Financials eREX Co.,Ltd.

Equities

9517

JP3130830007

Electric Utilities

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-12 am EDT			5-day change	1st Jan Change
696 ^JPY	-0.57%		+0.29%	-10.88%

May. 30	EREX Co.,Ltd. announced that it has received ¥11.8564446 billion in funding from JFE Engineering Corporation, Toda Corporation, Kyudenko Corporation, Sumitomo Mitsui Finance and Leasing Company, Limited	CI
May. 28	Erex's Attributable Profit Soars to 22.3 Billion Yen in Fiscal 2024	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	62,580	108,859	102,326	108,471	41,148	51,667	-	-
Enterprise Value (EV) ¹	97,678	124,828	128,760	129,977	73,585	72,477	87,001	71,974
P/E ratio	13.8 x	15.9 x	10.6 x	11.8 x	-1.85 x	19 x	15.7 x	13.4 x
Yield	1.46%	0.98%	1.27%	1.2%	-	0.57%	1.68%	0.86%
Capitalization / Revenue	0.71 x	0.77 x	0.44 x	0.37 x	0.17 x	0.25 x	0.23 x	0.24 x
EV / Revenue	1.1 x	0.88 x	0.56 x	0.44 x	0.3 x	0.35 x	0.39 x	0.33 x
EV / EBITDA	8.46 x	6.33 x	7.3 x	6.27 x	-4.62 x	6.27 x	7.38 x	5.84 x
EV / FCF	-10.9 x	13.8 x	-13.3 x	18.8 x	-3.15 x	-25.2 x	188 x	114 x
FCF Yield	-9.18%	7.24%	-7.5%	5.32%	-31.7%	-3.96%	0.53%	0.88%
Price to Book	2.4 x	2.47 x	1.84 x	1.75 x	0.87 x	0.94 x	0.91 x	0.84 x
Nbr of stocks (in thousands)	50,836	58,970	59,079	59,241	59,377	74,233	-	-
Reference price ²	1,231	1,846	1,732	1,831	693.0	696.0	696.0	696.0
Announcement Date	5/13/20	5/13/21	5/13/22	5/12/23	5/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	88,639	141,885	230,502	296,312	244,977	209,494	220,562	216,512
EBITDA ¹	11,547	19,718	17,631	20,746	-15,935	11,558	11,782	12,328
EBIT ¹	9,246	15,720	12,498	14,884	-19,851	4,022	4,875	5,573
Operating Margin	10.43%	11.08%	5.42%	5.02%	-8.1%	1.92%	2.21%	2.57%
Earnings before Tax (EBT) ¹	8,764	13,563	13,847	15,295	-20,649	4,793	5,185	5,168
Net income ¹	4,515	6,285	9,653	9,186	-22,257	2,410	2,887	3,848
Net margin	5.09%	4.43%	4.19%	3.1%	-9.09%	1.15%	1.31%	1.78%
EPS ²	89.03	116.3	163.4	155.2	-375.3	36.68	44.31	51.80
Free Cash Flow ¹	-8,962	9,037	-9,663	6,913	-23,340	-2,873	463	634
FCF margin	-10.11%	6.37%	-4.19%	2.33%	-9.53%	-1.37%	0.21%	0.29%
FCF Conversion (EBITDA)	-	45.83%	-	33.32%	-	-	3.93%	5.14%
FCF Conversion (Net income)	-	143.79%	-	75.26%	-	-	16.04%	16.48%
Dividend per Share ²	18.00	18.00	22.00	22.00	-	4.000	11.67	6.000
Announcement Date	5/13/20	5/13/21	5/13/22	5/12/23	5/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4
Net sales ¹	47,150	47,314	94,571	82,690	68,260	79,552	147,812	58,674	78,903	137,577	84,134	158,735	55,902	64,992	120,894	63,411	60,672	47,772	60,420	108,192	52,968	57,827
