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West Japan Railway Company (WJRYF)

NEUTRAL
IndustrialsRailroadsJapan

ファンダメンタル

62

株価

$2986.00

時価総額

$1.34T

パート1 · 企業の価値

概要

West Japan Railway (JR West) runs commuter and intercity passenger trains across the Kansai and Chugoku regions of western Japan, including the Sanyo Shinkansen bullet-train line linking Osaka to Fukuoka. Alongside the railway it develops and leases real estate around its stations — shopping centres, offices and hotels — and operates retail and food outlets inside stations and trains. The rail network was inherited from the state railway's 1987 breakup into regional companies.

収益の仕組み

Most revenue comes from fares: commuters buying monthly passes for daily travel and other passengers buying individual or Shinkansen tickets, so revenue tracks ridership and how often people travel by rail. A second, growing stream comes from the real estate, retail and hotel businesses JR West builds on land it owns around its stations, which benefit from the steady footfall its own trains bring rather than depending on rail travel directly.

競争優位性(moat)

規模の経済 · 狭い

JR West operates under an effective regional monopoly on its rail routes: building a competing railway line and station network across the same territory would be enormously expensive and is not something a private competitor realistically attempts. That said, the moat is geographically bounded and does not protect the company from competition in its non-rail retail and real estate businesses.

需要を左右する要因

景気循環型

Ridership on the Shinkansen and commuter lines rises and falls with business travel, tourism and the broader economy, and inbound tourism to Japan in particular can swing sharply with currency levels and global travel trends. JR West's own results have been lifted recently by a tourism and events tailwind, illustrating how much revenue depends on discretionary travel rather than a fixed, steady commuter base alone.

強気材料

Buyers argue that JR West holds an effectively unreplicable rail network across a major part of Japan, that inbound tourism and events such as the Osaka-Kansai Expo have driven record results, and that its real estate and retail businesses give it a second, less rail-dependent growth engine.

弱気材料

Sellers worry that Japan's long-term population decline shrinks the domestic commuter base the railway was built to serve, that results tied to a one-off event like the Expo can fade once it ends, and that heavy, ongoing spending on maintaining aging rail infrastructure limits how much cash is left over for shareholders.

Written by the editors, published on 2026年8月18日

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貸借対照表と流動性

売上高

$1.85T

直近の公表四半期までの12か月 — 1株当たり指標からの推計

純利益

$125.92B

直近の公表四半期までの12か月 — 1株当たり指標からの推計

フリーキャッシュフロー

-

自己資本合計

$1.22T

負債合計

$1.56T

流動比率

1.12

利払い倍率

-

負債/EBITDA

4.21

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

割安

適正価値

$4176.05

現在株価

$2986.00

安全マージン

+28.5%

適正価値レンジ

$2769.04 - $5583.06

推定方法

Analyst Target:$3069.09
DCF:$7108.26
PE-based:$3256.31
Graham Growth:$4519.33
EPV:$3940.63
アナリスト・コンセンサス:買い (7B / 9H / 0S)
直近の決算サプライズ:+13.11%

バリュエーション指標

P/E レシオ

10.67

ROE

9.3%

P/B レシオ

1.11

P/FCF

-

粗利益率

25.1%

ROIC

6.9%

収益性レーダー

Value Creation (Economic Moat)

ROIC

6.9%

WACC

3.6%

ROIC − WACC

+3.3 pp

ROIC exceeds the cost of capital — the company is creating value for shareholders.

ファンダメンタル分析基準

合格(11)

  • ROIC 6.9%
  • P/B Ratio 1.11
  • Debt/Equity ratio
  • Operating Margin 9.8%
  • Current Ratio
  • Debt/EBITDA
  • Price below Graham Number
  • ROE 10.8%
  • Revenue Growth 5Y 14.9%
  • Earnings Surprise avg 41.3%
  • Net Margin Trend 6.9% vs 6.7%

不合格(5)

  • Price CAGR -2.18%
  • Gross Margin 25.1%
  • DCF valuation (Unknown)
  • Analyst Consensus 44% Buy
  • Piotroski F-Score 0/9

データなし(11)

  • EPS data insufficient
  • P/FCF NaN
  • Dividend Payout NaN%
  • Positive Free Cash Flow
  • CapEx intensity
  • Interest Coverage
  • Return on Tangible Assets
  • Low reliance on intangibles
  • PEG Ratio (need PE > 0 and growth > 0)
  • Earnings Quality (OCF/Net Income)
  • Share Dilution (missing shares data)

Piotroski F-スコア

0/9

重大な財務上の懸念

score
criteria

利益の質

-

低品質:会計処理を調査してください

株式希薄化

-

株式を買い戻している。株主に友好的

ガバナンス

経営陣

氏名役職年齢
Mr. Kazuaki HasegawaChairman of the Board of Directors68
Mr. Shoji KurasakaPresident & Representative Director63
Mr. Jun FukushimaGeneral Manager of Corporate Communications Department-
Mr. Eiji TsuboneSenior Managing Exe. Off., Head of Hotel Co., GM of Corporate Strategy Headquarters & Director59

監査リスク

1

取締役会リスク

3

報酬リスク

10

株主権利リスク

2

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

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