Financials KDDI Corporation

Equities

9433

JP3496400007

Wireless Telecommunications Services

Market Closed - Japan Exchange 11:30:00 26/04/2024 am IST 5-day change 1st Jan Change
4,380 JPY +0.76% Intraday chart for KDDI Corporation +3.01% -2.36%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 56,33,335 73,36,707 77,44,905 89,10,365 88,29,098 91,25,808 - -
Enterprise Value (EV) 1 65,78,327 86,47,871 81,79,659 97,13,856 96,01,040 1,05,72,318 1,06,36,251 1,04,66,401
P/E ratio 9.2 x 11.6 x 11.9 x 13.3 x 13.2 x 13.8 x 12.4 x 11.5 x
Yield 4.4% 3.61% 3.53% 3.12% 3.3% 3.22% 3.44% 3.67%
Capitalization / Revenue 1.11 x 1.4 x 1.46 x 1.64 x 1.56 x 1.57 x 1.53 x 1.48 x
EV / Revenue 1.29 x 1.65 x 1.54 x 1.78 x 1.69 x 1.82 x 1.78 x 1.7 x
EV / EBITDA 4.17 x 5.04 x 4.58 x 5.43 x 5.42 x 5.9 x 5.75 x 5.51 x
EV / FCF 20.9 x 12.1 x 7.99 x 13.7 x 27.7 x 17.7 x 14.7 x 14.5 x
FCF Yield 4.79% 8.24% 12.5% 7.28% 3.61% 5.66% 6.78% 6.9%
Price to Book 1.34 x 1.67 x 1.62 x 1.78 x 1.72 x 1.77 x 1.6 x 1.5 x
Nbr of stocks (in thousands) 23,61,985 22,99,908 22,81,268 22,24,810 21,57,121 20,83,518 - -
Reference price 2 2,385 3,190 3,395 4,005 4,093 4,380 4,380 4,380
Announcement Date 15/05/19 14/05/20 14/05/21 13/05/22 11/05/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 50,80,353 52,37,221 53,12,599 54,46,708 56,71,762 58,00,164 59,83,695 61,48,887
EBITDA 1 15,76,131 17,15,162 17,86,170 17,88,693 17,72,901 17,93,380 18,48,218 18,99,520
EBIT 1 10,13,729 10,25,237 10,37,395 10,60,592 10,75,749 10,61,239 11,53,876 12,07,485
Operating Margin 19.95% 19.58% 19.53% 19.47% 18.97% 18.3% 19.28% 19.64%
Earnings before Tax (EBT) 1 10,10,275 10,20,699 10,38,056 10,64,497 10,77,878 10,87,499 11,48,310 12,04,340
Net income 1 6,17,669 6,39,767 6,51,496 6,72,486 6,77,469 6,92,493 7,27,398 7,64,700
Net margin 12.16% 12.22% 12.26% 12.35% 11.94% 11.94% 12.16% 12.44%
EPS 2 259.1 275.7 284.2 300.0 310.2 317.4 354.4 381.2
Free Cash Flow 1 3,15,028 7,12,406 10,23,241 7,07,055 3,46,389 5,98,552 7,21,549 7,22,052
FCF margin 6.2% 13.6% 19.26% 12.98% 6.11% 10.32% 12.06% 11.74%
FCF Conversion (EBITDA) 19.99% 41.54% 57.29% 39.53% 19.54% 33.38% 39.04% 38.01%
FCF Conversion (Net income) 51% 111.35% 157.06% 105.14% 51.13% 86.43% 99.2% 94.42%
Dividend per Share 2 105.0 115.0 120.0 125.0 135.0 141.2 150.9 160.8
Announcement Date 15/05/19 14/05/20 14/05/21 13/05/22 11/05/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2021 S1 2022 Q2 2022 S1 2022 Q3 2022 Q4 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
Net sales 1 25,64,457 25,37,196 13,24,897 26,25,161 13,88,665 14,32,882 13,51,676 13,89,160 27,40,836 14,42,057 14,88,869 29,30,926 13,32,576 14,46,391 27,78,967 14,86,564 15,08,481 30,01,032 13,93,063 14,88,000 28,65,000 15,22,000 15,43,000 30,95,000
