East Japan Railway Co

9020: XTKS (JPN)

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JR East Earnings: Solid Performance Despite Unfavorable Weather

Adrian Atkins

Nov 7, 2024

Narrow-moat-rated East Japan Railway Company, or JR East, reported a 13% lift in EBITDA to JPY 433 billion in the first half of fiscal 2025 (year ending March 31, 2025). Revenue increased 6%, leveraged over a mostly fixed cost base. We downgrade our fiscal 2025 earnings forecasts marginally to factor in a slight miss in the second quarter, but longer-term forecasts are largely unchanged. We maintain our JPY 2,600 per share fair value estimate and consider the stock modestly overvalued.

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East Japan Railway Co

JR East Earnings: Solid Performance Despite Unfavorable Weather

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