WEST JAPAN RAILWAY COMPANY Financials West Japan Railway Company
Equities
9021
JP3659000008
Passenger Transportation, Ground & Sea
|
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3,207 JPY | -1.32% |
|
+8.22% | +9.06% |
| 02/05 | West Japan Railway Gets Board's Go-Ahead for Up to 50 Billion Yen Share Buyback | MT |
| 02/05 | West Japan Railway Ups Dividend for Fiscal Year Ended March | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 16,04,020 | 14,14,150 | 11,73,042 | 12,41,552 | 13,29,793 | 15,63,154 | - | - |
| Enterprise Value (EV) 1 | 25,79,420 | 24,37,616 | 25,41,706 | 25,60,856 | 26,14,165 | 28,69,283 | 30,55,154 | 30,73,953 |
| P/E ratio | 15.6 x | 15.8 x | -5.03 x | -9.87 x | 15 x | 7.74 x | 15.1 x | 14.4 x |
| Yield | 2.1% | 2.47% | 1.63% | 1.96% | 2.29% | 2.26% | 2.3% | 2.42% |
| Capitalization / Revenue | 1.05 x | 0.94 x | 1.31 x | 1.2 x | 0.95 x | 0.94 x | 0.92 x | 0.88 x |
| EV / Revenue | 1.69 x | 1.62 x | 2.83 x | 2.48 x | 1.87 x | 1.75 x | 1.8 x | 1.73 x |
| EV / EBITDA | 7.14 x | 7.36 x | -35.3 x | 61.3 x | 10.7 x | 8.36 x | 8.91 x | 8.21 x |
| EV / FCF | 61 x | -63.2 x | -7.34 x | -9.31 x | 44.3 x | 38.4 x | -147 x | 8,900 x |
| FCF Yield | 1.64% | -1.58% | -13.6% | -10.7% | 2.26% | 2.6% | -0.68% | 0.01% |
| Price to Book | 1.49 x | 1.26 x | 1.38 x | 1.28 x | 1.29 x | 0.69 x | 1.36 x | 1.26 x |
| Nbr of stocks (in thousands) | 3,84,703 | 3,82,409 | 3,82,410 | 4,87,744 | 4,87,371 | 4,87,419 | - | - |
| Reference price 2 | 4,170 | 3,698 | 3,068 | 2,546 | 2,728 | 3,207 | 3,207 | 3,207 |
| 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 | 15,29,308 | 15,08,201 | 8,98,172 | 10,31,103 | 13,95,531 | 16,35,023 | 16,98,684 | 17,76,820 |
| EBITDA 1 | 3,61,300 | 3,31,076 | -72,076 | 41,777 | 2,43,625 | 3,43,070 | 3,42,900 | 3,74,300 |
| EBIT 1 | 1,96,946 | 1,60,628 | -2,45,544 | -1,19,091 | 83,970 | 1,79,748 | 1,72,299 | 1,84,750 |
| Operating Margin | 12.88% | 10.65% | -27.34% | -11.55% | 6.02% | 10.99% | 10.14% | 10.4% |
| Earnings before Tax (EBT) 1 | 1,57,173 | 1,40,662 | -2,74,740 | -1,05,573 | 72,873 | 1,45,182 | 1,58,050 | 1,74,000 |
| Net income 1 | 1,02,750 | 89,380 | -2,33,214 | -1,13,198 | 88,528 | 98,761 | 1,03,440 | 1,13,200 |
| Net margin | 6.72% | 5.93% | -25.97% | -10.98% | 6.34% | 6.04% | 6.09% | 6.37% |
| EPS 2 | 266.7 | 233.4 | -609.9 | -258.0 | 181.6 | 405.2 | 212.2 | 223.2 |
| Free Cash Flow 1 | 42,308 | -38,555 | -3,46,455 | -2,75,179 | 59,062 | 74,663 | -20,846 | 345.4 |
| FCF margin | 2.77% | -2.56% | -38.57% | -26.69% | 4.23% | 4.57% | -1.23% | 0.02% |
| FCF Conversion (EBITDA) | 11.71% | - | - | - | 24.24% | 21.76% | - | 0.09% |
| FCF Conversion (Net income) | 41.18% | - | - | - | 66.72% | 75.6% | - | 0.31% |
| Dividend per Share 2 | 87.50 | 91.25 | 50.00 | 50.00 | 62.50 | 71.00 | 73.92 | 77.57 |
| 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 | 2020 S2 | 2021 S1 | 2021 S2 | 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 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 7,62,035 | 7,46,166 | 3,89,971 | 5,08,201 | 2,34,866 | 4,36,834 | 2,93,156 | 3,01,113 | 2,97,144 | 3,19,561 | 6,16,705 | 3,58,140 | 4,20,686 | - | 3,69,270 | 4,00,632 | 7,69,902 | 4,24,420 | 4,40,701 | 3,85,600 | 4,08,900 | 4,24,600 | 4,57,000 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 1,28,873 | 31,755 | -1,44,731 | -1,00,813 | -36,713 | -86,100 | 6,636 | -39,627 | 19,535 | 14,319 | 33,854 | 36,141 | 13,975 | - | 52,210 | 54,082 | 1,06,292 | 66,154 | 7,302 | 59,200 | 59,000 | 53,400 | 800 |
