Financials K's Holdings Corporation

Equities

8282

JP3277150003

Computer & Electronics Retailers

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 am EDT			5-day change	1st Jan Change
1,490 ^JPY	+0.91%		-0.27%	+12.76%

May. 09	K's Holdings Corporation announces an Equity Buyback for 18,000,000 shares, representing 10.28% for ¥20,000 million.	CI
May. 09	K's Holdings Corporation authorizes a Buyback Plan.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	223,548	222,953	316,561	240,151	187,991	260,221	-	-
Enterprise Value (EV) ¹	267,508	246,358	298,470	238,613	251,608	234,015	287,377	292,841
P/E ratio	9.52 x	10.6 x	8.33 x	8.91 x	10.6 x	32.2 x	15.6 x	13.9 x
Yield	3.05%	2.93%	2.63%	3.4%	3.78%	3.28%	2.98%	3.04%
Capitalization / Revenue	0.32 x	0.31 x	0.4 x	0.32 x	0.25 x	0.33 x	0.35 x	0.34 x
EV / Revenue	0.39 x	0.35 x	0.38 x	0.32 x	0.34 x	0.33 x	0.39 x	0.39 x
EV / EBITDA	5.68 x	5.24 x	4.52 x	4.25 x	5.58 x	7.97 x	7.8 x	7.48 x
EV / FCF	14.9 x	5.09 x	7.97 x	16.3 x	-10.4 x	12.9 x	20.5 x	17.7 x
FCF Yield	6.7%	19.6%	12.5%	6.14%	-9.58%	7.77%	4.89%	5.65%
Price to Book	0.88 x	0.87 x	1.14 x	0.87 x	0.76 x	0.87 x	0.92 x	0.89 x
Nbr of stocks (in thousands)	227,645	217,940	208,127	190,144	161,643	174,703	-	-
Reference price ²	982.0	1,023	1,521	1,263	1,163	1,490	1,490	1,490
Announcement Date	5/9/19	5/14/20	5/6/21	5/9/22	5/10/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	689,125	708,222	792,542	747,219	737,320	718,369	739,021	754,461
EBITDA ¹	47,064	46,973	65,988	56,102	45,056	36,497	36,844	39,147
EBIT ¹	32,722	32,989	51,737	41,755	30,129	18,724	23,265	25,092
Operating Margin	4.75%	4.66%	6.53%	5.59%	4.09%	2.61%	3.15%	3.33%
Earnings before Tax (EBT) ¹	34,647	32,870	54,800	41,801	31,286	14,440	24,772	26,788
Net income ¹	23,807	21,525	38,734	28,547	21,120	7,380	16,335	17,826
Net margin	3.45%	3.04%	4.89%	3.82%	2.86%	1.03%	2.21%	2.36%
EPS ²	103.1	96.22	182.7	141.7	110.2	41.64	95.36	107.5
Free Cash Flow ¹	17,914	48,409	37,434	14,660	-24,101	22,601	14,052	16,541
FCF margin	2.6%	6.84%	4.72%	1.96%	-3.27%	3.13%	1.9%	2.19%
FCF Conversion (EBITDA)	38.06%	103.06%	56.73%	26.13%	-	61.93%	38.14%	42.25%
FCF Conversion (Net income)	75.25%	224.9%	96.64%	51.35%	-	148.03%	86.02%	92.79%
Dividend per Share ²	30.00	30.00	40.00	43.00	44.00	44.00	44.33	45.33
Announcement Date	5/9/19	5/14/20	5/6/21	5/9/22	5/10/23	5/9/24	-	-

