Stock 2503 KIRIN HOLDINGS COMPANY, LIMITED
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Financials Kirin Holdings Company, Limited

Equities

2503

JP3258000003

Brewers

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
2,273 JPY +0.04% Intraday chart for Kirin Holdings Company, Limited +2.60% +10.02%
Mar. 29 Nightingale Health Closes Purchase of Japan's Welltus MT
Mar. 29 Nightingale Health Oyj completed the acquisition of Welltus Inc from Mitsui & Co., Ltd. and Kirin Holdings Company, Limited. CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,087,869 2,029,969 1,539,639 1,628,570 1,673,206 1,840,843 - -
Enterprise Value (EV) 1 2,445,608 2,502,997 1,941,623 2,063,631 2,198,205 2,356,519 2,331,017 2,316,798
P/E ratio 35.1 x 28.4 x 25.7 x 14.9 x 14.8 x 14 x 12.9 x 11.8 x
Yield 2.68% 2.67% 3.52% 3.43% 3.44% 3.16% 3.39% 3.68%
Capitalization / Revenue 1.08 x 1.1 x 0.85 x 0.82 x 0.78 x 0.82 x 0.8 x 0.78 x
EV / Revenue 1.26 x 1.35 x 1.07 x 1.04 x 1.03 x 1.05 x 1.02 x 0.98 x
EV / EBITDA 8.97 x 10.3 x 7.9 x 7.43 x 7.5 x 8.05 x 7.51 x 7.02 x
EV / FCF 763 x 54.4 x 14.6 x 55.6 x 26.3 x 20.1 x 18.1 x 15.4 x
FCF Yield 0.13% 1.84% 6.85% 1.8% 3.8% 4.97% 5.51% 6.48%
Price to Book 2.29 x 2.42 x 1.72 x 1.66 x 1.48 x 1.52 x 1.43 x 1.35 x
Nbr of stocks (in thousands) 873,586 834,005 833,589 809,831 809,877 809,874 - -
Reference price 2 2,390 2,434 1,847 2,011 2,066 2,273 2,273 2,273
Announcement Date 2/14/20 2/15/21 2/14/22 2/14/23 2/14/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,941,305 1,849,545 1,821,570 1,989,468 2,134,393 2,238,059 2,290,466 2,364,014
EBITDA 1 272,600 244,000 245,900 277,700 293,000 292,716 310,594 330,057
EBIT 1 87,727 102,919 68,084 116,019 150,294 188,034 201,246 221,340
Operating Margin 4.52% 5.56% 3.74% 5.83% 7.04% 8.4% 8.79% 9.36%
Earnings before Tax (EBT) 1 116,823 124,550 99,617 191,387 197,049 222,716 238,624 260,626
Net income 1 59,642 71,935 59,790 111,007 112,697 131,678 141,895 153,939
Net margin 3.07% 3.89% 3.28% 5.58% 5.28% 5.88% 6.2% 6.51%
EPS 2 68.00 85.57 71.73 135.1 139.2 162.6 175.7 192.8
Free Cash Flow 1 3,207 46,004 132,968 37,083 83,461 117,012 128,538 150,115
FCF margin 0.17% 2.49% 7.3% 1.86% 3.91% 5.23% 5.61% 6.35%
FCF Conversion (EBITDA) 1.18% 18.85% 54.07% 13.35% 28.48% 39.97% 41.38% 45.48%
FCF Conversion (Net income) 5.38% 63.95% 222.39% 33.41% 74.06% 88.86% 90.59% 97.52%
Dividend per Share 2 64.00 65.00 65.00 69.00 71.00 71.92 77.03 83.61
Announcement Date 2/14/20 2/15/21 2/14/22 2/14/23 2/14/24 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2020 S2 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 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 S1 2025 S2 2026 S1
Net sales 1 872,469 - 864,024 462,523 495,023 957,546 416,745 500,303 917,048 540,106 532,314 - 450,329 519,903 970,232 577,639 586,522 1,164,161 490,399 555,674 1,066,600 605,321 604,905 - - - - -
EBITDA - - - 64,800 69,300 - 45,700 68,500 - 85,000 78,500 - - - - - - - - - - - - - - - - -
EBIT 1 49,441 - 41,824 36,651 -49,904 - 20,822 55,315 76,137 52,294 -12,412 - 33,573 3,349 36,922 75,357 38,015 - 28,950 39,200 64,100 65,200 53,500 - - - - -
Operating Margin 5.67% - 4.84% 7.92% -10.08% - 5% 11.06% 8.3% 9.68% -2.33% - 7.46% 0.64% 3.81% 13.05% 6.48% - 5.9% 7.05% 6.01% 10.77% 8.84% - - - - -
Earnings before Tax (EBT) 56,001 - 56,509 43,839 -731 - 28,510 66,737 95,247 109,067 -12,927 - 20,063 37,011 57,074 85,368 - - - - - - - - - - - -
Net income 1 33,305 - 23,748 27,879 8,163 - 17,393 37,957 55,350 73,709 -18,052 - 5,591 26,399 31,990 51,923 28,784 - 22,000 25,900 - 44,500 41,000 - - - - -
Net margin 3.82% - 2.75% 6.03% 1.65% - 4.17% 7.59% 6.04% 13.65% -3.39% - 1.24% 5.08% 3.3% 8.99% 4.91% - 4.49% 4.66% - 7.35% 6.78% - - - - -
EPS 2 39.33 - 28.49 33.44 9.800 - 20.87 45.73 66.60 89.77 -21.29 - 6.900 32.60 39.50 64.12 35.54 - 27.16 32.35 - 52.41 48.53 - - - - -
Dividend per Share 2 32.50 32.50 32.50 - 32.50 32.50 - - 32.50 - - 36.50 - - 34.50 - 36.50 36.50 - 35.50 37.50 - 35.50 37.50 - 38.25 39.75 39.75
Announcement Date 8/7/20 2/15/21 8/10/21 11/9/21 2/14/22 2/14/22 5/12/22 8/8/22 8/8/22 11/9/22 2/14/23 2/14/23 5/11/23 8/8/23 8/8/23 11/8/23 2/14/24 2/14/24 - - - - - - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 357,739 473,028 401,984 435,061 524,999 515,676 490,173 475,955
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.312 x 1.939 x 1.635 x 1.567 x 1.792 x 1.762 x 1.578 x 1.442 x
Free Cash Flow 1 3,207 46,004 132,968 37,083 83,461 117,012 128,538 150,115
ROE (net income / shareholders' equity) 6.6% 8.2% 6.9% 11.8% 10.7% 11.3% 11.6% 11.8%
ROA (Net income/ Total Assets) 4.95% 5.11% 4.04% 7.63% 7.28% 4.43% 4.6% 4.73%
Assets 1 1,203,965 1,407,003 1,479,877 1,454,149 1,547,583 2,970,186 3,084,663 3,252,228
Book Value Per Share 2 1,044 1,006 1,073 1,210 1,398 1,491 1,585 1,682
Cash Flow per Share 2 160.0 183.0 169.0 240.0 247.0 275.0 282.0 309.0
Capex 1 96,397 118,835 86,335 116,799 119,745 137,900 120,250 120,743
Capex / Sales 4.97% 6.43% 4.74% 5.87% 5.61% 6.16% 5.25% 5.11%
Announcement Date 2/14/20 2/15/21 2/14/22 2/14/23 2/14/24 - - -
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 Kirin Holdings Company, Limited

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
12
Last Close Price
2,273 JPY
Average target price
2,291 JPY
Spread / Average Target
+0.78%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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