Financials Tsuruha Holdings Inc.

Equities

3391

JP3536150000

Drug Retailers

Market Closed - Japan Exchange Other stock markets 11:30:00 28/06/2024 am IST			5-day change	1st Jan Change
9,160 ^JPY	-0.83%		+1.33%	-29.13%

06/03	Shares in Japan's Ain soar after activist fund Oasis buys 9.6% stake	RE
28/02	Aeon Co. Plans to Merge Japan Drugstore Unit Welcia With Rival Tsuruha -- 2nd Update	DJ

Valuation

Fiscal Period: May	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,36,618	6,90,848	6,27,100	3,23,365	4,38,874	4,45,465	-	-
Enterprise Value (EV) ¹	4,02,344	6,45,394	5,22,631	2,12,384	4,14,687	4,71,625	4,21,316	4,11,461
P/E ratio	17.6 x	24.8 x	23.8 x	15.1 x	17.4 x	19.6 x	15.3 x	14.5 x
Yield	1.64%	1.17%	1.29%	2.51%	2.88%	2.75%	3.3%	3.46%
Capitalization / Revenue	0.56 x	0.82 x	0.68 x	0.35 x	0.45 x	0.46 x	0.42 x	0.4 x
EV / Revenue	0.51 x	0.77 x	0.57 x	0.23 x	0.43 x	0.46 x	0.39 x	0.37 x
EV / EBITDA	8.14 x	11.4 x	8.47 x	3.85 x	6.67 x	6.21 x	6.07 x	5.63 x
EV / FCF	46.2 x	24.4 x	11.3 x	28.6 x	-13.9 x	41.3 x	31.2 x	19.1 x
FCF Yield	2.17%	4.1%	8.85%	3.5%	-7.21%	2.42%	3.2%	5.24%
Price to Book	2.13 x	2.96 x	2.48 x	1.25 x	1.59 x	1.67 x	1.5 x	1.42 x
Nbr of stocks (in thousands)	48,352	48,379	48,537	48,553	48,602	48,632	-	-
Reference price ²	9,030	14,280	12,920	6,660	9,030	9,160	9,160	9,160
Announcement Date	17/06/19	22/06/20	22/06/21	21/06/22	23/06/23	21/06/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: May	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,82,447	8,41,036	9,19,303	9,15,700	9,70,079	10,27,462	10,68,679	11,05,928
EBITDA ¹	49,433	56,515	61,668	55,231	62,127	65,905	69,444	73,138
EBIT ¹	41,826	45,013	48,377	40,568	45,572	49,205	52,036	54,843
Operating Margin	5.35%	5.35%	5.26%	4.43%	4.7%	4.79%	4.87%	4.96%
Earnings before Tax (EBT) ¹	41,921	43,847	46,030	37,645	43,455	41,599	49,806	53,008
Net income ¹	24,824	27,899	26,283	21,388	25,258	24,105	29,093	30,754
Net margin	3.17%	3.32%	2.86%	2.34%	2.6%	2.35%	2.72%	2.78%
EPS ²	513.8	576.8	542.0	440.6	519.9	495.8	598.4	632.6
Free Cash Flow ¹	8,711	26,488	46,255	7,427	-29,916	11,418	13,500	21,550
FCF margin	1.11%	3.15%	5.03%	0.81%	-3.08%	1.11%	1.26%	1.95%
FCF Conversion (EBITDA)	17.62%	46.87%	75.01%	13.45%	-	10.47%	19.44%	29.46%
FCF Conversion (Net income)	35.09%	94.94%	175.99%	34.73%	-	47.37%	46.4%	70.07%
Dividend per Share ²	148.0	167.0	167.0	167.0	260.0	267.0	301.9	317.2
Announcement Date	17/06/19	22/06/20	22/06/21	21/06/22	23/06/23	21/06/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: May	2020 S1	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	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	4,16,466	4,53,492	2,26,828	4,62,512	2,29,378	2,23,810	2,43,181	2,40,925	4,84,106	2,47,330	2,38,643	2,59,827	2,55,886	5,15,713	2,58,400	2,53,349	5,11,749	2,70,750	2,67,250	2,69,000	2,63,350
