date | 10/31/19 | 5/12/20 | 10/29/20 | 5/11/21 | 11/9/21 | 11/9/21 | 2/2/22 | 5/10/22 | 5/10/22 | 8/11/22 | 11/10/22 | 11/10/22 | 2/10/23 | 5/10/23 | 5/10/23 | 8/8/23 | 11/8/23 | 11/8/23 | 2/9/24 | 5/9/24 | 5/9/24 | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 365,112 | 431,354 | 444,647 | 387,010 | 646,838 | 761,080 | 690,268 | 729,161 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.967 x | 3.497 x | 7.947 x | 3.629 x | 4.05 x | 5.984 x | 3.098 x | 3.063 x |
| Free Cash Flow 1 | 24,418 | -85,956 | -2,791 | 91,893 | -53,840 | 121,476 | 43,799 | 35,369 |
| ROE (net income / shareholders' equity) | 5.8% | 4% | -4.2% | 4.6% | 9.8% | 4.2% | 11.5% | 12.4% |
| ROA (Net income/ Total Assets) | 2.09% | 2.13% | -0.15% | 1.5% | 3.27% | 1.24% | 3.12% | 3.4% |
| Assets 1 | 1,313,836 | 876,278 | 13,275,649 | 1,451,513 | 1,621,707 | 2,038,526 | 2,389,277 | 2,548,298 |
| Book Value Per Share 2 | 2,852 | 2,728 | 2,786 | 2,861 | 3,440 | 3,786 | 3,973 | 4,394 |
| Cash Flow per Share 2 | 518.0 | 479.0 | 251.0 | 494.0 | 779.0 | 635.0 | 995.0 | 1,073 |
| Capex 1 | 66,900 | 70,495 | 65,679 | 53,517 | 96,300 | 96,543 | 115,514 | 99,385 |
| Capex / Sales | 4.2% | 4.29% | 4.41% | 3.57% | 5.58% | 5.22% | 5.51% | 4.45% |
| Announcement Date | 4/25/19 | 5/12/20 | 5/11/21 | 5/10/22 | 5/10/23 | 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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
5,970
JPY
Average target price
5,660
JPY
Spread / Average Target
-5.19%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +91.41% | 6.36B | |
| +15.62% | 896B | |
| +1.88% | 243B | |
| +29.39% | 181B | |
| +58.75% | 95.16B | |
| -7.33% | 72.44B | |
| -8.40% | 55.41B | |
| +36.57% | 36.26B | |
| +14.84% | 30.4B | |
| -42.23% | 29.56B |
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