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Key Info

KDDI Corp Web - www.kddi.com

Tel - 81-3-6678-0712

Next Reporting Date - 15.05.2019

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    KDDI Corp

    Telecommunication Services

    JAPAN


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.00%

    Cost of Debt

    4.00%

    Long Term Growth

    2.00%

    Beta Assumption

    0.37

    Current Market Cap mln$

    57,520.85

    Net Debt mln$

    13,808.37

    WACC Estimate

    4.18%

    Ordinary Current Price $

    22.72

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue39038.1037232.4543923.5745508.0443885.6644818.9545747.5646933.4748128.8949285.7950470.5051683.6952926.0354198.2555501.04
    EBITDA Costs28253.7025892.5730460.3131924.0330751.6531365.8431976.9632757.4033544.1134303.3935079.8635873.9036685.9237516.3238365.51
    EBITDA10784.4011339.8813463.2513584.0113134.0113453.1013770.6014176.0614584.7814982.4015390.6415809.7816240.1116681.9317135.53
    EBITDA Margin27.6330.4630.6529.8529.9330.0230.1030.2030.3030.4030.4930.5930.6830.7830.87
    Operating Costs32996.9630334.6335503.6136859.4935691.6536362.3637029.7137881.9738741.0739568.1540412.8841275.6542156.8443056.8443976.06
    Operating Profit6041.146897.828419.968648.558194.018456.588717.849051.499387.829717.6410057.6110408.0310769.1911141.4011524.98
    Operating Margin15.4718.5319.1719.0018.6718.8719.0619.2919.5119.7219.9320.1420.3520.5620.77
    Pretax Costs32978.0330409.6935636.1136887.0535754.9636429.1937100.0437956.7638820.3639651.8940501.2341368.7642254.8743159.9744084.45
    PTP6060.076822.768287.468621.008130.708389.768647.528976.709308.539633.909969.2710314.9310671.1611038.2811416.59
    Pretax Margin15.5218.3218.8718.9418.5318.7218.9019.1319.3419.5519.7519.9620.1620.3720.57
    Net Income Costs39038.1033110.2938866.7340340.5039423.1840024.2040622.2141385.9242155.7542891.2643639.6144401.0145175.7045963.9146765.87
    Net Income0.004122.165056.845167.544462.484794.755125.355547.555973.146394.536830.897282.677750.338234.348735.17
    Net Margin0.0011.0711.5111.3610.1710.7011.2011.8212.4112.9713.5314.0914.6415.1915.74
    Revenue Less Capex43449.1940094.3347057.1548767.2947227.6648132.7149033.2250183.2551342.5052459.4253600.6554766.7055958.1157175.4558419.27
    Capex-4411.09-2861.88-3133.58-3259.25-3342.01-3313.77-3285.67-3249.78-3213.61-3173.63-3130.15-3083.01-3032.08-2977.20-2918.23
    Capex to Revenues-11.30-7.69-7.13-7.16-7.62-7.39-7.18-6.92-6.68-6.44-6.20-5.97-5.73-5.49-5.26
    Revenue less FCF34592.6632720.2836316.6839187.2337350.8137975.4838597.0239390.7740190.8940957.7941739.3242535.7743347.4144174.5445017.46
    FCF4445.454512.187606.886320.826534.846843.467150.547542.707938.008328.008731.189147.929578.6210023.7010483.58
    FCF to Revenue11.3912.1217.3213.8914.8915.2715.6316.0716.4916.9017.3017.7018.1018.4918.89

    JAPAN Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    9984 JPSoftBank Group CorpJAPAN 113727.3610.489.488.239.151.340.3832.311.8914.6434.38
    9432 JPNippon Telegraph & Telephone CorpJAPAN 80506.3110.089.944.754.830.763.8026.590.949.26-3.60
    9437 JPNTT DOCOMO IncJAPAN 71891.0313.0513.06-5.342.104.49----14.50
    9433 JPKDDI CorpJAPAN 57520.859.979.985.045.061.263.9530.901.4915.60-8.45

