Financials TechnoPro Holdings, Inc.

Equities

6028

JP3545240008

Employment Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 am EDT			5-day change	1st Jan Change
2,748 ^JPY	+1.01%		+4.59%	-26.04%

May. 06	TechnoPro Repurchases 1.28 Billion Yen Worth of Shares in April	MT
May. 02	Tranche Update on TechnoPro Holdings, Inc.'s Equity Buyback Plan announced on March 29, 2024.	CI

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	207,656	220,841	283,104	292,691	334,273	292,349	-	-
Enterprise Value (EV) ¹	195,611	215,180	263,571	273,898	317,732	269,167	264,012	252,175
P/E ratio	21.4 x	20.5 x	21.4 x	19 x	21.7 x	17.3 x	15.4 x	13.6 x
Yield	2.34%	2.44%	2.35%	2.65%	2.42%	2.96%	3.28%	3.71%
Capitalization / Revenue	1.44 x	1.39 x	1.75 x	1.64 x	1.67 x	1.33 x	1.22 x	1.11 x
EV / Revenue	1.36 x	1.36 x	1.63 x	1.53 x	1.59 x	1.22 x	1.1 x	0.96 x
EV / EBITDA	13.5 x	11.7 x	11.9 x	11.5 x	12.7 x	10.2 x	8.63 x	7.33 x
EV / FCF	28.6 x	13 x	12.7 x	25.2 x	18.7 x	15.5 x	10.4 x	8.86 x
FCF Yield	3.5%	7.7%	7.86%	3.97%	5.34%	6.46%	9.62%	11.3%
Price to Book	4.63 x	4.58 x	4.95 x	4.26 x	4.41 x	3.55 x	3.23 x	2.88 x
Nbr of stocks (in thousands)	108,911	107,727	107,726	107,726	107,726	106,406	-	-
Reference price ²	1,907	2,050	2,628	2,717	3,103	2,748	2,748	2,748
Announcement Date	7/31/19	8/7/20	8/10/21	8/8/22	8/7/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	144,176	158,407	161,316	178,756	199,851	220,434	239,723	263,445
EBITDA ¹	14,516	18,376	22,119	23,741	24,966	26,411	30,594	34,408
EBIT ¹	13,739	15,772	19,461	20,641	21,838	24,643	27,553	31,244
Operating Margin	9.53%	9.96%	12.06%	11.55%	10.93%	11.18%	11.49%	11.86%
Earnings before Tax (EBT) ¹	13,727	15,843	19,472	20,967	21,837	24,469	28,009	32,004
Net income ¹	9,683	10,825	13,245	15,430	15,365	17,035	19,079	21,583
Net margin	6.72%	6.83%	8.21%	8.63%	7.69%	7.73%	7.96%	8.19%
EPS ²	88.95	99.99	123.0	143.2	142.7	159.0	178.3	202.3
Free Cash Flow ¹	6,841	16,561	20,707	10,882	16,975	17,384	25,400	28,455
FCF margin	4.74%	10.45%	12.84%	6.09%	8.49%	7.89%	10.6%	10.8%
FCF Conversion (EBITDA)	47.13%	90.12%	93.62%	45.84%	67.99%	65.82%	83.02%	82.7%
FCF Conversion (Net income)	70.65%	152.99%	156.34%	70.52%	110.48%	102.04%	133.13%	131.84%
Dividend per Share ²	44.67	50.00	61.67	72.00	75.00	81.44	90.23	101.8
Announcement Date	7/31/19	8/7/20	8/10/21	8/8/22	8/7/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2021 S1	2021 S2	2022 Q1	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	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	79,037	79,451	81,865	41,634	44,723	86,358	45,354	47,044	92,398	48,225	49,786	98,011	50,279	51,560	101,840	52,896	55,112	108,009	54,570	58,271	110,491	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,221	9,680	9,781	3,942	7,135	11,078	5,444	4,119	9,563	6,007	5,176	11,183	5,417	5,236	10,655	5,788	6,628	12,416	5,930	6,222	12,084	7,300	7,500	7,900
