Electric Power Development Co., Ltd. (9513.T) Bundle
Curious whether Electric Power Development Co., Ltd. (9513.T) is a value play or a balance-sheet risk? The company posted total revenue of ¥1.32 trillion for the year ending March 31, 2025 (up 4.66% y/y) while operating revenue was revised to ¥930.59 billion (1.7% below prior forecast), and net income climbed to ¥93.23 billion (19.5% above forecast) supporting a 7.02% net profit margin and an 8.32% ROE; yet investors should weigh these results against a total debt load of ¥1.83 trillion (debt/equity 1.26, net debt/EBITDA 5.31) alongside a net cash position of -¥1.48 trillion, healthy cash generation with operating cash flow of ¥250.34 billion and free cash flow of ¥126.42 billion, and market signals such as a trailing P/E of 4.5 and market cap of ¥550.86 billion-read on to see how revenue growth, profitability, leverage, liquidity, valuation, risks and renewable-driven growth opportunities converge for J‑POWER.
Electric Power Development Co., Ltd. (9513.T) - Revenue Analysis
- Fiscal year ending March 31, 2025 - Total revenue: ¥1.32 trillion (↑4.66% YoY vs FY2024 ¥1.26 trillion); Operating revenue: ¥930.59 billion (forecasted ¥947.00 billion; actual 1.7% below forecast).
- Fiscal year ending March 31, 2024 - Total revenue: ¥1.26 trillion (continuation of upward trend vs prior years).
- Fiscal year ending March 31, 2023 - Total revenue: ¥1.84 trillion (substantial increase from FY2022 ¥1.08 trillion).
- Revenue per employee: ≈ ¥185.89 million, indicating high revenue density per headcount.
- Five-year average revenue growth: ~8% per year, reflecting a stable multi-year growth trajectory despite year-to-year volatility.
| Fiscal Year (ending Mar 31) | Total Revenue (¥) | YoY Change (%) | Operating Revenue (¥) |
|---|---|---|---|
| 2023 | ¥1,840,000,000,000 | +70.37% vs FY2022 | ¥1,297,200,000,000 |
| 2024 | ¥1,260,000,000,000 | -31.52% vs FY2023 | ¥888,300,000,000 |
| 2025 | ¥1,320,000,000,000 | +4.66% vs FY2024 | ¥930,590,000,000 |
| 2022 | ¥1,080,000,000,000 | - (base year) | ¥761,400,000,000 |
- Observed pattern: a sharp revenue jump in FY2023 followed by normalization in FY2024 and moderate growth into FY2025; operating revenue for FY2025 came in slightly below management's forecast by 1.7%.
- Implication for investors: steady five-year average growth (~8% p.a.) and high revenue per employee support operational efficiency, but year-to-year volatility (notably 2023-2024 swing) signals exposure to one-off items or market/commodity-driven swings.
Electric Power Development Co., Ltd. (9513.T) - Profitability Metrics
Key profitability indicators for the fiscal year ending March 31, 2025, show Electric Power Development Co., Ltd. delivering stronger-than-expected earnings and solid operational performance.
- Net income: ¥93.23 billion (FY ending Mar 31, 2025), a 19.5% increase vs. prior forecast of ¥78.00 billion.
- Net profit margin: 7.02% (FY ending Mar 31, 2025), reflecting effective cost control relative to revenue.
- Operating margin: 6.74% (FY ending Mar 31, 2025), demonstrating operational efficiency across generation and related services.
- Return on equity (ROE): 8.32% (FY ending Mar 31, 2025), indicating a solid return on shareholders' equity.
- Earnings per share (EPS): ¥505.74 (FY ending Mar 31, 2025), signaling strong per-share earnings generation.
