Financials Comture Corporation

Equities

3844

JP3305560009

IT Services & Consulting

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,909 ^JPY	+0.21%		+7.73%	+3.24%

Jan. 31	Comture Corporation Announces Dividend for the Third Quarter-End of the Fiscal Year Ending March 31, 2024, Payable on February 29, 2024; Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI
2023	Comture Corporation Announces Dividend for the Second Quarter of Fiscal Year Ending March 31, 2024; Provides Dividend Guidance for the Third Quarter and Full Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	53,268	70,120	85,103	98,817	66,073	60,868	-	-
Enterprise Value (EV) ¹	46,008	61,636	77,422	87,752	56,571	50,438	48,808	46,988
P/E ratio	29.7 x	35.4 x	40.8 x	39.3 x	24.5 x	19.4 x	16.8 x	14.8 x
Yield	1.32%	1.32%	1.16%	1.19%	2.12%	2.41%	2.65%	2.96%
Capitalization / Revenue	2.95 x	3.35 x	4.08 x	3.96 x	2.27 x	1.74 x	1.55 x	1.41 x
EV / Revenue	2.55 x	2.94 x	3.71 x	3.51 x	1.95 x	1.45 x	1.24 x	1.09 x
EV / EBITDA	16,436,234 x	-	22,955,873 x	20,345,930 x	12,793,164 x	-	-	-
EV / FCF	32.6 x	47.7 x	453 x	20 x	31.6 x	21.3 x	15.7 x	13.3 x
FCF Yield	3.06%	2.1%	0.22%	5.01%	3.16%	4.69%	6.37%	7.53%
Price to Book	6.31 x	6.26 x	6.89 x	7.15 x	4.38 x	3.44 x	3.1 x	2.78 x
Nbr of stocks (in thousands)	29,268	31,873	31,874	31,876	31,873	31,885	-	-
Reference price ²	1,820	2,200	2,670	3,100	2,073	1,909	1,909	1,909
Announcement Date	5/8/19	5/15/20	5/10/21	5/9/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	18,070	20,932	20,868	24,985	29,056	34,900	39,383	43,300
EBITDA	2,799	-	3,373	4,313	4,422	-	-	-
EBIT ¹	2,570	2,833	3,150	3,996	4,065	4,773	5,487	6,145
Operating Margin	14.22%	13.53%	15.09%	15.99%	13.99%	13.68%	13.93%	14.19%
Earnings before Tax (EBT)	2,572	2,883	3,108	3,786	3,865	-	-	-
Net income ¹	1,807	1,974	2,083	2,517	2,695	3,155	3,637	4,100
Net margin	10%	9.43%	9.98%	10.07%	9.28%	9.04%	9.24%	9.47%
EPS ²	61.24	62.17	65.38	78.97	84.56	98.57	113.6	128.6
Free Cash Flow ¹	1,410	1,293	171	4,396	1,789	2,365	3,110	3,540
FCF margin	7.8%	6.18%	0.82%	17.59%	6.16%	6.78%	7.9%	8.18%
FCF Conversion (EBITDA)	50.37%	-	5.07%	101.92%	40.46%	-	-	-
FCF Conversion (Net income)	78.03%	65.5%	8.21%	174.65%	66.38%	74.96%	85.5%	86.34%
Dividend per Share ²	24.00	29.00	31.00	37.00	44.00	46.00	50.50	56.50
Announcement Date	5/8/19	5/15/20	5/10/21	5/9/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	10,076	10,071	6,085	11,995	6,244	6,746	6,855	7,190	14,045	7,320	7,691	8,098	8,663	16,761	8,549	9,690	9,200	9,400	9,600
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,346	1,336	1,029	1,961	1,092	943	686	1,047	1,733	1,150	1,182	860	1,090	1,950	1,312	1,488	1,000	1,280	1,530
Operating Margin	13.36%	13.27%	16.91%	16.35%	17.49%	13.98%	10.01%	14.56%	12.34%	15.71%	15.37%	10.62%	12.58%	11.63%	15.35%	15.36%	10.87%	13.62%	15.94%
Earnings before Tax (EBT)	1,396	1,373	-	1,853	1,057	-	767	1,057	1,824	1,129	-	867	-	1,951	1,315	-	-	-	-
Net income ¹	940	920	662	1,220	705	592	478	708	1,186	759	750	558	693	1,251	862	1,037	700	800	1,000
Net margin	9.33%	9.14%	10.88%	10.17%	11.29%	8.78%	6.97%	9.85%	8.44%	10.37%	9.75%	6.89%	8%	7.46%	10.08%	10.7%	7.61%	8.51%	10.42%
EPS	29.69	28.88	-	38.29	22.12	18.56	15.02	-	37.21	23.81	-	17.52	-	39.26	27.04	-	-	-	-
Dividend per Share	14.50	15.50	-	16.50	9.250	-	11.00	-	22.00	11.00	-	11.50	-	23.00	11.50	-	-	-	-
Announcement Date	10/30/19	10/30/20	10/29/21	10/29/21	1/31/22	5/9/22	7/29/22	10/31/22	10/31/22	1/31/23	5/12/23	7/31/23	10/30/23	10/30/23	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	7,260	8,484	7,681	11,065	9,502	10,430	12,060	13,880
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,410	1,293	171	4,396	1,789	2,365	3,110	3,540
ROE (net income / shareholders' equity)	26%	19.5%	17.7%	19.2%	18.6%	17.8%	-	-
ROA (Net income/ Total Assets)	23.9%	20.7%	20.4%	22.6%	20%	-	-	-
Assets ¹	7,575	9,556	10,198	11,143	13,476	-	-	-
Book Value Per Share ²	289.0	351.0	388.0	434.0	474.0	555.0	616.0	686.0
Cash Flow per Share	64.00	66.10	69.80	84.10	89.30	-	-	-
Capex ¹	134	442	285	36	158	160	160	160
Capex / Sales	0.74%	2.11%	1.37%	0.14%	0.54%	0.46%	0.41%	0.37%
Announcement Date	5/8/19	5/15/20	5/10/21	5/9/22	5/12/23	-	-	-

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 Comture Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,909 JPY

Average target price

2,350 JPY

Spread / Average Target

+23.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other IT Services & Consulting

	1st Jan change	Capi.
COMTURE CORPORATION	+3.24%	387M
ACCENTURE PLC	-12.23%	194B
TATA CONSULTANCY SERVICES LTD.	+0.74%	166B
IBM	+2.19%	153B
AUTOMATIC DATA PROCESSING, INC.	+4.34%	99.85B
RELX PLC	+7.04%	77.56B
CROWDSTRIKE HOLDINGS, INC.	+19.09%	73.55B
INFOSYS LIMITED	-7.30%	71B
SNOWFLAKE INC.	-20.54%	52.81B
HCL TECHNOLOGIES LIMITED	+0.53%	47.86B

Other IT Services & Consulting