Financials Kinden Corporation

Equities

1944

JP3263000006

Construction & Engineering

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-16 am EDT			5-day change	1st Jan Change
3,255 ^JPY	+0.77%		+1.72%	+35.85%

Jul. 04	Tranche Update on Kinden Corporation's Equity Buyback Plan announced on January 31, 2024.	CI
Jun. 27	Kinden Corporation Announces Voting Results	CI

Valuation

Fiscal Period: Marzo	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	343,395	386,326	323,403	326,929	543,420	652,686	-	-
Enterprise Value (EV) ¹	201,445	204,143	140,551	143,961	357,520	478,450	478,689	465,796
P/E ratio	10.6 x	12 x	12.3 x	11.4 x	16.3 x	17.6 x	16.6 x	15.8 x
Yield	2.01%	1.86%	2.34%	2.51%	2.34%	2.46%	2.53%	2.64%
Capitalization / Revenue	0.59 x	0.69 x	0.57 x	0.54 x	0.83 x	0.98 x	0.96 x	0.94 x
EV / Revenue	0.34 x	0.37 x	0.25 x	0.24 x	0.55 x	0.72 x	0.71 x	0.67 x
EV / EBITDA	3.99 x	4.16 x	3.21 x	3.25 x	7.24 x	8.77 x	8.1 x	7.42 x
EV / FCF	11.3 x	5.28 x	6.12 x	52.2 x	21.9 x	22.3 x	42.4 x	26.1 x
FCF Yield	8.84%	18.9%	16.3%	1.92%	4.57%	4.48%	2.36%	3.83%
Price to Book	0.73 x	0.79 x	0.63 x	0.61 x	0.95 x	1.11 x	1.07 x	1.03 x
Nbr of stocks (in thousands)	215,295	204,947	204,945	204,971	201,565	200,518	-	-
Reference price ²	1,595	1,885	1,578	1,595	2,696	3,255	3,255	3,255
Announcement Date	4/27/20	4/28/21	4/28/22	4/26/23	4/24/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	585,905	556,273	566,794	609,132	654,516	665,100	678,880	692,320
EBITDA ¹	50,441	49,109	43,771	44,234	49,409	54,533	59,067	62,767
EBIT ¹	45,026	42,948	37,087	37,430	42,677	47,540	51,300	54,020
Operating Margin	7.68%	7.72%	6.54%	6.14%	6.52%	7.15%	7.56%	7.8%
Earnings before Tax (EBT) ¹	47,790	47,427	39,444	42,709	49,062	53,300	56,450	59,475
Net income ¹	32,500	32,356	26,366	28,722	33,553	36,940	39,040	40,740
Net margin	5.55%	5.82%	4.65%	4.72%	5.13%	5.55%	5.75%	5.88%
EPS ²	150.2	156.5	128.6	140.2	165.3	184.6	196.5	206.6
Free Cash Flow ¹	17,798	38,649	22,975	2,760	16,341	21,450	11,300	17,850
FCF margin	3.04%	6.95%	4.05%	0.45%	2.5%	3.23%	1.66%	2.58%
FCF Conversion (EBITDA)	35.28%	78.7%	52.49%	6.24%	33.07%	39.33%	19.13%	28.44%
FCF Conversion (Net income)	54.76%	119.45%	87.14%	9.61%	48.7%	58.07%	28.94%	43.81%
Dividend per Share ²	32.00	35.00	37.00	40.00	63.00	80.00	82.20	86.00
Announcement Date	4/27/20	4/28/21	4/28/22	4/26/23	4/24/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	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 S1	2025 Q3	2025 Q4	2025 S2	2026 S1	2026 S2	2027 S1
Net sales ¹	-	241,943	314,330	244,144	131,054	191,596	322,650	115,451	142,657	258,108	144,565	206,459	351,024	112,798	157,872	270,670	156,442	227,404	-	129,200	161,433	290,000	157,600	218,767	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	13,496	29,452	11,557	8,302	17,228	25,530	354	6,245	6,599	6,968	23,863	30,831	869	8,266	9,135	11,485	22,057	-	3,600	9,033	10,000	11,467	23,367	-	-	-	-
Operating Margin	-	5.58%	9.37%	4.73%	6.33%	8.99%	7.91%	0.31%	4.38%	2.56%	4.82%	11.56%	8.78%	0.77%	5.24%	3.37%	7.34%	9.7%	-	2.79%	5.6%	3.45%	7.28%	10.68%	-	-	-	-
Earnings before Tax (EBT) ¹	-	14,968	32,459	13,247	9,167	17,030	26,197	1,929	7,057	8,986	8,346	25,377	33,723	2,352	9,303	11,655	14,816	-	-	9,300	8,900	-	11,100	26,200	-	-	-	-
Net income ¹	-	9,662	22,694	8,542	6,184	11,640	17,824	608	4,879	5,487	5,548	17,687	23,235	1,125	6,372	7,497	10,088	15,968	-	1,900	7,550	8,500	9,600	18,400	-	-	-	-
Net margin	-	3.99%	7.22%	3.5%	4.72%	6.08%	5.52%	0.53%	3.42%	2.13%	3.84%	8.57%	6.62%	1%	4.04%	2.77%	6.45%	7.02%	-	1.47%	4.68%	2.93%	6.09%	8.41%	-	-	-	-
EPS	-	46.40	-	41.68	30.17	-	-	2.970	-	26.77	27.07	-	-	5.510	-	36.80	49.69	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	17.00	16.00	-	17.50	-	-	19.50	-	-	18.50	-	21.50	21.50	-	-	20.00	-	-	43.00	-	-	40.00	-	-	55.00	40.00	47.00	45.00
Announcement Date	4/27/20	10/29/20	4/28/21	10/28/21	1/31/22	4/28/22	4/28/22	7/27/22	10/31/22	10/31/22	1/30/23	4/26/23	4/26/23	7/27/23	10/30/23	10/30/23	1/31/24	4/24/24	4/24/24	-	-	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	141,950	182,183	182,852	182,968	185,900	174,236	173,997	186,889
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	17,798	38,649	22,975	2,760	16,341	21,450	11,300	17,850
ROE (net income / shareholders' equity)	7.1%	6.8%	5.3%	5.5%	6.1%	6.41%	6.61%	6.72%
ROA (Net income/ Total Assets)	7.25%	6.7%	5.78%	5.58%	5.9%	5.1%	5.27%	5.4%
Assets ¹	448,040	482,986	456,157	514,980	568,701	724,314	741,265	754,444
Book Value Per Share ²	2,189	2,401	2,493	2,599	2,848	2,945	3,046	3,161
Cash Flow per Share ²	175.0	186.0	161.0	173.0	199.0	223.0	235.0	254.0
Capex ¹	6,473	4,689	5,425	28,597	27,522	29,500	30,000	22,500
Capex / Sales	1.1%	0.84%	0.96%	4.69%	4.2%	4.44%	4.42%	3.25%
Announcement Date	4/27/20	4/28/21	4/28/22	4/26/23	4/24/24	-	-	-

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 Kinden Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,255 JPY

Average target price

3,086 JPY

Spread / Average Target

-5.19%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction & Engineering

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