- Net income to common (TTM): ¥92.47 billion, showing consistent profitability over the trailing twelve months.
| Metric | Value | Period | Notes |
|---|---|---|---|
| Net Income | ¥93.23 billion | FY ended Mar 31, 2025 | 19.5% above prior forecast (¥78.00 billion) |
| Net Profit Margin | 7.02% | FY ended Mar 31, 2025 | Indicates effective cost management |
| Operating Margin | 6.74% | FY ended Mar 31, 2025 | Operational efficiency across core segments |
| Return on Equity (ROE) | 8.32% | FY ended Mar 31, 2025 | Solid shareholder returns |
| Earnings Per Share (EPS) | ¥505.74 | FY ended Mar 31, 2025 | Strong earnings per share |
| Net Income to Common (TTM) | ¥92.47 billion | Trailing Twelve Months | Consistent profitability across the last 12 months |
- Investors should weigh these metrics against capital structure, regulatory exposure, and generation mix when assessing valuation and risk.
- Comparing EPS and ROE trends year-over-year can help identify sustainability of earnings growth and capital efficiency.
- See additional investor insights: Exploring Electric Power Development Co., Ltd. Investor Profile: Who's Buying and Why?
Electric Power Development Co., Ltd. (9513.T) - Debt vs. Equity Structure
Electric Power Development Co., Ltd. presents a capital structure that blends significant debt with solid equity backing. Key headline figures for the fiscal year ended March 31, 2025, show the company operating with meaningful leverage but supported by stable earnings and a reasonable equity base.- Total debt: ¥1.83 trillion (FY2025)
- Total liabilities: ¥2.15 trillion (FY2025)
- Equity ratio: 36.4% (FY2025)
- Debt-to-equity ratio: 1.26 (FY2025)
- Net debt / EBITDA: 5.31
- Interest coverage ratio: 4.19
- Debt / Market capitalization: 3.58
| Metric | Value | Implication |
|---|---|---|
| Total debt (FY2025) | ¥1.83 trillion | Material leverage supporting capital-intensive operations |
| Total liabilities (FY2025) | ¥2.15 trillion | Manageable liabilities relative to assets and equity |
| Equity ratio (FY2025) | 36.4% | Solid capital buffer, over one-third financed by equity |
| Debt-to-equity ratio | 1.26 | Balanced leverage-debt slightly exceeds equity |
| Net debt / EBITDA | 5.31x | Elevated but common for utilities with stable cash flows |
| Interest coverage ratio | 4.19x | Operating income covers interest comfortably though not excessively |
| Debt / Market capitalization | 3.58x | Moderate debt relative to market value; investor perception matters |
- Leverage context: A debt-to-equity of 1.26 and equity ratio of 36.4% indicate J-POWER relies significantly on debt financing but maintains a respectable equity base to absorb shocks.
- Cash-flow support: Interest coverage of 4.19x and EBITDA-based metrics (net debt / EBITDA = 5.31) suggest operating earnings are sufficient to service debt, though refinancing risk and capital expenditure cycles should be monitored.
- Market sensitivity: Debt-to-market-cap of 3.58 means market moves can materially affect perceived solvency; investors should watch market capitalization trends alongside balance-sheet dynamics.
Electric Power Development Co., Ltd. (9513.T) - Liquidity and Solvency
Electric Power Development Co., Ltd. (9513.T) presents a mixed liquidity and solvency profile for the fiscal year ending March 31, 2025, combining solid operating cash generation with a material net debt position.- Current ratio: 1.55 - sufficient short-term assets to cover short-term liabilities.
- Quick ratio: 1.07 - adequate immediate liquidity excluding inventories.
- Net cash position: -¥1.48 trillion - company is net debted on a consolidated basis.
- Operating cash flow (FY ended Mar 31, 2025): ¥250.34 billion - robust cash generation from operations.
- Free cash flow (FY ended Mar 31, 2025): ¥126.42 billion - positive cash after capex and investments.
