Financials Raito Kogyo Co., Ltd.

Equities

1926

JP3965800000

Construction & Engineering

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-02 EDT			5-day change	1st Jan Change
2,067 ^JPY	-0.34%		+0.44%	+9.37%

04-02	Tranche Update on Raito Kogyo Co., Ltd.'s Equity Buyback Plan announced on February 7, 2024.	CI
03-31	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	99,295	-	-
Enterprise Value (EV) ¹	51,503	41,991	68,106	68,550	67,725	66,303	63,223	59,619
P/E ratio	12 x	9.01 x	11.3 x	11.2 x	10.2 x	11.3 x	10.7 x	10.2 x
Yield	2.55%	3.34%	2.66%	2.76%	3.13%	3.1%	3.26%	3.38%
Capitalization / Revenue	0.76 x	0.6 x	0.9 x	0.91 x	0.84 x	0.84 x	0.81 x	0.79 x
EV / Revenue	0.5 x	0.4 x	0.63 x	0.63 x	0.59 x	0.56 x	0.52 x	0.47 x
EV / EBITDA	4.5 x	3.61 x	5.02 x	4.46 x	4.45 x	4.46 x	4.2 x	3.8 x
EV / FCF	12.9 x	14.2 x	8.54 x	13.1 x	12.9 x	9.21 x	7.92 x	7.25 x
FCF Yield	7.73%	7.07%	11.7%	7.63%	7.75%	10.9%	12.6%	13.8%
Price to Book	1.23 x	0.93 x	1.29 x	1.23 x	1.13 x	1.12 x	1.05 x	0.98 x
Nbr of stocks (in thousands)	52,156	51,880	51,880	51,044	49,463	48,038	-	-
Reference price ²	1,492	1,227	1,880	1,953	1,951	2,067	2,067	2,067
Announcement Date	19-05-10	20-05-14	21-05-13	22-05-12	23-05-11	-	-	-

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	117,780	122,520	126,040
EBITDA ¹	11,439	11,646	13,569	15,376	15,226	14,875	15,050	15,700
EBIT ¹	9,702	9,874	11,727	13,236	12,785	12,510	13,160	13,780
Operating Margin	9.44%	9.3%	10.84%	12.09%	11.12%	10.62%	10.74%	10.93%
Earnings before Tax (EBT) ¹	9,608	9,493	12,254	13,279	13,366	12,750	13,150	13,850
Net income ¹	6,512	7,066	8,640	8,930	9,489	8,860	9,300	9,700
Net margin	6.33%	6.65%	7.98%	8.15%	8.25%	7.52%	7.59%	7.7%
EPS ²	124.4	136.2	166.6	174.1	190.6	182.6	192.8	202.1
Free Cash Flow ¹	3,983	2,967	7,978	5,233	5,248	7,202	7,982	8,220
FCF margin	3.87%	2.79%	7.37%	4.78%	4.56%	6.11%	6.51%	6.52%
FCF Conversion (EBITDA)	34.82%	25.48%	58.8%	34.03%	34.47%	48.42%	53.03%	52.36%
FCF Conversion (Net income)	61.16%	41.99%	92.34%	58.6%	55.31%	81.29%	85.82%	84.74%
Dividend per Share ²	38.00	41.00	50.00	54.00	61.00	64.00	67.40	69.80
Announcement Date	19-05-10	20-05-14	21-05-13	22-05-12	23-05-11	-	-	-

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 Q3	2025 Q4
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	32,511	62,925	26,300	29,000	29,600	32,500
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	3,961	7,438	1,700	3,300	3,200	3,800
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%	12.18%	11.82%	6.46%	11.38%	10.81%	11.69%
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	4,360	7,630	-	-	-	-
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	3,003	5,713	1,100	2,200	2,100	2,800
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%	9.24%	9.08%	4.18%	7.59%	7.09%	8.62%
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	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	19-11-07	20-05-14	20-11-10	21-05-13	21-11-09	21-11-09	22-02-08	22-05-12	22-05-12	22-08-09	22-11-09	22-11-09	23-02-09	23-05-11	23-05-11	23-08-09	23-11-09	23-11-09	24-02-07	-	-	-	-	-	-

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	36,072	39,676
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,983	2,967	7,978	5,233	5,248	7,202	7,982	8,220
ROE (net income / shareholders' equity)	10.7%	10.8%	12%	11.4%	11.5%	10.1%	9.85%	9.75%
ROA (Net income/ Total Assets)	10.6%	9.69%	11.4%	12.2%	11.1%	8.65%	8.45%	8.55%
Assets ¹	61,270	72,948	76,074	72,999	85,127	102,428	110,059	113,450
Book Value Per Share ²	1,209	1,313	1,463	1,591	1,721	1,852	1,978	2,105
Cash Flow per Share ²	158.0	170.0	202.0	216.0	240.0	222.0	226.0	244.0
Capex ¹	1,485	3,809	6,009	3,364	3,451	3,150	3,150	3,150
Capex / Sales	1.44%	3.59%	5.55%	3.07%	3%	2.67%	2.57%	2.5%
Announcement Date	19-05-10	20-05-14	21-05-13	22-05-12	23-05-11	-	-	-

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

2,067 JPY

Average target price

2,120 JPY

Spread / Average Target

+2.56%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Highway & Bridge Construction

	1st Jan change	Capi.
RAITO KOGYO CO., LTD.	+9.37%	649M
SICHUAN ROAD & BRIDGE GROUP CO.,LTD	-3.20%	8.73B
IRB INFRASTRUCTURE DEVELOPERS LIMITED	+67.87%	5.05B
STERLING INFRASTRUCTURE, INC.	+15.03%	3.15B
CONSTRUCTION PARTNERS, INC.	+18.34%	2.72B
G R INFRAPROJECTS LIMITED	+21.80%	1.62B
ZHEJIANG COMMUNICATIONS TECHNOLOGY CO., LTD.	+5.21%	1.38B
SHANDONG HI-SPEED ROAD&BRIDGE GROUP CO., LTD.	+0.18%	1.22B
NATIONAL HIGHWAYS INFRA TRUST	+6.33%	899M
SHANGHAI PUDONG CONSTRUCTION CO.,LTD.	-3.33%	816M

Highway & Bridge Construction