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,692	4,722	10,998	5,360	2,585	4,553	7,138	3,161	7,648	10,809	3,545	4,075	-5,927	-4,777	-10,704	-4,449	-4,698	636	1,645	2,281	1,395	1,791
Operating Margin	7.83%	9.98%	11.63%	6.48%	3.79%	5.72%	4.83%	5.39%	9.69%	7.86%	4.21%	2.57%	-10.6%	-7.35%	-8.85%	-7.02%	-7.74%	1.33%	2.72%	2.11%	2.63%	3.1%
Earnings before Tax (EBT) ¹	3,398	4,620	8,943	6,714	4,129	3,004	7,133	2,143	5,393	7,536	3,620	7,759	-4,135	-5,085	-9,220	-4,637	-	467	1,477	1,944	1,226	1,623
Net income ¹	1,457	2,680	3,605	4,323	3,586	1,744	5,330	1,675	2,861	4,536	1,401	4,650	-3,797	-7,365	-11,162	-4,725	-6,370	264	1,119	1,382	906	1,242
Net margin	3.09%	5.66%	3.81%	5.23%	5.25%	2.19%	3.61%	2.85%	3.63%	3.3%	1.67%	2.93%	-6.79%	-11.33%	-9.23%	-7.45%	-10.5%	0.55%	1.85%	1.28%	1.71%	2.15%
EPS	28.67	52.65	-	73.25	60.71	29.48	90.19	28.33	48.35	76.68	23.67	78.54	-64.11	-124.2	-188.3	-79.65	-	-	-	-	-	-
Dividend per Share	18.00	-	18.00	-	-	-	22.00	-	-	-	-	22.00	-	-	-	-	-	-	-	-	-	-
Announcement Date	5/13/20	11/11/20	5/13/21	11/11/21	2/10/22	5/13/22	5/13/22	8/10/22	11/11/22	11/11/22	2/10/23	5/12/23	8/10/23	11/10/23	11/10/23	2/9/24	5/10/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	35,098	15,969	26,434	21,506	32,437	20,810	35,335	20,307
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.04 x	0.8099 x	1.499 x	1.037 x	-2.036 x	1.8 x	2.999 x	1.647 x
Free Cash Flow ¹	-8,962	9,037	-9,663	6,913	-23,340	-2,873	463	634
ROE (net income / shareholders' equity)	19.8%	17.9%	19.3%	15.6%	-40.6%	4.6%	6.07%	6.4%
ROA (Net income/ Total Assets)	9.75%	12.8%	9.68%	9.31%	-11.6%	2.5%	2.8%	2.7%
Assets ¹	46,315	49,228	99,731	98,688	191,644	96,413	103,119	142,519
Book Value Per Share ²	514.0	747.0	942.0	1,048	800.0	738.0	761.0	831.0
Cash Flow per Share	134.0	188.0	246.0	249.0	-316.0	-	-	-
Capex ¹	15,473	2,616	13,610	1,367	3,067	12,370	10,270	10,270
Capex / Sales	17.46%	1.84%	5.9%	0.46%	1.25%	5.9%	4.66%	4.74%
Announcement Date	5/13/20	5/13/21	5/13/22	5/12/23	5/10/24	-	-	-

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 eREX Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

696 JPY

Average target price

816.7 JPY

Spread / Average Target

+17.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
EREX CO.,LTD.	-10.88%	327M
NEXTERA ENERGY	+25.12%	156B
SOUTHERN COMPANY	+14.06%	87.46B
IBERDROLA, S.A.	+1.52%	82.68B
DUKE ENERGY CORPORATION	+8.60%	81.34B
ENEL S.P.A.	+2.30%	76.26B
CONSTELLATION ENERGY CORPORATION	+85.76%	68.45B
GE VERNOVA INC.	0.00%	49.46B
AMERICAN ELECTRIC POWER COMPANY, INC.	+11.99%	47.95B
DOMINION ENERGY, INC.	+10.55%	43.56B

Other Electric Utilities