Financials transcosmos inc.

Equities

9715

JP3635700002

Business Support Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,385 ^JPY	+1.50%		+6.78%	+12.27%

2023	GXO Logistics, Inc. completed the acquisition of PFSweb, Inc. (NasdaqCM:PFSW ) from transcosmos inc. and others.	CI
2023	GXO Logistics, Inc. entered into a definitive agreement pursuant to acquire PFSweb, Inc. (NasdaqCM:PFSW ) from transcosmos inc. and others for approximately $180 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	89,545	79,383	123,843	132,301	123,748	126,846	-	-
Enterprise Value (EV) ¹	67,179	57,802	93,035	95,653	88,830	93,546	87,446	78,846
P/E ratio	20.2 x	12.6 x	12.4 x	6.16 x	8.05 x	11.2 x	11.9 x	10.1 x
Yield	1.53%	2.4%	3.11%	4.89%	3.73%	2.67%	2.53%	2.95%
Capitalization / Revenue	0.31 x	0.25 x	0.37 x	0.37 x	0.33 x	0.34 x	0.33 x	0.31 x
EV / Revenue	0.24 x	0.19 x	0.28 x	0.27 x	0.24 x	0.25 x	0.23 x	0.19 x
EV / EBITDA	7.32 x	4.01 x	4.16 x	3.04 x	3.08 x	4.9 x	3.97 x	3.19 x
EV / FCF	-148 x	47.8 x	12.7 x	10 x	5.4 x	5.88 x	6.03 x	5.51 x
FCF Yield	-0.68%	2.09%	7.86%	9.98%	18.5%	17%	16.6%	18.1%
Price to Book	1.25 x	1.07 x	1.44 x	1.17 x	1.14 x	1.15 x	1.08 x	1.01 x
Nbr of stocks (in thousands)	41,475	41,475	41,475	41,474	39,473	37,473	-	-
Reference price ²	2,159	1,914	2,986	3,190	3,135	3,385	3,385	3,385
Announcement Date	4/26/19	4/30/20	4/30/21	4/28/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	284,696	311,871	336,405	354,085	373,830	368,100	387,550	413,300
EBITDA ¹	9,175	14,416	22,371	31,482	28,799	19,100	22,000	24,700
EBIT ¹	5,355	10,689	17,752	25,846	23,290	13,100	16,150	18,850
Operating Margin	1.88%	3.43%	5.28%	7.3%	6.23%	3.56%	4.17%	4.56%
Earnings before Tax (EBT) ¹	9,270	10,099	17,826	31,100	23,436	18,200	18,800	21,500
Net income ¹	4,433	6,279	10,022	21,488	15,767	11,300	10,700	12,500
Net margin	1.56%	2.01%	2.98%	6.07%	4.22%	3.07%	2.76%	3.02%
EPS ²	106.9	151.4	241.6	518.1	389.2	301.6	285.6	333.6
Free Cash Flow ¹	-455	1,208	7,313	9,547	16,439	15,900	14,500	14,300
FCF margin	-0.16%	0.39%	2.17%	2.7%	4.4%	4.32%	3.74%	3.46%
FCF Conversion (EBITDA)	-	8.38%	32.69%	30.33%	57.08%	83.25%	65.91%	57.89%
FCF Conversion (Net income)	-	19.24%	72.97%	44.43%	104.26%	140.71%	135.51%	114.4%
Dividend per Share ²	33.00	46.00	93.00	156.0	117.0	90.50	85.50	100.0
Announcement Date	4/26/19	4/30/20	4/30/21	4/28/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	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	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	151,945	159,926	163,734	172,671	86,050	168,088	90,144	95,853	185,997	93,256	90,134	183,390	92,647	97,793	190,440	88,947	91,100	180,047	91,321	91,300	95,000	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	4,569	6,120	8,485	9,267	5,075	10,767	8,389	6,690	15,079	7,924	4,771	12,695	4,540	6,055	-	2,222	3,619	5,841	2,915	-	-	-
Operating Margin	3.01%	3.83%	5.18%	5.37%	5.9%	6.41%	9.31%	6.98%	8.11%	8.5%	5.29%	6.92%	4.9%	6.19%	-	2.5%	3.97%	3.24%	3.19%	-	-	-
Earnings before Tax (EBT)	5,827	4,272	9,002	8,824	7,185	12,587	8,119	10,394	18,513	8,344	4,852	13,196	3,992	6,248	-	3,289	3,981	7,270	5,823	-	-	-
Net income ¹	3,351	2,928	5,569	3,175	4,886	8,772	5,206	7,510	12,716	5,159	2,773	7,932	2,047	5,788	-	1,468	2,920	4,388	3,793	2,100	3,100	2,900
Net margin	2.21%	1.83%	3.4%	1.84%	5.68%	5.22%	5.78%	7.83%	6.84%	5.53%	3.08%	4.33%	2.21%	5.92%	-	1.65%	3.21%	2.44%	4.15%	2.3%	3.26%	-
EPS	80.80	-	134.3	-	-	211.5	125.5	-	-	124.4	-	191.3	51.59	-	-	39.19	-	117.1	101.2	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/31/19	4/30/20	10/30/20	4/30/21	10/29/21	10/29/21	1/31/22	4/28/22	4/28/22	7/29/22	10/31/22	10/31/22	1/31/23	4/28/23	4/28/23	7/31/23	10/31/23	10/31/23	1/31/24	-	-	-

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	22,366	21,581	30,808	36,648	34,918	33,300	39,400	48,000
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-455	1,208	7,313	9,547	16,439	15,900	14,500	14,300
ROE (net income / shareholders' equity)	6.4%	8.6%	12.5%	21.6%	14.6%	10.7%	9.46%	10.4%
ROA (Net income/ Total Assets)	4.07%	6.41%	11.3%	14.7%	11.2%	5.8%	5.6%	6.1%
Assets ¹	108,801	97,913	88,988	146,591	140,878	194,828	191,071	204,918
Book Value Per Share ²	1,725	1,789	2,069	2,723	2,762	2,954	3,133	3,362
Cash Flow per Share	186.0	237.0	353.0	649.0	521.0	-	-	-
Capex ¹	3,930	3,638	4,661	4,003	5,170	4,600	5,000	5,300
Capex / Sales	1.38%	1.17%	1.39%	1.13%	1.38%	1.25%	1.29%	1.28%
Announcement Date	4/26/19	4/30/20	4/30/21	4/28/22	4/28/23	-	-	-

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 transcosmos inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,385 JPY

Average target price

4,050 JPY

Spread / Average Target

+19.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Business Support Services

	1st Jan change	Capi.
TRANSCOSMOS INC.	+12.27%	806M
CINTAS CORPORATION	+10.55%	67.6B
JACOBS SOLUTIONS INC.	+11.64%	18.21B
BUREAU VERITAS SA	+21.03%	13.41B
RB GLOBAL, INC.	+9.40%	13.37B
INTERTEK GROUP PLC	+16.53%	9.94B
TELEPERFORMANCE SE	-32.90%	5.74B
GENPACT LIMITED	-10.98%	5.57B
MAXIMUS, INC.	-4.09%	4.91B
EXLSERVICE HOLDINGS, INC.	-4.83%	4.87B

Other Business Support Services