Financials Raito Kogyo Co., Ltd.

Equities

1926

JP3965800000

Construction & Engineering

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-03 am EDT			5-day change	1st Jan Change
2,029 ^JPY	+0.95%		+0.64%	+7.35%

Apr. 02	Tranche Update on Raito Kogyo Co., Ltd.'s Equity Buyback Plan announced on February 7, 2024.	CI
Mar. 31	Raito Kogyo Co., Ltd.'s Equity Buyback announced on February 7, 2024, has closed with 627,400 shares, representing 11.88% for ¥1,196.35 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	77,817	63,657	97,534	99,689	96,502	98,174	-	-
Enterprise Value (EV) ¹	51,503	41,991	68,106	68,550	67,725	97,854	67,274	58,248
P/E ratio	12 x	9.01 x	11.3 x	11.2 x	10.2 x	12.1 x	10.4 x	9.86 x
Yield	2.55%	3.34%	2.66%	2.76%	3.13%	3.44%	3.7%	3.68%
Capitalization / Revenue	0.76 x	0.6 x	0.9 x	0.91 x	0.84 x	0.83 x	0.81 x	0.77 x
EV / Revenue	0.5 x	0.4 x	0.63 x	0.63 x	0.59 x	0.83 x	0.55 x	0.46 x
EV / EBITDA	4.5 x	3.61 x	5.02 x	4.46 x	4.45 x	6.92 x	4.26 x	3.62 x
EV / FCF	12.9 x	14.2 x	8.54 x	13.1 x	12.9 x	8.92 x	7.29 x	6.37 x
FCF Yield	7.73%	7.07%	11.7%	7.63%	7.75%	11.2%	13.7%	15.7%
Price to Book	1.23 x	0.93 x	1.29 x	1.23 x	1.13 x	1.08 x	1.03 x	0.96 x
Nbr of stocks (in thousands)	52,156	51,880	51,880	51,044	49,463	48,385	-	-
Reference price ²	1,492	1,227	1,880	1,953	1,951	2,029	2,029	2,029
Announcement Date	5/10/19	5/14/20	5/13/21	5/12/22	5/11/23	5/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	102,825	106,210	108,209	109,504	114,974	117,324	121,567	126,860
EBITDA ¹	11,439	11,646	13,569	15,376	15,226	14,135	15,800	16,100
EBIT ¹	9,702	9,874	11,727	13,236	12,785	11,245	13,340	13,880
Operating Margin	9.44%	9.3%	10.84%	12.09%	11.12%	9.58%	10.97%	10.94%
Earnings before Tax (EBT) ¹	9,608	9,493	12,254	13,279	13,366	11,661	13,600	14,100
Net income ¹	6,512	7,066	8,640	8,930	9,489	8,181	9,250	9,740
Net margin	6.33%	6.65%	7.98%	8.15%	8.25%	6.97%	7.61%	7.68%
EPS ²	124.4	136.2	166.6	174.1	190.6	168.2	195.6	205.8
Free Cash Flow ¹	3,983	2,967	7,978	5,233	5,248	10,973	9,227	9,143
FCF margin	3.87%	2.79%	7.37%	4.78%	4.56%	9.35%	7.59%	7.21%
FCF Conversion (EBITDA)	34.82%	25.48%	58.8%	34.03%	34.47%	77.63%	58.4%	56.79%
FCF Conversion (Net income)	61.16%	41.99%	92.34%	58.6%	55.31%	134.13%	99.75%	93.87%
Dividend per Share ²	38.00	41.00	50.00	54.00	61.00	70.00	75.00	74.60
Announcement Date	5/10/19	5/14/20	5/13/21	5/12/22	5/11/23	5/10/24	-	-

