Financials TRE Holdings Corporation

Equities

9247

JP3538540000

Environmental Services & Equipment

Delayed Japan Exchange Other stock markets 22:30:00 2024-05-13 EDT			5-day change	1st Jan Change
1,243 ^JPY	+0.97%		-0.72%	+12.91%

04-17	Tre Holdings Expects 2 Billion Yen Extraordinary Loss in Fiscal 2024; Keeps Dividend Forecast Intact	MT
04-16	TRE Holdings Corporation Revises Earnings Guidance for the Fiscal Year Ended March 31, 2024	CI

Valuation

Fiscal Period: March	2022	2023	2024	2025	2026
Capitalization ¹	102,765	73,442	63,237	-	-
Enterprise Value (EV) ¹	125,603	97,422	63,237	63,237	63,237
P/E ratio	17.9 x	14.1 x	12.4 x	10.7 x	8.6 x
Yield	1.26%	2.8%	3.25%	3.36%	3.61%
Capitalization / Revenue	1.51 x	0.81 x	0.68 x	0.64 x	0.59 x
EV / Revenue	1.51 x	0.81 x	0.68 x	0.64 x	0.59 x
EV / EBITDA	7.81 x	5.31 x	4.3 x	3.74 x	3.36 x
EV / FCF	11.6 x	29.5 x	26.3 x	13.3 x	9.6 x
FCF Yield	8.63%	3.39%	3.81%	7.51%	10.4%
Price to Book	1.63 x	1.12 x	0.92 x	0.84 x	0.79 x
Nbr of stocks (in thousands)	51,693	51,358	51,371	-	-
Reference price ²	1,988	1,430	1,231	1,231	1,231
Announcement Date	22-05-16	23-05-15	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2022	2023	2024	2025	2026
Net sales ¹	68,234	90,712	92,800	99,200	107,500
EBITDA ¹	13,151	13,819	14,719	16,900	18,800
EBIT ¹	7,659	7,509	7,700	8,867	10,800
Operating Margin	11.22%	8.28%	8.3%	8.94%	10.05%
Earnings before Tax (EBT)	7,662	7,885	-	9,190	11,000
Net income ¹	4,742	5,197	5,100	5,890	7,350
Net margin	6.95%	5.73%	5.5%	5.94%	6.84%
EPS ²	110.8	101.2	99.30	114.7	143.1
Free Cash Flow ¹	8,868	2,491	2,406	4,748	6,588
FCF margin	13%	2.75%	2.59%	4.79%	6.13%
FCF Conversion (EBITDA)	67.43%	18.03%	16.35%	28.09%	35.04%
FCF Conversion (Net income)	187.01%	47.93%	47.19%	80.6%	89.63%
Dividend per Share ²	25.00	40.00	40.00	41.33	44.50
Announcement Date	22-05-16	23-05-15	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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
Net sales	-	23,962	23,196	47,158	22,842	21,368	44,210	23,471	23,031	46,502	22,060	22,430	44,490	24,192	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	2,968	2,516	5,484	1,204	1,890	3,094	2,437	1,978	4,415	1,274	1,893	3,167	2,167	-	-
Operating Margin	-	12.39%	10.85%	11.63%	5.27%	8.85%	7%	10.38%	8.59%	9.49%	5.78%	8.44%	7.12%	8.96%	-	-
Earnings before Tax (EBT)	-	2,909	2,666	5,575	1,317	2,039	3,356	2,471	2,058	4,529	1,367	1,842	3,209	2,183	-	-
Net income ¹	1,131	1,887	1,724	3,611	815	1,435	2,250	1,642	1,305	2,947	941	1,066	2,007	1,412	1,681	3,093
Net margin	-	7.87%	7.43%	7.66%	3.57%	6.72%	5.09%	7%	5.67%	6.34%	4.27%	4.75%	4.51%	5.84%	-	-
EPS	40.99	-	-	-	15.89	-	43.81	31.98	-	-	18.33	-	39.08	27.50	-	-
Dividend per Share	-	-	-	-	-	-	20.00	-	-	-	-	-	20.00	-	-	-
Announcement Date	21-11-15	22-02-14	22-05-16	22-05-16	22-08-12	22-11-14	22-11-14	23-02-14	23-05-15	23-05-15	23-08-10	23-11-14	23-11-14	24-02-14	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2022	2023	2024	2025	2026
Net Debt	22,838	23,980	-	-	-
Net Cash position	-	-	-	-	-
Leverage (Debt/EBITDA)	1.737 x	1.735 x	-	-	-
Free Cash Flow ¹	8,868	2,491	2,407	4,748	6,588
ROE (net income / shareholders' equity)	9.9%	8.1%	8.2%	9.1%	9.9%
ROA (Net income/ Total Assets)	-	5.81%	4.1%	4.6%	5.3%
Assets ¹	-	89,516	124,390	128,043	138,679
Book Value Per Share ²	1,219	1,275	1,343	1,460	1,565
Cash Flow per Share	228.0	213.0	-	-	-
Capex ¹	4,889	6,041	8,500	7,900	7,750
Capex / Sales	7.17%	6.66%	9.16%	7.96%	7.21%
Announcement Date	22-05-16	23-05-15	-	-	-

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 TRE Holdings Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,231 JPY

Average target price

1,690 JPY

Spread / Average Target

+37.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Environmental Services & Equipment

	1st Jan change	Capi.
TRE HOLDINGS CORPORATION	+12.91%	409M
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VERALTO CORPORATION	+16.55%	23.82B
TETRA TECH, INC.	+25.90%	11.43B
CLEAN HARBORS, INC.	+21.55%	11.4B
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A.	-9.07%	6.19B
GEM CO., LTD.	+25.64%	4.91B
KURITA WATER INDUSTRIES LTD.	+24.58%	4.86B
CECEP ENVIRONMENTAL PROTECTION CO., LTD.	-2.71%	3.09B

Other Environmental Services & Equipment