Financials RENOVA, Inc.

Equities

9519

JP3981200003

Electric Utilities

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-28 EDT			5-day change	1st Jan Change
994 ^JPY	-1.49%		-1.97%	-16.40%

06-21	Renova to Make Additional Contribution to the Share Delivery Trust for Directors and Executive Officers	MT
06-13	Renova's Electricity Sales Rise in May	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	70,293	289,147	134,452	156,557	98,081	90,332	-	-
Enterprise Value (EV) ¹	155,370	409,196	295,896	313,002	387,619	375,023	356,788	333,422
P/E ratio	18.9 x	24.9 x	84.7 x	58.4 x	11.1 x	14.3 x	17.1 x	17 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	3.61 x	14.1 x	4.6 x	4.66 x	2.19 x	1.12 x	0.97 x	0.95 x
EV / Revenue	7.99 x	19.9 x	10.1 x	9.32 x	8.66 x	4.66 x	3.82 x	3.52 x
EV / EBITDA	13.8 x	38.5 x	22.6 x	17.3 x	23.2 x	14.7 x	11.3 x	10.1 x
EV / FCF	-3.75 x	53.1 x	-46.5 x	392 x	-68.9 x	12 x	21.5 x	18.1 x
FCF Yield	-26.7%	1.88%	-2.15%	0.25%	-1.45%	8.36%	4.64%	5.52%
Price to Book	3.81 x	19 x	4.22 x	3.65 x	1.44 x	1.18 x	1.16 x	1.09 x
Nbr of stocks (in thousands)	76,406	77,623	78,397	78,672	78,970	90,878	-	-
Reference price ²	920.0	3,725	1,715	1,990	1,242	994.0	994.0	994.0
Announcement Date	20-05-07	21-05-10	22-05-10	23-05-09	24-05-08	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	19,449	20,553	29,207	33,581	44,748	80,443	93,468	94,649
EBITDA ¹	11,225	10,620	13,087	18,101	16,712	25,494	31,663	33,107
EBIT ¹	7,153	4,605	874	8,870	5,017	7,618	9,973	11,041
Operating Margin	36.78%	22.41%	2.99%	26.41%	11.21%	9.47%	10.67%	11.67%
Earnings before Tax (EBT) ¹	6,600	12,908	5,015	4,829	11,864	9,436	7,653	8,789
Net income ¹	3,674	11,507	1,581	2,678	8,857	5,741	4,769	4,829
Net margin	18.89%	55.99%	5.41%	7.97%	19.79%	7.14%	5.1%	5.1%
EPS ²	48.58	149.7	20.25	34.07	112.3	69.34	58.05	58.57
Free Cash Flow ¹	-41,457	7,709	-6,370	798	-5,622	31,356	16,570	18,400
FCF margin	-213.16%	37.51%	-21.81%	2.38%	-12.56%	38.98%	17.73%	19.44%
FCF Conversion (EBITDA)	-	72.59%	-	4.41%	-	122.99%	52.33%	55.58%
FCF Conversion (Net income)	-	66.99%	-	29.8%	-	546.14%	347.48%	381.02%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	20-05-07	21-05-10	22-05-10	23-05-09	24-05-08	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	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	10,589	10,776	13,368	7,746	8,093	8,525	8,813	17,338	7,463	8,780	9,596	8,955	18,551	11,276	14,921	18,163	20,574	43,700	20,078	21,842
EBITDA ¹	-	-	-	3,656	1,959	-	7,637	-	3,233	2,788	5,311	5,646	-	3,085	2,670	6,238	6,897	15,500	6,579	6,525
EBIT ¹	3,895	3,291	4,016	-3,021	-121	6,109	1,317	7,426	901	543	2,988	3,245	6,233	143	-1,359	1,514	2,174	6,500	1,856	1,702
Operating Margin	36.78%	30.54%	30.04%	-39%	-1.5%	71.66%	14.94%	42.83%	12.07%	6.18%	31.14%	36.24%	33.6%	1.27%	-9.11%	8.34%	10.56%	14.87%	9.24%	7.79%
Earnings before Tax (EBT) ¹	-	1,803	9,059	-3,186	-858	5,669	825	6,494	226	-1,891	2,640	2,706	5,346	3,580	2,938	1,501	2,820	3,500	3,084	3,375
Net income ¹	-	524	7,237	-5,112	-544	4,637	183	4,820	-526	-1,616	1,354	1,464	2,818	3,166	2,873	938	2,005	2,500	1,708	1,472
Net margin	-	4.86%	54.14%	-66%	-6.72%	54.39%	2.08%	27.8%	-7.05%	-18.41%	14.11%	16.35%	15.19%	28.08%	19.25%	5.16%	9.75%	5.72%	8.51%	6.74%
EPS	-	6.860	92.90	-65.40	-6.990	59.04	2.320	61.36	-6.690	-20.59	17.21	18.56	35.77	40.13	36.42	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	20-05-07	20-11-06	21-11-04	22-02-08	22-05-10	22-08-08	22-11-07	22-11-07	23-02-09	23-05-09	23-08-07	23-11-07	23-11-07	24-02-07	24-05-08	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	85,077	120,049	161,444	156,445	289,538	284,691	266,456	243,089
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.579 x	11.3 x	12.34 x	8.643 x	17.33 x	11.17 x	8.415 x	7.342 x
Free Cash Flow ¹	-41,457	7,709	-6,370	798	-5,622	31,356	16,571	18,400
ROE (net income / shareholders' equity)	26.4%	81.7%	6.7%	7.2%	16%	8.35%	8.65%	8.35%
ROA (Net income/ Total Assets)	4.05%	7%	1.94%	1.61%	3.09%	1.5%	1.45%	1.55%
Assets ¹	90,724	164,340	81,457	166,259	286,963	382,760	328,879	311,548
Book Value Per Share ²	242.0	196.0	406.0	546.0	861.0	842.0	854.0	908.0
Cash Flow per Share	112.0	228.0	126.0	152.0	255.0	-	-	-
Capex ¹	48,560	4,760	15,440	10,064	15,785	3,000	1,750	1,750
Capex / Sales	249.68%	23.16%	52.86%	29.97%	35.28%	3.73%	1.87%	1.85%
Announcement Date	20-05-07	21-05-10	22-05-10	23-05-09	24-05-08	-	-	-

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

994 JPY

Average target price

1,470 JPY

Spread / Average Target

+47.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
RENOVA, INC.	-16.40%	562M
NEXTERA ENERGY	+16.58%	145B
SOUTHERN COMPANY	+10.62%	84.82B
IBERDROLA, S.A.	+2.06%	81.67B
DUKE ENERGY CORPORATION	+3.29%	77.35B
ENEL S.P.A.	-3.51%	70.67B
CONSTELLATION ENERGY CORPORATION	+71.33%	63.13B
GE VERNOVA INC.	0.00%	47.01B
AMERICAN ELECTRIC POWER COMPANY, INC.	+8.03%	46.25B
DOMINION ENERGY, INC.	+4.26%	41.07B

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