EBITDA 1 - - 4,59,450 - 4,76,257 3,68,670 4,70,201 4,36,164 - - 4,06,807 - 4,36,542 4,64,343 - 4,60,723 3,50,167 - 4,69,000 4,79,000 - 4,84,000 4,31,000 -
EBIT 1 5,53,407 5,88,763 2,73,882 5,73,075 3,01,496 1,86,021 2,96,935 2,61,592 5,58,527 2,84,893 2,32,329 5,17,222 2,66,668 2,93,651 5,60,319 2,87,558 2,33,782 - 2,92,500 3,12,500 6,08,000 3,23,000 2,62,850 6,12,000
Operating Margin 21.58% 23.21% 20.67% 21.83% 21.71% 12.98% 21.97% 18.83% 20.38% 19.76% 15.6% 17.65% 20.01% 20.3% 20.16% 19.34% 15.5% - 21% 21% 21.22% 21.22% 17.03% 19.77%
Earnings before Tax (EBT) 1 5,50,195 5,88,385 2,74,291 5,74,471 3,03,308 1,86,718 3,00,545 2,59,412 5,59,957 2,82,040 2,35,881 5,17,921 2,76,838 3,06,420 5,83,258 2,86,238 1,66,252 5,60,742 2,94,500 3,14,500 6,14,000 3,25,000 2,65,500 6,18,000
Net income 1 3,47,545 3,72,899 1,71,579 3,61,469 1,92,752 1,18,265 1,91,797 1,62,581 3,54,378 1,77,990 1,45,101 3,23,091 1,76,943 1,91,752 3,68,695 1,76,898 1,34,644 3,45,369 1,84,620 1,97,890 3,82,560 2,05,040 1,61,640 3,85,360
Net margin 13.55% 14.7% 12.95% 13.77% 13.88% 8.25% 14.19% 11.7% 12.93% 12.34% 9.75% 11.02% 13.28% 13.26% 13.27% 11.9% 8.93% 11.51% 13.25% 13.3% 13.35% 13.47% 10.48% 12.45%
EPS 2 148.7 162.1 76.22 160.3 86.20 53.57 87.01 74.11 161.1 81.79 67.34 - 82.02 89.74 171.8 84.59 68.09 - 86.40 96.50 182.9 102.8 81.40 184.2
Dividend per Share 2 55.00 60.00 60.00 60.00 - 65.00 - 65.00 65.00 - 70.00 70.00 - 70.00 70.00 - 75.00 75.00 - 75.00 75.00 - 80.00 80.00
Announcement Date 01/11/19 30/10/20 29/10/21 29/10/21 28/01/22 13/05/22 29/07/22 02/11/22 02/11/22 02/02/23 11/05/23 11/05/23 28/07/23 02/11/23 02/11/23 02/02/24 - - - - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 9,44,992 13,11,164 4,34,754 8,03,491 7,71,942 14,46,510 15,10,443 13,40,593
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.5996 x 0.7645 x 0.2434 x 0.4492 x 0.4354 x 0.8066 x 0.8172 x 0.7058 x
Free Cash Flow 1 3,15,028 7,12,406 10,23,241 7,07,055 3,46,389 5,98,552 7,21,549 7,22,052
ROE (net income / shareholders' equity) 15.5% 14.9% 14.2% 13.8% 13.4% 13.4% 13.3% 13.5%
ROA (Net income/ Total Assets) 14.5% 12.1% 10.3% 9.85% 9.37% 5.88% 5.76% 5.78%
Assets 1 42,50,660 52,99,713 63,12,352 68,29,023 72,28,626 1,17,76,288 1,26,28,873 1,32,19,381
Book Value Per Share 2 1,779 1,906 2,092 2,249 2,375 2,475 2,731 2,921
Cash Flow per Share 2 495.0 573.0 602.0 625.0 630.0 642.0 702.0 717.0
Capex 1 6,02,138 6,15,054 6,24,636 6,75,567 6,34,125 6,72,578 6,52,751 6,63,662
Capex / Sales 11.85% 11.74% 11.76% 12.4% 11.18% 11.6% 10.91% 10.79%
Announcement Date 15/05/19 14/05/20 14/05/21 13/05/22 11/05/23 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
4,380 JPY
Average target price
4,907 JPY
Spread / Average Target
+12.03%
Consensus
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