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KDDI Corp 9433

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Stock XTKS Rating as of
JPY 4,347.00 −32.00 (0.73%)
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Company Report

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KDDI Earnings: Slight Miss on Guidance as Expected

Dan Baker

Narrow-moat KDDI’s fiscal 2023 result (ending March 2024) was in line with our expectations on an underlying basis despite narrowly missing its full-year guidance and pushing out its previous midterm earnings per share growth target by one year. We retain our fair value estimate for KDDI of JPY 4,500 and see KDDI shares as fairly valued following a share price correction since late January 2024.

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Price vs Fair Value

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9433 is trading at a 186% premium.
Price
JPY 4,379.00
Fair Value
JPY 4,195.00
Uncertainty
Low
1-Star Price
JPY 1,871.00
5-Star Price
JPY 4,186.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

KDDI has increased its dividend each year for 21 years until fiscal 2022 and it is forecasting this streak to continue for fiscal 2023.

Bears

All Japanese operators now have access to the iPhone and offer fixed/wireless bundles. Homogeneous service offerings could lead to excessive competition.

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Trading Information

Previous Close Price
JPY 4,379.00
Day Range
JPY 4,328.00–4,375.00
52-Week Range
JPY 4,059.00–5,080.00
Bid/Ask
JPY 4,344.00 / JPY 4,352.00
Market Cap
JPY 9.05 Tril
Volume/Avg
2.7 Mil / 5.0 Mil

Key Statistics

Price/Earnings (Normalized)
13.32
Price/Sales
1.60
Dividend Yield (Trailing)
3.20%
Dividend Yield (Forward)
3.43%
Total Yield
6.53%

Company Profile

KDDI is Japan's second-largest wireless operator (31% market share), the largest pay-TV operator (53% market share) and the second-largest provider of fibre-to-the-home broadband (12% market share). It has grown through acquisition and is focusing on increasing the number of customers who subscribe to more than one telecommunication service. It is also looking to grow its Life Design business which includes commerce, energy, and finance and had over 45 million Internet of Things connections by the end of December 2023.
Sector
Communication Services
Industry
Telecom Services
Stock Style Box
Large Value
Total Number of Employees
86,331
Website
http://www.kddi.com

Competitors

Valuation

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Metric
9433
9434
9432
Price/Earnings (Normalized)
 13.3220.3311.37
Price/Book Value
 1.723.821.31
Price/Sales
 1.601.530.97
Price/Cash Flow
 6.447.554.26
Price/Earnings
9433
9434
9432

Financial Strength

Metric
9433
9434
9432
Quick Ratio
 0.710.700.75
Current Ratio
 0.760.750.98
Interest Coverage
 122.219.4816.23
Quick Ratio
9433
9434
9432

Profitability

Metric
9433
9434
9432
Return on Assets (Normalized)
 6.15%3.66%4.84%
Return on Equity (Normalized)
 14.87%24.19%14.22%
Return on Invested Capital (Normalized)
 9.86%5.95%6.31%
Return on Assets
9433
9434
9432
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