Financials Kawasaki Heavy Industries, Ltd.

Equities

7012

JP3224200000

Consumer Goods Conglomerates

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-09-20 EDT			5-day change	1st Jan Change
5,411.00 ^JPY	+6.26%		+18.02%	+73.49%

08-15	Japan's Nikkei rises as solid economic growth, US rate cues buoy sentiment	RE
08-15	Japan's Nikkei rises on solid economic growth, US cues	RE

Projected Income Statement: Kawasaki Heavy Industries, Ltd.

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,641,335	1,488,486	1,500,879	1,725,609	1,849,287	2,211,277	2,340,531	2,476,227
Change	-	-9.31%	0.83%	14.97%	7.17%	19.57%	5.85%	5.8%
EBITDA ¹	123,346	55,953	106,658	159,729	127,183	221,960	245,264	267,570
Change	-	-54.64%	90.62%	49.76%	-20.38%	74.52%	10.5%	9.09%
EBIT ¹	62,063	-5,305	45,805	81,511	36,193	126,800	146,691	169,111
Change	-	-	-	77.95%	-55.6%	250.34%	15.69%	15.28%
Interest Paid ¹	-3,615	-3,790	-3,398	-14,297	-17,261	-5,000	-4,000	-4,000
Earnings before Tax (EBT) ¹	39,323	-14,688	30,853	70,349	31,980	114,850	131,150	153,220
Change	-	-	-	128.01%	-54.54%	259.13%	14.19%	16.83%
Net income ¹	18,662	-19,332	21,801	53,029	25,377	80,542	91,514	106,925
Change	-	-	-	143.24%	-52.15%	217.38%	13.62%	16.84%
Announcement Date	5/12/20	5/11/21	5/10/22	5/10/23	5/9/24	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	350,778	385,787	398,879	505,891	300,602	356,723	375,159	456,002	355,631	325,451	357,649	462,148	350,344	409,401	436,585	529,279	405,340	364,001	459,728	620,218	444,227	516,712	553,033	696,508
Change	-	9.98%	3.39%	26.83%	-40.58%	18.67%	5.17%	21.55%	-22.01%	-8.49%	9.89%	29.22%	-24.19%	16.86%	6.64%	21.23%	-23.42%	-10.2%	26.3%	34.91%	-28.38%	21.27%	7.03%	25.94%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,088	7,590	22,305	31,080	-20,661	-1,222	18,148	-1,570	15,166	5,240	18,614	6,785	3,804	26,431	47,786	6,429	10,253	-50,077	34,395	41,622	11,577	23,025	38,700	48,255
Change	-	597.61%	193.87%	39.34%	-	-94.09%	-	-	-	-65.45%	255.23%	-63.55%	-43.94%	594.82%	80.8%	-86.55%	59.48%	-	-	21.01%	-72.19%	24.24%	68.08%	24.69%
Charge d'intérêts	-911	-	-927	-	-1,030	-	-963	-	-885	-	-833	-	-1,500	-	-6,623	-	-3,146	-	-14,531	3,519	-4,761	-	-	-
Earnings before Tax (EBT) ¹	-4,391	6,498	12,166	25,050	-14,114	-3,271	18,196	-15,499	14,683	-2,187	10,146	8,211	10,605	-	36,181	1,161	14,966	-49,437	16,540	49,911	25,885	21,400	31,800	46,067
Change	-	-	87.23%	105.9%	-	-76.82%	-	-	-	-	-	-19.07%	29.16%	-100%	-	-96.79%	1,189.06%	-	-	201.76%	-48.14%	71.89%	48.6%	44.86%
Net income ¹	-8,249	4,516	8,495	13,900	-11,771	-15,496	13,298	-5,363	9,869	-5,356	2,783	14,505	5,457	18,306	28,749	2,559	9,089	-32,435	9,866	38,857	15,375	12,050	24,425	33,606
Change	-	-	88.11%	63.63%	-	31.65%	-	-	-	-	-	421.2%	-62.38%	235.46%	57.05%	-91.1%	255.18%	-	-	293.85%	-60.43%	63.57%	102.7%	37.59%
Announcement Date	7/30/19	10/31/19	2/6/20	5/12/20	8/6/20	10/29/20	2/4/21	5/11/21	8/5/21	11/9/21	2/2/22	5/10/22	8/11/22	11/10/22	2/10/23	5/10/23	8/8/23	11/8/23	2/9/24	5/9/24	8/6/24	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2020 S2	2021 S1	2022 S1	2023 S1	2024 S1	2025 S1	2025 S2
Net sales ¹	904,770	657,325	681,082	759,745	769,341	934,500	1,250,500
Change	-	-27.35%	3.61%	11.55%	1.26%	21.47%	33.81%
EBITDA	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
EBIT	53,385	-21,883	20,406	30,235	-39,824	-	-
Change	-	-	-	48.17%	-	100%	-
Charge d'intérêts	-	-1,955	-1,720	-3,497	-6,249	-	-
Earnings before Tax (EBT)	37,216	-17,385	12,496	35,946	-34,471	-	-
Change	-	-	-	187.66%	-	100%	-
Net income	22,395	-27,267	4,513	23,763	-23,346	-	-
Change	-	-	-	426.55%	-	100%	-
Announcement Date	5/12/20	10/29/20	11/9/21	11/10/22	11/8/23	-	-

