TSURUHA HOLDINGS INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 9,895 JPY | +0.87% |
|
+1.47% | -23.44% |
| Mar. 06 | Shares in Japan's Ain soar after activist fund Oasis buys 9.6% stake | RE |
| Feb. 28 | Aeon Co. Plans to Merge Japan Drugstore Unit Welcia With Rival Tsuruha -- 2nd Update | DJ |
Valuation
| Fiscal Period: May | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 436,618 | 690,848 | 627,100 | 323,365 | 438,874 | 481,106 | - | - |
| Enterprise Value (EV) 1 | 402,344 | 645,394 | 522,631 | 212,384 | 414,687 | 445,752 | 442,282 | 438,725 |
| P/E ratio | 17.6 x | 24.8 x | 23.8 x | 15.1 x | 17.4 x | 17.7 x | 16.4 x | 15.4 x |
| Yield | 1.64% | 1.17% | 1.29% | 2.51% | 2.88% | 2.74% | 3.04% | 3.26% |
| Capitalization / Revenue | 0.56 x | 0.82 x | 0.68 x | 0.35 x | 0.45 x | 0.47 x | 0.45 x | 0.43 x |
| EV / Revenue | 0.51 x | 0.77 x | 0.57 x | 0.23 x | 0.43 x | 0.43 x | 0.41 x | 0.39 x |
| EV / EBITDA | 8.14 x | 11.4 x | 8.47 x | 3.85 x | 6.67 x | 6.76 x | 6.27 x | 5.82 x |
| EV / FCF | 46.2 x | 24.4 x | 11.3 x | 28.6 x | -13.9 x | 64.6 x | 27.9 x | 22.7 x |
| FCF Yield | 2.17% | 4.1% | 8.85% | 3.5% | -7.21% | 1.55% | 3.58% | 4.41% |
| Price to Book | 2.13 x | 2.96 x | 2.48 x | 1.25 x | 1.59 x | 1.67 x | 1.6 x | 1.52 x |
| Nbr of stocks (in thousands) | 48,352 | 48,379 | 48,537 | 48,553 | 48,602 | 48,621 | - | - |
| Reference price 2 | 9,030 | 14,280 | 12,920 | 6,660 | 9,030 | 9,895 | 9,895 | 9,895 |
| Announcement Date | 6/17/19 | 6/22/20 | 6/22/21 | 6/21/22 | 6/23/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: May | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 782,447 | 841,036 | 919,303 | 915,700 | 970,079 | 1,029,784 | 1,072,516 | 1,115,868 |
| EBITDA 1 | 49,433 | 56,515 | 61,668 | 55,231 | 62,127 | 65,971 | 70,574 | 75,320 |
| EBIT 1 | 41,826 | 45,013 | 48,377 | 40,568 | 45,572 | 49,034 | 52,432 | 54,726 |
| Operating Margin | 5.35% | 5.35% | 5.26% | 4.43% | 4.7% | 4.76% | 4.89% | 4.9% |
| Earnings before Tax (EBT) 1 | 41,921 | 43,847 | 46,030 | 37,645 | 43,455 | 47,040 | 49,973 | 52,892 |
| Net income 1 | 24,824 | 27,899 | 26,283 | 21,388 | 25,258 | 27,211 | 29,287 | 31,308 |
| Net margin | 3.17% | 3.32% | 2.86% | 2.34% | 2.6% | 2.64% | 2.73% | 2.81% |
| EPS 2 | 513.8 | 576.8 | 542.0 | 440.6 | 519.9 | 559.9 | 602.5 | 644.0 |
| Free Cash Flow 1 | 8,711 | 26,488 | 46,255 | 7,427 | -29,916 | 6,900 | 15,833 | 19,367 |
| FCF margin | 1.11% | 3.15% | 5.03% | 0.81% | -3.08% | 0.67% | 1.48% | 1.74% |
| FCF Conversion (EBITDA) | 17.62% | 46.87% | 75.01% | 13.45% | - | 10.46% | 22.43% | 25.71% |
| FCF Conversion (Net income) | 35.09% | 94.94% | 175.99% | 34.73% | - | 25.36% | 54.06% | 61.86% |
| Dividend per Share 2 | 148.0 | 167.0 | 167.0 | 167.0 | 260.0 | 271.3 | 301.1 | 322.1 |
| Announcement Date | 6/17/19 | 6/22/20 | 6/22/21 | 6/21/22 | 6/23/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: May | 2020 S1 | 2021 S1 | 2022 Q2 | 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 | 2024 S2 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 416,466 | 453,492 | 226,828 | 462,512 | 229,378 | 223,810 | 243,181 | 240,925 | 484,106 | 247,330 | 238,643 | 259,827 | 255,886 | 515,713 | 258,400 | 254,388 | 517,287 | 272,500 | 268,500 | 274,000 | 269,000 |
