Financials Resorttrust, Inc.

Equities

4681

JP3974450003

Hotels, Motels & Cruise Lines

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-03 am EDT			5-day change	1st Jan Change
2,352 ^JPY	-0.02%		-3.67%	-3.86%

May. 15	Resorttrust, Inc. Provides Consolidated Earnings Guidance for the Year Ending 2025	CI
May. 15	Resorttrust, Inc. Provides Dividend Guidance for the Year 2024	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	113,058	197,879	222,172	224,499	279,928	248,248	-	-
Enterprise Value (EV) ¹	161,950	234,929	242,100	233,765	251,998	212,760	208,744	203,346
P/E ratio	15.8 x	-19.4 x	38.6 x	13.3 x	17.7 x	15.4 x	14.1 x	13.9 x
Yield	3.79%	1.62%	1.43%	2.13%	2.03%	2.43%	2.76%	2.81%
Capitalization / Revenue	0.71 x	1.18 x	1.41 x	1.32 x	1.39 x	1.09 x	1.05 x	1.07 x
EV / Revenue	1.02 x	1.4 x	1.53 x	1.38 x	1.25 x	0.94 x	0.88 x	0.88 x
EV / EBITDA	6.98 x	8.82 x	12.2 x	10.6 x	8.37 x	6.22 x	5.67 x	5.32 x
EV / FCF	14.9 x	25.2 x	9.53 x	13 x	9.47 x	198 x	22.3 x	15 x
FCF Yield	6.7%	3.96%	10.5%	7.69%	10.6%	0.5%	4.48%	6.69%
Price to Book	0.88 x	1.71 x	2.19 x	1.9 x	2.17 x	1.79 x	1.66 x	1.55 x
Nbr of stocks (in thousands)	107,063	107,078	106,150	106,448	105,434	105,570	-	-
Reference price ²	1,056	1,848	2,093	2,109	2,655	2,352	2,352	2,352
Announcement Date	5/21/20	5/14/21	5/13/22	5/15/23	5/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	159,145	167,538	157,782	169,830	201,803	227,297	237,128	231,490
EBITDA ¹	23,186	26,632	19,841	21,956	30,120	34,198	36,832	38,200
EBIT ¹	11,652	14,707	8,693	12,270	21,119	22,899	24,954	25,372
Operating Margin	7.32%	8.78%	5.51%	7.22%	10.47%	10.07%	10.52%	10.96%
Earnings before Tax (EBT) ¹	11,153	-6,953	10,780	22,567	22,870	24,267	26,433	26,013
Net income ¹	7,135	-10,213	5,775	16,906	15,892	16,161	17,572	17,745
Net margin	4.48%	-6.1%	3.66%	9.95%	7.88%	7.11%	7.41%	7.67%
EPS ²	66.65	-95.39	54.27	159.0	150.0	153.1	166.9	168.8
Free Cash Flow ¹	10,849	9,314	25,398	17,971	26,597	1,072	9,348	13,598
FCF margin	6.82%	5.56%	16.1%	10.58%	13.18%	0.47%	3.94%	5.87%
FCF Conversion (EBITDA)	46.79%	34.97%	128.01%	81.85%	88.3%	3.14%	25.38%	35.6%
FCF Conversion (Net income)	152.05%	-	439.79%	106.3%	167.36%	6.64%	53.2%	76.63%
Dividend per Share ²	40.00	30.00	30.00	45.00	54.00	57.17	65.00	66.00
Announcement Date	5/21/20	5/14/21	5/13/22	5/15/23	5/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4
Net sales ¹	86,276	76,430	43,063	38,289	40,224	43,792	84,016	44,585	41,229	42,994	46,434	89,428	46,412	65,963	46,257	50,360	98,575	76,490	59,260
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,980	5,132	3,727	-166	2,510	4,651	7,161	3,919	1,190	3,250	4,526	7,776	5,082	8,261	3,040	4,510	8,125	10,743	4,973
Operating Margin	11.57%	6.71%	8.65%	-0.43%	6.24%	10.62%	8.52%	8.79%	2.89%	7.56%	9.75%	8.7%	10.95%	12.52%	6.57%	8.96%	8.24%	14.05%	8.39%
Earnings before Tax (EBT)	8,871	8,656	4,478	-2,354	10,827	5,599	16,426	4,273	1,868	4,904	4,522	9,426	5,214	-	-	-	-	-	-
Net income ¹	5,696	5,408	3,146	-2,779	7,426	4,718	12,144	2,763	1,999	3,042	3,042	6,084	3,483	6,325	2,500	2,100	-	5,800	3,960
Net margin	6.6%	7.08%	7.31%	-7.26%	18.46%	10.77%	14.45%	6.2%	4.85%	7.08%	6.55%	6.8%	7.5%	9.59%	5.4%	4.17%	-	7.58%	6.68%
EPS ²	53.21	50.68	29.62	-26.03	69.95	44.35	114.3	25.93	18.74	28.58	28.60	57.18	33.00	59.85	23.60	19.83	-	54.76	37.39
Dividend per Share	15.00	15.00	-	15.00	-	20.00	20.00	-	25.00	-	25.00	25.00	-	29.00	-	-	-	-	-
Announcement Date	11/10/20	11/10/21	2/14/22	5/13/22	8/9/22	11/9/22	11/9/22	2/9/23	5/15/23	8/10/23	11/10/23	11/10/23	2/9/24	5/15/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	48,892	37,050	19,928	9,266	-	-	-	-
Net Cash position ¹	-	-	-	-	27,930	35,488	39,504	44,902
Leverage (Debt/EBITDA)	2.109 x	1.391 x	1.004 x	0.422 x	-	-	-	-
Free Cash Flow ¹	10,849	9,314	25,398	17,971	26,597	1,073	9,349	13,598
ROE (net income / shareholders' equity)	5.6%	-8.4%	5.3%	15.4%	12.9%	12%	12.1%	11.2%
ROA (Net income/ Total Assets)	3.11%	4.37%	2.78%	3.18%	4.8%	4.3%	4.5%	3.95%
Assets ¹	229,405	-233,832	208,107	532,441	331,061	375,835	390,490	449,246
Book Value Per Share ²	1,194	1,079	955.0	1,107	1,225	1,317	1,418	1,515
Cash Flow per Share	169.0	10.40	153.0	246.0	235.0	-	-	-
Capex ¹	8,247	15,240	6,322	10,425	18,833	17,833	17,333	17,000
Capex / Sales	5.18%	9.1%	4.01%	6.14%	9.33%	7.85%	7.31%	7.34%
Announcement Date	5/21/20	5/14/21	5/13/22	5/15/23	5/15/24	-	-	-

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 Resorttrust, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,352 JPY

Average target price

3,058 JPY

Spread / Average Target

+30.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hotels & Motels

	1st Jan change	Capi.
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CHALET HOTELS LIMITED	+23.16%	2.22B
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