TSE: 3391 - Tsuruha Holdings Inc.

Yield per half year: +31.83%
Dividend yield: +3.41%
Sector: Healthcare

Reporting Tsuruha Holdings Inc.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								509.83
Выручка, млрд ¥	673.24	782.45	841.04	919.3	915.7	970.08	1 027.46	1 027.46	934.72	4.09
Чистая прибыль, млрд ¥	24.8	24.82	27.9	26.28	21.39	25.26	24.11	24.11	24.99	-2.88
EV, млрд ¥	744.75	393.99	727.25	585.26	263.06	456.13	446.6	446.6	495.66	-9.29
EBIT, млрд ¥	39.41	41.83	45.01	48.38	40.57	45.57	43.15	43.15	44.54	-0.84
EBITDA, млрд ¥	48.34	55.25	58.25	61.5	55.23	62.13	61.15	61.15	59.65	0.98
Баланс стоимость, млрд ¥	191.97	206.21	234.97	254.62	260.3	278.35	283.94	283.94	262.44	3.86
FCF, млрд ¥	17.32	24.46	26.31	61.71	12.77	-25.88	16.58	16.58	18.30	-8.82
Операционный денежный поток, млрд ¥	27.2	33.7	40.64	76.46	35.83	0.804	51.96	51.96	41.14	5.04
Операционная прибыль, млрд ¥	40.24	41.83	45.01	48.38	40.57	45.57	49.21	49.21	45.75	1.80
Операционные расходы, млрд ¥	152.6	181.95	199.25	218.34	230.91	247.79	263.07	263.07	231.87	5.71
CAPEX, млрд ¥	9.88	9.24	14.33	14.75	23.06	26.69	35.38	35.38	22.84	19.81

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥	223.81	243.18	240.93	247.33	238.64	259.83	255.89	258.4	253.35	273.41	260.18	1.02
Чистая прибыль, млрд ¥	2.49	7.5	7.13	7.08	3.55	8.27	7.8	7.49	0.548	8.97	6.62	1.64
EV, млрд ¥	4 135.68	350.8	426.03	442.41	452.3	510.25	585.04	544.77	444.52	414.96	499.91	-4.05
EBIT, млрд ¥	8.8	13.32	11.38	13.02	3.57	14.31	13.5	8.69	-2.87	15.11	9.75	1.09
EBITDA, млрд ¥	5.96	13.75	11.72	13.3	8.09	18.41	17.88	13.38	1.96	19.61	14.25	1.27
Баланс стоимость, млрд ¥	260.3	266.77	274.7	275.04	278.35	274.61	283.36	283.33	283.94	286.42	282.33	0.85
FCF, млрд ¥				8.46	9.04	8.19	8.76				8.61	0.87
Операционный денежный поток, млрд ¥	35.83		-19.71	8.46	9.04	8.19	8.76				2.95	-185.03
Операционная прибыль, млрд ¥	8.8	13.32	11.38	13.02	7.85	14.1	13.04	13.12	8.94	15.11	12.86	1.39
Операционные расходы, млрд ¥	59.56	59.06	61.58	62.35	64.79	63.96	65.65	65.59	67.87	67.34	66.08	1.04
CAPEX, млрд ¥	23.06		14.05		26.69						21.27	4.99

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	44.26	42.83	57.07	116.53	127.03	79.05	58.56	58.56	87.65	0.52
Short Term Investments ¥		1	55.26	61.52	71.14	74.02	0.133	0.133	52.41	-70.06
Total Receivables ¥	23.19	26.75	31.18	46.91	49.16	43.93	47.5	47.5	43.74	8.78
Total Current Assets ¥	171.43	184.83	211.78	309.78	328.51	285.29	273.85	273.85	281.84	5.28
Чистые активы, млрд ¥	171.43	184.83	211.78	309.78	91.3	108.62		108.62	181.26	-10.09
Активы, млрд ¥	339.69	372.29	414	537.03	562.36	539.83	549.22	549.22	520.49	5.82
Short Term Debt ¥	1.83	2.97	2.42	7.69	7.75	11.4	8.64	8.64	7.58	28.99
Long Term Debt ¥	6.97	11.31	9.2	31.05	47.77	43.46	25.08	25.08	31.31	22.21
Задолженность, млрд ¥	135.7	152.08	163.07	260.5	278.32	235.69	241.48	241.48	235.81	8.17
Чистый долг, млрд ¥	-35.46	-28.56	-45.45	-77.79	-71.51	-24.19	-8.52	-8.52	-45.4920	-28.45
Долг, млрд ¥	8.8	14.28	11.62	38.74	55.52	54.86	50.04	50.04	42.16	33.91
Расходы на обслуживание долга ¥		0.526	0.509	0.634	0.802	1.3	1.55	1.55	0.9590	24.95
Чист. проц. доходы, млрд ¥	0.137	0.142	0.131	0.14	59.96	131.2		131.2	38.31	291.86
Амортизация, млрд ¥		13.43	13.23	13.12	14.66	16.56	18	18	15.11	6.35
Себестоимость, млрд ¥			596.77	652.58	644.22	676.72	715.19	715.19	657.10	3.69
Товарно материальные запасы ¥	85.06	98.26	108.21	127.62	132.44	140.74	147.17	147.17	131.24	6.34

