Kawai Musical Instruments Manufacturing Co., Ltd.

7952.T · Consumer Cyclical · Leisure · Valued as of 2026-11-03 · Statements 2026-03-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

224.47M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

151.72M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

292.74M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

222.98M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

188.07M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.19×

the ratio the screener ranks by

Margin of Safety

+15.7%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 224.47M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)227.92M USD
−②Net Debt Today3.45M USD
+③Growth Value0 USD
=Value224.47M USD

EPV of the Operations (NOPAT over WACC)

227.92M USD

Net debt today

-3.45M USD

Growth Value

0 USD

Value

224.47M USD

①EPV (earnings power value)

227.92M USD

②Net Debt Today

3.45M USD

③Growth Value

0 USD

Market value

Market Cap188.07M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+16.2%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 151.72M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE28.98M USD
+②Equity at Year 15, Today122.74M USD
=Value151.72M USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROE on new investment rising to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

28.98M USD

②Equity at Year 15, Today

122.74M USD

Market value

Market Cap188.07M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-24.0%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 292.74M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 292.74M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap188.07M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+35.8%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 5.01%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.34×Market Risk Premium 6.00%= 6.54%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 2.96M USDPretax Income 10.11M USD= 29.24%

The tax the interest saves.

Interest Expense =EBIT 11.05M USD−Pretax Income 10.11M USD= 939.37K USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 939.37K USDTotal Debt 70.82M USD×(1 − Tax Rate for WACC 29.24%)= 0.94%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 70.82M USDMarket Cap + Total Debt 188.07M USD + 70.82M USD= 27.36%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 72.64%×Cost of Equity 6.54%+Debt Weight 27.36%×Cost of Debt 0.94%= 5.01%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-03-31.

Total Assets 493.98M USD − Total Liabilities 201.24M USD = Book Value Today 292.74M USD

Total Debt 70.82M USD − Cash and Short-Term Investments 67.37M USD = Net Debt Today 3.45M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.1%at most 5%passes8,602,419 / 8,596,170
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-2.4%at least -10.0%passes(-4.77M USD − 7.15M USD) ÷ 493.98M USD
Price to bookMarket Cap ÷ Book Value Today0.64×at most 3×passes188.07M USD ÷ 292.74M USD
Operating marginOperating Income ÷ Revenue0.2%above 10.0%does not pass732.71K USD ÷ 451.20M USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-7.5%above 10.0%does not pass451.20M USD / 487.85M USD
Net cash(Cash − Total Debt) ÷ Market Cap-1.8%above -30%passes(67.37M USD − 70.82M USD) ÷ 188.07M USD
Operating efficiencyOperating Income ÷ Gross Profit0.6%above 25.0%does not pass732.71K USD ÷ 117.37M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

3428.42 JPY

Enterprise value

31.00B JPY

the provider's own figure

EV / EBITDA

12.61×

Price / book

0.64×

the provider's book

Price / earnings

25.79×

Return on equity

2.7%

the provider's figure, not this page's

Profit margin

1.7%

Revenue growth

-3.9%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2023202420252026
Income statement

Revenue

659.60M530.06M487.85M451.20M

Gross profit

171.45M136.90M122.41M117.37M

Operating income

37.93M21.52M2.12M732.71K

EBITDA

operating income before depreciation and amortisation

55.21M38.96M15.15M23.79M

Pretax income

42.17M27.90M2.33M10.11M

Net income

27.59M18.39M2.71M7.15M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

27.73M18.30M3.40M4.31M

R&D

————
Balance sheet, year end

Total assets

532.19M486.08M495.03M493.98M

Total liabilities

243.18M200.94M197.04M201.24M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

287.51M283.72M297.99M292.74M

Total debt

67.08M53.66M56.51M70.82M

Cash and equivalents

145.15M120.50M88.98M67.37M

Net PP&E

fixed assets after depreciation

101.71M91.59M100.41M110.02M

Working capital

current assets less current liabilities

220.41M207.63M207.69M176.03M
Cash flow

Operating cash flow

-4.61M9.53M-11.36M-4.77M

Capital expenditure

paid out, so below zero

-10.91M-8.86M-19.05M-18.50M

Depreciation and amortisation

12.40M10.59M12.26M12.74M

Free cash flow

operating cash flow plus capital expenditure

-15.52M674.21K-30.41M-23.27M