Financials Kandenko Co.,Ltd.

Equities

1942

JP3230600003

Construction & Engineering

Delayed Japan Exchange Other stock markets 08:00:00 09/05/2024 am IST			5-day change	1st Jan Change
1,867 ^JPY	+3.95%		+2.98%	+35.49%

26/04	Kandenko Co.,Ltd. Provides Consolidated and Non-Consolidated Earnings Guidance for the Six Months Ending September 30, 2024 and Full Year Ending March 31, 2025	CI
26/04	Kandenko Co.,Ltd. Provides Commemorative Dividend Guidance for the Second Quarter Ending September 30, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,93,229	1,75,867	1,98,335	1,70,390	1,91,067	3,67,062	-	-
Enterprise Value (EV) ¹	1,54,140	1,28,871	1,51,481	1,13,581	1,41,617	3,57,456	3,07,062	2,94,956
P/E ratio	9.81 x	7.81 x	9.84 x	8.39 x	9.03 x	13.1 x	13.5 x	12.6 x
Yield	2.75%	3.25%	2.88%	3.36%	3.42%	2.34%	2.43%	2.55%
Capitalization / Revenue	0.34 x	0.29 x	0.36 x	0.34 x	0.35 x	0.6 x	0.6 x	0.59 x
EV / Revenue	0.27 x	0.21 x	0.27 x	0.23 x	0.26 x	0.6 x	0.5 x	0.47 x
EV / EBITDA	4.26 x	3.13 x	4.06 x	2.98 x	3.47 x	7.18 x	5.96 x	5.69 x
EV / FCF	8.33 x	7.64 x	12.7 x	5.71 x	173 x	14.5 x	10.2 x	9.3 x
FCF Yield	12%	13.1%	7.86%	17.5%	0.58%	6.89%	9.77%	10.7%
Price to Book	0.81 x	0.71 x	0.73 x	0.6 x	0.64 x	1.07 x	1.04 x	1.01 x
Nbr of stocks (in thousands)	2,04,259	2,04,259	2,04,258	2,04,305	2,04,350	2,04,377	-	-
Reference price ²	946.0	861.0	971.0	834.0	935.0	1,796	1,796	1,796
Announcement Date	26/04/19	28/04/20	28/04/21	28/04/22	28/04/23	26/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,63,550	6,16,143	5,56,045	4,95,567	5,41,579	5,98,427	6,11,333	6,21,025
EBITDA ¹	36,200	41,150	37,287	38,078	40,781	49,793	51,500	51,800
EBIT ¹	30,012	34,693	30,041	30,643	32,748	40,934	40,325	42,300
Operating Margin	5.33%	5.63%	5.4%	6.18%	6.05%	6.84%	6.6%	6.81%
Earnings before Tax (EBT) ¹	29,904	34,490	30,251	30,978	32,507	45,017	42,267	44,100
Net income ¹	19,703	22,515	20,147	20,315	21,167	27,345	27,180	29,175
Net margin	3.5%	3.65%	3.62%	4.1%	3.91%	4.57%	4.45%	4.7%
EPS ²	96.46	110.2	98.64	99.45	103.6	133.8	133.0	142.7
Free Cash Flow ¹	18,499	16,860	11,901	19,909	820	21,400	30,000	31,700
FCF margin	3.28%	2.74%	2.14%	4.02%	0.15%	3.73%	4.91%	5.1%
FCF Conversion (EBITDA)	51.1%	40.97%	31.92%	52.28%	2.01%	48.86%	58.25%	61.2%
FCF Conversion (Net income)	93.89%	74.88%	59.07%	98%	3.87%	84.45%	110.38%	108.65%
Dividend per Share ²	26.00	28.00	28.00	28.00	32.00	41.00	43.67	45.75
Announcement Date	26/04/19	28/04/20	28/04/21	28/04/22	28/04/23	26/04/24	-	-

