Financials Trancom Co., Ltd.

Equities

9058

JP3635650009

Ground Freight & Logistics

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-30 am EDT			5-day change	1st Jan Change
6,010 ^JPY	+0.17%		+0.50%	-16.30%

Feb. 15	Tranche Update on Trancom Co., Ltd.'s Equity Buyback Plan announced on April 26, 2023.	CI
Feb. 14	Trancom Co., Ltd.'s Equity Buyback announced on April 26, 2023, has closed with 286,800 shares, representing 3.04% for ¥1,999.94 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	63,690	69,077	86,439	69,066	70,600	55,721	-	-
Enterprise Value (EV) ¹	51,263	56,224	68,684	51,045	50,822	37,663	33,299	31,501
P/E ratio	14.7 x	14.1 x	15.1 x	13 x	18.6 x	12.4 x	11.7 x	10.1 x
Yield	1.41%	1.47%	1.3%	1.79%	1.73%	2.26%	2.33%	2.47%
Capitalization / Revenue	0.42 x	0.42 x	0.57 x	0.42 x	0.42 x	0.33 x	0.32 x	0.3 x
EV / Revenue	0.34 x	0.34 x	0.45 x	0.31 x	0.3 x	0.22 x	0.19 x	0.17 x
EV / EBITDA	6.03 x	5.73 x	6.43 x	4.71 x	4.78 x	3.73 x	3.19 x	2.88 x
EV / FCF	11 x	26.2 x	11 x	31.2 x	7.57 x	15.1 x	9.97 x	9.03 x
FCF Yield	9.07%	3.82%	9.05%	3.2%	13.2%	6.61%	10%	11.1%
Price to Book	1.87 x	1.82 x	2.01 x	1.46 x	1.45 x	1.12 x	1.05 x	0.96 x
Nbr of stocks (in thousands)	9,783	9,784	9,789	9,797	9,541	9,271	-	-
Reference price ²	6,510	7,060	8,830	7,050	7,400	6,010	6,010	6,010
Announcement Date	4/25/19	4/30/20	4/27/21	4/27/22	4/26/23	4/30/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	151,111	163,463	152,285	162,984	167,760	169,410	173,567	184,780
EBITDA ¹	8,505	9,808	10,676	10,847	10,630	10,097	10,452	10,935
EBIT ¹	6,733	7,566	8,243	7,990	7,438	7,020	7,430	8,392
Operating Margin	4.46%	4.63%	5.41%	4.9%	4.43%	4.14%	4.28%	4.54%
Earnings before Tax (EBT) ¹	6,525	7,391	8,401	8,101	7,160	6,852	7,820	8,820
Net income ¹	4,328	4,909	5,730	5,291	3,835	4,546	4,883	5,524
Net margin	2.86%	3%	3.76%	3.25%	2.29%	2.68%	2.81%	2.99%
EPS ²	443.9	501.8	585.5	540.2	398.0	485.2	515.8	594.4
Free Cash Flow ¹	4,651	2,146	6,216	1,634	6,712	2,490	3,338	3,487
FCF margin	3.08%	1.31%	4.08%	1%	4%	1.47%	1.92%	1.89%
FCF Conversion (EBITDA)	54.69%	21.88%	58.22%	15.06%	63.14%	24.66%	31.94%	31.89%
FCF Conversion (Net income)	107.46%	43.72%	108.48%	30.88%	175.02%	54.77%	68.36%	63.12%
Dividend per Share ²	92.00	104.0	115.0	126.0	128.0	136.0	140.2	148.4
Announcement Date	4/25/19	4/30/20	4/27/21	4/27/22	4/26/23	4/30/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	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	80,217	83,246	72,645	40,111	79,716	42,693	40,575	41,556	42,333	83,889	43,961	39,910	83,871	41,692	42,176	83,868	44,669	40,873	42,500	42,600	45,600	42,700
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,672	3,894	3,592	1,795	3,959	2,225	1,806	1,882	1,778	3,660	2,066	1,712	-	1,944	1,688	3,632	2,083	1,305	1,980	1,750	2,130	1,740
Operating Margin	4.58%	4.68%	4.94%	4.48%	4.97%	5.21%	4.45%	4.53%	4.2%	4.36%	4.7%	4.29%	-	4.66%	4%	4.33%	4.66%	3.19%	4.66%	4.11%	4.67%	4.07%
Earnings before Tax (EBT) ¹	3,604	-	3,666	-	3,964	2,264	-	1,993	-	5,053	2,132	-	-	1,938	-	3,625	2,098	1,129	-	-	-	-
Net income ¹	2,362	-	2,562	1,147	2,600	1,450	1,241	1,310	-	3,320	1,389	-	-	1,217	-	2,347	1,356	843	-	-	-	-
Net margin	2.94%	-	3.53%	2.86%	3.26%	3.4%	3.06%	3.15%	-	3.96%	3.16%	-	-	2.92%	-	2.8%	3.04%	2.06%	-	-	-	-
EPS	241.4	-	261.9	-	265.5	148.0	-	134.2	-	341.9	145.0	-	-	128.3	-	248.6	145.2	-	-	-	-	-
Dividend per Share	52.00	-	55.00	-	62.00	-	-	-	-	68.00	-	-	-	-	-	66.00	-	-	-	-	-	-
Announcement Date	10/24/19	4/30/20	10/26/20	10/25/21	10/25/21	1/31/22	4/27/22	7/25/22	10/24/22	10/24/22	1/30/23	4/26/23	4/26/23	7/31/23	10/30/23	10/30/23	1/29/24	4/30/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	12,427	12,853	17,755	18,021	19,778	18,244	22,422	24,221
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	4,651	2,146	6,216	1,634	6,712	2,490	3,338	3,487
ROE (net income / shareholders' equity)	13.5%	13.6%	14.2%	11.7%	8%	9.3%	9.3%	9.58%
ROA (Net income/ Total Assets)	13.2%	13.2%	13.4%	12.1%	10.7%	9.79%	8.1%	7.8%
Assets ¹	32,873	37,230	42,683	43,688	35,966	46,446	60,288	70,821
Book Value Per Share ²	3,474	3,878	4,383	4,816	5,091	5,381	5,744	6,242
Cash Flow per Share ²	625.0	731.0	834.0	817.0	698.0	802.0	859.0	911.0
Capex ¹	1,941	3,891	2,592	4,078	3,922	4,313	4,550	4,750
Capex / Sales	1.28%	2.38%	1.7%	2.5%	2.34%	2.55%	2.62%	2.57%
Announcement Date	4/25/19	4/30/20	4/27/21	4/27/22	4/26/23	4/30/24	-	-

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 Trancom Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6,010 JPY

Average target price

6,912 JPY

Spread / Average Target

+15.01%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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