Financials Relo Group, Inc.

Equities

8876

JP3755200007

Real Estate Services

Delayed Japan Exchange Other stock markets 10:03:50 2024-06-12 pm EDT			5-day change	1st Jan Change
1,670 ^JPY	+0.33%		+6.24%	-1.77%

May. 10	Relo Group to Sell All Nihon Housing Shares to Marcian Holdings Via Tender Offer	MT
May. 10	Japanese Shares Close Week in Green After US Jobs Data Renew Rate Cut Hopes; Relo Group Surges 20%	MT

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	463,780	342,842	354,057	280,216	321,807	254,481	-	-
Enterprise Value (EV) ¹	483,513	413,475	408,882	384,871	434,488	223,215	287,695	268,867
P/E ratio	35.7 x	89.4 x	37.8 x	17.8 x	15.4 x	-6.85 x	7.94 x	11.4 x
Yield	0.84%	1.28%	0.81%	1.58%	1.57%	2.97%	2.42%	2.55%
Capitalization / Revenue	1.85 x	1.1 x	1.06 x	1.79 x	2.6 x	1.44 x	1.82 x	1.66 x
EV / Revenue	1.93 x	1.32 x	1.23 x	2.46 x	3.51 x	1.68 x	2.05 x	1.76 x
EV / EBITDA	26.3 x	20.8 x	23.4 x	15.2 x	15.3 x	6.71 x	8.14 x	6.93 x
EV / FCF	35.6 x	-10.2 x	21.5 x	29.5 x	28.2 x	17.3 x	17.9 x	12.9 x
FCF Yield	2.81%	-9.78%	4.65%	3.39%	3.55%	5.77%	5.58%	7.77%
Price to Book	8.89 x	6.98 x	6.26 x	5.15 x	4.69 x	4.93 x	3.9 x	2.78 x
Nbr of stocks (in thousands)	149,125	151,231	151,177	152,873	152,877	152,842	-	-
Reference price ²	3,110	2,267	2,342	1,833	2,105	1,665	1,665	1,665
Announcement Date	5/14/19	5/22/20	5/13/21	5/12/22	5/11/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	250,864	313,019	333,603	156,571	123,698	132,580	140,100	152,920
EBITDA ¹	18,370	19,906	17,492	25,288	28,373	33,271	35,353	38,803
EBIT ¹	17,867	17,874	12,496	18,505	22,747	27,611	29,595	32,772
Operating Margin	7.12%	5.71%	3.75%	11.82%	18.39%	20.83%	21.12%	21.43%
Earnings before Tax (EBT) ¹	19,076	11,235	15,730	20,198	25,869	-19,404	47,537	33,460
Net income ¹	13,005	3,818	9,354	15,644	20,887	-27,807	32,532	22,537
Net margin	5.18%	1.22%	2.8%	9.99%	16.89%	-20.97%	23.22%	14.74%
EPS ²	87.20	25.35	61.88	102.8	136.6	-181.9	209.8	145.7
Free Cash Flow ¹	13,575	-40,455	19,003	13,040	15,414	12,875	16,065	20,891
FCF margin	5.41%	-12.92%	5.7%	8.33%	12.46%	9.71%	11.47%	13.66%
FCF Conversion (EBITDA)	73.9%	-	108.64%	51.57%	54.33%	38.7%	45.44%	53.84%
FCF Conversion (Net income)	104.38%	-	203.15%	83.35%	73.8%	74.08%	49.38%	92.69%
Dividend per Share ²	26.00	29.00	19.00	29.00	33.00	37.00	40.25	42.50
Announcement Date	5/14/19	5/22/20	5/13/21	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	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	148,568	164,451	163,850	37,949	76,262	39,741	40,568	28,352	30,722	59,074	30,008	34,616	64,624	30,675	32,514	63,189	31,240	38,151
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,878	8,996	5,361	4,652	8,614	3,430	6,461	5,893	6,515	12,408	4,978	5,361	10,339	5,740	6,785	12,525	5,463	9,623
Operating Margin	5.98%	5.47%	3.27%	12.26%	11.3%	8.63%	15.93%	20.79%	21.21%	21%	16.59%	15.49%	16%	18.71%	20.87%	19.82%	17.49%	25.22%
Earnings before Tax (EBT)	9,320	-	6,688	5,112	9,356	3,916	6,926	6,032	6,877	12,910	6,846	6,113	12,959	5,990	7,054	13,044	5,517	-
Net income	6,312	-2,494	4,053	3,732	6,537	2,566	6,541	3,433	9,666	13,100	4,486	3,301	7,787	3,997	4,830	8,827	3,814	-
Net margin	4.25%	-1.52%	2.47%	9.83%	8.57%	6.46%	16.12%	12.11%	31.46%	22.18%	14.95%	9.54%	12.05%	13.03%	14.86%	13.97%	12.21%	-
EPS	42.09	-	26.81	24.61	43.15	16.76	42.88	22.45	-	85.67	29.34	-	-	26.15	-	57.75	24.95	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/7/19	5/22/20	11/12/20	11/11/21	11/11/21	2/10/22	5/12/22	8/12/22	11/10/22	11/10/22	2/9/23	5/11/23	5/11/23	8/10/23	11/9/23	11/9/23	2/8/24	5/9/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	19,733	70,633	54,825	104,655	112,681	32,843	33,214	14,386
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.074 x	3.548 x	3.134 x	4.139 x	3.971 x	0.9871 x	0.9395 x	0.3707 x
Free Cash Flow ¹	13,575	-40,455	19,003	13,040	15,414	12,875	16,065	20,891
ROE (net income / shareholders' equity)	27.5%	7.5%	17.7%	33.6%	33.9%	-51.9%	62.7%	28.5%
ROA (Net income/ Total Assets)	14.6%	10.7%	6.95%	7.51%	8.29%	-6.33%	11.4%	7.73%
Assets ¹	88,993	35,666	134,613	208,294	252,030	439,128	285,365	291,744
Book Value Per Share ²	350.0	325.0	374.0	356.0	449.0	253.0	427.0	598.0
Cash Flow per Share ²	96.30	45.20	86.20	147.0	173.0	-145.0	115.0	155.0
Capex ¹	3,243	1,615	5,026	3,260	1,945	2,154	2,329	3,665
Capex / Sales	1.29%	0.52%	1.51%	2.08%	1.57%	1.62%	1.66%	2.4%
Announcement Date	5/14/19	5/22/20	5/13/21	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 Relo Group, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,665 JPY

Average target price

2,200 JPY

Spread / Average Target

+32.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential Real Estate Services

	1st Jan change	Capi.
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CHINA RESOURCES MIXC LIFESTYLE SERVICES LIMITED	-0.90%	8.23B
ONEWO INC.	-1.81%	3.72B
COUNTRY GARDEN SERVICES HOLDINGS COMPANY LIMITED	-24.44%	2.36B
POLY PROPERTY SERVICES CO., LTD.	+14.41%	2.3B
GREENTOWN SERVICE GROUP CO. LTD.	+29.90%	1.54B
OPENDOOR TECHNOLOGIES INC.	-50.22%	1.47B
KATITAS CO., LTD.	-25.08%	821M
5I5J HOLDING GROUP CO., LTD.	+12.89%	809M
REDFIN CORPORATION	-36.34%	745M

Residential Real Estate Services