TBS HOLDINGS,INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 4,109 JPY | +0.81% |
|
-4.11% | +37.01% |
| Apr. 25 | Tokyo Broadcasting System International, Inc announced that it expects to receive $10.5 million in funding from TBS Holdings,Inc. | CI |
| Mar. 22 | TBS Holdings,Inc. acquired Megalis Co., Ltd. | CI |
Valuation
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 353,876 | 261,122 | 370,912 | 304,452 | 320,700 | 667,947 | - | - |
| Enterprise Value (EV) 1 | 284,396 | 177,701 | 282,827 | 231,861 | 243,259 | 621,957 | 597,890 | 570,632 |
| P/E ratio | 14 x | 8.68 x | 13.2 x | 9.54 x | 9.13 x | 17 x | 20 x | 19.5 x |
| Yield | 1.63% | 1.99% | 1.38% | 2.07% | 2.2% | 1.07% | 1.12% | 1.16% |
| Capitalization / Revenue | 0.97 x | 0.73 x | 1.14 x | 0.85 x | 0.87 x | 1.7 x | 1.64 x | 1.56 x |
| EV / Revenue | 0.78 x | 0.5 x | 0.87 x | 0.65 x | 0.66 x | 1.58 x | 1.47 x | 1.34 x |
| EV / EBITDA | 8.06 x | 5.97 x | 10.3 x | 6.45 x | 6.76 x | 19.5 x | 15.2 x | 13.4 x |
| EV / FCF | 85 x | 6.49 x | -16.4 x | -21.1 x | 10.4 x | 15.9 x | 18.8 x | 16.4 x |
| FCF Yield | 1.18% | 15.4% | -6.09% | -4.75% | 9.57% | 6.29% | 5.33% | 6.12% |
| Price to Book | 0.61 x | 0.45 x | 0.47 x | 0.35 x | 0.4 x | 0.82 x | 0.81 x | 0.79 x |
| Nbr of stocks (in thousands) | 174,667 | 173,618 | 170,770 | 170,370 | 168,346 | 162,557 | - | - |
| Reference price 2 | 2,026 | 1,504 | 2,172 | 1,787 | 1,905 | 4,109 | 4,109 | 4,109 |
| Announcement Date | 5/14/19 | 5/14/20 | 5/14/21 | 5/13/22 | 5/12/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 366,353 | 356,796 | 325,682 | 358,269 | 368,130 | 393,154 | 407,234 | 426,809 |
| EBITDA 1 | 35,265 | 29,742 | 27,388 | 35,921 | 35,985 | 31,861 | 39,307 | 42,432 |
| EBIT 1 | 18,572 | 13,103 | 10,841 | 20,346 | 20,782 | 16,474 | 22,422 | 25,919 |
| Operating Margin | 5.07% | 3.67% | 3.33% | 5.68% | 5.65% | 4.19% | 5.51% | 6.07% |
| Earnings before Tax (EBT) 1 | 40,006 | 46,867 | 44,176 | 47,796 | 53,984 | 59,614 | 48,746 | 52,899 |
| Net income 1 | 25,205 | 30,174 | 28,072 | 32,008 | 35,182 | 39,494 | 33,463 | 34,263 |
| Net margin | 6.88% | 8.46% | 8.62% | 8.93% | 9.56% | 10.05% | 8.22% | 8.03% |
| EPS 2 | 144.3 | 173.3 | 164.3 | 187.4 | 208.8 | 241.5 | 205.5 | 211.2 |
| Free Cash Flow 1 | 3,345 | 27,368 | -17,233 | -11,007 | 23,286 | 39,113 | 31,851 | 34,898 |
| FCF margin | 0.91% | 7.67% | -5.29% | -3.07% | 6.33% | 9.95% | 7.82% | 8.18% |
| FCF Conversion (EBITDA) | 9.49% | 92.02% | - | - | 64.71% | 122.76% | 81.03% | 82.24% |
| FCF Conversion (Net income) | 13.27% | 90.7% | - | - | 66.19% | 99.03% | 95.18% | 101.85% |
| Dividend per Share 2 | 33.00 | 30.00 | 30.00 | 37.00 | 42.00 | 44.00 | 45.83 | 47.50 |
