TSE: 1942 - Kandenko Co.,Ltd.

Yield per half year: +33.81%
Dividend yield: +2.48%
Sector: Industrials

Reporting Kandenko Co.,Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								252.58
Выручка, млрд ¥	507.21	563.55	616.14	556.05	495.57	541.58	598.43	598.43	561.55	-0.58
Чистая прибыль, млрд ¥	19.06	19.7	22.52	20.15	20.32	21.17	27.35	27.35	22.30	3.96
EV, млрд ¥	252.39	184.36	148.73	154.04	120	143.9	313.77	313.77	176.09	16.10
EBIT, млрд ¥	28.6	30.01	34.69	30.04	30.64	32.75	45.23	45.23	34.67	5.45
EBITDA, млрд ¥	33.7	37.21	42.22	38.5	38.08	40.78	54.09	54.09	42.73	5.08
Баланс стоимость, млрд ¥	224.14	238.43	247.38	270.42	283.98	298.4	333.94	333.94	286.82	6.18
FCF, млрд ¥	1.86	19.59	18.59	7.12	19.91	2	1.57	1.57	9.84	-39.00
Операционный денежный поток, млрд ¥	11.47	28.25	29.16	12.87	27.15	7.46	19.84	19.84	19.30	-7.41
Операционная прибыль, млрд ¥	29.26	30.01	34.69	30.04	30.64	32.75	40.93	40.93	33.81	3.36
Операционные расходы, млрд ¥	25.12	25.66	26.23	25.11	26.08	27.39	30.26	30.26	27.01	2.90
CAPEX, млрд ¥	9.61	8.66	10.57	5.76	7.24	5.46	18.27	18.27	9.46	11.57

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥				124.68	133.81	26 970.99	118.78	143.04	141.54	195.07	128.86	157.88	168.75	158.42	3.58
Чистая прибыль, млрд ¥				5.2	5.23	995.47	5.07	6.03	8.94	7.3	7.38	9.88	14.63	9.63	10.35
EV, млрд ¥				120.92	142.36	21 632.89	183.82	217.82	248.45	313.76	286.5	386.1	432.31	333.42	11.71
EBIT, млрд ¥				7.78	7.79	1 754.96	5.54	8.95	15.26	13.15	11.11	15	16.51	14.21	1.59
EBITDA, млрд ¥				8.04	8.26	1 762.24	7.64	11.11	17.49	15.52	0.757	17.37	18.72	13.97	1.37
Баланс стоимость, млрд ¥				290.38	292.12	46 232.35	304	311.88	317.55	333.94	335.02	344.37	351.69	336.51	2.06
FCF, млрд ¥						678.62	4.19	8.86	4.47					174.04	-71.51
Операционный денежный поток, млрд ¥	2.33	2.33	2.33	2.33		678.62	4.19	11.38	4.47					140.20	13.92
Операционная прибыль, млрд ¥				7.78	7.79	1 754.96	6.77	8.98	9.19	16	10.35	15.08	16.51	13.43	12.43
Операционные расходы, млрд ¥				6.43	6.71	1 238.56	6.38	6.54	7.29	10.05	7.13	7.25	7.82	7.91	1.41
CAPEX, млрд ¥	1.08	1.08	1.08	1.08		845.95		2.52						170.34	18.47

