Financials TechnoPro Holdings, Inc.

Equities

6028

JP3545240008

Employment Services

Market Closed - Japan Exchange Other stock markets 11:30:00 02/05/2024 am IST			5-day change	1st Jan Change
2,627 ^JPY	-1.87%		-7.94%	-29.29%

02/05	Tranche Update on TechnoPro Holdings, Inc.'s Equity Buyback Plan announced on March 29, 2024.	CI
01/05	Jefferies Adjusts Technopro Holdings’ Price Target to 3,900 Yen From 4,150 Yen, Keeps at Buy	MT

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,07,656	2,20,841	2,83,104	2,92,691	3,34,273	2,79,527	-	-
Enterprise Value (EV) ¹	1,95,611	2,15,180	2,63,571	2,73,898	3,17,732	2,54,140	2,49,890	2,37,936
P/E ratio	21.4 x	20.5 x	21.4 x	19 x	21.7 x	16.5 x	14.6 x	12.9 x
Yield	2.34%	2.44%	2.35%	2.65%	2.42%	3.1%	3.46%	3.9%
Capitalization / Revenue	1.44 x	1.39 x	1.75 x	1.64 x	1.67 x	1.27 x	1.16 x	1.06 x
EV / Revenue	1.36 x	1.36 x	1.63 x	1.53 x	1.59 x	1.15 x	1.04 x	0.9 x
EV / EBITDA	13.5 x	11.7 x	11.9 x	11.5 x	12.7 x	9.69 x	8.12 x	6.91 x
EV / FCF	28.6 x	13 x	12.7 x	25.2 x	18.7 x	20.9 x	9.94 x	8.5 x
FCF Yield	3.5%	7.7%	7.86%	3.97%	5.34%	4.79%	10.1%	11.8%
Price to Book	4.63 x	4.58 x	4.95 x	4.26 x	4.41 x	3.35 x	3.07 x	2.74 x
Nbr of stocks (in thousands)	1,08,911	1,07,727	1,07,726	1,07,726	1,07,726	1,06,406	-	-
Reference price ²	1,907	2,050	2,628	2,717	3,103	2,627	2,627	2,627
Announcement Date	31/07/19	07/08/20	10/08/21	08/08/22	07/08/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,44,176	1,58,407	1,61,316	1,78,756	1,99,851	2,20,605	2,40,352	2,63,962
EBITDA ¹	14,516	18,376	22,119	23,741	24,966	26,227	30,765	34,424
EBIT ¹	13,739	15,772	19,461	20,641	21,838	24,785	27,893	31,600
Operating Margin	9.53%	9.96%	12.06%	11.55%	10.93%	11.24%	11.6%	11.97%
Earnings before Tax (EBT) ¹	13,727	15,843	19,472	20,967	21,837	24,649	28,473	32,442
Net income ¹	9,683	10,825	13,245	15,430	15,365	17,113	19,285	21,811
Net margin	6.72%	6.83%	8.21%	8.63%	7.69%	7.76%	8.02%	8.26%
EPS ²	88.95	99.99	123.0	143.2	142.7	159.4	179.8	203.9
Free Cash Flow ¹	6,841	16,561	20,707	10,882	16,975	12,167	25,146	27,992
FCF margin	4.74%	10.45%	12.84%	6.09%	8.49%	5.52%	10.46%	10.6%
FCF Conversion (EBITDA)	47.13%	90.12%	93.62%	45.84%	67.99%	46.39%	81.73%	81.32%
FCF Conversion (Net income)	70.65%	152.99%	156.34%	70.52%	110.48%	71.1%	130.39%	128.34%
Dividend per Share ²	44.67	50.00	61.67	72.00	75.00	81.44	90.98	102.5
Announcement Date	31/07/19	07/08/20	10/08/21	08/08/22	07/08/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2021 S1	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	79,037	79,451	81,865	41,634	44,723	86,358	45,354	47,044	92,398	48,225	49,786	98,011	50,279	51,560	1,01,840	52,896	55,112	1,08,009	54,570	58,291	1,10,491	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,221	9,680	9,781	3,942	7,135	11,078	5,444	4,119	9,563	6,007	5,176	11,183	5,417	5,236	10,655	5,788	6,628	12,416	5,930	6,242	12,084	7,300	7,500	7,900
Operating Margin	10.4%	12.18%	11.95%	9.47%	15.95%	12.83%	12%	8.76%	10.35%	12.46%	10.4%	11.41%	10.77%	10.16%	10.46%	10.94%	12.03%	11.5%	10.87%	10.71%	10.94%	-	-	-
Earnings before Tax (EBT) ¹	8,191	9,645	9,827	3,970	7,259	11,229	5,548	4,190	9,738	6,050	5,074	11,124	5,377	5,335	10,713	5,852	6,612	12,464	6,017	6,038	12,036	-	-	-
Net income ¹	5,654	6,623	6,622	2,707	5,086	7,794	4,283	3,353	7,636	4,180	3,533	7,714	3,684	3,967	7,651	4,031	4,560	8,591	4,120	4,262	8,109	-	-	-
Net margin	7.15%	8.34%	8.09%	6.5%	11.37%	9.03%	9.44%	7.13%	8.26%	8.67%	7.1%	7.87%	7.33%	7.69%	7.51%	7.62%	8.27%	7.95%	7.55%	7.31%	7.34%	-	-	-
EPS ²	52.12	61.48	-	25.13	47.22	72.35	39.76	31.13	-	38.80	32.80	71.61	34.20	36.90	-	37.67	42.68	80.34	38.56	42.45	-	-	-	-
Dividend per Share ²	16.67	16.67	-	-	20.00	20.00	-	52.00	-	-	25.00	25.00	-	50.00	-	-	25.00	25.00	-	54.73	-	-	30.00	-
Announcement Date	31/01/20	02/02/21	10/08/21	29/10/21	01/02/22	01/02/22	28/04/22	08/08/22	08/08/22	31/10/22	03/02/23	03/02/23	28/04/23	07/08/23	07/08/23	31/10/23	06/02/24	06/02/24	26/04/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	12,045	5,661	19,533	18,793	16,541	25,387	29,638	41,591
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	6,841	16,561	20,707	10,882	16,975	12,167	25,146	27,993
ROE (net income / shareholders' equity)	22.4%	23.3%	25.1%	24.5%	21.3%	21.4%	22.5%	22.7%
ROA (Net income/ Total Assets)	15.1%	15.7%	17.2%	16.1%	15.3%	11.3%	12.6%	13.1%
Assets ¹	64,181	68,920	76,848	95,654	1,00,613	1,51,439	1,53,668	1,66,499
Book Value Per Share ²	411.0	448.0	531.0	638.0	704.0	784.0	856.0	959.0
Cash Flow per Share ²	96.10	124.0	148.0	172.0	172.0	194.0	235.0	269.0
Capex ¹	460	673	351	692	708	8,558	700	700
Capex / Sales	0.32%	0.42%	0.22%	0.39%	0.35%	3.88%	0.29%	0.27%
Announcement Date	31/07/19	07/08/20	10/08/21	08/08/22	07/08/23	-	-	-

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 TechnoPro Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,627 JPY

Average target price

3,830 JPY

Spread / Average Target

+45.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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