Financials RENOVA, Inc.

Equities

9519

JP3981200003

Electric Utilities

Market Closed - Japan Exchange Other stock markets 11:30:00 02/05/2024 am IST			5-day change	1st Jan Change
1,487 ^JPY	+0.27%		+0.88%	+25.06%

18/04	Renova Completes 17.8 Billion Yen Share Allotment to Tokyo Gas	MT
18/04	Basic Energy Corporation Signs Joint Development Shareholders Agreement with RENOVA Inc	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	73,377	70,293	2,89,147	1,34,452	1,56,557	1,35,102	-	-
Enterprise Value (EV) ¹	1,13,843	1,55,370	4,09,196	2,95,896	3,13,002	3,71,486	4,06,292	3,81,879
P/E ratio	44 x	18.9 x	24.9 x	84.7 x	58.4 x	11.3 x	25.6 x	21.8 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	5.2 x	3.61 x	14.1 x	4.6 x	4.66 x	3.06 x	1.63 x	1.45 x
EV / Revenue	8.08 x	7.99 x	19.9 x	10.1 x	9.32 x	8.41 x	4.89 x	4.1 x
EV / EBITDA	14.4 x	13.8 x	38.5 x	22.6 x	17.3 x	23 x	14.7 x	12.3 x
EV / FCF	46.9 x	-3.75 x	53.1 x	-46.5 x	392 x	17.7 x	26 x	25.9 x
FCF Yield	2.13%	-26.7%	1.88%	-2.15%	0.25%	5.64%	3.84%	3.86%
Price to Book	7.89 x	3.81 x	19 x	4.22 x	3.65 x	2.32 x	2 x	1.84 x
Nbr of stocks (in thousands)	74,874	76,406	77,623	78,397	78,672	90,856	-	-
Reference price ²	980.0	920.0	3,725	1,715	1,990	1,487	1,487	1,487
Announcement Date	10/05/19	07/05/20	10/05/21	10/05/22	09/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,098	19,449	20,553	29,207	33,581	44,189	83,074	93,221
EBITDA ¹	7,893	11,225	10,620	13,087	18,101	16,157	27,589	30,997
EBIT ¹	5,025	7,153	4,605	874	8,870	4,264	9,740	12,014
Operating Margin	35.64%	36.78%	22.41%	2.99%	26.41%	9.65%	11.73%	12.89%
Earnings before Tax (EBT) ¹	3,722	6,600	12,908	5,015	4,829	13,413	9,408	9,598
Net income ¹	1,659	3,674	11,507	1,581	2,678	10,377	4,731	5,509
Net margin	11.77%	18.89%	55.99%	5.41%	7.97%	23.48%	5.7%	5.91%
EPS ²	22.25	48.58	149.7	20.25	34.07	131.7	58.05	68.22
Free Cash Flow ¹	2,428	-41,457	7,709	-6,370	798	20,940	15,612	14,749
FCF margin	17.22%	-213.16%	37.51%	-21.81%	2.38%	47.39%	18.79%	15.82%
FCF Conversion (EBITDA)	30.76%	-	72.59%	-	4.41%	129.61%	56.59%	47.58%
FCF Conversion (Net income)	146.35%	-	66.99%	-	29.8%	201.8%	329.96%	267.72%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	10/05/19	07/05/20	10/05/21	10/05/22	09/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4
Net sales ¹	8,860	10,589	10,776	7,252	13,368	7,746	8,093	8,525	8,813	17,338	7,463	8,780	9,596	8,955	18,551	11,276	15,067	19,009	21,632	43,700	21,188	23,050
EBITDA ¹	-	-	-	3,479	-	3,656	1,959	-	7,637	-	3,233	2,788	5,311	5,646	-	3,085	2,392	6,175	6,918	15,500	6,618	6,864
EBIT ¹	3,258	3,895	3,291	1,533	4,016	-3,021	-121	6,109	1,317	7,426	901	543	2,988	3,245	6,233	143	-1,745	1,656	2,400	6,500	2,099	2,246
Operating Margin	36.77%	36.78%	30.54%	21.14%	30.04%	-39%	-1.5%	71.66%	14.94%	42.83%	12.07%	6.18%	31.14%	36.24%	33.6%	1.27%	-11.58%	8.71%	11.1%	14.87%	9.91%	9.74%
Earnings before Tax (EBT) ¹	2,991	-	1,803	6,918	9,059	-3,186	-858	5,669	825	6,494	226	-1,891	2,640	2,706	5,346	3,580	5,513	1,382	2,875	3,500	2,424	2,420
Net income ¹	1,475	-	524	5,927	7,237	-5,112	-544	4,637	183	4,820	-526	-1,616	1,354	1,464	2,818	3,166	3,258	1,048	2,186	2,500	1,000	300
Net margin	16.65%	-	4.86%	81.73%	54.14%	-66%	-6.72%	54.39%	2.08%	27.8%	-7.05%	-18.41%	14.11%	16.35%	15.19%	28.08%	21.62%	5.51%	10.11%	5.72%	4.72%	1.3%
EPS ²	19.59	-	6.860	76.05	92.90	-65.40	-6.990	59.04	2.320	61.36	-6.690	-20.59	17.21	18.56	35.77	40.13	27.70	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	01/11/19	07/05/20	06/11/20	04/11/21	04/11/21	08/02/22	10/05/22	08/08/22	07/11/22	07/11/22	09/02/23	09/05/23	07/08/23	07/11/23	07/11/23	07/02/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	40,466	85,077	1,20,049	1,61,444	1,56,445	2,36,384	2,71,190	2,46,776
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.127 x	7.579 x	11.3 x	12.34 x	8.643 x	14.63 x	9.83 x	7.961 x
Free Cash Flow ¹	2,428	-41,457	7,709	-6,370	798	20,940	15,612	14,749
ROE (net income / shareholders' equity)	19.5%	26.4%	81.7%	6.7%	7.2%	20%	12.9%	8.67%
ROA (Net income/ Total Assets)	-	4.05%	7%	1.94%	1.61%	2.93%	1.9%	1.4%
Assets ¹	-	90,724	1,64,340	81,457	1,66,259	3,54,756	2,49,021	3,93,512
Book Value Per Share ²	124.0	242.0	196.0	406.0	546.0	642.0	744.0	806.0
Cash Flow per Share	63.60	112.0	228.0	126.0	152.0	-	-	-
Capex ¹	7,627	48,560	4,760	15,440	10,064	6,070	5,237	5,237
Capex / Sales	54.1%	249.68%	23.16%	52.86%	29.97%	13.74%	6.3%	5.62%
Announcement Date	10/05/19	07/05/20	10/05/21	10/05/22	09/05/23	-	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for RENOVA, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

D-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,487 JPY

Average target price

1,508 JPY

Spread / Average Target

+1.43%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
RENOVA, INC.	+25.06%	884M
NEXTERA ENERGY	+15.48%	144B
SOUTHERN COMPANY	+8.17%	82.94B
IBERDROLA, S.A.	-2.49%	78.45B
DUKE ENERGY CORPORATION	+3.32%	77.35B
ENEL S.P.A.	-7.13%	68.38B
CONSTELLATION ENERGY CORPORATION	+66.70%	61.4B
AMERICAN ELECTRIC POWER COMPANY, INC.	+9.09%	46.7B
GE VERNOVA INC.	0.00%	45.57B
DOMINION ENERGY, INC.	+9.36%	43.08B

Other Electric Utilities