Financials KEIWA Incorporated

Equities

4251

JP3281610000

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-09 EDT			5-day change	1st Jan Change
1,166 ^JPY	+0.52%		+0.69%	-8.91%

2023	KEIWA Incorporated Reports Earnings Results for the First Quarter Ended March 31, 2023	CI
2021	KEIWA Incorporated(TSE:4251) added to S&P Global BMI Index	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	15,743	18,745	58,078	29,944	24,665	22,486	-	-
Enterprise Value (EV) ¹	17,983	20,852	57,320	24,488	20,354	22,486	22,486	22,486
P/E ratio	18.6 x	22.8 x	20.9 x	6.16 x	12.4 x	10.2 x	9.17 x	7.25 x
Yield	0.64%	0.63%	0.41%	2.41%	1.95%	2.14%	2.19%	2.14%
Capitalization / Revenue	0.99 x	1.27 x	3.2 x	1.42 x	1.4 x	1.17 x	1.08 x	1.02 x
EV / Revenue	0.99 x	1.27 x	3.2 x	1.42 x	1.4 x	1.17 x	1.08 x	1.02 x
EV / EBITDA	-	-	13 x	4.23 x	-	5 x	4.68 x	-
EV / FCF	45.9 x	-18.3 x	-593 x	10.9 x	-30.5 x	-26 x	17.1 x	12.4 x
FCF Yield	2.18%	-5.45%	-0.17%	9.2%	-3.28%	-3.85%	5.85%	8.08%
Price to Book	3.15 x	2.6 x	4.11 x	1.58 x	1.21 x	1.02 x	0.94 x	0.84 x
Nbr of stocks (in thousands)	15,435	17,601	19,231	19,257	19,270	19,285	-	-
Reference price ²	1,020	1,065	3,020	1,555	1,280	1,166	1,166	1,166
Announcement Date	20-02-13	21-02-12	22-02-14	23-02-14	24-02-13	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	15,823	14,735	18,130	21,102	17,570	19,300	20,900	22,100
EBITDA ¹	-	-	4,483	7,085	-	4,500	4,800	-
EBIT ¹	934	1,102	3,135	5,569	2,455	2,950	3,400	4,200
Operating Margin	5.9%	7.48%	17.29%	26.39%	13.97%	15.28%	16.27%	19%
Earnings before Tax (EBT) ¹	945	926	3,271	6,699	2,760	2,900	3,400	4,200
Net income ¹	692	740	2,569	4,860	1,983	2,200	2,450	3,100
Net margin	4.37%	5.02%	14.17%	23.03%	11.29%	11.4%	11.72%	14.03%
EPS ²	54.78	46.70	144.8	252.5	102.9	114.2	127.2	160.9
Free Cash Flow ¹	343	-1,022	-98	2,755	-809	-866	1,314	1,817
FCF margin	2.17%	-6.94%	-0.54%	13.06%	-4.6%	-4.49%	6.29%	8.22%
FCF Conversion (EBITDA)	-	-	-	38.89%	-	-	27.39%	-
FCF Conversion (Net income)	49.57%	-	-	56.7%	-	-	53.65%	58.61%
Dividend per Share ²	6.500	6.750	12.50	37.50	25.00	25.00	25.50	25.00
Announcement Date	20-02-13	21-02-12	22-02-14	23-02-14	24-02-13	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	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
Net sales ¹	8,408	7,137	7,789	4,677	5,664	10,341	5,563	4,650	10,213	5,684	5,205	10,889	3,198	4,196	7,394	4,947	5,229	10,176	3,950	4,600	8,550	5,120	5,630	10,750
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	411	538	927	1,064	1,144	2,208	1,585	884	2,469	1,727	1,373	3,100	166	426	592	838	1,025	1,863	150	550	700	1,000	1,200	2,200
Operating Margin	4.89%	7.54%	11.9%	22.75%	20.2%	21.35%	28.49%	19.01%	24.18%	30.38%	26.38%	28.47%	5.19%	10.15%	8.01%	16.94%	19.6%	18.31%	3.8%	11.96%	8.19%	19.53%	21.31%	20.47%
Earnings before Tax (EBT)	-	570	1,054	1,057	-	-	1,778	-	3,707	2,057	-	-	161	-	929	958	-	-	-	-	-	-	-	-
Net income	-	453	777	791	-	-	1,227	-	2,600	1,422	-	-	54	-	625	763	-	-	-	-	-	-	-	-
Net margin	-	6.35%	9.98%	16.91%	-	-	22.06%	-	25.46%	25.02%	-	-	1.69%	-	8.45%	15.42%	-	-	-	-	-	-	-	-
EPS	-	29.38	44.16	44.90	-	-	63.77	-	135.1	73.83	-	-	2.840	-	32.48	39.56	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	25.00	-	-	-	-	-	-
Announcement Date	20-02-13	20-08-13	21-08-13	21-11-12	22-02-14	22-02-14	22-05-13	22-08-12	22-08-12	22-11-11	23-02-14	23-02-14	23-05-12	23-08-14	23-08-14	23-11-13	24-02-13	24-02-13	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	2,240	2,107	-	-	-	-	-	-
Net Cash position	-	-	758	5,456	4,311	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	343	-1,022	-98	2,755	-809	-866	1,315	1,817
ROE (net income / shareholders' equity)	17.2%	12.1%	24.1%	29.4%	10.1%	10.4%	11.2%	12.2%
ROA (Net income/ Total Assets)	-	6.05%	14.9%	21.3%	9.41%	6.6%	6.9%	-
Assets ¹	-	12,227	17,201	22,765	21,074	33,333	35,507	-
Book Value Per Share ²	324.0	410.0	736.0	982.0	1,056	1,146	1,245	1,391
Cash Flow per Share	128.0	116.0	221.0	331.0	185.0	-	-	-
Capex ¹	1,390	2,246	3,908	2,396	3,256	4,500	2,500	3,000
Capex / Sales	8.78%	15.24%	21.56%	11.35%	18.53%	23.32%	11.96%	13.57%
Announcement Date	20-02-13	21-02-12	22-02-14	23-02-14	24-02-13	-	-	-

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 KEIWA Incorporated

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,166 JPY

Average target price

1,500 JPY

Spread / Average Target

+28.64%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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