Financials Kawada Technologies, Inc.

Equities

3443

JP3226300006

Construction & Engineering

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-02 am EDT			5-day change	1st Jan Change
2,942 ^JPY	-0.54%		+1.10%	+35.16%

Feb. 15	Kawada Technologies, Inc. Provides Year End Dividend Guidance for the Year Ending March 31, 2024	CI
Feb. 15	Kawada Technologies, Inc. Revises Consolidated Earnings Guidance for the Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	46,081	31,787	27,746	21,309	22,125	50,679	-	-
Enterprise Value (EV) ¹	55,088	48,874	52,776	28,608	43,158	50,679	50,679	50,679
P/E ratio	7.56 x	4.92 x	4.37 x	4.11 x	5.23 x	8.57 x	7.66 x	6.93 x
Yield	1.27%	1.48%	1.7%	2.77%	5.58%	3.4%	3.63%	3.85%
Capitalization / Revenue	0.39 x	0.25 x	0.24 x	0.21 x	0.19 x	0.39 x	0.37 x	0.36 x
EV / Revenue	0.39 x	0.25 x	0.24 x	0.21 x	0.19 x	0.39 x	0.37 x	0.36 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	4.49 x	-3.99 x	-4.94 x	1.16 x	-1.61 x	15.2 x	16 x	10.7 x
FCF Yield	22.3%	-25.1%	-20.2%	86.6%	-62.2%	6.6%	6.26%	9.35%
Price to Book	0.85 x	0.53 x	0.42 x	0.3 x	0.29 x	-	-	-
Nbr of stocks (in thousands)	17,566	17,627	17,672	17,708	17,630	17,226	-	-
Reference price ²	2,623	1,803	1,570	1,203	1,255	2,942	2,942	2,942
Announcement Date	5/14/19	5/22/20	5/13/21	5/12/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	118,369	127,048	115,545	103,760	118,086	131,000	136,500	142,000
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	6,065	6,759	5,565	6,412	5,025	7,800	8,500	9,200
Operating Margin	5.12%	5.32%	4.82%	6.18%	4.26%	5.95%	6.23%	6.48%
Earnings before Tax (EBT) ¹	7,892	8,053	8,043	7,359	5,933	9,000	10,000	11,000
Net income ¹	6,063	6,449	6,340	5,176	4,231	5,900	6,600	7,300
Net margin	5.12%	5.08%	5.49%	4.99%	3.58%	4.5%	4.84%	5.14%
EPS ²	347.1	366.2	359.1	292.5	239.9	343.1	383.9	424.6
Free Cash Flow ¹	10,268	-7,970	-5,615	18,443	-13,760	3,344	3,170	4,740
FCF margin	8.67%	-6.27%	-4.86%	17.77%	-11.65%	2.55%	2.32%	3.34%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	169.36%	-	-	356.32%	-	56.68%	48.03%	64.93%
Dividend per Share ²	33.33	26.67	26.67	33.33	70.00	100.0	106.7	113.3
Announcement Date	5/14/19	5/22/20	5/13/21	5/12/22	5/12/23	-	-	-

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	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	61,007	66,041	56,067	59,478	27,454	52,781	25,400	25,579	50,979	23,232	27,532	50,764	30,540	36,782	67,322	31,312	33,013	64,325	32,559	34,321	66,675
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	726	6,033	-1,340	6,905	3,448	4,414	987	1,011	1,998	-394	714	320	1,040	3,665	4,705	354	2,742	3,096	2,166	2,538	4,704
Operating Margin	1.19%	9.14%	-2.39%	11.61%	12.56%	8.36%	3.89%	3.95%	3.92%	-1.7%	2.59%	0.63%	3.41%	9.96%	6.99%	1.13%	8.31%	4.81%	6.65%	7.39%	7.06%
Earnings before Tax (EBT) ¹	1,949	6,104	529	7,514	3,223	4,768	962	1,629	2,591	-312	1,093	781	1,150	-	-	857	2,838	3,695	2,447	2,858	5,305
Net income ¹	1,705	4,744	833	5,507	2,133	3,341	573	1,262	1,835	-155	734	579	751	2,901	3,652	629	1,965	2,594	1,440	1,866	3,306
Net margin	2.79%	7.18%	1.49%	9.26%	7.77%	6.33%	2.26%	4.93%	3.6%	-0.67%	2.67%	1.14%	2.46%	7.89%	5.42%	2.01%	5.95%	4.03%	4.42%	5.44%	4.96%
EPS	96.91	-	47.23	-	-	188.9	32.32	-	-	-8.780	-	32.88	42.57	-	-	35.71	-	147.8	83.64	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/12/19	5/22/20	11/11/20	5/13/21	11/10/21	11/10/21	2/10/22	5/12/22	5/12/22	8/9/22	11/11/22	11/11/22	2/14/23	5/12/23	5/12/23	8/9/23	11/10/23	11/10/23	2/9/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	9,007	17,087	25,030	7,299	21,033	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	10,268	-7,970	-5,615	18,443	-13,760	3,344	3,170	4,740
ROE (net income / shareholders' equity)	11.8%	11.3%	10.1%	7.6%	5.8%	-	-	-
ROA (Net income/ Total Assets)	6.78%	6.4%	5.62%	5.48%	4.26%	-	-	-
Assets ¹	89,384	100,836	112,849	94,494	99,257	-	-	-
Book Value Per Share	3,103	3,395	3,740	4,010	4,288	-	-	-
Cash Flow per Share	495.0	520.0	518.0	456.0	403.0	-	-	-
Capex ¹	2,763	3,844	3,068	2,554	4,087	3,000	3,500	3,500
Capex / Sales	2.33%	3.03%	2.66%	2.46%	3.46%	2.29%	2.56%	2.46%
Announcement Date	5/14/19	5/22/20	5/13/21	5/12/22	5/12/23	-	-	-

¹JPY in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Kawada Technologies, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,942 JPY

Average target price

3,833 JPY

Spread / Average Target

+30.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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