Buy Or Sell Opportunity • Jul 09
Now 21% undervalued Over the last 90 days, the stock has risen 5.6% to €41.40. The fair value is estimated to be €52.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 5.1% per annum. Earnings are also forecast to grow by 7.2% per annum over the same time period. Aankondiging • Jul 08
Kinden Corporation (TSE:1944) completed the acquisition of 42.53% stake in The Kodensha Co., Ltd. (TSE:1948) from a group of shareholders for ¥42.7 billion Kinden Corporation (TSE:1944) agreed to acquire 48.64% stake in The Kodensha Co., Ltd. (TSE:1948) from a group of shareholders for ¥48.9 billion on November 28, 2025. A cash consideration of ¥48.86 billion valued at ¥11501 per share will be paid by Kinden Corporation. As part of consideration, ¥48.86 billion is paid towards common equity of The Kodensha Co., Ltd. The Tender Offeror has set 1,336,800 shares representing 15.31% stake as the minimum number of shares to be purchased. After successful completion of the tender offer, procedures will be implemented without delay to make Mitsubishi Electric and KINDEN the only shareholders of Kodensha. The procedures include share consolidation of Kodensha.
The transaction is subject to approval of merger agreement by target board and minimum tender. The Board of Directors of The Kodensha Co., Ltd. formed a special committee for the transaction. The expected completion of the transaction is July 6, 2026.
Mizuho Securities Co., Ltd. acted as financial advisor for The Kodensha Co., Ltd. Daiwa Securities Co. Ltd. acted as financial advisor for The Kodensha Co., Ltd. KPMG FAS Co., Ltd. acted as financial advisor for Kinden Corporation. TMI Associates acted as legal advisor for The Kodensha Co., Ltd. Oh-Ebashi LPC & Partners as the legal advisor independent of any of the Tender Offer-Related Parties respectively
Kinden Corporation (TSE:1944) completed the acquisition of 42.53% stake in The Kodensha Co., Ltd. (TSE:1948) from a group of shareholders for ¥42.7 billion on July 6, 2026. The number of shares tendered was 3,714,499 shares. Aankondiging • Jun 26
Kinden Corporation to Report Q1, 2027 Results on Jul 29, 2026 Kinden Corporation announced that they will report Q1, 2027 results on Jul 29, 2026 Aankondiging • May 25
Kinden Corporation (TSE:1944) proposed to acquire 48.64% stake in The Kodensha Co., Ltd. (TSE:1948) from a group of shareholders for ¥48.9 billion. Kinden Corporation (TSE:1944) proposed to acquire 48.64% stake in The Kodensha Co., Ltd. (TSE:1948) from a group of shareholders for ¥48.9 billion on November 28, 2025. A cash consideration of ¥48.86 billion valued at ¥11501 per share will be paid by Kinden Corporation. As part of consideration, ¥48.86 billion is paid towards common equity of The Kodensha Co., Ltd. The Tender Offeror has set 1,336,800 shares representing 15.31% stake as the minimum number of shares to be purchased. After successful completion of the tender offer, procedures will be implemented without delay to make Mitsubishi Electric and KINDEN the only shareholders of Kodensha. The procedures include share consolidation of Kodensha.
The transaction is subject to approval of merger agreement by target board and minimum tender. The Board of Directors of The Kodensha Co., Ltd. formed a special committee for the transaction. The expected completion of the transaction is July 6, 2026.
Mizuho Investors Securities Co., Ltd. acted as financial advisor for The Kodensha Co., Ltd. Daiwa Securities Co. Ltd. acted as financial advisor for The Kodensha Co., Ltd. KPMG FAS Co., Ltd. acted as financial advisor for Kinden Corporation. TMI Associates acted as legal advisor for The Kodensha Co., Ltd. Oh-Ebashi LPC & Partners as the legal advisor independent of any of the Tender Offer-Related Parties respectively Buy Or Sell Opportunity • May 22
Now 25% overvalued Over the last 90 days, the stock has fallen 13% to €37.80. The fair value is estimated to be €30.29, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings are also forecast to grow by 7.4% per annum over the same time period. Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €35.60, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Construction industry in Europe. Total returns to shareholders of 60% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €28.85 per share. Board Change • May 20
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Outside Director Miyuki Ishihara was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Apr 29
Kinden Corporation (TSE:1944) announces an Equity Buyback for 33,500,000 shares, representing 16.92% for ¥223,732.1 million. Kinden Corporation (TSE:1944) announces a share repurchase program. Under the program, the company will repurchase up to 33,500,000 shares, representing 16.92% of its issued share capital, for ¥2,23,732.1 million. The shares will be repurchases at a price of ¥6,677 per share. The shares will be repurchased from The Kansai Electric Power Company, Incorporated. The purpose of program is to return profits to shareholders. The program is valid till June 23, 2026. As of march 31, 2026, there are 197,987,702 outstanding shares (excluding treasury stock) and 1,966,478 treasury shares. Aankondiging • Apr 27
Kinden Corporation, Annual General Meeting, Jun 24, 2026 Kinden Corporation, Annual General Meeting, Jun 24, 2026. Aankondiging • Apr 21
Kinden Corporation to Report Fiscal Year 2026 Results on Apr 27, 2026 Kinden Corporation announced that they will report fiscal year 2026 results on Apr 27, 2026 Aankondiging • Dec 27
Kinden Corporation to Report Q3, 2026 Results on Jan 29, 2026 Kinden Corporation announced that they will report Q3, 2026 results on Jan 29, 2026 Aankondiging • Sep 26
Kinden Corporation to Report Q2, 2026 Results on Oct 28, 2025 Kinden Corporation announced that they will report Q2, 2026 results on Oct 28, 2025 Aankondiging • Jun 26
Kinden Corporation to Report Q1, 2026 Results on Jul 31, 2025 Kinden Corporation announced that they will report Q1, 2026 results on Jul 31, 2025 Aankondiging • Apr 28
Kinden Corporation Announces Dividend for Year Ending March 31, 2025; Provides Dividend Guidance for Second Quarter and Full Year of 2026 KINDEN CORPORATION announced that it has resolved at a meeting of its Board of Directors held on April 25, 2025 to pay dividends of surplus with a record date of March 31, 2025. This matter is scheduled to be officially decided upon approval at the 111th Ordinary General Meeting of Shareholders of the Company to be held on June 25, 2025. The company has announced an ordinary dividend of JPY 45 per share as compared to previous guidance of JPY 37 per share. Total amount of dividend is JPY 9,937 million. Effective Date is June 26, 2025. Record date is March 31, 2025. Source of dividends is retained earnings.
