Financials TRE Holdings Corporation

Equities

9247

JP3538540000

Environmental Services & Equipment

Market Closed - Japan Exchange Other stock markets 07:00:00 28/06/2024 BST			5-day change	1st Jan Change
1,295 ^JPY	+0.39%		+4.94%	+17.73%

05-22	TRE Holdings Corporation Provides Earnings Guidance for the Fiscal Year Ending March 31, 2026, March 31, 2027, March 31, 2028, and March 31, 2029	CI
05-16	Tre Holdings Corporation Provides Consolidated Earnings Guidance for the Six Months Ending September 30, 2024 and Full Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2022	2023	2024	2025	2026
Capitalization ¹	102,765	73,442	66,524	-	-
Enterprise Value (EV) ¹	125,603	97,422	61,080	66,524	66,524
P/E ratio	17.9 x	14.1 x	16.9 x	12.3 x	10.2 x
Yield	1.26%	2.8%	3.36%	3.09%	3.27%
Capitalization / Revenue	1.51 x	0.81 x	0.66 x	0.68 x	0.65 x
EV / Revenue	1.51 x	0.81 x	0.66 x	0.68 x	0.65 x
EV / EBITDA	7.81 x	5.31 x	4.29 x	4.3 x	3.61 x
EV / FCF	11.6 x	29.5 x	-13.2 x	15.3 x	13.5 x
FCF Yield	8.63%	3.39%	-7.57%	6.55%	7.42%
Price to Book	1.63 x	1.12 x	0.91 x	0.95 x	0.86 x
Nbr of stocks (in thousands)	51,693	51,358	51,370	-	-
Reference price ²	1,988	1,430	1,295	1,295	1,295
Announcement Date	16/05/22	15/05/23	15/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2022	2023	2024	2025	2026
Net sales ¹	68,234	90,712	92,860	98,500	101,600
EBITDA ¹	13,151	13,819	14,235	15,471	18,436
EBIT ¹	7,659	7,509	7,769	8,550	9,350
Operating Margin	11.22%	8.28%	8.37%	8.68%	9.2%
Earnings before Tax (EBT)	7,662	7,885	6,006	8,400	9,967
Net income ¹	4,742	5,197	3,623	5,400	5,900
Net margin	6.95%	5.73%	3.9%	5.48%	5.81%
EPS ²	110.8	101.2	70.54	105.1	126.5
Free Cash Flow ¹	8,868	2,491	-4,625	4,354	4,938
FCF margin	13%	2.75%	-4.98%	4.42%	4.86%
FCF Conversion (EBITDA)	67.43%	18.03%	16.35%	28.14%	26.79%
FCF Conversion (Net income)	187.01%	47.93%	47.19%	80.63%	83.69%
Dividend per Share ²	25.00	40.00	40.00	40.00	42.33
Announcement Date	16/05/22	15/05/23	15/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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	2024 Q4	2024 S2
Net sales	-	23,962	23,196	47,158	22,842	21,368	44,210	23,471	23,031	46,502	22,060	22,430	44,490	24,192	24,178	48,370
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	2,968	2,516	5,484	1,204	1,890	3,094	2,437	1,978	4,415	1,274	1,893	3,167	2,167	2,435	4,602
Operating Margin	-	12.39%	10.85%	11.63%	5.27%	8.85%	7%	10.38%	8.59%	9.49%	5.78%	8.44%	7.12%	8.96%	10.07%	9.51%
Earnings before Tax (EBT)	-	2,909	2,666	5,575	1,317	2,039	3,356	2,471	2,058	4,529	1,367	1,842	3,209	2,183	614	2,797
Net income ¹	1,131	1,887	1,724	3,611	815	1,435	2,250	1,642	1,305	2,947	941	1,066	2,007	1,412	204	1,616
Net margin	-	7.87%	7.43%	7.66%	3.57%	6.72%	5.09%	7%	5.67%	6.34%	4.27%	4.75%	4.51%	5.84%	0.84%	3.34%
EPS	40.99	-	-	-	15.89	-	43.81	31.98	-	-	18.33	-	39.08	27.50	-	-
Dividend per Share	-	-	-	-	-	-	20.00	-	-	-	-	-	20.00	-	-	-
Announcement Date	15/11/21	14/02/22	16/05/22	16/05/22	12/08/22	14/11/22	14/11/22	14/02/23	15/05/23	15/05/23	10/08/23	14/11/23	14/11/23	14/02/24	15/05/24	15/05/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2022	2023	2024	2025	2026
Net Debt	22,838	23,980	-	-	-
Net Cash position	-	-	-	-	-
Leverage (Debt/EBITDA)	1.737 x	1.735 x	-	-	-
Free Cash Flow ¹	8,868	2,491	-4,625	4,354	4,938
ROE (net income / shareholders' equity)	9.9%	8.1%	5.5%	7.6%	8.85%
ROA (Net income/ Total Assets)	-	5.81%	5.67%	3.6%	4.55%
Assets ¹	-	89,516	63,845	150,000	129,670
Book Value Per Share ²	1,219	1,275	1,307	1,369	1,501
Cash Flow per Share	228.0	213.0	185.0	-	-
Capex ¹	4,889	6,041	11,955	7,000	7,000
Capex / Sales	7.17%	6.66%	12.87%	7.11%	6.89%
Announcement Date	16/05/22	15/05/23	15/05/24	-	-

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 TRE Holdings Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,295 JPY

Average target price

1,690 JPY

Spread / Average Target

+30.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Environmental Services & Equipment

	1st Jan change	Capi.
TRE HOLDINGS CORPORATION	+17.73%	412M
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CLEAN HARBORS, INC.	+29.69%	12.35B
TETRA TECH, INC.	+22.04%	11.5B
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A.	-4.53%	6.53B
KURITA WATER INDUSTRIES LTD.	+23.53%	4.76B
GEM CO., LTD.	+16.67%	4.48B
CECEP ENVIRONMENTAL PROTECTION CO., LTD.	-19.00%	2.53B

Other Environmental Services & Equipment