京阪ホールディングス (9045) 企業価値向上に向けた取組みの加速余地に注目

研报英文原文证据摘录

京阪ホールディングス (9045) 企業価値向上に向けた取組みの加速余地に注目

JP ٜٓ؝٤証券株式会社 ؓةؓقبنؔشؠ 株式調査部

姫野 良太AC 2026 年 6 月 8 日 J P M O R G A N

(81-3) 6736-8639

ryota.himeno@jpmorgan.com

Keihan Holdings (9045): Summary of Financials

Income Statement 2025/3A2026/3A2027/3E2028/3E2029/3E Cash Flow Statement 2025/3A2026/3A2027/3E2028/3E2029/3E

Revenue 313,546332,471325,100336,100357,000 Cash flow from operating activities 44,000 40,300 51,300 52,600 54,800

COGS (221,741)(230,068)(224,700)(231,400)(246,500) o/w Depreciation & amortization 22,556 24,144 26,600 28,800 30,000

Gross profit 91,805102,403100,400104,700110,500 o/w Changes in working capital 12,995(19,011)(15,982)(14,700) (5,500)

SG&A (49,733)(53,250)(57,000)(60,000)(63,000)

EBITDA 64,627 73,296 70,000 73,500 77,500 Cash flow from investing activities(63,200)(43,000)(73,400)(72,000)(72,000)

D&A (22,556)(24,144)(26,600)(28,800)(30,000) o/w Capital expenditure (61,459)(52,760)(73,400)(72,000)(72,000)

EBIT 42,071 49,152 43,400 44,700 47,500 as % of sales 19.6% 15.9% 22.6% 21.4% 20.2%

Net Interest (1,656) (2,522) (4,000) (4,400) (4,900)

PBT 40,722 47,449 41,100 40,900 42,200 Cash flow from financing activities 10,200 3,600 33,000 29,100 17,700

Tax (11,490)(12,702)(10,100)(10,900)(11,200) o/w Dividends paid (4,064)(10,090) (8,879) (9,081) (9,283)

Minority Interest (966) (1,165) (1,200) (1,200) (1,200) o/w Shares issued/(repurchased) (17,618) (2,405) 0 0(10,000)

Net Income 28,266 33,581 29,800 28,800 29,800 o/w Net debt issued/(repaid) 32,874 11,586 41,915 38,200 37,000

.

Reported EPS 278.18 332.81 295.34 285.43 295.34 Net change in cash (9,000) 900 10,900 9,700 500

DPS 40.00 100.00 88.00 90.00 92.00 Adj. Free cash flow to firm (19,200) (2,700)(22,100)(19,400)(17,200)

Payout ratio 14.4% 30.0% 29.8% 31.5% 31.2% y/y Growth ‑238.1% ‑85.9%718.5% ‑12.2% ‑11.3%