¹JPY in Million

Estimates

Forecast Balance Sheet: Kawasaki Heavy Industries, Ltd.

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	431,354	444,647	387,010	646,838	761,080	792,115	737,193	716,586
Change	-	3.08%	-12.96%	67.14%	17.66%	4.08%	-6.93%	-2.8%
Announcement Date	5/12/20	5/11/21	5/10/22	5/10/23	5/9/24	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Kawasaki Heavy Industries, Ltd.

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	70,495	65,679	53,517	96,300	96,543	125,617	111,055	112,064
Change	-	-6.83%	-18.52%	79.94%	0.25%	30.11%	-11.59%	0.91%
Free Cash Flow (FCF) ¹	-85,956	-2,791	91,893	-53,840	-58,152	43,388	31,604	72,394
Change	-	-96.75%	-3,392.48%	-158.59%	8.01%	-174.61%	-27.16%	129.07%
Announcement Date	5/12/20	5/11/21	5/10/22	5/10/23	5/9/24	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Kawasaki Heavy Industries, Ltd.

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	7.51%	3.76%	7.11%	9.26%	6.88%	10.04%	10.48%	10.81%
EBIT Margin (%)	3.78%	-0.36%	3.05%	4.72%	1.96%	5.73%	6.27%	6.83%
EBT Margin (%)	2.4%	-0.99%	2.06%	4.08%	1.73%	5.19%	5.6%	6.19%
Net margin (%)	1.14%	-1.3%	1.45%	3.07%	1.37%	3.64%	3.91%	4.32%
FCF margin (%)	-5.24%	-0.19%	6.12%	-3.12%	-3.14%	1.96%	1.35%	2.92%
FCF / Net Income (%)	-460.59%	14.44%	421.51%	-101.53%	-229.15%	53.87%	34.53%	67.71%
Profitability
ROA	2.13%	-0.15%	1.5%	3.27%	1.24%	3.08%	3.4%	3.56%
ROE	4%	-4.2%	4.6%	9.8%	4.2%	12.2%	12.44%	12.77%
Financial Health
Leverage (Debt/EBITDA)	3.5x	7.95x	3.63x	4.05x	5.98x	3.57x	3.01x	2.68x
Debt / Free cash flow	-5.02x	-159.31x	4.21x	-12.01x	-13.09x	18.26x	23.33x	9.9x
Capital Intensity
CAPEX / Current Assets (%)	4.29%	4.41%	3.57%	5.58%	5.22%	5.68%	4.74%	4.53%
CAPEX / EBITDA (%)	57.15%	117.38%	50.18%	60.29%	75.91%	56.59%	45.28%	41.88%
CAPEX / FCF (%)	-82.01%	-2,353.24%	58.24%	-178.86%	-166.02%	289.52%	351.4%	154.8%
Items per share
Cash flow per share ¹	478.6	251	493.9	778.6	635	985	1,061	1,217
Change	-	-47.56%	96.76%	57.66%	-18.45%	55.12%	7.76%	14.66%
Dividend per Share ¹	35	-	40	90	50	141.8	171.6	198.3
Change	-	-	-	125%	-44.44%	183.64%	20.99%	15.57%
Book Value Per Share ¹	2,728	2,786	2,861	3,440	3,786	4,096	4,661	5,155
Change	-	2.13%	2.71%	20.24%	10.03%	8.21%	13.78%	10.6%
EPS ¹	111.7	-115.7	130.3	316.6	151.5	470.8	544.3	636.7
Change	-	-203.59%	-212.56%	143.08%	-52.15%	210.76%	15.59%	16.99%
Nbr of stocks (in thousands)	167,044	167,043	167,472	167,482	167,499	167,501	167,501	167,501
Announcement Date	5/12/20	5/11/21	5/10/22	5/10/23	5/9/24	-	-	-