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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	2,78,993	-	2,53,813	3,02,232	1,12,254	2,20,331	1,23,453	1,51,783	2,75,236	1,09,018	1,24,675	2,33,693	1,33,808	1,74,078	3,07,886	1,18,782	1,43,039	2,61,821	1,41,536	1,95,070	1,23,700	1,52,700	1,50,700	1,98,900
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	15,247	19,446	13,448	16,593	6,485	13,452	7,160	10,031	17,191	5,852	7,778	13,630	7,791	11,327	19,118	6,767	8,978	15,745	9,187	16,002	7,300	10,500	10,600	-
Operating Margin	5.47%	-	5.3%	5.49%	5.78%	6.11%	5.8%	6.61%	6.25%	5.37%	6.24%	5.83%	5.82%	6.51%	6.21%	5.7%	6.28%	6.01%	6.49%	8.2%	5.9%	6.88%	7.03%	-
Earnings before Tax (EBT)	15,715	-	13,556	16,695	6,310	13,748	7,794	9,436	17,230	6,544	7,993	14,537	7,944	10,026	17,970	7,655	9,086	16,741	15,193	-	-	-	-	-
Net income ¹	9,936	-	8,837	11,310	4,097	8,861	5,089	6,365	11,454	4,309	5,199	9,508	5,234	6,425	11,659	5,069	6,034	11,103	8,944	7,298	5,400	7,300	8,100	9,700
Net margin	3.56%	-	3.48%	3.74%	3.65%	4.02%	4.12%	4.19%	4.16%	3.95%	4.17%	4.07%	3.91%	3.69%	3.79%	4.27%	4.22%	4.24%	6.32%	3.74%	4.37%	4.78%	5.37%	4.88%
EPS	48.65	-	43.26	-	-	43.38	24.91	-	-	21.09	-	46.54	25.61	-	-	24.81	-	54.33	43.77	-	-	-	-	-
Dividend per Share	15.00	13.00	14.00	-	-	14.00	-	-	14.00	-	-	15.00	-	-	17.00	-	-	17.00	-	-	-	-	-	-
Announcement Date	31/10/19	28/04/20	30/10/20	28/04/21	29/10/21	29/10/21	31/01/22	28/04/22	28/04/22	29/07/22	31/10/22	31/10/22	30/01/23	28/04/23	28/04/23	31/07/23	31/10/23	31/10/23	31/01/24	26/04/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	39,089	46,996	46,854	56,809	49,450	56,612	60,000	72,106
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	18,499	16,860	11,901	19,909	820	21,400	30,000	31,700
ROE (net income / shareholders' equity)	8.5%	9.3%	7.8%	7.3%	7.3%	8.6%	8.37%	8.37%
ROA (Net income/ Total Assets)	6.82%	7.5%	6.57%	6.84%	7.1%	8.08%	5.87%	5.2%
Assets ¹	2,89,069	3,00,249	3,06,881	2,96,838	2,97,936	3,38,255	4,63,295	5,61,058
Book Value Per Share ²	1,167	1,211	1,324	1,390	1,460	1,634	1,729	1,772
Cash Flow per Share ²	127.0	142.0	134.0	136.0	143.0	177.0	193.0	193.0
Capex ¹	9,752	12,295	7,317	9,125	9,663	6,000	9,000	9,000
Capex / Sales	1.73%	2%	1.32%	1.84%	1.78%	1.04%	1.47%	1.45%
Announcement Date	26/04/19	28/04/20	28/04/21	28/04/22	28/04/23	26/04/24	-	-

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 Kandenko Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,796 JPY

Average target price

1,670 JPY

Spread / Average Target

-7.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction & Engineering

	1st Jan change	Capi.
KANDENKO CO.,LTD.	+35.49%	2.43B
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FERROVIAL SE	+8.24%	28.05B
CHINA RAILWAY GROUP LIMITED	+15.14%	20.96B
WSP GLOBAL INC.	+17.76%	19.52B
EMCOR GROUP, INC.	+76.13%	17.64B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+28.45%	17.27B

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