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	56.79	62.59	71.5	58.48	67.61	62.93	66.65	66.65	65.43	-1.40
Short Term Investments ¥		12	12.01	5.01	5	2.3	4.22	4.22	5.71	-18.88
Total Receivables ¥		183.93	197.79	192.2	185.12	204.32	238.32	238.32	203.55	3.80
Total Current Assets ¥		285.27	312.43	278.55	288.17	303.78	352.16	352.16	307.02	2.42
Чистые активы, млрд ¥	277.74	285.27	312.43	278.55	112.93	110.96		110.96	220.03	-17.21
Активы, млрд ¥	443.75	459.85	488.7	457	470.97	487.83	567.28	567.28	494.36	3.03
Short Term Debt ¥		7.48	27.42	8	7.5	8.43	17.88	17.88	13.85	-8.20
Long Term Debt ¥		29.52	9.09	8.63	8.3	7.35	5.19	5.19	7.71	-10.60
Задолженность, млрд ¥	212.94	213.9	232.88	177.54	177.45	179.37	221.48	221.48	197.74	-1.00
Чистый долг, млрд ¥	-16.41	-25.58	-34.99	-41.85	-51.81	-47.15	-39.39	-39.39	-43.0380	2.40
Долг, млрд ¥	40.37	37	36.52	16.63	15.8	15.78	27.27	27.27	22.40	-5.67
Расходы на обслуживание долга ¥		0.224	0.198	0.205	0.187	0.181	0.214	0.214	0.1970	1.57
Чист. проц. доходы, млрд ¥	0.016	0.017	0.017	0.02	1.22	1.27	0.015	1.27	0.5084	-2.47
Амортизация, млрд ¥		7.19	7.53	8.45	7.44	8.03	8.86	8.86	8.06	3.31
Себестоимость, млрд ¥			555.22	500.89	438.85	481.44	527.24	527.24	500.73	-1.03
Товарно материальные запасы ¥		14.77	16.86	16.15	9.55	9.59	16.86	16.86	13.80	0.00

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				63.84	50.14	9 750.29	67.71	76.35	62.86	66.65	71.24	80.73	64.91	69.28	0.64
Short Term Investments ¥		5	5.3	5.3	0.3	356.2	2	2		4.22	7	9		4.84	35.10
Total Receivables ¥				161.12	181.81	31 844.82	168.87	173.95	194.04	238.32	169.4	178.86	220.28	200.18	2.57
Total Current Assets ¥				267.6	275.25	47 066.99	277.39	300.85	312.89	352.16	296.95	319.52	347.35	325.77	2.11
Чистые активы, млрд ¥	264.39	288.17	261.04	267.6	275.25	17 191.72	112.46							3621.61	-15.50
Активы, млрд ¥				451.61	459.47	75 582.23	466.92	493.27	520.6	567.28	511.67	535.24	560.48	539.05	1.49
Short Term Debt ¥				7.3	9.05	1 306.11	10.17	8.01	24.63	17.88	9.11	7.04	18.88	15.51	-5.18
Long Term Debt ¥	6.78	8.3	6.49	6.25	6.11	1 138.78	4.92	4.73	5.05	5.19				231.73	-65.98
Задолженность, млрд ¥				151.51	157.58	27 791.37	152.86	171.19	191.61	221.47	164.82	178.77	196.49	190.63	0.50
Чистый долг, млрд ¥				-50.29	-34.98	-7 305.4	-52.62	-63.61	-33.18	-39.39	-57.06	-68.81	-41.28	-47.9440	4.47
Долг, млрд ¥				13.54	15.16	2 444.89	15.09	12.74	29.68	27.27	14.18	11.91	23.63	21.33	-4.46
Расходы на обслуживание долга ¥			0.049	0.042	0.047	6.66	0.049	0.042	0.062	0.061	0.057	0.042		0.0528	0.00
Чист. проц. доходы, млрд ¥	0.566	0.185			0.119	53.92	93.74							29.71	177.86
Амортизация, млрд ¥				0.257	0.467	7.28	2.1	2.16	2.23	2.37	-10.35	2.38	2.21	-0.2320	-0.18
Себестоимость, млрд ¥							105.64	127.52	125.06	169.02	111.39	135.55	144.43	137.09	2.92
Товарно материальные запасы ¥				13.15	14.38	1 486.46	11.85	16.73	20.56	16.86	20.04	18.09	23.85	19.88	3.01

