Financials Kawasaki Kisen Kaisha, Ltd.

Equities

9107

JP3223800008

Marine Freight & Logistics

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,092 ^JPY	+3.77%		+2.40%	+3.71%

Mar. 19	Transcript : Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines, Ltd., Nippon Yusen Kabushiki Kaisha - Shareholder/Analyst Call
Mar. 13	US Inflation, Light News Flow Churns Asian Stock Markets	MT

Valuation

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	110,994	75,737	236,450	748,051	748,146	1,478,618	-	-
Enterprise Value (EV) ¹	504,831	500,792	611,083	917,160	750,407	1,530,114	1,544,158	1,618,864
P/E ratio	-1 x	14.4 x	2.18 x	1.16 x	1.18 x	12.7 x	10.4 x	14.8 x
Yield	-	-	-	7.48%	13.2%	3.98%	3.8%	3.19%
Capitalization / Revenue	0.13 x	0.1 x	0.38 x	0.99 x	0.79 x	1.57 x	1.58 x	1.6 x
EV / Revenue	0.6 x	0.68 x	0.98 x	1.21 x	0.8 x	1.63 x	1.65 x	1.75 x
EV / EBITDA	31.4 x	9.8 x	27.1 x	15.2 x	6.19 x	11.5 x	11 x	12.3 x
EV / FCF	-4.82 x	-4.86 x	-51.2 x	4.16 x	1.83 x	20.3 x	19.2 x	19.7 x
FCF Yield	-20.7%	-20.6%	-1.95%	24.1%	54.5%	4.92%	5.2%	5.08%
Price to Book	1.07 x	0.75 x	1.08 x	0.85 x	0.49 x	0.97 x	0.93 x	0.91 x
Nbr of stocks (in thousands)	839,450	839,451	839,469	839,459	741,963	706,965	-	-
Reference price ²	132.2	90.22	281.7	891.1	1,008	2,092	2,092	2,092
Announcement Date	4/26/19	5/11/20	5/10/21	5/9/22	5/8/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	836,731	735,284	625,486	756,983	942,606	940,420	936,502	923,901
EBITDA ¹	16,053	51,093	22,583	60,484	121,253	133,615	139,897	131,533
EBIT ¹	-24,736	6,840	-21,286	17,663	78,857	91,796	90,817	82,139
Operating Margin	-2.96%	0.93%	-3.4%	2.33%	8.37%	9.76%	9.7%	8.89%
Earnings before Tax (EBT) ¹	-99,422	11,315	113,854	659,093	692,877	144,154	156,240	122,750
Net income ¹	-111,188	5,269	108,695	642,424	694,904	116,794	118,828	92,228
Net margin	-13.29%	0.72%	17.38%	84.87%	73.72%	12.42%	12.69%	9.98%
EPS ²	-132.5	6.278	129.5	765.3	857.0	164.5	200.3	141.3
Free Cash Flow ¹	-104,719	-102,945	-11,935	220,612	409,304	75,266	80,320	82,227
FCF margin	-12.52%	-14%	-1.91%	29.14%	43.42%	8%	8.58%	8.9%
FCF Conversion (EBITDA)	-	-	-	364.74%	337.56%	56.33%	57.41%	62.51%
FCF Conversion (Net income)	-	-	-	34.34%	58.9%	64.44%	67.59%	89.16%
Dividend per Share ²	-	-	-	66.67	133.3	83.28	79.47	66.66
Announcement Date	4/26/19	5/11/20	5/10/21	5/9/22	5/8/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	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	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	372,396	362,888	300,101	325,385	182,813	357,556	198,939	200,488	228,498	254,399	482,897	245,894	213,815	222,205	236,768	458,973	256,385	226,150
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	11,065	-4,225	-10,202	-11,084	7,782	10,182	13,121	-5,640	18,878	34,120	52,998	27,595	-1,736	19,637	25,018	44,655	25,498	21,600
Operating Margin	2.97%	-1.16%	-3.4%	-3.41%	4.26%	2.85%	6.6%	-2.81%	8.26%	13.41%	10.98%	11.22%	-0.81%	8.84%	10.57%	9.73%	9.95%	9.55%
Earnings before Tax (EBT) ¹	19,283	-	12,523	-	146,429	255,117	180,812	223,164	269,103	-	570,702	73,560	-	51,117	-	87,424	11,784	55,250
Net income	16,311	-	9,629	-	144,021	246,008	177,331	219,085	266,639	298,791	565,430	72,791	-	38,574	24,604	63,178	10,822	-
Net margin	4.38%	-	3.21%	-	78.78%	68.8%	89.14%	109.28%	116.69%	117.45%	117.09%	29.6%	-	17.36%	10.39%	13.77%	4.22%	-
EPS	19.43	-	11.47	-	171.6	293.1	211.2	261.0	316.9	353.0	669.9	99.17	-	52.00	-	86.09	15.87	-
Dividend per Share	-	-	-	-	-	-	-	66.67	-	33.33	33.33	-	-	-	-	33.33	-	-
Announcement Date	10/31/19	5/11/20	11/5/20	5/10/21	11/4/21	11/4/21	2/3/22	5/9/22	8/3/22	11/4/22	11/4/22	2/3/23	5/8/23	8/2/23	11/2/23	11/2/23	2/2/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	393,837	425,055	374,633	169,109	2,261	51,496	65,540	140,246
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	24.53 x	8.319 x	16.59 x	2.796 x	0.0186 x	0.3854 x	0.4685 x	1.066 x
Free Cash Flow ¹	-104,719	-102,945	-11,935	220,612	409,304	75,266	80,320	82,227
ROE (net income / shareholders' equity)	-69.4%	5.1%	68.1%	117%	57.9%	7.65%	8.26%	6.2%
ROA (Net income/ Total Assets)	-4.91%	0.8%	9.57%	51.6%	38.1%	5.96%	7.34%	4.69%
Assets ¹	2,264,328	657,056	1,135,973	1,245,547	1,824,461	1,960,834	1,619,055	1,968,303
Book Value Per Share ²	123.0	120.0	260.0	1,054	2,043	2,158	2,252	2,300
Cash Flow per Share ²	-83.90	59.00	182.0	816.0	909.0	228.0	240.0	187.0
Capex ¹	97,911	81,148	45,332	43,442	71,827	113,750	115,528	126,528
Capex / Sales	11.7%	11.04%	7.25%	5.74%	7.62%	12.1%	12.34%	13.69%
Announcement Date	4/26/19	5/11/20	5/10/21	5/9/22	5/8/23	-	-	-

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 Kawasaki Kisen Kaisha, Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

2,092 JPY

Average target price

1,706 JPY

Spread / Average Target

-18.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
KAWASAKI KISEN KAISHA, LTD.	+3.71%	9.39B
HAPAG-LLOYD AG	+24.30%	31.49B
COSCO SHIPPING HOLDINGS CO., LTD.	+21.02%	23.83B
AP MOLLER MAERSK	-14.91%	23.03B
NIPPON YUSEN KABUSHIKI KAISHA	-3.80%	12.27B
MITSUI O.S.K. LINES LTD	+4.34%	10.85B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+45.92%	9.64B
ORIENT OVERSEAS (INTERNATIONAL) LIMITED	-1.74%	9.03B
ADNOC LOGISTICS & SERVICES PLC	+3.13%	7.96B
HMM CO.,LTD	-22.98%	7.55B

Other Marine Freight & Logistics