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Electric Power Development Co
(9513)
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Rating:57Neutral
Price Target:
¥4,053.00
▲(3.00% Upside)
Action:Reiterated
Date:08/17/26
The score is held back primarily by weakening recent financial performance (revenue and margin compression) and uneven cash conversion with softer FY2026 free cash flow, alongside a still debt-heavy capital structure. Technicals are a positive offset with bullish momentum signals, while valuation is broadly reasonable but not clearly cheap given the ~20x P/E and a ~2.55% yield.
Positive Factors
Consistently Positive Operating Cash Flow
Consistent operating cash generation indicates that the core power-generation business continues to produce internal funding. This supports maintenance investment, debt servicing and selected growth projects, even though free cash flow conversion remains uneven.
Negative Factors
Revenue and Margin Compression
The latest deterioration in revenue and profitability signals weaker pricing, spreads or operating conditions. If sustained, lower margins would reduce funds available for investment, debt reduction and shareholder distributions, making earnings less durable.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistently Positive Operating Cash Flow
Consistent operating cash generation indicates that the core power-generation business continues to produce internal funding. This supports maintenance investment, debt servicing and selected growth projects, even though free cash flow conversion remains uneven.
Read all positive factors
Electric Power Development Co (9513) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥701.28B
Dividend Yield2.51%
Average Volume (3M)894.44K
Price to Earnings (P/E)20.3
Beta (1Y)0.42
Revenue Growth-7.32%
EPS Growth-70.76%
CountryJP
Employees7,202
SectorUtilities
Sector Strength65
IndustryRenewable Utilities
Share Statistics
EPS (TTM)196.18
Shares Outstanding176,337,900
10 Day Avg. Volume729,060
30 Day Avg. Volume894,443
Financial Highlights & Ratios
PEG Ratio-0.37
Price to Book (P/B)0.55
Price to Sales (P/S)0.66
P/FCF Ratio16.61
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥3,548.00Price Target Upside-9.83% Downside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)482.45
Revenue Forecast (FY)¥1.39T
Electric Power Development Co Business Overview & Revenue Model
Company Description
Electric Power Development Co., Ltd. (J-POWER) is a prominent entity in Japan's energy sector, primarily responsible for the wholesale supply of electricity derived from hydroelectric and thermal power generation. In addition to producing and tran...
How the Company Makes Money
J-POWER primarily makes money by generating electricity and selling it to utilities and other customers in wholesale electricity markets and through bilateral supply contracts. Revenue is driven by (1) electricity sales from its owned/operated pow...
Electric Power Development Co Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
52
Neutral
Cash Flow
49
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.21T | 1.18T | 1.32T | 1.26T | 1.84T | 1.08T |
| Gross Profit | 104.80B | 100.99B | 189.34B | 159.64B | 236.35B | 136.62B |
| EBITDA | 211.14B | 254.72B | 289.79B | 259.79B | 305.80B | 192.28B |
| Net Income | 33.87B | 58.54B | 92.47B | 77.78B | 113.69B | 69.69B |
Balance Sheet | ||||||
| Total Assets | 3.84T | 3.74T | 3.67T | 3.48T | 3.36T | 3.07T |
| Cash, Cash Equivalents and Short-Term Investments | 377.54B | 396.96B | 416.46B | 431.96B | 342.02B | 223.07B |
| Total Debt | 1.96T | 1.88T | 1.88T | 1.87T | 1.89T | 1.79T |
| Total Liabilities | 2.28T | 2.21T | 2.21T | 2.14T | 2.17T | 2.10T |
| Stockholders Equity | 1.43T | 1.41T | 1.34T | 1.22T | 1.08T | 916.03B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 46.88B | 126.42B | 138.18B | 10.97B | -6.90B |
| Operating Cash Flow | 0.00 | 224.26B | 250.34B | 254.02B | 155.83B | 128.38B |
| Investing Cash Flow | 0.00 | -193.25B | -122.83B | -161.95B | -150.84B | -178.85B |
| Financing Cash Flow | 0.00 | -64.22B | -133.70B | -65.86B | 96.02B | 84.07B |
Electric Power Development Co Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥2.79T | 6.96 | 11.51% | 3.17% | -2.90% | -7.99% | |
72 Outperform | ¥664.99B | 7.98 | 7.93% | 3.50% | 2.21% | -47.89% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
60 Neutral | ¥223.38B | 7.98 | 9.95% | 3.18% | -3.77% | -56.08% | |
57 Neutral | ¥701.28B | 20.27 | 4.27% | 2.63% | -7.32% | -70.76% | |
55 Neutral | ¥355.58B | 9.35 | 9.14% | 2.87% | -4.69% | -62.74% | |
51 Neutral | ¥880.08B | 2.24 | -14.76% | ― | -5.31% | ― |
* Utilities Sector Average
JP:9513
Electric Power Development Co
3,973.00
1,201.14
43.33%
JP:9504
Chugoku Electric Power Co
980.10
93.05
10.49%
JP:9503
Kansai Electric Power Company
2,582.00
586.61
29.40%
JP:9506
Tohoku Electric Power Company
1,309.50
185.55
16.51%
JP:9501
Tokyo Electric Power Company Holdings
536.00
-210.10
-28.16%
JP:9509
Hokkaido Electric Power Company,Incorporated
1,074.50
-61.37
-5.40%
Electric Power Development Co Corporate Events
J-POWER Revenue Rises but Profits Drop Sharply in First Quarter
Jul 31, 2026
J-POWER reported consolidated operating revenue of ¥280.3 billion for the three months ended June 30, 2026, up 12% year on year, with operating profit rising 11.7%. However, ordinary profit and profit attributable to owners of the parent fell...
J-POWER Drops Shareholder-Backed Articles Amendment from AGM Agenda
Jun 8, 2026
Electric Power Development Co. has announced that shareholder proposals previously submitted for its 74th Ordinary General Meeting, notably a proposal to partially amend the Articles of Incorporation, have been withdrawn by the proposing sharehold...
J-POWER Board Rejects Climate-Related Shareholder Proposals, Citing Existing Strategy
May 22, 2026
Electric Power Development Co., Ltd. (J-POWER) operates in Japan’s electric power sector, supplying energy through a portfolio that increasingly targets CO2-free and zero-emission power sources. Its strategy aligns with Japan’s goal of...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.