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	85.93	88.78	101.35	98.64	99.44	103.59	133.8		133.8	107.36	5.71
Цена акции ао					861	1378	2317	2732.5	2732.5	1822.13	33.47
Число акций ао, млн		221.93	222.15	204.26	204.29	204.33	204.37		204.37	207.88	-1.65
FCF/акцию	8.36	88.28	83.66	34.83	97.46	9.76	7.69		7.69	46.68	-37.96

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS	25.45	25.62	4871.38	24.81	29.52	43.76	35.71	36.12	48.34	71.59		47.10	10.35
Цена акции ао											2732.5	2732.50	0.00
FCF/акцию			21.43	20.52	43.35	21.85						26.79	0.49

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	8.84	8.52	9.27	7.78	7.33	7.27	8.65		8.65	10.38	8.06	-1.37
ROA, %	4.39	4.36	4.75	4.26	4.38	4.42	5.18		5.18	5.53	4.60	1.75
ROIC, %			9.87	9.01	8.75	8.95			8.95	9.72	9.14	-2.42
ROS, %			3.65	3.62	4.1	3.91	4.57	4.57	4.57	6.69	4.15	4.77
ROCE, %	9.71	9.78	11.73	9.63	9.47	9.72	12.09	13.08	13.08	13.92	10.80	6.32
Ebit margin, %			5.8	5.4	6.18	6.05	7.56	7.56	7.56		6.55	6.96
Рентаб EBITDA, %	6.64	6.6	6.85	6.92	7.68	7.53	9.04	9.04	9.04	13.92	8.04	5.49
Чистая рентаб, %	3.76	3.5	3.65	3.62	4.1	3.91	4.57		4.57	6.69	3.97	4.60
Operation Margin, %			5.63	5.4	6.18	6.05	6.84	6.84	6.84	8.77	6.26	4.84

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	1.84	1.83	2.22	1.67	2.02	2.93	2.34	2.3	3.01	4.34		10.38	2.98	8.17
ROA, %	1.16	1.15	1.36	1.09	1.26	1.76	1.34	1.37	1.89	2.67		5.53	1.81	8.69
ROIC, %					2.39							9.72	2.39	0.00
ROS, %				4.27	4.22	6.32	3.74	5.73	6.26	8.67	4.57	6.69	5.79	4.09
ROCE, %		2.38	3.43	1.76	2.63	4.39	3.68	3.05	4.02	4.33	13.08	13.92	5.63	28.87
Ebit margin, %					6.26	10.78	6.74	8.62	9.5	9.78	7.56		8.44	2.32
Рентаб EBITDA, %		6.17	6.53	6.43	7.76	12.36	7.95	0.5874	11	11.09	9.04	13.92	7.93	2.60
Чистая рентаб, %	4.17	3.91	3.69	4.27	4.22	6.32	3.74	5.73	6.26	8.67		6.69	6.14	6.53
Operation Margin, %				5.7	6.28	6.49	8.2	8.03	9.55	9.78	6.84	8.77	8.48	-3.56

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	14.1	10.66	8.16	9.72	8.46	9.03	12.91		12.91	83.17	9.66	9.61
P/BV	1.16	0.8536	0.7182	0.7009	0.5853	0.6194	1.02		1.02	68.05	0.7288	7.27
P/S	0.53	0.3725	0.2982	0.3523	0.3467	0.3528	0.5901		0.5901	67.56	0.3880	14.63
P/FCF						126.61	160.78	160.78	160.78	46.42	149.39	8.29
E/P						0.0838	0.1083	0.1083	0.1083	0.39	0.1001	8.93
EV/EBIT			4.16	5.13	3.92	4.39	6.94	6.94	6.94		5.46	6.23
EV/EBITDA	7.49	4.96	3.52	4	3.15	3.53	5.8		5.8	74.76	4.00	10.50
EV/S			0.2412	0.277	0.2421	0.2657	0.5243	0.5243	0.5243	67.58	0.3667	13.61
EV/FCF			8	21.65	6.03	72.13	199.73	199.73	199.73	18.84	99.85	55.95
Debt/EBITDA	1.2	0.9945	0.8649	0.432	0.415	0.3869	0.5041	0.5041	0.5041	2.59	0.4484	3.14
Netdebt/Ebitda			-0.8287	-1.09	-1.36	-1.16	-0.7281	-0.7281	-0.7281	0.07	-1.0132	-7.75
Debt/Ratio			0.0747	0.0364	0.0336	0.0323	0.0481	0.0481	0.0481	0.16	0.0397	5.73
Debt/Equity			0.1476	0.0615	0.0557	0.0529	0.0817	0.6405	0.6405	1.02	0.1785	59.78
Debt/Net Income			1.62	0.8255	0.7779	0.7455	0.9972	0.9972	0.9972	5.09	0.8687	3.85
PEG								0.1518	0.1518		0.1518	0.00
Бета						0.2445	1.75	-2.38	-2.38	-44.45	-0.1285	-313.52
Индекс Альтмана						0.6319	0.2119	0.2057	0.2057	7.66	0.3498	-31.21

