Financials Resorttrust, Inc.

Equities

4681

JP3974450003

Hotels, Motels & Cruise Lines

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,584 ^JPY	+0.90%		-1.15%	+5.66%

Feb. 09	Resorttrust, Inc. Provides Commemorative Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI
Feb. 09	Resorttrust, Inc. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	160,542	113,058	197,879	222,172	224,499	272,495	-	-
Enterprise Value (EV) ¹	206,503	161,950	234,929	242,100	233,765	210,470	204,304	195,317
P/E ratio	13 x	15.8 x	-19.4 x	38.6 x	13.3 x	18.1 x	18.1 x	16.4 x
Yield	3.07%	3.79%	1.62%	1.43%	2.13%	2.03%	2.15%	2.4%
Capitalization / Revenue	0.89 x	0.71 x	1.18 x	1.41 x	1.32 x	1.34 x	1.26 x	1.2 x
EV / Revenue	1.15 x	1.02 x	1.4 x	1.53 x	1.38 x	1.04 x	0.94 x	0.86 x
EV / EBITDA	7.23 x	6.98 x	8.82 x	12.2 x	10.6 x	6.56 x	5.97 x	5.35 x
EV / FCF	14.1 x	14.9 x	25.2 x	9.53 x	13 x	8.35 x	29.3 x	12.9 x
FCF Yield	7.08%	6.7%	3.96%	10.5%	7.69%	12%	3.42%	7.73%
Price to Book	1.26 x	0.88 x	1.71 x	2.19 x	1.9 x	2.2 x	2.03 x	1.89 x
Nbr of stocks (in thousands)	107,028	107,063	107,078	106,150	106,448	105,434	-	-
Reference price ²	1,500	1,056	1,848	2,093	2,109	2,584	2,584	2,584
Announcement Date	5/15/19	5/21/20	5/14/21	5/13/22	5/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	179,542	159,145	167,538	157,782	169,830	203,287	217,008	226,305
EBITDA ¹	28,555	23,186	26,632	19,841	21,956	32,088	34,220	36,538
EBIT ¹	18,877	11,652	14,707	8,693	12,270	21,490	22,695	24,869
Operating Margin	10.51%	7.32%	8.78%	5.51%	7.22%	10.57%	10.46%	10.99%
Earnings before Tax (EBT) ¹	19,049	11,153	-6,953	10,780	22,567	23,218	22,540	25,160
Net income ¹	12,358	7,135	-10,213	5,775	16,906	15,262	15,124	16,615
Net margin	6.88%	4.48%	-6.1%	3.66%	9.95%	7.51%	6.97%	7.34%
EPS ²	115.5	66.65	-95.39	54.27	159.0	142.9	143.1	157.2
Free Cash Flow ¹	14,617	10,849	9,314	25,398	17,971	25,207	6,980	15,094
FCF margin	8.14%	6.82%	5.56%	16.1%	10.58%	12.4%	3.22%	6.67%
FCF Conversion (EBITDA)	51.19%	46.79%	34.97%	128.01%	81.85%	78.56%	20.4%	41.31%
FCF Conversion (Net income)	118.28%	152.05%	-	439.79%	106.3%	165.16%	46.16%	90.85%
Dividend per Share ²	46.00	40.00	30.00	30.00	45.00	52.40	55.67	62.00
Announcement Date	5/15/19	5/21/20	5/14/21	5/13/22	5/15/23	-	-	-

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	2025 Q4
Net sales ¹	84,197	86,276	39,111	76,430	43,063	38,289	40,224	43,792	84,016	44,585	41,229	42,994	46,434	89,428	46,412	68,839	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,501	9,980	4,212	5,132	3,727	-166	2,510	4,651	7,161	3,919	1,190	3,250	4,526	7,776	5,082	9,461	-	-	-	-
Operating Margin	10.1%	11.57%	10.77%	6.71%	8.65%	-0.43%	6.24%	10.62%	8.52%	8.79%	2.89%	7.56%	9.75%	8.7%	10.95%	13.74%	-	-	-	-
Earnings before Tax (EBT)	8,717	8,871	5,315	8,656	4,478	-2,354	10,827	5,599	16,426	4,273	1,868	4,904	4,522	9,426	5,214	-	-	-	-	-
Net income ¹	5,499	5,696	3,503	5,408	3,146	-2,779	7,426	4,718	12,144	2,763	1,999	3,042	3,042	6,084	3,483	6,293	-	-	-	-
Net margin	6.53%	6.6%	8.96%	7.08%	7.31%	-7.26%	18.46%	10.77%	14.45%	6.2%	4.85%	7.08%	6.55%	6.8%	7.5%	9.14%	-	-	-	-
EPS ²	51.38	53.21	32.88	50.68	29.62	-26.03	69.95	44.35	114.3	25.93	18.74	28.58	28.60	57.18	33.00	63.76	-	-	-	-
Dividend per Share ²	23.00	15.00	15.00	15.00	-	15.00	-	20.00	20.00	-	25.00	-	25.00	25.00	-	25.00	-	25.00	-	25.00
Announcement Date	11/8/19	11/10/20	11/10/21	11/10/21	2/14/22	5/13/22	8/9/22	11/9/22	11/9/22	2/9/23	5/15/23	8/10/23	11/10/23	11/10/23	2/9/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	45,961	48,892	37,050	19,928	9,266	-	-	-
Net Cash position ¹	-	-	-	-	-	62,025	68,191	77,178
Leverage (Debt/EBITDA)	1.61 x	2.109 x	1.391 x	1.004 x	0.422 x	-	-	-
Free Cash Flow ¹	14,617	10,849	9,314	25,398	17,971	25,207	6,981	15,095
ROE (net income / shareholders' equity)	10%	5.6%	-8.4%	5.3%	15.4%	12.3%	11.9%	12.1%
ROA (Net income/ Total Assets)	4.75%	3.11%	4.37%	2.78%	3.18%	4.1%	4.15%	4.5%
Assets ¹	260,393	229,405	-233,832	208,107	532,441	372,254	364,431	369,223
Book Value Per Share ²	1,191	1,194	1,079	955.0	1,107	1,176	1,271	1,368
Cash Flow per Share	206.0	169.0	10.40	153.0	246.0	-	-	-
Capex ¹	18,355	8,247	15,240	6,322	10,425	16,375	15,375	15,500
Capex / Sales	10.22%	5.18%	9.1%	4.01%	6.14%	8.06%	7.08%	6.85%
Announcement Date	5/15/19	5/21/20	5/14/21	5/13/22	5/15/23	-	-	-

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 Resorttrust, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,584 JPY

Average target price

2,958 JPY

Spread / Average Target

+14.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hotels & Motels

	1st Jan change	Capi.
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CHALET HOTELS LIMITED	+26.90%	2.31B
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Hotels & Motels