EBITDA	-	-	13,220	-	-	10,571	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	23,764	27,998	9,820	22,709	11,341	6,518	13,317	11,383	24,700	13,019	7,853	14,103	13,044	27,147	13,120	8,938	-	14,050	13,350	14,700	10,150
Operating Margin	5.71%	6.17%	4.33%	4.91%	4.94%	2.91%	5.48%	4.72%	5.1%	5.26%	3.29%	5.43%	5.1%	5.26%	5.08%	3.53%	-	5.19%	5%	5.46%	3.85%
Earnings before Tax (EBT)	24,332	28,251	-	22,534	11,211	-	13,273	-	25,460	12,733	-	13,937	-	27,058	12,985	-	-	-	-	-	-
Net income ¹	15,554	16,587	5,203	12,739	6,164	2,485	7,501	7,130	14,631	7,081	3,546	8,269	7,802	16,071	7,486	548	-	8,600	8,100	8,800	4,500
Net margin	3.73%	3.66%	2.29%	2.75%	2.69%	1.11%	3.08%	2.96%	3.02%	2.86%	1.49%	3.18%	3.05%	3.12%	2.9%	0.22%	-	3.18%	3.03%	3.27%	1.71%
EPS ²	321.7	342.4	107.2	262.5	127.0	51.18	154.5	146.8	301.3	145.7	72.94	170.2	160.5	330.7	153.9	11.25	-	176.8	174.8	179.9	64.77
Dividend per Share ²	74.00	83.50	83.50	83.50	-	83.50	-	116.5	116.5	-	-	-	133.5	133.5	-	133.5	-	-	-	-	-
Announcement Date	17/12/19	15/12/20	21/12/21	21/12/21	22/03/22	21/06/22	20/09/22	20/12/22	20/12/22	23/03/23	23/06/23	20/09/23	19/12/23	19/12/23	21/03/24	21/06/24	21/06/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: May	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	34,274	45,454	1,04,469	1,10,981	24,187	35,915	24,149	34,004
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8,711	26,488	46,255	7,427	-29,916	11,418	13,500	21,550
ROE (net income / shareholders' equity)	12.5%	12.7%	10.8%	8.4%	9.4%	8.6%	9.97%	9.96%
ROA (Net income/ Total Assets)	12.2%	11.8%	10%	7.29%	8.29%	9.05%	4.75%	4.78%
Assets ¹	2,04,028	2,36,909	2,62,077	2,93,540	3,04,660	2,66,221	6,12,296	6,42,925
Book Value Per Share ²	4,238	4,821	5,211	5,314	5,690	5,797	6,122	6,468
Cash Flow per Share ²	671.0	738.0	727.0	654.0	772.0	781.0	1,033	1,095
Capex ¹	16,907	14,148	14,097	20,720	30,720	40,546	40,400	36,100
Capex / Sales	2.16%	1.68%	1.53%	2.26%	3.17%	3.95%	3.78%	3.26%
Announcement Date	17/06/19	22/06/20	22/06/21	21/06/22	23/06/23	21/06/24	-	-

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 Tsuruha Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

9,160 JPY

Average target price

11,010 JPY

Spread / Average Target

+20.20%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Retail - Drugs with Grocery

	1st Jan change	Capi.
TSURUHA HOLDINGS INC.	-29.13%	276.92Cr
COSMOS PHARMACEUTICAL CORPORATION	-20.33%	319.64Cr
SUNDRUG CO.,LTD.	-10.55%	294.73Cr
SUGI HOLDINGS CO.,LTD.	+2.47%	249.05Cr
LBX PHARMACY CHAIN	-20.15%	192.07Cr
KUSURI NO AOKI HOLDINGS CO., LTD.	-5.21%	178.76Cr
CREATE SD HOLDINGS CO., LTD.	+17.94%	144.76Cr
GREAT TREE PHARMACY CO., LTD.	-29.47%	85Cr
SHUYU CIVILIAN PHARMACY CORP., LTD.	-51.84%	55Cr
FARMACIAS BENAVIDES, S.A.B. DE C.V.	-0.53%	42Cr

Retail - Drugs with Grocery