Company Valuation: T.RAD Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 14,767 16,324 15,303 25,750 23,470 43,875
Change - 10.55% -6.26% 68.27% -8.85% 86.94%
Enterprise Value (EV) 1 19,221 22,226 27,749 30,515 28,295 49,494
Change - 15.64% 24.85% 9.97% -7.27% 74.92%
P/E -11.9x 4.84x -4.26x 20.7x 5.59x 5.25x
PBR 0.36x 0.37x 0.36x 0.57x 0.48x 0.83x
PEG - -0x 0x -0x 0x 0x
Capitalization / Revenue 0.13x 0.12x 0.1x 0.16x 0.15x 0.27x
EV / Revenue 0.17x 0.17x 0.19x 0.19x 0.18x 0.3x
EV / EBITDA 2.5x 2.04x 3.75x 2.89x 2.18x 2.93x
EV / EBIT 15.2x 4.41x 26.4x 7.01x 3.87x 4.4x
EV / FCF 7.91x 74.7x -7.62x 4.03x 33.6x 14.5x
FCF Yield 12.6% 1.34% -13.1% 24.8% 2.98% 6.9%
Dividend per Share 2 - 16 8 18 24 56
Rate of return - 6.41% 3.41% 4.57% 6.57% 7.23%
EPS 2 -17.15 51.59 -55.08 19.05 65.38 147.8
Distribution rate - 31% -14.5% 94.5% 36.7% 37.9%
Net sales 1 113,046 133,581 149,413 158,659 159,235 162,278
EBITDA 1 7,685 10,878 7,399 10,570 12,972 16,900
EBIT 1 1,265 5,042 1,050 4,351 7,317 11,250
Net income 1 -1,239 3,600 -3,595 1,245 4,250 8,765
Net Debt 1 4,454 5,902 12,446 4,765 4,825 5,619
Reference price 2 204.10 249.80 234.60 393.50 365.50 775.00
Nbr of stocks (in thousands) 72,351 65,350 65,230 65,437 64,212 56,613
Announcement Date 6/29/21 6/28/22 6/27/23 6/21/24 6/17/25 6/5/26
1JPY in Million2JPY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 548M
18.83x1.28x9.82x1.95% 42.13B
18.07x0.81x5.94x3.22% 38.6B
10.55x0.65x8.26x1.41% 31.42B
12.45x0.58x5.04x3.81% 30.67B
14.29x2.63x9.17x4.19% 20.77B
11.01x0.52x5.08x2.81% 18.67B
31.23x1.23x12.97x0.6% 18.62B
12.62x1.23x6.24x4.15% 15.79B
14.71x1.07x7.17x0.96% 13.93B
Average 15.97x 1.11x 7.74x 2.57% 23.12B
Weighted average by Cap. 16.01x 1.06x 7.73x 2.59%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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