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	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	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2	2026 S1	2026 S2
Net sales ¹	48,000	58,210	48,522	59,687	-	-	29,154	30,824	59,978	-	-	51,799	31,190	31,985	63,175	25,771	29,304	55,075	30,164	32,085	62,249	28,800	30,800	-	30,800	30,600	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,698	6,176	4,511	7,216	3,343	-	3,818	4,058	7,876	1,639	3,356	4,995	4,310	3,480	7,790	1,730	3,532	5,262	3,210	2,773	5,983	2,650	3,750	-	3,450	3,050	-	-	-
Operating Margin	7.7%	10.61%	9.3%	12.09%	-	-	13.1%	13.17%	13.13%	-	-	9.64%	13.82%	10.88%	12.33%	6.71%	12.05%	9.55%	10.64%	8.64%	9.61%	9.2%	12.18%	-	11.2%	9.97%	-	-	-
Earnings before Tax (EBT) ¹	3,986	5,507	4,643	7,611	2,654	4,898	4,220	4,161	8,381	1,692	3,512	5,204	4,325	3,837	8,162	1,811	3,559	5,370	3,271	3,020	6,291	-	-	-	-	-	-	-	-
Net income ¹	2,835	4,231	3,286	5,354	1,765	3,301	2,903	2,726	5,629	1,161	2,505	3,666	2,950	2,873	5,823	1,157	2,430	3,587	2,210	2,384	4,594	2,050	2,650	-	2,350	1,950	-	-	-
Net margin	5.91%	7.27%	6.77%	8.97%	-	-	9.96%	8.84%	9.39%	-	-	7.08%	9.46%	8.98%	9.22%	4.49%	8.29%	6.51%	7.33%	7.43%	7.38%	7.12%	8.6%	-	7.63%	6.37%	-	-	-
EPS	54.66	-	63.34	-	-	64.04	56.65	-	-	23.04	-	73.12	59.36	-	-	23.69	-	73.54	45.39	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	51.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	30.00	-	-	45.00	35.00	47.00
Announcement Date	11/7/19	5/14/20	11/10/20	5/13/21	11/9/21	11/9/21	2/8/22	5/12/22	5/12/22	8/9/22	11/9/22	11/9/22	2/9/23	5/11/23	5/11/23	8/9/23	11/9/23	11/9/23	2/7/24	5/10/24	5/10/24	-	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	26,314	21,666	29,428	31,139	28,777	32,992	30,900	39,926
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,983	2,967	7,978	5,233	5,248	10,973	9,227	9,143
ROE (net income / shareholders' equity)	10.7%	10.8%	12%	11.4%	11.5%	9.4%	10.1%	10.2%
ROA (Net income/ Total Assets)	10.6%	9.69%	11.4%	12.2%	11.1%	9.39%	10.6%	9%
Assets ¹	61,270	72,948	76,074	72,999	85,127	87,163	87,264	108,222
Book Value Per Share ²	1,209	1,313	1,463	1,591	1,721	1,877	1,963	2,115
Cash Flow per Share ²	158.0	170.0	202.0	216.0	240.0	227.0	256.0	280.0
Capex ¹	1,485	3,809	6,009	3,364	3,451	3,613	3,150	3,150
Capex / Sales	1.44%	3.59%	5.55%	3.07%	3%	3.08%	2.59%	2.48%
Announcement Date	5/10/19	5/14/20	5/13/21	5/12/22	5/11/23	5/10/24	-	-

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 Raito Kogyo Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,029 JPY

Average target price

2,170 JPY

Spread / Average Target

+6.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Highway & Bridge Construction

	1st Jan change	Capi.
RAITO KOGYO CO., LTD.	+7.35%	619M
SICHUAN ROAD & BRIDGE GROUP CO.,LTD	+8.54%	9.46B
IRB INFRASTRUCTURE DEVELOPERS LIMITED	+75.21%	4.78B
STERLING INFRASTRUCTURE, INC.	+32.37%	3.79B
CONSTRUCTION PARTNERS, INC.	+30.93%	3.08B
G R INFRAPROJECTS LIMITED	+43.01%	1.87B
ZHEJIANG COMMUNICATIONS TECHNOLOGY CO., LTD.	+6.30%	1.41B
SHANDONG HI-SPEED ROAD&BRIDGE GROUP CO., LTD.	-1.95%	1.22B
NATIONAL HIGHWAYS INFRA TRUST	+6.75%	902M
SHANGHAI PUDONG CONSTRUCTION CO.,LTD.	-5.87%	808M

Highway & Bridge Construction