| Operating Margin | 16.91% | 4.26% | -37.11% | -19.84% | -15.63% | -19.71% | 2.26% | -13.16% | 6.57% | 4.48% | 5.49% | 10.09% | 3.32% | - | 14.14% | 13.5% | 13.81% | 15.59% | 1.66% | 15.35% | 14.43% | 12.58% | 0.18% |
| Earnings before Tax (EBT) | 1,19,240 | - | -1,63,360 | - | -28,009 | -79,941 | 19,825 | -45,457 | 21,239 | 11,671 | 32,910 | 31,451 | 8,512 | - | 48,478 | 49,680 | 98,158 | 62,714 | - | - | - | - | - |
| Net income 1 | 80,483 | - | -1,28,115 | - | -36,549 | -68,634 | 14,613 | -59,177 | 57,872 | 6,645 | 64,517 | 22,855 | 1,156 | - | 33,313 | 33,830 | 67,143 | 42,745 | -11,127 | - | - | - | - |
| Net margin | 10.56% | - | -32.85% | - | -15.56% | -15.71% | 4.98% | -19.65% | 19.48% | 2.08% | 10.46% | 6.38% | 0.27% | - | 9.02% | 8.44% | 8.72% | 10.07% | -2.52% | - | - | - | - |
| EPS | 209.9 | - | -335.0 | - | -92.12 | -176.0 | 48.20 | -130.2 | 118.7 | 13.66 | 132.4 | 46.90 | 2.380 | - | 68.36 | 69.40 | 137.8 | 87.70 | - | - | - | - | - |
| Dividend per Share | 47.50 | - | 25.00 | - | 25.00 | 25.00 | - | 25.00 | - | 25.00 | 25.00 | - | - | 37.50 | - | - | 28.75 | - | - | - | - | - | - |
| Announcement Date | 28/10/19 | 30/04/20 | 30/10/20 | 30/04/21 | 02/11/21 | 02/11/21 | 31/01/22 | 28/04/22 | 02/08/22 | 01/11/22 | 01/11/22 | 31/01/23 | 28/04/23 | 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 | 9,75,400 | 10,23,466 | 13,68,664 | 13,19,304 | 12,84,372 | 13,40,247 | 14,92,000 | 15,10,799 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.7 x | 3.091 x | -18.99 x | 31.58 x | 5.272 x | 3.907 x | 4.351 x | 4.036 x |
| Free Cash Flow 1 | 42,308 | -38,555 | -3,46,455 | -2,75,179 | 59,062 | 74,663 | -20,846 | 345 |
| ROE (net income / shareholders' equity) | 9.8% | 8.1% | -23.7% | -12.4% | 8.8% | 9.2% | 9.42% | 9.4% |
| ROA (Net income/ Total Assets) | 5.81% | 4.56% | -7.62% | -3.37% | 1.98% | 4.46% | 3.4% | 2.78% |
| Assets 1 | 17,68,490 | 19,61,938 | 30,60,403 | 33,58,094 | 44,72,105 | 22,16,589 | 30,42,357 | 40,78,912 |
| Book Value Per Share 2 | 2,806 | 2,924 | 2,230 | 1,987 | 2,123 | 4,538 | 2,361 | 2,539 |
| Cash Flow per Share 2 | 690.0 | 679.0 | -156.0 | 109.0 | 509.0 | 1,075 | 578.0 | 606.0 |
| Capex 1 | 2,57,264 | 2,78,707 | 2,43,160 | 2,38,473 | 2,35,617 | 2,67,437 | 3,05,250 | 3,03,750 |
| Capex / Sales | 16.82% | 18.48% | 27.07% | 23.13% | 16.88% | 16.36% | 17.97% | 17.1% |
| 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
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
3,207
JPY
Average target price
3,326
JPY
Spread / Average Target
+3.70%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +9.06% | 10.22B | |
| +0.98% | 23.29B | |
| +18.59% | 10.1B | |
| +8.13% | 7.29B | |
| -8.58% | 6.46B | |
| -11.55% | 6.27B | |
| -11.67% | 4.91B | |
| -17.50% | 4.15B | |
| -22.74% | 3.96B | |
| -13.65% | 3.06B |
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