Financials Trend Micro Inc.

Equities

4704

JP3637300009

Software

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
7,778 ^JPY	+0.12%		+0.83%	+3.05%

Apr. 08	Tranche Update on Trend Micro Incorporated's Equity Buyback Plan announced on February 15, 2024.	CI
Feb. 19	India's Motilal Oswal says operations unaffected by cyber incident	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	778,666	823,484	892,140	854,131	1,022,551	1,042,994	-	-
Enterprise Value (EV) ¹	606,067	667,744	635,339	611,282	723,525	842,104	820,591	797,772
P/E ratio	27.9 x	30.7 x	23.2 x	28.7 x	96.2 x	30.4 x	26 x	22.3 x
Yield	2.86%	2.58%	3.05%	2.46%	9.78%	2.31%	2.87%	3.33%
Capitalization / Revenue	4.71 x	4.73 x	4.69 x	3.82 x	4.11 x	3.9 x	3.65 x	3.44 x
EV / Revenue	3.67 x	3.84 x	3.34 x	2.73 x	2.91 x	3.15 x	2.87 x	2.63 x
EV / EBITDA	11.3 x	10.7 x	9.84 x	10.8 x	11.9 x	11.6 x	9.98 x	8.75 x
EV / FCF	17.7 x	15.7 x	11 x	-56.5 x	23.4 x	23.4 x	17.8 x	15.2 x
FCF Yield	5.66%	6.36%	9.1%	-1.77%	4.27%	4.28%	5.63%	6.56%
Price to Book	4.19 x	4.41 x	4.07 x	3.77 x	4.83 x	7.06 x	6.72 x	6.3 x
Nbr of stocks (in thousands)	139,048	138,634	139,615	139,109	135,473	134,095	-	-
Reference price ²	5,600	5,940	6,390	6,140	7,548	7,778	7,778	7,778
Announcement Date	2/18/20	2/17/21	2/17/22	2/16/23	2/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	165,195	174,060	190,359	223,795	248,691	267,690	285,459	302,912
EBITDA ¹	53,503	62,141	64,535	56,525	60,917	72,731	82,214	91,128
EBIT ¹	37,686	39,464	43,641	31,340	32,602	50,082	57,442	65,029
Operating Margin	22.81%	22.67%	22.93%	14%	13.11%	18.71%	20.12%	21.47%
Earnings before Tax (EBT) ¹	39,139	39,854	52,371	41,897	31,978	49,640	57,472	66,000
Net income ¹	27,946	26,904	38,367	29,843	10,731	33,805	39,148	45,370
Net margin	16.92%	15.46%	20.16%	13.33%	4.31%	12.63%	13.71%	14.98%
EPS ²	200.9	193.4	275.2	213.6	78.45	255.5	299.2	349.5
Free Cash Flow ¹	34,275	42,470	57,842	-10,813	30,866	36,024	46,218	52,336
FCF margin	20.75%	24.4%	30.39%	-4.83%	12.41%	13.46%	16.19%	17.28%
FCF Conversion (EBITDA)	64.06%	68.34%	89.63%	-	50.67%	49.53%	56.22%	57.43%
FCF Conversion (Net income)	122.65%	157.86%	150.76%	-	287.63%	106.56%	118.06%	115.35%
Dividend per Share ²	160.0	153.0	195.0	151.0	738.0	179.4	223.4	258.6
Announcement Date	2/18/20	2/17/21	2/17/22	2/16/23	2/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	85,735	83,811	90,249	91,329	47,851	51,179	50,427	54,875	105,302	56,798	61,695	118,493	58,704	60,831	119,535	64,189	64,967	64,033	66,321	130,600	68,656	70,202
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,429	17,441	16,961	-	16,691	17,006
EBIT ¹	19,398	20,046	19,418	22,115	12,507	9,019	11,115	7,542	18,657	7,213	5,470	12,683	9,548	8,639	18,187	11,425	2,990	12,470	12,348	23,500	13,577	11,892
Operating Margin	22.63%	23.92%	21.52%	24.21%	26.14%	17.62%	22.04%	13.74%	17.72%	12.7%	8.87%	10.7%	16.26%	14.2%	15.21%	17.8%	4.6%	19.47%	18.62%	17.99%	19.78%	16.94%
Earnings before Tax (EBT) ¹	20,109	20,349	-	22,703	12,680	16,988	11,265	9,344	20,609	17,075	4,213	-	8,979	9,365	18,344	13,486	148	13,266	12,766	-	13,631	13,193
Net income ¹	14,301	15,125	-	16,503	9,166	12,698	8,531	6,431	14,962	13,530	1,351	14,881	6,374	5,482	11,856	950	-2,075	8,689	8,446	16,600	9,677	8,028
Net margin	16.68%	18.05%	-	18.07%	19.16%	24.81%	16.92%	11.72%	14.21%	23.82%	2.19%	12.56%	10.86%	9.01%	9.92%	1.48%	-3.19%	13.57%	12.73%	12.71%	14.1%	11.44%
EPS ²	-	108.7	-	118.5	65.74	90.98	61.11	46.00	107.1	96.78	9.700	-	45.84	40.02	85.86	7.460	-14.87	75.02	72.69	-	80.57	64.80
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/18/20	8/12/20	2/17/21	8/12/21	11/11/21	2/17/22	5/12/22	8/9/22	8/9/22	11/10/22	2/16/23	2/16/23	5/11/23	8/8/23	8/8/23	11/9/23	2/15/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	172,599	155,740	256,801	242,849	299,026	200,891	222,403	245,223
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	34,275	42,470	57,842	-10,813	30,866	36,024	46,218	52,336
ROE (net income / shareholders' equity)	15%	14.4%	18.9%	13.4%	4.9%	19.2%	31.9%	33.6%
ROA (Net income/ Total Assets)	11.1%	10.8%	11.2%	7.67%	7.51%	8.08%	9.93%	10.5%
Assets ¹	252,032	248,562	343,639	389,288	142,872	418,635	394,441	432,093
Book Value Per Share ²	1,338	1,346	1,569	1,630	1,563	1,101	1,157	1,235
Cash Flow per Share ²	283.0	319.0	412.0	384.0	273.0	510.0	532.0	604.0
Capex ¹	10,834	11,840	18,787	20,979	26,361	21,490	15,803	21,490
Capex / Sales	6.56%	6.8%	9.87%	9.37%	10.6%	8.03%	5.54%	7.09%
Announcement Date	2/18/20	2/17/21	2/17/22	2/16/23	2/15/24	-	-	-

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 Trend Micro Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

7,778 JPY

Average target price

7,852 JPY

Spread / Average Target

+0.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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