Operating Margin	10.4%	12.18%	11.95%	9.47%	15.95%	12.83%	12%	8.76%	10.35%	12.46%	10.4%	11.41%	10.77%	10.16%	10.46%	10.94%	12.03%	11.5%	10.87%	10.68%	10.94%	-	-	-
Earnings before Tax (EBT) ¹	8,191	9,645	9,827	3,970	7,259	11,229	5,548	4,190	9,738	6,050	5,074	11,124	5,377	5,335	10,713	5,852	6,612	12,464	6,017	6,038	12,036	-	-	-
Net income ¹	5,654	6,623	6,622	2,707	5,086	7,794	4,283	3,353	7,636	4,180	3,533	7,714	3,684	3,967	7,651	4,031	4,560	8,591	4,120	4,224	8,109	-	-	-
Net margin	7.15%	8.34%	8.09%	6.5%	11.37%	9.03%	9.44%	7.13%	8.26%	8.67%	7.1%	7.87%	7.33%	7.69%	7.51%	7.62%	8.27%	7.95%	7.55%	7.25%	7.34%	-	-	-
EPS ²	52.12	61.48	-	25.13	47.22	72.35	39.76	31.13	-	38.80	32.80	71.61	34.20	36.90	-	37.67	42.68	80.34	38.56	42.45	-	-	-	-
Dividend per Share ²	16.67	16.67	-	-	20.00	20.00	-	52.00	-	-	25.00	25.00	-	50.00	-	-	25.00	25.00	-	54.73	-	-	30.00	-
Announcement Date	1/31/20	2/2/21	8/10/21	10/29/21	2/1/22	2/1/22	4/28/22	8/8/22	8/8/22	10/31/22	2/3/23	2/3/23	4/28/23	8/7/23	8/7/23	10/31/23	2/6/24	2/6/24	4/26/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	12,045	5,661	19,533	18,793	16,541	23,182	28,338	40,174
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	6,841	16,561	20,707	10,882	16,975	17,384	25,400	28,455
ROE (net income / shareholders' equity)	22.4%	23.3%	25.1%	24.5%	21.3%	21.1%	22.4%	22.8%
ROA (Net income/ Total Assets)	15.1%	15.7%	17.2%	16.1%	15.3%	11.3%	12.4%	13.1%
Assets ¹	64,181	68,920	76,848	95,654	100,613	150,756	154,279	165,174
Book Value Per Share ²	411.0	448.0	531.0	638.0	704.0	774.0	852.0	955.0
Cash Flow per Share ²	96.10	124.0	148.0	172.0	172.0	194.0	235.0	269.0
Capex ¹	460	673	351	692	708	8,558	725	725
Capex / Sales	0.32%	0.42%	0.22%	0.39%	0.35%	3.88%	0.3%	0.28%
Announcement Date	7/31/19	8/7/20	8/10/21	8/8/22	8/7/23	-	-	-

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 TechnoPro Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,748 JPY

Average target price

3,587 JPY

Spread / Average Target

+30.56%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Outsourcing & Staffing Services

	1st Jan change	Capi.
TECHNOPRO HOLDINGS, INC.	-26.04%	1.88B
RECRUIT HOLDINGS CO., LTD	+16.32%	68.31B
PAYCHEX, INC.	+2.89%	44.11B
TRINET GROUP, INC.	-13.01%	5.23B
BENEFIT ONE INC.	+2.05%	2.2B
MEITEC GROUP HOLDINGS INC.	+9.87%	1.54B
OUTSOURCING INC.	+0.80%	1.42B
SMS CO., LTD.	-29.32%	1.14B
OPEN UP GROUP INC.	-14.43%	1.12B
UT GROUP CO.,LTD.	+36.25%	848M

Outsourcing & Staffing Services