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 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	377,054	405,272	194,417	375,174	186,420	185,625	177,089	192,395	369,484	186,918	180,918	166,309	196,443	362,752	179,988	175,629	171,546	197,777	186,121	180,805
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	22,476	31,676	10,512	21,947	9,336	10,472	6,895	9,117	16,012	6,095	8,022	2,651	8,167	10,818	3,078	4,828	3,406	8,379	4,153	6,862
Operating Margin	5.96%	7.82%	5.41%	5.85%	5.01%	5.64%	3.89%	4.74%	4.33%	3.26%	4.43%	1.59%	4.16%	2.98%	1.71%	2.75%	1.99%	4.24%	2.23%	3.8%
Earnings before Tax (EBT)	24,428	33,966	-	24,228	10,631	-	8,336	-	18,741	7,657	-	3,711	-	12,722	4,216	-	-	-	-	-
Net income ¹	16,751	23,189	8,136	16,632	7,244	4,671	5,505	7,061	12,566	5,138	3,416	2,564	6,094	8,658	2,827	-4,105	3,074	6,274	3,658	4,500
Net margin	4.44%	5.72%	4.18%	4.43%	3.89%	2.52%	3.11%	3.67%	3.4%	2.75%	1.89%	1.54%	3.1%	2.39%	1.57%	-2.34%	1.79%	3.17%	1.97%	2.49%
EPS ²	73.74	109.3	39.60	80.78	36.41	24.51	28.89	37.03	65.92	26.93	17.32	14.14	34.11	48.25	16.27	-22.88	19.35	37.22	22.14	3.489
Dividend per Share ²	15.00	15.00	-	20.00	-	-	-	-	22.00	-	-	-	22.00	22.00	-	22.00	-	23.00	-	23.00
Announcement Date	11/8/19	11/4/20	11/4/21	11/4/21	2/1/22	5/9/22	8/2/22	11/4/22	11/4/22	2/1/23	5/10/23	8/8/23	11/7/23	11/7/23	2/6/24	5/9/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	43,960	23,405	-	-	63,617	30,574	27,156	32,621
Net Cash position ¹	-	-	18,091	1,538	-	-	-	-
Leverage (Debt/EBITDA)	0.934 x	0.4983 x	-	-	1.412 x	0.8377 x	0.737 x	0.8333 x
Free Cash Flow ¹	17,914	48,409	37,434	14,660	-24,101	22,601	14,052	16,541
ROE (net income / shareholders' equity)	9.6%	8.5%	14.7%	10.4%	7.6%	2.7%	6.1%	6.58%
ROA (Net income/ Total Assets)	9.47%	9.26%	13.9%	10.7%	7.87%	5.15%	6.3%	5.82%
Assets ¹	251,362	232,355	278,993	266,799	268,220	143,440	259,285	306,285
Book Value Per Share ²	1,119	1,183	1,333	1,450	1,530	1,539	1,618	1,682
Cash Flow per Share	165.0	159.0	250.0	213.0	188.0	127.0	-	-
Capex ¹	9,247	12,262	19,791	9,074	21,924	14,498	18,000	14,770
Capex / Sales	1.34%	1.73%	2.5%	1.21%	2.97%	2.01%	2.44%	1.96%
Announcement Date	5/9/19	5/14/20	5/6/21	5/9/22	5/10/23	5/9/24	-	-

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 K's Holdings Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,490 JPY

Average target price

1,390 JPY

Spread / Average Target

-6.68%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Consumer Electronics Retailers

	1st Jan change	Capi.
K'S HOLDINGS CORPORATION	+12.76%	1.67B
YAMADA HOLDINGS CO., LTD.	-1.16%	1.92B
SUNING.COM CO., LTD.	-14.69%	1.91B
AO WORLD PLC	+5.95%	752M
ADITYA VISION LIMITED	+2.05%	544M
ELECTRA CONSUMER PRODUCTS (1970) LTD	+10.61%	508M
JOSHIN DENKI CO., LTD.	+4.28%	424M
KOJIMA CO.,LTD.	+6.65%	412M
E-LIFE CORPORATION	-0.59%	258M
TEKNOSA IÇ VE DIS TICARET ANONIM SIRKETI	+37.91%	256M

Consumer Electronics Retailers