Financials Nankai Electric Railway Co., Ltd.

Equities

9044

JP3653000004

Passenger Transportation, Ground & Sea

Delayed Japan Exchange Other stock markets 08:00:00 10/05/2024 am IST			5-day change	1st Jan Change
2,676 ^JPY	-0.22%		+0.15%	-6.53%

01/05	Nankai Electric Railway's Attributable Profit Jumps 64% in Fiscal 2024	MT
30/04	Nankai Electric Railway Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,46,268	2,78,653	2,87,938	2,67,674	3,31,196	3,03,633	-	-
Enterprise Value (EV) ¹	8,06,562	7,23,731	7,52,557	7,13,690	7,67,301	7,49,018	7,27,590	7,20,798
P/E ratio	26.6 x	13.4 x	-155 x	66.5 x	22.7 x	15.1 x	13.4 x	12.9 x
Yield	0.98%	1.32%	0.98%	1.06%	0.85%	1.1%	1.31%	1.62%
Capitalization / Revenue	1.52 x	1.22 x	1.51 x	1.33 x	1.5 x	1.5 x	1.21 x	1.16 x
EV / Revenue	3.55 x	3.17 x	3.94 x	3.54 x	3.47 x	3.1 x	2.9 x	2.75 x
EV / EBITDA	14.6 x	11.3 x	21.5 x	17.5 x	15.8 x	12.8 x	11.5 x	11.5 x
EV / FCF	-168 x	72.2 x	-114 x	32.1 x	60 x	14.5 x	526 x	58.4 x
FCF Yield	-0.6%	1.38%	-0.88%	3.11%	1.67%	6.9%	0.19%	1.71%
Price to Book	1.5 x	1.14 x	1.17 x	1.08 x	1.27 x	1.23 x	1.01 x	0.95 x
Nbr of stocks (in thousands)	1,13,345	1,13,273	1,13,272	1,13,277	1,13,229	1,13,233	-	-
Reference price ²	3,055	2,460	2,542	2,363	2,925	2,682	2,682	2,682
Announcement Date	26/04/19	30/04/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,27,424	2,28,015	1,90,813	2,01,793	2,21,280	2,41,594	2,51,300	2,61,770
EBITDA ¹	55,185	64,009	34,962	40,781	48,642	58,297	63,000	62,950
EBIT ¹	27,745	35,223	5,552	12,190	21,023	30,820	34,000	37,070
Operating Margin	12.2%	15.45%	2.91%	6.04%	9.5%	12.76%	13.53%	14.16%
Earnings before Tax (EBT) ¹	15,522	30,527	-1,197	8,184	19,374	33,793	32,700	34,900
Net income ¹	13,023	20,811	-1,861	4,021	14,623	23,926	22,619	23,457
Net margin	5.73%	9.13%	-0.98%	1.99%	6.61%	9.9%	9%	8.96%
EPS ²	114.9	183.7	-16.44	35.51	129.1	211.3	199.8	207.2
Free Cash Flow ¹	-4,809	10,020	-6,628	22,210	12,781	51,695	1,384	12,345
FCF margin	-2.11%	4.39%	-3.47%	11.01%	5.78%	21.4%	0.55%	4.72%
FCF Conversion (EBITDA)	-	15.65%	-	54.46%	26.28%	88.68%	2.2%	19.61%
FCF Conversion (Net income)	-	48.15%	-	552.35%	87.4%	216.06%	6.12%	52.63%
Dividend per Share ²	30.00	32.50	25.00	25.00	25.00	35.00	35.00	43.33
Announcement Date	26/04/19	30/04/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

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 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	1,16,829	90,970	47,956	91,614	56,743	53,436	51,842	1,08,240	55,548	57,492	54,845	62,827	1,17,672	66,417	57,505
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	21,175	253	2,503	3,797	6,065	2,328	4,797	9,446	6,442	5,135	6,827	7,410	14,237	12,523	4,060
Operating Margin	18.12%	0.28%	5.22%	4.14%	10.69%	4.36%	9.25%	8.73%	11.6%	8.93%	12.45%	11.79%	12.1%	18.86%	7.06%
Earnings before Tax (EBT)	19,947	-2,278	2,239	2,363	5,479	342	4,414	8,012	6,553	-	6,229	-	12,899	17,565	-
Net income ¹	13,398	-1,904	1,519	1,587	3,587	-1,153	3,147	7,116	4,569	2,938	4,235	-	8,867	13,037	2,022
Net margin	11.47%	-2.09%	3.17%	1.73%	6.32%	-2.16%	6.07%	6.57%	8.23%	5.11%	7.72%	-	7.54%	19.63%	3.52%
EPS	118.2	-16.81	13.41	14.01	31.67	-	27.79	62.83	40.35	-	37.40	-	78.32	115.1	-
Dividend per Share	15.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	31/10/19	30/10/20	29/10/21	29/10/21	31/01/22	28/04/22	01/08/22	31/10/22	31/01/23	28/04/23	01/08/23	31/10/23	31/10/23	31/01/24	30/04/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,60,294	4,45,078	4,64,619	4,46,016	4,36,105	3,87,693	4,23,957	4,17,165
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	8.341 x	6.953 x	13.29 x	10.94 x	8.966 x	6.65 x	6.729 x	6.627 x
Free Cash Flow ¹	-4,809	10,020	-6,628	22,210	12,781	51,695	1,384	12,345
ROE (net income / shareholders' equity)	5.8%	8.8%	-0.8%	1.6%	5.7%	8.6%	8.1%	7.56%
ROA (Net income/ Total Assets)	2.62%	3.44%	0.2%	1.05%	2.04%	3.11%	3.5%	2.74%
Assets ¹	4,96,508	6,05,548	-9,47,218	3,81,249	7,15,572	7,69,629	6,46,267	8,55,873
Book Value Per Share ²	2,037	2,158	2,176	2,189	2,306	2,584	2,653	2,823
Cash Flow per Share ²	357.0	438.0	243.0	288.0	373.0	454.0	534.0	548.0
Capex ¹	43,538	55,981	27,966	21,408	27,872	30,393	54,333	61,333
Capex / Sales	19.14%	24.55%	14.66%	10.61%	12.6%	12.58%	21.62%	23.43%
Announcement Date	26/04/19	30/04/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

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 Nankai Electric Railway Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,682 JPY

Average target price

3,657 JPY

Spread / Average Target

+36.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Passenger Transportation, Ground & Sea

	1st Jan change	Capi.
NANKAI ELECTRIC RAILWAY CO., LTD.	-6.53%	1.95B
CENTRAL JAPAN RAILWAY COMPANY	-3.46%	21.72B
WEST JAPAN RAILWAY COMPANY	+7.06%	9.84B
INDIAN RAILWAY CATERING & TOURISM CORPORATION LIMITED	+11.11%	9.66B
TOKYU CORPORATION	+8.25%	7.08B
HANKYU HANSHIN HOLDINGS, INC.	-9.45%	6.22B
KEISEI ELECTRIC RAILWAY CO., LTD	-11.18%	6.14B
KINTETSU GROUP HOLDINGS CO.,LTD.	-12.61%	4.75B
SEIBU HOLDINGS INC.	+2.25%	4.57B
ODAKYU ELECTRIC RAILWAY CO., LTD.	-16.88%	4B

Other Passenger Transportation, Ground & Sea