| Announcement Date | 5/14/19 | 5/14/20 | 5/14/21 | 5/13/22 | 5/12/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2020 S2 | 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 | 176,880 | 179,916 | 149,388 | 85,665 | 172,080 | 97,238 | 88,951 | 88,964 | 89,899 | 178,863 | 97,283 | 91,984 | 94,777 | 96,036 | 190,813 | 104,652 | 98,471 | 101,200 | 101,700 | 106,500 | 110,700 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 6,804 | 6,299 | 4,522 | 5,828 | 14,593 | 8,605 | -2,852 | 7,227 | 2,879 | 10,106 | 10,088 | 588 | 6,873 | 1,870 | 8,743 | 8,298 | -7.5 | 8,500 | 4,900 | 9,400 | 100 |
| Operating Margin | 3.85% | 3.5% | 3.03% | 6.8% | 8.48% | 8.85% | -3.21% | 8.12% | 3.2% | 5.65% | 10.37% | 0.64% | 7.25% | 1.95% | 4.58% | 7.93% | -0.01% | 8.4% | 4.82% | 8.83% | 0.09% |
| Earnings before Tax (EBT) 1 | 11,643 | - | 8,791 | - | 18,497 | 14,528 | 14,771 | 13,061 | 3,069 | 16,130 | 17,849 | 20,005 | 15,058 | 1,393 | 16,451 | 42,211 | 1,100 | - | - | - | - |
| Net income 1 | 6,737 | 23,437 | 5,944 | 3,856 | 11,995 | 9,372 | 10,641 | 7,599 | 1,592 | 9,191 | 11,975 | 14,016 | 9,715 | 117 | 9,832 | 28,487 | 466.7 | - | - | - | - |
| Net margin | 3.81% | 13.03% | 3.98% | 4.5% | 6.97% | 9.64% | 11.96% | 8.54% | 1.77% | 5.14% | 12.31% | 15.24% | 10.25% | 0.12% | 5.15% | 27.22% | 0.47% | - | - | - | - |
| EPS | 38.65 | - | 34.78 | - | 70.23 | 54.85 | - | 44.82 | - | 54.34 | 70.99 | - | 58.91 | - | 59.62 | 172.9 | - | - | - | - | - |
| Dividend per Share | 13.00 | - | 15.00 | - | 15.00 | - | - | - | - | 20.00 | - | - | - | - | 22.00 | - | - | - | - | - | - |
| Announcement Date | 11/7/19 | 5/14/20 | 11/5/20 | 11/11/21 | 11/11/21 | 2/10/22 | 5/13/22 | 8/4/22 | 11/10/22 | 11/10/22 | 2/9/23 | 5/12/23 | 8/3/23 | 11/10/23 | 11/10/23 | 2/8/24 | - | - | - | - | - |
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 | 69,480 | 83,421 | 88,085 | 72,591 | 77,441 | 45,990 | 70,057 | 97,315 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 3,345 | 27,368 | -17,233 | -11,007 | 23,286 | 39,113 | 31,851 | 34,898 |
| ROE (net income / shareholders' equity) | 4.3% | 5.2% | 4.1% | 3.9% | 4.3% | 4.86% | 3.84% | 4.1% |
| ROA (Net income/ Total Assets) | 3.56% | 2.69% | 2.04% | 2.67% | 3.09% | 3.3% | 2.77% | 3.13% |
| Assets 1 | 708,979 | 1,121,564 | 1,374,367 | 1,199,691 | 1,137,854 | 1,196,798 | 1,209,511 | 1,093,514 |
| Book Value Per Share 2 | 3,347 | 3,356 | 4,576 | 5,087 | 4,727 | 5,007 | 5,099 | 5,207 |
| Cash Flow per Share | 230.0 | 259.0 | 251.0 | 266.0 | 289.0 | - | - | - |
| Capex 1 | 31,870 | 19,939 | 39,946 | 27,716 | 26,923 | 23,545 | 22,640 | 23,660 |
| Capex / Sales | 8.7% | 5.59% | 12.27% | 7.74% | 7.31% | 5.99% | 5.56% | 5.54% |
| Announcement Date | 5/14/19 | 5/14/20 | 5/14/21 | 5/13/22 | 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
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
4,109
JPY
Average target price
4,225
JPY
Spread / Average Target
+2.82%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +37.01% | 4.24B | |
| +24.85% | 207B | |
| +9.98% | 16.08B | |
| -19.47% | 8.36B | |
| -15.67% | 7.93B | |
| 0.00% | 4.58B | |
| +11.41% | 3.5B | |
| +46.62% | 2.68B | |
| +18.46% | 2.55B | |
| -0.54% | 1.98B |
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- Financials TBS Holdings,Inc.