- Net cash per share: -¥8,521.12 - net debt exposure on a per-share basis.
| Metric | Value |
|---|---|
| Current ratio | 1.55 |
| Quick ratio | 1.07 |
| Net cash / (debt) | -¥1,480,000,000,000 |
| Operating cash flow | ¥250,340,000,000 |
| Free cash flow | ¥126,420,000,000 |
| Net cash per share | -¥8,521.12 |
- The current and quick ratios indicate near‑term liquidity is comfortable, reducing short‑term refinancing risk.
- The sizable net debt (‑¥1.48 trillion) implies leverage sensitivity to interest rates and capital spending cycles.
- Strong operating cash flow (¥250.34b) and positive free cash flow (¥126.42b) support debt servicing and reinvestment capacity.
- Negative net cash per share (‑¥8,521.12) quantifies shareholder-level leverage exposure and should be weighed against asset quality and earnings stability.
Electric Power Development Co., Ltd. (9513.T) - Valuation Analysis
Electric Power Development Co., Ltd. (9513.T) presents valuation metrics that, as of December 12, 2025, indicate the stock trades at materially low multiples relative to earnings, sales, book value, and projected growth expectations.- Share price: ¥3,083.00
- Market capitalization: ¥550.86 billion
- Trailing P/E: 4.5
- Forward P/E: 6.7
- P/S: 0.35
- P/B: 0.35
- EV/EBITDA: 7.13
- EV/FCF: 14.36
- PEG: 0.27
- EV/Sales: 1.38
| Metric | Value | Implication |
|---|---|---|
| Share Price (12-Dec-2025) | ¥3,083.00 | Reference market price |
| Market Capitalization | ¥550.86 billion | Size indicator for equity investors |
| Trailing P/E | 4.5 | Low historical earnings multiple - potentially undervalued |
| Forward P/E | 6.7 | Still low versus broader market - expectation of earnings recovery/moderate growth |
| Price-to-Sales (P/S) | 0.35 | Shares trade at ~35% of annual sales - deep sales multiple discount |
| Price-to-Book (P/B) | 0.35 | Market values company at ~35% of book equity - potential balance-sheet undervaluation |
| EV/EBITDA | 7.13 | Moderate enterprise valuation relative to operating earnings |
| EV/Free Cash Flow | 14.36 | Higher than EV/EBITDA, reflecting cash conversion dynamics |
| PEG Ratio | 0.27 | Indicates valuation is low relative to expected EPS growth |
| EV/Sales | 1.38 | Enterprise value just above annual revenues |
- Relative undervaluation: Low P/E, P/S, and P/B suggest the market prices in substantial near-term risks or structural discounts versus peers.
- Profitability vs. cash: EV/EBITDA of 7.13 is attractive for operating earnings buyers; EV/FCF of 14.36 signals more conservative cash yield assumptions.
- Growth-adjusted value: PEG of 0.27 implies the combination of low price and expected earnings growth may present a favorable risk/return profile.
- Balance-sheet signal: P/B at 0.35 warrants review of asset quality, impairment risks, and regulatory exposures specific to the power sector.
- Valuation cross-check: Compare these multiples to domestic and international utilities and independent power producers for context before action.
Electric Power Development Co., Ltd. (9513.T) - Risk Factors
Electric Power Development Co., Ltd. (9513.T) exhibits a mix of strong operating cash generation alongside material leverage that investors should weigh carefully. Key quantitative risk indicators are summarized below and discussed in context.| Metric | Value | Implication |
|---|---|---|
| Total debt | ¥1.83 trillion | Large gross liability base that increases refinancing and interest-rate sensitivity |
| Net debt | ¥1.48 trillion (net cash position: -¥1.48 trillion) | Company is in a net debt position that can constrain flexibility |
| Net debt / EBITDA | 5.31 | Elevated leverage relative to earnings; higher default/resizing risk if EBITDA falls |
| Interest coverage ratio | 4.19 | Moderate ability to meet interest expenses from operating income |
| Debt / Market capitalization | 3.58 | Debt is significant relative to market value; equity shocks amplify leverage |
| Operating cash flow (FY ending Mar 31, 2025) | ¥250.34 billion | Strong cash generation that supports debt service and capital spending |
- Interest-rate risk: With total debt of ¥1.83 trillion, a sustained rise in rates would increase finance costs and could compress margins unless hedged.
