Financials Kawasaki Kisen Kaisha, Ltd.

Equities

9107

JP3223800008

Marine Freight & Logistics

Market Closed - Japan Exchange Other stock markets 11:30:00 26/04/2024 am IST			5-day change	1st Jan Change
2,092 ^JPY	+3.77%		+2.40%	+3.71%

19/03	Transcript : Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines, Ltd., Nippon Yusen Kabushiki Kaisha - Shareholder/Analyst Call
13/03	US Inflation, Light News Flow Churns Asian Stock Markets	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,10,994	75,737	2,36,450	7,48,051	7,48,146	14,78,618	-	-
Enterprise Value (EV) ¹	5,04,831	5,00,792	6,11,083	9,17,160	7,50,407	15,30,114	15,44,158	16,18,864
P/E ratio	-1 x	14.4 x	2.18 x	1.16 x	1.18 x	12.7 x	10.4 x	14.8 x
Yield	-	-	-	7.48%	13.2%	3.98%	3.8%	3.19%
Capitalization / Revenue	0.13 x	0.1 x	0.38 x	0.99 x	0.79 x	1.57 x	1.58 x	1.6 x
EV / Revenue	0.6 x	0.68 x	0.98 x	1.21 x	0.8 x	1.63 x	1.65 x	1.75 x
EV / EBITDA	31.4 x	9.8 x	27.1 x	15.2 x	6.19 x	11.5 x	11 x	12.3 x
EV / FCF	-4.82 x	-4.86 x	-51.2 x	4.16 x	1.83 x	20.3 x	19.2 x	19.7 x
FCF Yield	-20.7%	-20.6%	-1.95%	24.1%	54.5%	4.92%	5.2%	5.08%
Price to Book	1.07 x	0.75 x	1.08 x	0.85 x	0.49 x	0.97 x	0.93 x	0.91 x
Nbr of stocks (in thousands)	8,39,450	8,39,451	8,39,469	8,39,459	7,41,963	7,06,965	-	-
Reference price ²	132.2	90.22	281.7	891.1	1,008	2,092	2,092	2,092
Announcement Date	26/04/19	11/05/20	10/05/21	09/05/22	08/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,36,731	7,35,284	6,25,486	7,56,983	9,42,606	9,40,420	9,36,502	9,23,901
EBITDA ¹	16,053	51,093	22,583	60,484	1,21,253	1,33,615	1,39,897	1,31,533
EBIT ¹	-24,736	6,840	-21,286	17,663	78,857	91,796	90,817	82,139
Operating Margin	-2.96%	0.93%	-3.4%	2.33%	8.37%	9.76%	9.7%	8.89%
Earnings before Tax (EBT) ¹	-99,422	11,315	1,13,854	6,59,093	6,92,877	1,44,154	1,56,240	1,22,750
Net income ¹	-1,11,188	5,269	1,08,695	6,42,424	6,94,904	1,16,794	1,18,828	92,228
Net margin	-13.29%	0.72%	17.38%	84.87%	73.72%	12.42%	12.69%	9.98%
EPS ²	-132.5	6.278	129.5	765.3	857.0	164.5	200.3	141.3
Free Cash Flow ¹	-1,04,719	-1,02,945	-11,935	2,20,612	4,09,304	75,266	80,320	82,227
FCF margin	-12.52%	-14%	-1.91%	29.14%	43.42%	8%	8.58%	8.9%
FCF Conversion (EBITDA)	-	-	-	364.74%	337.56%	56.33%	57.41%	62.51%
FCF Conversion (Net income)	-	-	-	34.34%	58.9%	64.44%	67.59%	89.16%
Dividend per Share ²	-	-	-	66.67	133.3	83.28	79.47	66.66
Announcement Date	26/04/19	11/05/20	10/05/21	09/05/22	08/05/23	-	-	-