For the second quarter of 2026, the company expects to pay JPY 50 per share.
For fiscal year end of 2026, the company expects to pay JPY 50 per share.
Reason: The Company will actively expand the foundation of its business, mainly by leveraging human resources, a source of competitiveness, from a long-term perspective. By doing so, they will seek to achieve sustainable growth and development. They expect that these efforts will contribute to long-term benefits for their stakeholders. They consider the distribution of profits to shareholders as one of their important management issues in the future as well. They also maintain the fundamental policy of placing top priority on stable and sustainable dividends for shareholders, with a dividend policy that also takes into account business results and financial performance. In addition, they have an interim dividend system in place to increase opportunities to distribute profits and aim to achieve shareholder-focused management by, for example, paying commemorative dividends when they reach a milestone or celebrate an anniversary. They pay interim dividends equal to half the amount of expected annual dividends, which are calculated based on full-year earnings forecasts. Meanwhile, they determine the amount of year-end dividends by subtracting the amount of interim dividends from the amount of annual dividends, which are calculated based on actual business results confirmed at fiscal year-end. Based on the aforementioned basic policy and the Company's capital policy, they had previously announced a year-end dividend of JPY 42 per share (ordinary dividend of JPY 37 per share and an 80th anniversary commemorative dividend of JPY 5 per share) for the fiscal year ended March 31, 2025. However, taking into account the performance of the current fiscal year and other factors, they have decided to increase the dividend by an additional JPY 8 per share,resulting in a total dividend of JPY 50 per share (ordinary dividend of JPY 45 per share and an 80th anniversary commemorative dividend of JPY 5 per share). As a result, the full-year dividend for the current fiscal year will be JPY 90 per share (ordinary dividend of JPY 80 and an 80th anniversary commemorative dividend of JPY 10), including an interim dividend of JPY 40 (ordinary dividend of JPY 35 and an 80th anniversary commemorative dividend of JPY 5). They plan to pay an annual dividend of JPY 100 per share for the fiscal year ending March 31, 2026. This will include an interim dividend of JPY 50 and a year-end dividend of JPY 50. Aankondiging • Mar 26
Kinden Corporation to Report Fiscal Year 2025 Results on Apr 25, 2025 Kinden Corporation announced that they will report fiscal year 2025 results on Apr 25, 2025 Aankondiging • Mar 05
Kinden Corporation (TSE:1944) agreed to acquire KITA KOUDENSHA Corporation from Mitsubishi Electric Corporation (TSE:6503). Kinden Corporation (TSE:1944) agreed to acquire KITA KOUDENSHA Corporation from Mitsubishi Electric Corporation (TSE:6503) on March 3, 2025. The transaction is expected to close on April 1, 2025. Aankondiging • Jan 31
Kinden Corporation (TSE:1944) announces an Equity Buyback for 4,500,000 shares, representing 2.26% for ¥10,000 million. Kinden Corporation (TSE:1944) announces a share repurchase program. Under the program, the company will repurchase up to 4,500,000 shares, representing 2.26% of its issued share capital, for ¥10,000 million. The purpose of program is to return profits to shareholders. The program is valid till December 23, 2025. As of December 31, 2024, there are 199,291,758 outstanding shares (excluding treasury stock) and 3,349,322 treasury shares. Aankondiging • Jan 03
Kinden Corporation to Report Q3, 2025 Results on Jan 31, 2025 Kinden Corporation announced that they will report Q3, 2025 results on Jan 31, 2025 Reported Earnings • Nov 01
Second quarter 2025 earnings released: EPS: JP¥37.82 (vs JP¥31.34 in 2Q 2024) Second quarter 2025 results: EPS: JP¥37.82 (up from JP¥31.34 in 2Q 2024). Revenue: JP¥164.8b (up 4.4% from 2Q 2024). Net income: JP¥7.58b (up 19% from 2Q 2024). Profit margin: 4.6% (up from 4.0% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 4.7% growth forecast for the Construction industry in Europe. 
