Financials JTOWER Inc.

Equities

4485

JP3386700003

Construction & Engineering

Delayed Japan Exchange Other stock markets 10:30:00 2024-05-16 pm EDT			5-day change	1st Jan Change
1,936 ^JPY	+1.57%		-33.36%	-61.28%

May. 09	JTOWER Inc. Announces Revision of the Development Plan for 5G mmWave Shared Radio Unit	CI
May. 09	JTOWER Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	67,907	177,089	159,189	107,852	48,928	-	-
Enterprise Value (EV) ¹	61,802	169,886	145,086	106,016	140,767	125,822	124,043
P/E ratio	-3,532 x	349 x	245 x	-67.3 x	-441 x	-3,295 x	99.7 x
Yield	-	-	-	-	-	-	1.01%
Capitalization / Revenue	26.5 x	50.6 x	37.8 x	20.6 x	8.84 x	2.76 x	2.16 x
EV / Revenue	24.2 x	48.5 x	34.4 x	20.3 x	12.2 x	7.1 x	5.47 x
EV / EBITDA	83.9 x	126 x	85.5 x	62.8 x	25.7 x	14.2 x	10.1 x
EV / FCF	132 x	202 x	-338 x	-9.41 x	-1.74 x	-5.81 x	-10.7 x
FCF Yield	0.75%	0.49%	-0.3%	-10.6%	-57.3%	-17.2%	-9.37%
Price to Book	10.3 x	25 x	10.5 x	8.37 x	3.3 x	3.09 x	3.3 x
Nbr of stocks (in thousands)	20,454	20,664	21,987	22,011	25,671	-	-
Reference price ²	3,320	8,570	7,240	4,900	1,906	1,906	1,906
Announcement Date	5/12/20	5/14/21	5/12/22	5/11/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	2,558	3,502	4,216	5,228	11,519	17,733	22,658
EBITDA ¹	-	737	1,349	1,696	1,688	5,478	8,881	12,269
EBIT ¹	-	69.62	418.7	560	117	868	1,440	3,542
Operating Margin	-	2.72%	11.96%	13.28%	2.24%	7.54%	8.12%	15.63%
Earnings before Tax (EBT) ¹	-	-1.009	214.2	797	-1,456	-140	-55	745.7
Net income ¹	-214.8	-13.18	506.5	644	-1,602	-200	-5.188	519.6
Net margin	-	-0.52%	14.46%	15.28%	-30.64%	-1.74%	-0.03%	2.29%
EPS ²	-29.92	-0.9400	24.58	29.56	-72.84	-9.000	-0.5785	19.13
Free Cash Flow ¹	-	466.5	840.2	-429.3	-11,270	-80,717	-21,656	-11,627
FCF margin	-	18.23%	23.99%	-10.18%	-215.57%	-700.73%	-122.12%	-51.31%
FCF Conversion (EBITDA)	-	63.3%	62.29%	-	-	-	-	-
FCF Conversion (Net income)	-	-	165.9%	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	19.17
Announcement Date	11/13/19	5/12/20	5/14/21	5/12/22	5/11/23	5/9/24	-	-

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	2024 S2
Net sales ¹	-	1,462	1,728	1,773	968.9	1,899	1,013	1,304	2,317	1,109	1,175	2,284	1,301	1,643	2,944	2,087	2,691	4,778	3,128	3,613	6,741
EBITDA ¹	-	-	-	-	-	-	-	-	-	462	431	-	99	696	-	945	1,328	-	1,573	1,681	-
EBIT ¹	-	58.71	187.3	231.4	108.6	231	136	193	330	134.5	94.51	229	-305	193	-112	180.5	247.5	428	276	164	440
Operating Margin	-	4.02%	10.84%	13.05%	11.21%	12.16%	13.43%	14.8%	14.24%	12.13%	8.04%	10.03%	-23.44%	11.75%	-3.8%	8.65%	9.2%	8.96%	8.82%	4.54%	6.53%
Earnings before Tax (EBT) ¹	-	9.172	275.3	-	108	190	137	470	607	196.6	132.4	329	-1,266	-519	-1,785	105.3	89.74	195	-100	-235	-335
Net income ¹	-	14.82	200.2	306.3	73.64	128	51	465	516	134.2	88.82	223	-1,382	-443	-1,825	68.04	47.96	116	-119	-197	-316
Net margin	-	1.01%	11.58%	17.27%	7.6%	6.74%	5.03%	35.66%	22.27%	12.1%	7.56%	9.76%	-106.23%	-26.96%	-61.99%	3.26%	1.78%	2.43%	-3.8%	-5.45%	-4.69%
EPS	-	-	9.740	-	-	5.920	2.330	-	-	6.100	-	10.16	-62.86	-	-	3.090	-	5.300	-5.440	-8.860	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/13/19	5/12/20	11/10/20	5/14/21	11/10/21	11/10/21	2/8/22	5/12/22	5/12/22	8/8/22	11/9/22	11/9/22	2/8/23	5/11/23	5/11/23	8/8/23	11/8/23	11/8/23	2/8/24	5/9/24	5/9/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	38,991	76,894	75,115
Net Cash position ¹	-	6,105	7,203	14,103	1,836	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	7.118 x	8.658 x	6.122 x
Free Cash Flow ¹	-	467	840	-429	-11,270	-80,717	-21,656	-11,627
ROE (net income / shareholders' equity)	-	-0.3%	7.4%	5.8%	-11.4%	-0.9%	-0.3%	0.8%
ROA (Net income/ Total Assets)	-	-0.09%	1.13%	2.66%	-3.21%	-0.1%	-	-
Assets ¹	-	14,845	44,659	24,223	49,850	194,761	-	-
Book Value Per Share ²	-	324.0	343.0	692.0	586.0	1,201	616.0	577.0
Cash Flow per Share	-	42.70	67.60	80.10	-3.180	196.0	-	-
Capex ¹	-	2,611	2,402	2,585	12,732	88,448	29,915	21,601
Capex / Sales	-	102.05%	68.59%	61.31%	243.54%	767.85%	168.69%	95.33%
Announcement Date	11/13/19	5/12/20	5/14/21	5/12/22	5/11/23	5/9/24	-	-

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 JTOWER Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,906 JPY

Average target price

5,978 JPY

Spread / Average Target

+213.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Telecommunication Construction

	1st Jan change	Capi.
JTOWER INC.	-61.28%	317M
CHINA TOWER CORPORATION LIMITED	+18.29%	22.31B
VANTAGE TOWERS AG	+1.76%	20.7B
DYCOM INDUSTRIES, INC.	+28.14%	4.36B
CHINA COMMUNICATIONS SERVICES CORPORATION LIMITED	+19.14%	3.45B
COMSYS HOLDINGS CORPORATION	+0.51%	2.45B
CHINA BESTER GROUP TELECOM CO., LTD.	-15.72%	1.32B
RUNJIAN CO., LTD.	-21.88%	1.24B
MIRAIT ONE CORPORATION	-0.59%	1.12B
SITIOS LATINOAMÉRICA, S.A.B. DE C.V.	-23.95%	1B

Telecommunication Construction