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    VZ USVerizon Communications IncUNITED STATES 230995.6011.7711.547.597.431.754.3536.543.7733.842.72
    T USAT&T IncUNITED STATES 221390.988.458.356.956.901.216.7532.811.2112.197.77
    941 HKChina Mobile LtdHONG KONG 195890.8011.0010.583.102.991.764.3738.491.1811.062.67
    DTE GRDeutsche Telekom AGGERMANY 79369.0214.2112.835.625.320.905.0731.272.2213.998.19
    AMXL MMAmerica Movil SAB de CVMEXICO 51192.5314.3512.115.385.080.951.9328.714.5832.018.53
    VOD LNVodafone Group PLCBRITAIN 49335.7917.4815.095.345.270.998.7031.490.713.691.78
    TEF SMTelefonica SASPAIN 43152.5910.349.226.426.330.805.4132.301.9718.749.35
    ORA FPOrange SAFRANCE 42640.9213.7012.485.315.220.924.9931.351.218.814.84
    728 HKChina Telecom Corp LtdCHINA 42402.6812.6911.763.273.160.733.2627.910.796.346.68
    BCE CNBCE IncCANADA 39980.5317.0316.168.187.982.255.2541.962.9418.6816.01
    762 HKChina Unicom Hong Kong LtdHONG KONG 36860.0418.0313.282.742.570.832.2330.900.744.338.18
    TEL NOTelenor ASANORWAY 28783.5416.9515.886.766.582.245.2640.735.2731.298.37
    TLS AUTelstra Corp LtdAUSTRALIA 28188.5615.3915.326.526.451.474.7532.412.6916.8913.61
    2412 TTChunghwa Telecom Co LtdTAIWAN 27718.6124.7125.0610.9510.983.954.0835.062.319.251.54
    TLKM IJTelekomunikasi Indonesia Persero Tbk PTINDONESIA 27280.8317.5016.216.495.972.704.060.303.6620.5115.22
    S USSprint CorpUNITED STATES 22884.97127.50103.894.604.340.690.0036.500.811.20-3.94
    T CNTELUS CorpCANADA 21971.8116.7515.697.677.382.004.5338.282.7315.439.30
    BHARTI INBharti Airtel LtdINDIA 20288.65--10.289.311.730.7831.431.99-0.9825.28
    VIVT4 BZTelefonica Brasil SABRAZIL 19193.2112.1412.584.884.711.727.1336.511.058.1820.87
    ADVANC TBAdvanced Info Service PCLTHAILAND 17527.6318.0617.138.568.133.223.8844.278.3649.352.91
    017670 KSSK Telecom Co LtdSOUTH KOREA 17141.4710.358.455.665.381.134.3027.160.838.07-8.91
    VOD SJVodacom Group LtdSOUTH AFRICA 15085.1213.0311.906.946.772.436.8237.532.9822.755.06
    MTN SJMTN Group LtdSOUTH AFRICA 13508.6314.3512.574.874.531.304.9336.122.1214.4129.50
    KPN NAKoninklijke KPN NVNETHERLANDS 12861.4924.3320.365.255.092.046.5840.765.0522.7320.55
    3045 TTTaiwan Mobile Co LtdTAIWAN 12509.4824.0723.3713.2913.303.114.9426.455.7622.712.94
    CTL USCenturyLink IncUNITED STATES 12463.979.398.745.365.370.558.7539.620.615.87-37.98
    TIT IMTelecom Italia SpA/MilanoITALY 11468.927.757.754.974.920.540.0041.200.505.750.06
    TITR IMTelecom Italia SpA/MilanoITALY 11467.227.177.174.974.920.556.3241.200.465.756.71
    MAXIS MKMaxis BhdMALAYSIA 10273.6425.4224.8413.6713.304.743.5841.465.7023.136.27
    TEL2B SSTele2 ABSWEDEN 9533.3122.4420.5112.8812.233.025.8631.942.6010.6821.91