Stock 2485 TEAR CORPORATION
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Financials Tear Corporation

Equities

2485

JP3539150007

Personal Services

Delayed Japan Exchange
Other stock markets
 02:00:00 2024-05-01 am EDT 		5-day change 1st Jan Change
455 JPY 0.00% Intraday chart for Tear Corporation -0.87% -0.66%
2023 Tear Corporation completed the acquisition of Hakkoden Co., Ltd. and Tokai Tenrei, K.K. from NSSK 2 Investment L.P. and Nssk II Investment L.P. managed by Nippon Sangyo Suishin Kiko Ltd., NSSK Maples 2017 L.P. PineBee Co., Ltd and Yasutaka Matsumura CI
2023 Tear Corporation agreed to acquire Hakkoden Co., Ltd. and Tokai Tenrei, K.K. from NSSK 2 Investment L.P. and Nssk II Investment L.P. managed by Nippon Sangyo Suishin Kiko Ltd., NSSK Maples 2017 L.P. PineBee Co., Ltd and Yasutaka Matsumura for ¥7.2 billion. CI

Valuation

Fiscal Period: September 2018 2019 2020 2021 2022 2023
Capitalization 1 18,187 13,756 9,791 11,180 9,455 10,281
Enterprise Value (EV) 1 18,846 13,144 9,296 10,463 8,743 10,160
P/E ratio 20.3 x 17 x 28.4 x 20.6 x 16.6 x 13 x
Yield 1.11% 1.79% 4.58% 4.01% 4.74% 4.38%
Capitalization / Revenue 1.48 x 1.08 x 0.82 x 0.92 x 0.71 x 0.73 x
EV / Revenue 1.53 x 1.03 x 0.78 x 0.86 x 0.66 x 0.72 x
EV / EBITDA 10 x 7.52 x 7.76 x 7.26 x 5.38 x 5.77 x
EV / FCF 21.6 x 127 x 48.6 x 14.7 x 4.13 x -53.2 x
FCF Yield 4.64% 0.79% 2.06% 6.81% 24.2% -1.88%
Price to Book 2.6 x 1.54 x 1.1 x 1.24 x 1.26 x 1.3 x
Nbr of stocks (in thousands) 20,208 22,403 22,405 22,405 22,405 22,497
Reference price 2 900.0 614.0 437.0 499.0 422.0 457.0
Announcement Date 12/21/18 12/20/19 12/18/20 12/22/21 12/23/22 12/22/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September 2018 2019 2020 2021 2022 2023
Net sales 1 12,311 12,779 11,919 12,203 13,283 14,068
EBITDA 1 1,885 1,748 1,198 1,441 1,624 1,761
EBIT 1 1,324 1,156 596 888 1,058 1,136
Operating Margin 10.75% 9.05% 5% 7.28% 7.97% 8.08%
Earnings before Tax (EBT) 1 1,300 1,150 529 821 902 1,132
Net income 1 896 791 345 542 568 789
Net margin 7.28% 6.19% 2.89% 4.44% 4.28% 5.61%
EPS 2 44.37 36.03 15.40 24.19 25.35 35.13
Free Cash Flow 1 874 103.8 191.2 712.4 2,115 -190.9
FCF margin 7.1% 0.81% 1.6% 5.84% 15.92% -1.36%
FCF Conversion (EBITDA) 46.37% 5.94% 15.96% 49.44% 130.23% -
FCF Conversion (Net income) 97.54% 13.12% 55.43% 131.43% 372.34% -
Dividend per Share 2 10.00 11.00 20.00 20.00 20.00 20.00
Announcement Date 12/21/18 12/20/19 12/18/20 12/22/21 12/23/22 12/22/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September 2020 S1 2021 S1 2022 Q1 2022 S1 2022 Q3 2023 Q1 2023 S1 2023 Q3 2024 Q1
Net sales 1 6,671 6,385 3,338 6,896 3,110 3,626 7,320 3,346 3,794
EBITDA - - - - - - - - -
EBIT 1 749 733 367 883 231 387 815 280 260
Operating Margin 11.23% 11.48% 10.99% 12.8% 7.43% 10.67% 11.13% 8.37% 6.85%
Earnings before Tax (EBT) 1 745 723 369 877 232 392 811 281 254
Net income 1 504 489 244 586 153 261 543 187 147
Net margin 7.56% 7.66% 7.31% 8.5% 4.92% 7.2% 7.42% 5.59% 3.87%
EPS 2 22.53 21.87 10.92 26.18 6.810 11.68 24.22 8.300 6.580
Dividend per Share 10.00 10.00 - 10.00 - - 10.00 - -
Announcement Date 5/7/20 5/12/21 2/8/22 5/12/22 8/9/22 2/9/23 5/11/23 8/9/23 2/14/24
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: September 2018 2019 2020 2021 2022 2023
Net Debt 1 659 - - - - -
Net Cash position 1 - 612 495 717 712 121
Leverage (Debt/EBITDA) 0.3496 x - - - - -
Free Cash Flow 1 874 104 191 712 2,115 -191
ROE (net income / shareholders' equity) 13.6% 9.93% 3.86% 6.04% 6.88% 10.3%
ROA (Net income/ Total Assets) 7.21% 5.72% 2.78% 4.11% 4.77% 4.81%
Assets 1 12,424 13,827 12,397 13,187 11,899 16,415
Book Value Per Share 2 346.0 399.0 398.0 403.0 335.0 350.0
Cash Flow per Share 2 105.0 132.0 137.0 128.0 137.0 131.0
Capex 1 633 1,020 744 615 885 1,229
Capex / Sales 5.14% 7.98% 6.24% 5.04% 6.66% 8.74%
Announcement Date 12/21/18 12/20/19 12/18/20 12/22/21 12/23/22 12/22/23
1JPY in Million2JPY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly earnings - Rate of surprise

Company calendar

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