Financials transcosmos inc.

Equities

9715

JP3635700002

Business Support Services

Market Closed - Japan Exchange Other stock markets 07:00:00 10/05/2024 BST			5-day change	1st Jan Change
3,265 ^JPY	-1.21%		-0.15%	+8.29%

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	122,349	-	-
Enterprise Value (EV) ¹	67,179	57,802	93,035	95,653	88,830	71,459	82,949	74,349
P/E ratio	20.2 x	12.6 x	12.4 x	6.16 x	8.05 x	11.7 x	8.5 x	9.02 x
Yield	1.53%	2.4%	3.11%	4.89%	3.73%	2.58%	2.62%	3.06%
Capitalization / Revenue	0.31 x	0.25 x	0.37 x	0.37 x	0.33 x	0.32 x	0.31 x	0.3 x
EV / Revenue	0.24 x	0.19 x	0.28 x	0.27 x	0.24 x	0.2 x	0.21 x	0.18 x
EV / EBITDA	7.32 x	4.01 x	4.16 x	3.04 x	3.08 x	4.11 x	3.77 x	3.01 x
EV / FCF	-148 x	47.8 x	12.7 x	10 x	5.4 x	4.05 x	5.72 x	5.2 x
FCF Yield	-0.68%	2.09%	7.86%	9.98%	18.5%	24.7%	17.5%	19.2%
Price to Book	1.25 x	1.07 x	1.44 x	1.17 x	1.14 x	1.09 x	1.04 x	0.97 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	3,265	3,265	3,265
Announcement Date	26/04/19	30/04/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	284,696	311,871	336,405	354,085	373,830	362,201	394,000	413,100
EBITDA ¹	9,175	14,416	22,371	31,482	28,799	17,369	22,000	24,700
EBIT ¹	5,355	10,689	17,752	25,846	23,290	11,474	23,500	21,067
Operating Margin	1.88%	3.43%	5.28%	7.3%	6.23%	3.17%	5.96%	5.1%
Earnings before Tax (EBT) ¹	9,270	10,099	17,826	31,100	23,436	16,362	18,800	21,500
Net income ¹	4,433	6,279	10,022	21,488	15,767	10,097	14,400	13,567
Net margin	1.56%	2.01%	2.98%	6.07%	4.22%	2.79%	3.65%	3.28%
EPS ²	106.9	151.4	241.6	518.1	389.2	269.5	384.3	362.0
Free Cash Flow ¹	-455	1,208	7,313	9,547	16,439	17,655	14,500	14,300
FCF margin	-0.16%	0.39%	2.17%	2.7%	4.4%	4.87%	3.68%	3.46%
FCF Conversion (EBITDA)	-	8.38%	32.69%	30.33%	57.08%	101.65%	65.91%	57.89%
FCF Conversion (Net income)	-	19.24%	72.97%	44.43%	104.26%	174.85%	100.69%	105.41%
Dividend per Share ²	33.00	46.00	93.00	156.0	117.0	81.00	85.50	100.0
Announcement Date	26/04/19	30/04/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

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	31/10/19	30/04/20	30/10/20	30/04/21	29/10/21	29/10/21	31/01/22	28/04/22	28/04/22	29/07/22	31/10/22	31/10/22	31/01/23	28/04/23	28/04/23	31/07/23	31/10/23	31/10/23	31/01/24	-	-	-

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	46,206	39,400	48,000
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-455	1,208	7,313	9,547	16,439	17,655	14,500	14,300
ROE (net income / shareholders' equity)	6.4%	8.6%	12.5%	21.6%	14.6%	9.5%	12.5%	11%
ROA (Net income/ Total Assets)	4.07%	6.41%	11.3%	14.7%	11.2%	7.01%	5.6%	6.1%
Assets ¹	108,801	97,913	88,988	146,591	140,878	144,066	257,143	222,404
Book Value Per Share ²	1,725	1,789	2,069	2,723	2,762	2,892	3,133	3,362
Cash Flow per Share	186.0	237.0	353.0	649.0	521.0	421.0	-	-
Capex ¹	3,930	3,638	4,661	4,003	5,170	3,239	5,000	5,300
Capex / Sales	1.38%	1.17%	1.39%	1.13%	1.38%	0.89%	1.27%	1.28%
Announcement Date	26/04/19	30/04/20	30/04/21	28/04/22	28/04/23	30/04/24	-	-

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 transcosmos inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,265 JPY

Average target price

4,000 JPY

Spread / Average Target

+22.51%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Business Support Services

	1st Jan change	Capi.
TRANSCOSMOS INC.	+8.29%	796M
CINTAS CORPORATION	+15.89%	70.64B
JACOBS SOLUTIONS INC.	+7.70%	17.5B
BUREAU VERITAS SA	+23.04%	13.88B
RB GLOBAL, INC.	+16.77%	13.34B
INTERTEK GROUP PLC	+17.76%	10.2B
TELEPERFORMANCE SE	-22.30%	6.47B
GENPACT LIMITED	-2.22%	5.78B
MAXIMUS, INC.	+0.24%	5.11B
EXLSERVICE HOLDINGS, INC.	-0.47%	4.96B

Other Business Support Services