- Leverage sensitivity: A net debt / EBITDA of 5.31 signals reliance on continued EBITDA performance - any material decline in earnings would rapidly weaken solvency metrics.
- Liquidity and flexibility: The net debt position of -¥1.48 trillion reduces optionality for opportunistic investments, share buybacks, or dividend increases absent further deleveraging.
- Coverage constraints: An interest coverage ratio of 4.19 implies operating income covers interest several times over, but leaves limited cushion versus cyclical downturns or one-off charges.
- Market-perception risk: Debt-to-market-cap of 3.58 means equity market movements can materially alter leverage ratios and investor confidence.
- Cash generation buffer - Operating cash flow of ¥250.34 billion (FY Mar 31, 2025) provides an important source to service debt, fund maintenance capex, and potentially reduce leverage over time.
- Refinancing timeline - Concentrations of maturing debt or upcoming refinancing needs would heighten exposure to credit-market conditions; monitoring maturity schedule is essential.
- Commodity and regulatory exposure - Electricity price moves, fuel costs, and policy changes (e.g., renewables targets, carbon pricing) can affect EBITDA and cash flow stability, thereby impacting leverage metrics.
Electric Power Development Co., Ltd. (9513.T) Growth Opportunities
Electric Power Development Co., Ltd. (9513.T) is positioning itself to capture upside from Japan's energy transition through targeted renewable investments, smart-grid partnerships, and strategic local-government joint ventures.- Expansion into renewables: accelerated deployment of wind and geothermal projects to diversify generation away from thermal exposure.
- Smart grid & technology partnerships: agreements with technology firms aimed at improving operational efficiency and reducing operating costs by an estimated 15% within three years.
- Local-government joint ventures: pipeline of community-anchored renewable projects expected to translate into new contracts ~¥25 billion over the next five years.
- Capital allocation: ongoing capital expenditure program of ¥115.8 billion focused on capacity maintenance and new renewable capacity, reflecting a commitment to both reliability and growth.
- Competitive advantages: diversified generation mix plus cost-efficient thermal operations that can offset intermittency and provide margin stability while renewables scale up.
- Environmental positioning: investments in environmental technologies and decarbonization-aligned solutions that match global regulatory and ESG trends, supporting access to green finance and offtake opportunities.
| Initiative | Expected Outcome | Quantified Impact | Timeline |
|---|---|---|---|
| Renewable capacity build-out (wind, geothermal) | Increased low‑carbon generation, revenue diversification | Pipeline contracts ≈ ¥25.0 billion | Next 5 years |
| Smart grid & tech partnerships | Lower operating costs, improved grid efficiency | OpEx reduction ≈ 15% vs. baseline | 3 years |
| Capital expenditures (maintenance + renewables) | Maintain reliability, add new capacity | CapEx ≈ ¥115.8 billion | Current multi‑year plan |
| Diversified generation & thermal optimization | Margin resilience during transition | Improved cost per MWh vs. peers (company guidance) | Ongoing |
| Joint ventures with local governments | Project site access, secured offtakes | Contract wins ≈ ¥25.0 billion (expected) | Next 5 years |
- Near-term investor considerations: monitor announced project FIDs, detailed CapEx phasing of the ¥115.8 billion program, and early performance metrics from smart‑grid pilots quantifying the 15% cost reduction.
- Revenue & contract visibility: the ≈¥25 billion JV pipeline provides measurable upside to mid-term topline forecasts if execution proceeds on schedule.
- Risk-adjusted growth: renewable project execution, permitting and grid connection timelines, and commodity/thermal margin cycles remain primary execution risks.
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