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	8.17	8.4	8.82	10.78	12.36	10.64	12.91	11.58	13.58	12.08			83.17	12.16	2.57
P/BV	0.5705	0.5874	0.6055	0.7528	0.8738	0.856	1.02	0.9905	1.28	1.3			68.05	1.09	8.72
P/S	0.3364	0.3415	0.3448	0.4288	0.4939	0.4877	0.5901	0.5646	0.7298	0.7279			67.56	0.6200	8.34
P/FCF												160.78	46.42	160.78	0.00
E/P												0.1083	0.39	0.1083	0.00
EV/EBIT					24.34	16.29	23.87	25.79	25.75	26.19		6.94		21.71	-21.89
EV/EBITDA	3.71	4.3	4.08	24.06	4.96	4.8	5.82	6.39	7.55	8.26			74.76	6.56	11.47
EV/S				1.55	1.52	1.76	1.61	2.22	2.45	2.56		0.5243	67.58	1.87	-20.10
EV/FCF				43.83	24.58	55.63						199.73	18.84	80.94	46.11
Debt/EBITDA		1.84	1.39	1.98	1.15	1.7	1.76	18.73	0.6856	1.26		0.5041	2.59	4.59	-22.12
Netdebt/Ebitda				-6.89	-5.73	-1.9	-2.54	-75.38	-3.96	-2.21		-0.7281	0.07	-16.9636	-22.11
Debt/Ratio				0.0323	0.0258	0.057	0.0481	0.0277	0.0223	0.0422		0.0481	0.16	0.0377	0.00
Debt/Equity				0.0496	0.0409	0.0935	0.0817	0.0423	0.0346	0.0672		0.6405	1.02	0.1733	50.96
Debt/Net Income				2.98	2.11	3.32	3.74	1.92	1.21	1.61		0.9972	5.09	1.90	-23.23
PEG												0.1518		0.1518	0.00
Бета											-4.07	-2.38	-44.45	-3.2250	-23.53
Индекс Альтмана											0.2057	0.2057	7.66	0.2057	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	4.9	5.11	5.72	5.51	5.72	5.93	6.95			6.95		5.97	3.97
Дивиденд	16	25	15	27	10.07	29	34	26	56	58		31.01	40.94
Див доход, ао, %	1.44	2.12	1.44	3.33	1.67	5.17	3.56	1.94	3.02	2.48	4.35	3.07	12.58
Дивиденды / прибыль, %		25.72	25.91	25.4	27.37	28.15	27.99	25.41		25.41	37.32	26.86	0.01
Dividend Coverage Ratio									3.94	3.94		3.94	0.00

	2021Q4	2022Q1	2022Q2	2022Q3	2023Q1	2023Q3	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	1.43	1.43	1.43	1.43	918	1.74			184.81	4.00
Дивиденды / прибыль, %	28.1	22.47	33.19	27.51	92.22	28.78		37.32	40.83	5.07
Dividend Coverage Ratio							3.94		3.94	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	10320	10320	0.00

	CAGR 5

	CAGR 5