| EBITDA | - | - | 13,220 | - | - | 10,571 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 23,764 | 27,998 | 9,820 | 22,709 | 11,341 | 6,518 | 13,317 | 11,383 | 24,700 | 13,019 | 7,853 | 14,103 | 13,044 | 27,147 | 13,120 | 8,620 | - | 14,500 | 13,500 | 14,100 | 8,900 |
| Operating Margin | 5.71% | 6.17% | 4.33% | 4.91% | 4.94% | 2.91% | 5.48% | 4.72% | 5.1% | 5.26% | 3.29% | 5.43% | 5.1% | 5.26% | 5.08% | 3.39% | - | 5.32% | 5.03% | 5.15% | 3.31% |
| Earnings before Tax (EBT) | 24,332 | 28,251 | - | 22,534 | 11,211 | - | 13,273 | - | 25,460 | 12,733 | - | 13,937 | - | 27,058 | 12,985 | - | - | - | - | - | - |
| Net income 1 | 15,554 | 16,587 | 5,203 | 12,739 | 6,164 | 2,485 | 7,501 | 7,130 | 14,631 | 7,081 | 3,546 | 8,269 | 7,802 | 16,071 | 7,486 | 4,072 | - | 8,500 | 8,200 | 8,000 | 4,200 |
| Net margin | 3.73% | 3.66% | 2.29% | 2.75% | 2.69% | 1.11% | 3.08% | 2.96% | 3.02% | 2.86% | 1.49% | 3.18% | 3.05% | 3.12% | 2.9% | 1.6% | - | 3.12% | 3.05% | 2.92% | 1.56% |
| EPS 2 | 321.7 | 342.4 | 107.2 | 262.5 | 127.0 | 51.18 | 154.5 | 146.8 | 301.3 | 145.7 | 72.94 | 170.2 | 160.5 | 330.7 | 153.9 | 82.18 | - | - | - | - | - |
| Dividend per Share 2 | 74.00 | 83.50 | 83.50 | 83.50 | - | 83.50 | - | 116.5 | 116.5 | - | - | - | 133.5 | 133.5 | - | 133.5 | - | - | 145.0 | - | 145.0 |
| Announcement Date | 12/17/19 | 12/15/20 | 12/21/21 | 12/21/21 | 3/22/22 | 6/21/22 | 9/20/22 | 12/20/22 | 12/20/22 | 3/23/23 | 6/23/23 | 9/20/23 | 12/19/23 | 12/19/23 | 3/21/24 | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: May | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 34,274 | 45,454 | 104,469 | 110,981 | 24,187 | 35,354 | 38,824 | 42,381 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 8,711 | 26,488 | 46,255 | 7,427 | -29,916 | 6,900 | 15,833 | 19,367 |
| ROE (net income / shareholders' equity) | 12.5% | 12.7% | 10.8% | 8.4% | 9.4% | 9.82% | 9.85% | 9.92% |
| ROA (Net income/ Total Assets) | 12.2% | 11.8% | 10% | 7.29% | 8.29% | 4.76% | 4.71% | 4.8% |
| Assets 1 | 204,028 | 236,909 | 262,077 | 293,540 | 304,660 | 571,473 | 621,338 | 652,053 |
| Book Value Per Share 2 | 4,238 | 4,821 | 5,211 | 5,314 | 5,690 | 5,914 | 6,202 | 6,512 |
| Cash Flow per Share 2 | 671.0 | 738.0 | 727.0 | 654.0 | 772.0 | 982.0 | 1,105 | 1,267 |
| Capex 1 | 16,907 | 14,148 | 14,097 | 20,720 | 30,720 | 38,148 | 35,650 | 35,850 |
| Capex / Sales | 2.16% | 1.68% | 1.53% | 2.26% | 3.17% | 3.7% | 3.32% | 3.21% |
| Announcement Date | 6/17/19 | 6/22/20 | 6/22/21 | 6/21/22 | 6/23/23 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
D
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
9,895
JPY
Average target price
11,940
JPY
Spread / Average Target
+20.67%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -23.44% | 3.06B | |
| -11.64% | 3.62B | |
| -0.09% | 3.36B | |
| +7.46% | 2.59B | |
| -9.26% | 1.75B | |
| +9.30% | 1.35B | |
| -20.60% | 957M | |
| -38.42% | 704M | |
| -0.53% | 450M | |
| -1.85% | 370M |
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