Financials TIS Inc.

Equities

3626

JP3104890003

IT Services & Consulting

Delayed Japan Exchange Other stock markets 09:49:32 2024-04-29 pm EDT			5-day change	1st Jan Change
3,386 ^JPY	+1.47%		+2.30%	+8.88%

Apr. 18	Sharing Energy Co., Ltd. announced that it has received ¥9.59 billion in funding from a group of investors	CI
Apr. 12	TIS Inc. agreed to acquire an unknown stake in Meeq Co., Ltd.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	442,275	449,337	661,686	718,365	820,884	780,334	-	-
Enterprise Value (EV) ¹	412,605	417,542	625,829	644,869	745,978	697,578	679,281	660,010
P/E ratio	17 x	15.3 x	23.9 x	18.2 x	15.4 x	18.2 x	17.6 x	16.4 x
Yield	1.34%	1.68%	1.33%	1.53%	1.43%	1.61%	1.72%	1.84%
Capitalization / Revenue	1.05 x	1.01 x	1.48 x	1.49 x	1.61 x	1.43 x	1.39 x	1.33 x
EV / Revenue	0.98 x	0.94 x	1.4 x	1.34 x	1.47 x	1.28 x	1.21 x	1.13 x
EV / EBITDA	8.12 x	7.34 x	10.6 x	9.12 x	9.56 x	8.53 x	7.96 x	7.19 x
EV / FCF	11.4 x	34.4 x	39.6 x	13.7 x	33.3 x	12.7 x	17.9 x	16.5 x
FCF Yield	8.81%	2.91%	2.53%	7.3%	3%	7.87%	5.58%	6.06%
Price to Book	1.93 x	1.85 x	2.45 x	2.45 x	2.84 x	2.52 x	2.32 x	2.14 x
Nbr of stocks (in thousands)	253,211	251,447	250,544	249,693	235,210	233,843	-	-
Reference price ²	1,747	1,787	2,641	2,877	3,490	3,337	3,337	3,337
Announcement Date	5/13/19	5/12/20	5/12/21	5/11/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	420,769	443,717	448,383	482,547	508,400	546,133	563,275	585,946
EBITDA ¹	50,826	56,859	59,292	70,711	78,028	81,827	85,285	91,836
EBIT ¹	38,043	44,839	45,748	54,739	62,328	65,519	67,581	72,122
Operating Margin	9.04%	10.11%	10.2%	11.34%	12.26%	12%	12%	12.31%
Earnings before Tax (EBT) ¹	38,778	44,638	44,816	61,481	81,492	66,306	68,351	73,332
Net income ¹	26,034	29,411	27,692	39,462	55,461	43,665	45,065	47,866
Net margin	6.19%	6.63%	6.18%	8.18%	10.91%	8%	8%	8.17%
EPS ²	102.6	116.8	110.5	157.7	227.1	183.0	190.0	203.1
Free Cash Flow ¹	36,345	12,132	15,823	47,078	22,404	54,886	37,894	40,029
FCF margin	8.64%	2.73%	3.53%	9.76%	4.41%	10.05%	6.73%	6.83%
FCF Conversion (EBITDA)	71.51%	21.34%	26.69%	66.58%	28.71%	67.08%	44.43%	43.59%
FCF Conversion (Net income)	139.61%	41.25%	57.14%	119.3%	40.4%	125.7%	84.09%	83.63%
Dividend per Share ²	23.33	30.00	35.00	44.00	50.00	53.64	57.55	61.30
Announcement Date	5/13/19	5/12/20	5/12/21	5/11/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	216,296	227,421	211,308	237,075	120,812	234,332	118,801	129,414	248,215	118,072	127,233	245,305	125,077	138,018	263,095	129,429	138,059	267,488	137,256	142,050	129,525	141,525	139,050	147,900
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	18,922	-	20,981	-	-	-	-	-	-	22,175	-	-	-	-
EBIT ¹	19,100	25,739	18,211	27,537	13,608	23,866	14,392	16,481	30,873	12,502	15,207	27,709	16,735	17,884	34,619	14,310	16,077	30,387	17,192	17,726	13,150	14,950	18,150	18,750
Operating Margin	8.83%	11.32%	8.62%	11.62%	11.26%	10.18%	12.11%	12.74%	12.44%	10.59%	11.95%	11.3%	13.38%	12.96%	13.16%	11.06%	11.65%	11.36%	12.53%	12.48%	10.15%	10.56%	13.05%	12.68%
Earnings before Tax (EBT)	20,336	24,302	17,401	-	13,040	23,572	20,832	-	-	13,498	-	28,537	20,514	-	-	15,879	15,527	31,406	17,649	-	-	-	-	-
Net income ¹	13,266	16,145	10,277	17,415	8,519	15,521	13,893	10,048	23,941	8,763	10,071	18,834	13,324	23,303	36,627	10,147	10,160	20,307	11,883	11,888	-	-	-	-
Net margin	6.13%	7.1%	4.86%	7.35%	7.05%	6.62%	11.69%	7.76%	9.65%	7.42%	7.92%	7.68%	10.65%	16.88%	13.92%	7.84%	7.36%	7.59%	8.66%	8.37%	-	-	-	-
EPS ²	52.58	64.20	41.00	-	33.96	61.88	55.58	40.23	95.81	35.31	41.23	76.54	54.74	95.83	-	41.94	42.22	84.16	49.37	51.53	-	-	-	-
Dividend per Share	10.00	-	11.00	-	13.00	13.00	-	31.00	-	-	15.00	15.00	-	35.00	-	-	-	17.00	-	-	-	-	-	-
Announcement Date	11/1/19	5/12/20	11/10/20	5/12/21	11/5/21	11/5/21	2/4/22	5/11/22	5/11/22	8/4/22	11/2/22	11/2/22	2/3/23	5/9/23	5/9/23	8/2/23	11/1/23	11/1/23	2/2/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	29,670	31,795	35,857	73,496	74,906	82,756	101,053	120,324
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	36,345	12,132	15,823	47,078	22,404	54,886	37,895	40,029
ROE (net income / shareholders' equity)	11.5%	12.5%	10.8%	14%	18.8%	14.3%	13.6%	13.4%
ROA (Net income/ Total Assets)	10.4%	12.2%	9.41%	12%	13.5%	13.9%	12.6%	12.8%
Assets ¹	249,584	240,534	294,143	328,572	411,966	314,136	357,659	373,956
Book Value Per Share ²	907.0	963.0	1,079	1,174	1,227	1,326	1,436	1,559
Cash Flow per Share ²	153.0	165.0	164.0	218.0	291.0	249.0	247.0	264.0
Capex ¹	14,817	16,090	10,059	9,048	11,230	11,230	16,743	16,410
Capex / Sales	3.52%	3.63%	2.24%	1.88%	2.21%	2.06%	2.97%	2.8%
Announcement Date	5/13/19	5/12/20	5/12/21	5/11/22	5/9/23	-	-	-

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 TIS Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,337 JPY

Average target price

3,587 JPY

Spread / Average Target

+7.49%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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