Kawanishi Warehouse Co.,Ltd.

9322.T · Industrials · Specialty Business Services · 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

71.04M USD

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

Profit

96.38M USD

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

FCFF

114.44M USD

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

Average Intrinsic Value

93.95M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

115.58M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.81×

the ratio the screener ranks by

Margin of Safety

-23.0%

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: 71.04M 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)94.96M USD
−②Net Debt Today23.91M USD
+③Growth Value0 USD
=Value71.04M USD

EPV of the Operations (NOPAT over WACC)

94.96M USD

Net debt today

-23.91M USD

Growth Value

0 USD

Value

71.04M USD

①EPV (earnings power value)

94.96M USD

②Net Debt Today

23.91M USD

③Growth Value

0 USD

Market value

Market Cap115.58M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-62.7%

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): 96.38M 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 FCFE24.56M USD
+②Equity at Year 15, Today71.82M USD
=Value96.38M 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 falling 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

24.56M USD

②Equity at Year 15, Today

71.82M USD

Market value

Market Cap115.58M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-19.9%

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): 114.44M 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).
①Present Value of the 15 Years of FCFF45.03M USD
+②Invested Capital at Year 15, Today93.33M USD
−③Net Debt Today23.91M USD
=Value114.44M USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment rising to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

45.03M USD

②Invested Capital at Year 15, Today

93.33M USD

③Net Debt Today

23.91M USD

Market value

Market Cap115.58M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-1.0%

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: 4.78%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.41×Market Risk Premium 6.00%= 6.93%

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 2.56M USDPretax Income 6.64M USD= 38.62%

The tax the interest saves.

Interest Expense =EBIT 7.25M USD−Pretax Income 6.64M USD= 609.91K USD

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

Cost of Debt =Interest Expense 609.91K USDTotal Debt 59.80M USD×(1 − Tax Rate for WACC 38.62%)= 0.63%

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

Debt Weight =Total Debt 59.80M USDMarket Cap + Total Debt 115.58M USD + 59.80M USD= 34.10%

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

WACC =Equity Weight 65.90%×Cost of Equity 6.93%+Debt Weight 34.10%×Cost of Debt 0.63%= 4.78%

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 252.09M USD − Total Liabilities 92.04M USD = Book Value Today 160.05M USD

Total Debt 59.80M USD − Cash and Short-Term Investments 35.88M USD = Net Debt Today 23.91M 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 − 10.5%at most 5%passes7,685,247 / 7,646,647
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets2.6%at least -10.0%passes(10.55M USD − 3.98M USD) ÷ 252.09M USD
Price to bookMarket Cap ÷ Book Value Today0.72×at most 3×passes115.58M USD ÷ 160.05M USD
Operating marginOperating Income ÷ Revenue4.3%above 10.0%does not pass7.10M USD ÷ 165.34M USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-3.3%above 10.0%does not pass165.34M USD / 170.89M USD
Net cash(Cash − Total Debt) ÷ Market Cap-20.7%above -30%passes(35.88M USD − 59.80M USD) ÷ 115.58M USD
Operating efficiencyOperating Income ÷ Gross Profit26.6%above 25.0%passes7.10M USD ÷ 26.64M USD

Market Data

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

Share price

2358.36 JPY

Enterprise value

27.86B JPY

the provider's own figure

EV / EBITDA

10.95×

Price / book

0.85×

the provider's book

Price / earnings

28.44×

Return on equity

2.2%

the provider's figure, not this page's

Profit margin

2.0%

Revenue growth

6.2%

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

203.71M165.20M170.89M165.34M

Gross profit

26.59M25.12M25.74M26.64M

Operating income

6.72M7.67M6.87M7.10M

EBITDA

operating income before depreciation and amortisation

26.52M16.55M17.30M16.25M

Pretax income

17.11M7.28M7.76M6.64M

Net income

11.22M5.27M4.99M3.98M

Normalized income

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

4.44M5.93M5.07M4.53M

R&D

————
Balance sheet, year end

Total assets

284.33M252.09M256.78M252.09M

Total liabilities

119.66M96.46M93.37M92.04M

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

144.87M136.30M142.57M138.44M

Total debt

77.73M62.67M57.15M59.80M

Cash and equivalents

37.83M37.08M35.26M35.88M

Net PP&E

fixed assets after depreciation

169.54M145.79M149.99M139.82M

Working capital

current assets less current liabilities

43.46M42.43M31.17M37.98M
Cash flow

Operating cash flow

20.15M14.19M16.36M10.55M

Capital expenditure

paid out, so below zero

-6.61M-2.88M-9.75M-5.04M

Depreciation and amortisation

9.00M8.95M9.21M9.01M

Free cash flow

operating cash flow plus capital expenditure

13.53M11.30M6.61M5.51M