Financials Trend Micro Inc.

Equities

4704

JP3637300009

Software

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
7,078 ^JPY	-0.77%		-3.23%	-6.23%

May. 08	Transcript : Trend Micro Incorporated, Q1 2024 Earnings Call, May 08, 2024
May. 01	Trend Micro Incorporated Expands AI-Powered Cybersecurity Platform to Combat Accidental AI Misuse and External Abuse	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	778,666	823,484	892,140	854,131	1,022,551	944,019	-	-
Enterprise Value (EV) ¹	606,067	667,744	635,339	611,282	723,525	750,489	721,518	701,159
P/E ratio	27.9 x	30.7 x	23.2 x	28.7 x	96.2 x	27.6 x	23.5 x	20.9 x
Yield	2.86%	2.58%	3.05%	2.46%	9.78%	2.55%	3.13%	3.58%
Capitalization / Revenue	4.71 x	4.73 x	4.69 x	3.82 x	4.11 x	3.5 x	3.29 x	3.1 x
EV / Revenue	3.67 x	3.84 x	3.34 x	2.73 x	2.91 x	2.78 x	2.51 x	2.3 x
EV / EBITDA	11.3 x	10.7 x	9.84 x	10.8 x	11.9 x	10.2 x	8.69 x	7.65 x
EV / FCF	17.7 x	15.7 x	11 x	-56.5 x	23.4 x	20.8 x	15.6 x	13.4 x
FCF Yield	5.66%	6.36%	9.1%	-1.77%	4.27%	4.8%	6.41%	7.46%
Price to Book	4.19 x	4.41 x	4.07 x	3.77 x	4.83 x	8.44 x	5.8 x	5.47 x
Nbr of stocks (in thousands)	139,048	138,634	139,615	139,109	135,473	133,374	-	-
Reference price ²	5,600	5,940	6,390	6,140	7,548	7,078	7,078	7,078
Announcement Date	2/18/20	2/17/21	2/17/22	2/16/23	2/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	165,195	174,060	190,359	223,795	248,691	269,482	287,101	304,892
EBITDA ¹	53,503	62,141	64,535	56,525	60,917	73,597	82,983	91,678
EBIT ¹	37,686	39,464	43,641	31,340	32,602	49,554	57,564	64,543
Operating Margin	22.81%	22.67%	22.93%	14%	13.11%	18.39%	20.05%	21.17%
Earnings before Tax (EBT) ¹	39,139	39,854	52,371	41,897	31,978	49,379	57,271	63,011
Net income ¹	27,946	26,904	38,367	29,843	10,731	34,054	39,551	44,297
Net margin	16.92%	15.46%	20.16%	13.33%	4.31%	12.64%	13.78%	14.53%
EPS ²	200.9	193.4	275.2	213.6	78.45	256.1	301.2	339.1
Free Cash Flow ¹	34,275	42,470	57,842	-10,813	30,866	36,024	46,218	52,336
FCF margin	20.75%	24.4%	30.39%	-4.83%	12.41%	13.37%	16.1%	17.17%
FCF Conversion (EBITDA)	64.06%	68.34%	89.63%	-	50.67%	48.95%	55.7%	57.09%
FCF Conversion (Net income)	122.65%	157.86%	150.76%	-	287.63%	105.78%	116.85%	118.15%
Dividend per Share ²	160.0	153.0	195.0	151.0	738.0	180.5	221.6	253.6
Announcement Date	2/18/20	2/17/21	2/17/22	2/16/23	2/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	85,735	83,811	90,249	91,329	51,179	50,427	54,875	105,302	56,798	61,695	118,493	58,704	60,831	119,535	64,189	64,967	65,931	66,422	133,431	68,814	70,437
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,429	19,108	16,961	-	16,691	17,006
EBIT ¹	19,398	20,046	19,418	22,115	9,019	11,115	7,542	18,657	7,213	5,470	12,683	9,548	8,639	18,187	11,425	2,990	12,127	12,305	24,827	13,534	11,756
Operating Margin	22.63%	23.92%	21.52%	24.21%	17.62%	22.04%	13.74%	17.72%	12.7%	8.87%	10.7%	16.26%	14.2%	15.21%	17.8%	4.6%	18.39%	18.53%	18.61%	19.67%	16.69%
Earnings before Tax (EBT) ¹	20,109	20,349	-	22,703	16,988	11,265	9,344	20,609	17,075	4,213	-	8,979	9,365	18,344	13,486	148	16,185	12,766	-	13,631	13,193
Net income ¹	14,301	15,125	-	16,503	12,698	8,531	6,431	14,962	13,530	1,351	14,881	6,374	5,482	11,856	950	-2,075	10,754	8,546	19,754	9,811	7,010
Net margin	16.68%	18.05%	-	18.07%	24.81%	16.92%	11.72%	14.21%	23.82%	2.19%	12.56%	10.86%	9.01%	9.92%	1.48%	-3.19%	16.31%	12.87%	14.8%	14.26%	9.95%
EPS ²	-	108.7	-	118.5	90.98	61.11	46.00	107.1	96.78	9.700	-	45.84	40.02	85.86	7.460	-14.87	79.31	71.46	-	79.10	62.34
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/18/20	8/12/20	2/17/21	8/12/21	2/17/22	5/12/22	8/9/22	8/9/22	11/10/22	2/16/23	2/16/23	5/11/23	8/8/23	8/8/23	11/9/23	2/15/24	5/8/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	172,599	155,740	256,801	242,849	299,026	193,530	222,501	242,859
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	34,275	42,470	57,842	-10,813	30,866	36,024	46,218	52,336
ROE (net income / shareholders' equity)	15%	14.4%	18.9%	13.4%	4.9%	20.4%	30%	31.3%
ROA (Net income/ Total Assets)	11.1%	10.8%	11.2%	7.67%	7.51%	8.1%	9.7%	10.1%
Assets ¹	252,032	248,562	343,639	389,288	142,872	420,419	407,745	437,143
Book Value Per Share ²	1,338	1,346	1,569	1,630	1,563	838.0	1,221	1,294
Cash Flow per Share ²	283.0	319.0	412.0	384.0	273.0	510.0	532.0	604.0
Capex ¹	10,834	11,840	18,787	20,979	26,361	16,817	16,827	17,198
Capex / Sales	6.56%	6.8%	9.87%	9.37%	10.6%	6.24%	5.86%	5.64%
Announcement Date	2/18/20	2/17/21	2/17/22	2/16/23	2/15/24	-	-	-

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 Trend Micro Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

7,078 JPY

Average target price

7,821 JPY

Spread / Average Target

+10.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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