Financials TIS Inc.

Equities

3626

JP3104890003

IT Services & Consulting

Market Closed - Japan Exchange Other stock markets 11:30:00 10/05/2024 am IST			5-day change	1st Jan Change
3,221 ^JPY	-0.68%		-5.10%	+3.67%

08/05	TIS Inc. announces an Equity Buyback for 2,500,000 shares, representing 1.06% for ¥6,500 million.	CI
08/05	TIS Inc. authorizes a Buyback Plan.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,42,275	4,49,337	6,61,686	7,18,365	8,20,884	7,59,456	-	-
Enterprise Value (EV) ¹	4,12,605	4,17,542	6,25,829	6,44,869	7,45,978	7,69,110	6,58,403	6,39,132
P/E ratio	17 x	15.3 x	23.9 x	18.2 x	15.4 x	16.2 x	17.4 x	15.9 x
Yield	1.34%	1.68%	1.33%	1.53%	1.43%	1.7%	1.81%	1.91%
Capitalization / Revenue	1.05 x	1.01 x	1.48 x	1.49 x	1.61 x	1.4 x	1.35 x	1.3 x
EV / Revenue	0.98 x	0.94 x	1.4 x	1.34 x	1.47 x	1.4 x	1.17 x	1.09 x
EV / EBITDA	8.12 x	7.34 x	10.6 x	9.12 x	9.56 x	8.27 x	7.72 x	6.96 x
EV / FCF	11.4 x	34.4 x	39.6 x	13.7 x	33.3 x	12.3 x	16.6 x	14.7 x
FCF Yield	8.81%	2.91%	2.53%	7.3%	3%	8.11%	6.03%	6.81%
Price to Book	1.93 x	1.85 x	2.45 x	2.45 x	2.84 x	2.47 x	2.24 x	2.07 x
Nbr of stocks (in thousands)	2,53,211	2,51,447	2,50,544	2,49,693	2,35,210	2,35,783	-	-
Reference price ²	1,747	1,787	2,641	2,877	3,490	3,221	3,221	3,221
Announcement Date	13/05/19	12/05/20	12/05/21	11/05/22	09/05/23	08/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,20,769	4,43,717	4,48,383	4,82,547	5,08,400	5,49,004	5,61,402	5,85,946
EBITDA ¹	50,826	56,859	59,292	70,711	78,028	81,827	85,285	91,836
EBIT ¹	38,043	44,839	45,748	54,739	62,328	64,568	65,118	72,078
Operating Margin	9.04%	10.11%	10.2%	11.34%	12.26%	11.76%	11.6%	12.3%
Earnings before Tax (EBT) ¹	38,778	44,638	44,816	61,481	81,492	69,193	66,750	73,332
Net income ¹	26,034	29,411	27,692	39,462	55,461	48,873	43,743	47,866
Net margin	6.19%	6.63%	6.18%	8.18%	10.91%	8.9%	7.79%	8.17%
EPS ²	102.6	116.8	110.5	157.7	227.1	203.3	185.3	203.1
Free Cash Flow ¹	36,345	12,132	15,823	47,078	22,404	54,886	39,709	43,502
FCF margin	8.64%	2.73%	3.53%	9.76%	4.41%	10.05%	7.07%	7.42%
FCF Conversion (EBITDA)	71.51%	21.34%	26.69%	66.58%	28.71%	67.08%	46.56%	47.37%
FCF Conversion (Net income)	139.61%	41.25%	57.14%	119.3%	40.4%	125.7%	90.78%	90.88%
Dividend per Share ²	23.33	30.00	35.00	44.00	50.00	56.00	58.22	61.56
Announcement Date	13/05/19	12/05/20	12/05/21	11/05/22	09/05/23	08/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	2,16,296	2,27,421	2,11,308	2,37,075	1,20,812	2,34,332	1,18,801	1,29,414	2,48,215	1,18,072	1,27,233	2,45,305	1,25,077	1,38,018	2,63,095	1,29,429	1,38,059	2,67,488	1,37,256	1,44,260	1,31,450	1,42,850	1,42,600	1,49,100
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	18,922	-	20,981	-	-	-	-	-	-	22,175	-	-	-	-
EBIT ¹	19,100	25,739	18,211	27,537	13,608	23,866	14,392	16,481	30,873	12,502	15,207	27,709	16,735	17,884	34,619	14,310	16,077	30,387	17,192	16,989	13,150	14,950	18,150	18,750
Operating Margin	8.83%	11.32%	8.62%	11.62%	11.26%	10.18%	12.11%	12.74%	12.44%	10.59%	11.95%	11.3%	13.38%	12.96%	13.16%	11.06%	11.65%	11.36%	12.53%	11.78%	10%	10.47%	12.73%	12.58%
Earnings before Tax (EBT)	20,336	24,302	17,401	-	13,040	23,572	20,832	-	-	13,498	-	28,537	20,514	-	-	15,879	15,527	31,406	17,649	-	-	-	-	-
Net income ¹	13,266	16,145	10,277	17,415	8,519	15,521	13,893	10,048	23,941	8,763	10,071	18,834	13,324	23,303	36,627	10,147	10,160	20,307	11,883	16,683	-	-	-	-
Net margin	6.13%	7.1%	4.86%	7.35%	7.05%	6.62%	11.69%	7.76%	9.65%	7.42%	7.92%	7.68%	10.65%	16.88%	13.92%	7.84%	7.36%	7.59%	8.66%	11.56%	-	-	-	-
EPS ²	52.58	64.20	41.00	-	33.96	61.88	55.58	40.23	95.81	35.31	41.23	76.54	54.74	95.83	-	41.94	42.22	84.16	49.37	69.75	-	-	-	-
Dividend per Share	10.00	-	11.00	-	13.00	13.00	-	31.00	-	-	15.00	15.00	-	35.00	-	-	-	17.00	-	-	-	-	-	-
Announcement Date	01/11/19	12/05/20	10/11/20	12/05/21	05/11/21	05/11/21	04/02/22	11/05/22	11/05/22	04/08/22	02/11/22	02/11/22	03/02/23	09/05/23	09/05/23	02/08/23	01/11/23	01/11/23	02/02/24	08/05/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	29,670	31,795	35,857	73,496	74,906	82,756	1,01,053	1,20,324
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	36,345	12,132	15,823	47,078	22,404	54,886	39,709	43,502
ROE (net income / shareholders' equity)	11.5%	12.5%	10.8%	14%	18.8%	16%	12.9%	13.4%
ROA (Net income/ Total Assets)	10.4%	12.2%	9.41%	12%	13.5%	13.9%	12.6%	12.8%
Assets ¹	2,49,584	2,40,534	2,94,143	3,28,572	4,11,966	3,52,104	3,47,168	3,73,956
Book Value Per Share ²	907.0	963.0	1,079	1,174	1,227	1,333	1,436	1,559
Cash Flow per Share ²	153.0	165.0	164.0	218.0	291.0	275.0	247.0	264.0
Capex ¹	14,817	16,090	10,059	9,048	11,230	11,230	17,115	17,115
Capex / Sales	3.52%	3.63%	2.24%	1.88%	2.21%	2.06%	3.05%	2.92%
Announcement Date	13/05/19	12/05/20	12/05/21	11/05/22	09/05/23	08/05/24	-	-

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 TIS Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,221 JPY

Average target price

3,587 JPY

Spread / Average Target

+11.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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