Kajima Corporation

DB:KAJ Stock Report

Market Cap: €7.8b

Kajima Valuation

Is KAJ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of KAJ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: KAJ (€16.5) is trading below our estimate of fair value (€30.33)

Significantly Below Fair Value: KAJ is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for KAJ?

Key metric: As KAJ is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for KAJ. This is calculated by dividing KAJ's market cap by their current earnings.
What is KAJ's PE Ratio?
PE Ratio12.6x
EarningsJP¥100.15b
Market CapJP¥1.27t

Price to Earnings Ratio vs Peers

How does KAJ's PE Ratio compare to its peers?

The above table shows the PE ratio for KAJ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average63.7x
HOT HOCHTIEF
12.4x2.5%€8.9b
NCH2 thyssenkrupp nucera KGaA
186.4x55.9%€1.1b
B5A0 BAUER
37x38.2%€163.5m
G1A GEA Group
19.1x8.3%€7.8b
KAJ Kajima
12.6x7.9%€1.3t

Price-To-Earnings vs Peers: KAJ is good value based on its Price-To-Earnings Ratio (12.6x) compared to the peer average (63.7x).

Price to Earnings Ratio vs Industry

How does KAJ's PE Ratio compare vs other companies in the European Construction Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
KAJ 12.6xIndustry Avg. 13.0xNo. of Companies16PE0816243240+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: KAJ is good value based on its Price-To-Earnings Ratio (12.6x) compared to the European Construction industry average (13x).

Price to Earnings Ratio vs Fair Ratio

What is KAJ's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

KAJ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.6x
Fair PE Ratio16.6x

Price-To-Earnings vs Fair Ratio: KAJ is good value based on its Price-To-Earnings Ratio (12.6x) compared to the estimated Fair Price-To-Earnings Ratio (16.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst KAJ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€16.50
€19.85
+20.3%
9.0%€23.76€17.67n/a7
Nov ’25€15.70
€19.97
+27.2%
9.0%€23.91€17.78n/a7
Oct ’25€16.80
€19.74
+17.5%
10.9%€24.25€16.92n/a7
Sep ’25€16.30
€18.30
+12.3%
11.1%€22.59€15.75n/a7
Aug ’25€17.10
€18.30
+7.0%
11.1%€22.59€15.75n/a7
Jul ’25€15.90
€17.57
+10.5%
6.1%€19.22€15.84n/a7
Jun ’25€15.50
€18.21
+17.5%
7.1%€20.05€16.04n/a7
May ’25€17.90
€19.75
+10.3%
9.9%€22.61€16.62n/a7
Apr ’25€18.70
€19.75
+5.6%
9.9%€22.61€16.62n/a7
Mar ’25€17.00
€18.70
+10.0%
9.2%€21.43€16.66n/a7
Feb ’25€16.40
€18.62
+13.5%
7.2%€21.24€16.99n/a7
Jan ’25€14.90
€18.50
+24.2%
3.2%€19.35€17.54n/a7
Dec ’24€14.40
€18.30
+27.1%
5.3%€19.85€16.90n/a8
Nov ’24€15.90
€18.61
+17.1%
5.6%€20.08€17.10€15.708
Oct ’24€15.30
€18.61
+21.7%
5.6%€20.08€17.10€16.808
Sep ’24€15.20
€16.85
+10.9%
7.9%€18.47€15.18€16.308
Aug ’24€14.40
€16.39
+13.8%
6.3%€18.64€15.43€17.108
Jul ’24€13.50
€14.15
+4.8%
12.3%€15.94€11.54€15.907
Jun ’24€13.20
€13.74
+4.1%
10.8%€16.77€12.14€15.507
May ’24€11.80
€13.00
+10.2%
5.4%€13.93€11.90€17.907
Apr ’24€10.80
€13.18
+22.0%
5.5%€14.23€12.15€18.706
Mar ’24€11.00
€12.99
+18.1%
5.2%€13.90€12.16€17.007
Feb ’24€10.70
€13.31
+24.3%
4.8%€14.37€12.36€16.407
Jan ’24€10.70
€12.30
+14.9%
12.6%€13.86€8.80€14.907
Dec ’23€10.40
€12.06
+16.0%
11.8%€13.44€8.85€14.407
Nov ’23€9.35
€11.71
+25.3%
12.5%€13.24€8.71€15.907

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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