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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	3,72,396	3,62,888	3,00,101	3,25,385	1,82,813	3,57,556	1,98,939	2,00,488	2,28,498	2,54,399	4,82,897	2,45,894	2,13,815	2,22,205	2,36,768	4,58,973	2,56,385	2,26,150
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	11,065	-4,225	-10,202	-11,084	7,782	10,182	13,121	-5,640	18,878	34,120	52,998	27,595	-1,736	19,637	25,018	44,655	25,498	21,600
Operating Margin	2.97%	-1.16%	-3.4%	-3.41%	4.26%	2.85%	6.6%	-2.81%	8.26%	13.41%	10.98%	11.22%	-0.81%	8.84%	10.57%	9.73%	9.95%	9.55%
Earnings before Tax (EBT) ¹	19,283	-	12,523	-	1,46,429	2,55,117	1,80,812	2,23,164	2,69,103	-	5,70,702	73,560	-	51,117	-	87,424	11,784	55,250
Net income	16,311	-	9,629	-	1,44,021	2,46,008	1,77,331	2,19,085	2,66,639	2,98,791	5,65,430	72,791	-	38,574	24,604	63,178	10,822	-
Net margin	4.38%	-	3.21%	-	78.78%	68.8%	89.14%	109.28%	116.69%	117.45%	117.09%	29.6%	-	17.36%	10.39%	13.77%	4.22%	-
EPS	19.43	-	11.47	-	171.6	293.1	211.2	261.0	316.9	353.0	669.9	99.17	-	52.00	-	86.09	15.87	-
Dividend per Share	-	-	-	-	-	-	-	66.67	-	33.33	33.33	-	-	-	-	33.33	-	-
Announcement Date	31/10/19	11/05/20	05/11/20	10/05/21	04/11/21	04/11/21	03/02/22	09/05/22	03/08/22	04/11/22	04/11/22	03/02/23	08/05/23	02/08/23	02/11/23	02/11/23	02/02/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,93,837	4,25,055	3,74,633	1,69,109	2,261	51,496	65,540	1,40,246
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	24.53 x	8.319 x	16.59 x	2.796 x	0.0186 x	0.3854 x	0.4685 x	1.066 x
Free Cash Flow ¹	-1,04,719	-1,02,945	-11,935	2,20,612	4,09,304	75,266	80,320	82,227
ROE (net income / shareholders' equity)	-69.4%	5.1%	68.1%	117%	57.9%	7.65%	8.26%	6.2%
ROA (Net income/ Total Assets)	-4.91%	0.8%	9.57%	51.6%	38.1%	5.96%	7.34%	4.69%
Assets ¹	22,64,328	6,57,056	11,35,973	12,45,547	18,24,461	19,60,834	16,19,055	19,68,303
Book Value Per Share ²	123.0	120.0	260.0	1,054	2,043	2,158	2,252	2,300
Cash Flow per Share ²	-83.90	59.00	182.0	816.0	909.0	228.0	240.0	187.0
Capex ¹	97,911	81,148	45,332	43,442	71,827	1,13,750	1,15,528	1,26,528
Capex / Sales	11.7%	11.04%	7.25%	5.74%	7.62%	12.1%	12.34%	13.69%
Announcement Date	26/04/19	11/05/20	10/05/21	09/05/22	08/05/23	-	-	-

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 Kawasaki Kisen Kaisha, Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

2,092 JPY

Average target price

1,706 JPY

Spread / Average Target

-18.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
KAWASAKI KISEN KAISHA, LTD.	+3.71%	9.39B
HAPAG-LLOYD AG	+26.15%	31.49B
COSCO SHIPPING HOLDINGS CO., LTD.	+21.40%	23.83B
AP MOLLER MAERSK	-14.33%	23.03B
NIPPON YUSEN KABUSHIKI KAISHA	-3.80%	12.27B
MITSUI O.S.K. LINES LTD	+4.34%	10.85B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+45.92%	9.64B
ADNOC LOGISTICS & SERVICES PLC	+4.18%	7.96B
HMM CO.,LTD	-22.98%	7.55B
SITC INTERNATIONAL HOLDINGS COMPANY LIMITED	+31.31%	5.97B

Other Marine Freight & Logistics