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥		127.03	80.47	82.33	71.53	79.05	63.26	65.95	51.32	58.56	65.57	60.93	0.72
Short Term Investments ¥				67.66	69.02	69.83	74.31	70.37		0.133	75.38	58.00	1.54
Total Receivables ¥		49.16	41.72	44.01	43.86	43.93	45.78	46.13	46.53	47.5	50.41	47.27	1.95
Total Current Assets ¥		328.51	277.82	282.73	276.74	285.29	272.52	278.23	266.18	273.85	279.2	274.00	0.49
Чистые активы, млрд ¥	243.92	328.51	277.82	282.73	103.73	108.62	113.02					177.18	-16.46
Активы, млрд ¥		562.36	520.53	530.85	527.61	539.83	535.17	550.66	542.88	549.22	556.38	546.86	0.78
Short Term Debt ¥		7.75	7.73	11.3	11.27	11.4	11.28	8.36	8.57	8.64	12.08	9.79	1.38
Long Term Debt ¥	27.52	47.77	37.68	32.38	41.93	43.46	27.5	28.68	26.88	25.08		30.32	-10.41
Задолженность, млрд ¥		278.32	229.69	231.19	227.15	235.69	238.22	244.32	236.31	241.47	245.89	241.24	0.64
Чистый долг, млрд ¥		-71.51	-25.64	-29.3	-18.34	-24.19	-9.92	-14.1	0.108	-8.52	-12.25	-8.9364	4.31
Долг, млрд ¥		55.52	54.84	53.03	53.2	54.86	53.34	51.86	51.43	50.04	53.32	52.00	-0.01
Расходы на обслуживание долга ¥	0.204	0.242	0.265	0.281	0.277	0.478	0.375	0.378	0.398	0.402		0.4062	-3.40
Чист. проц. доходы, млрд ¥	0.033	0.156	0.03	0.033	0.03	0.388	0.029	0.03	4.05			0.9054	166.73
Амортизация, млрд ¥		-2.84	0.433	0.341	0.276	4.52	4.1	4.38	4.69	4.83	4.5	4.50	1.88
Себестоимость, млрд ¥						165.99	181.76	177.2	179.69	176.54	190.96	181.23	0.99
Товарно материальные запасы ¥		132.44	134.41	138.23	140.94	140.74	141.12	146.87	147.55	147.17	143.55	145.25	0.34

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	511.4	511.7	574.8	539.89	439.18	518.5	493.47		493.47	513.17	-3.01
Цена акции ао					10200	12925	8725	9522	9522	10343.00	-1.70
Число акций ао, млн	48.49	48.51	48.54	48.68	48.7	48.71	48.85		48.85	48.70	0.13
FCF/акцию	357.16	504.18	542.04	1267.63	262.3	-531.31	339.5		339.5	376.03	-8.93

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	5 quarters average	CAGR 5
EPS	4.06	154.03	146.41	145.69	72.41	169.46	160.04	152.63	11.27	183.97		135.47	1.66
Цена акции ао											9522	9522.00	0.00
FCF/акцию				174.15	184.6	167.92	179.73					176.60	0.79

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	13.61	12.47	12.65	10.74	8.31	9.38	8.57		8.57	8.22	9.93	-7.49
ROA, %	7.9	6.97	7.1	5.53	3.89	4.58	4.43		4.43	5.24	5.11	-9.00
ROIC, %			14.78	11.72	9.85	11.62			11.62	10.29	11.99	-5.84
ROS, %			3.32	2.86	2.34	2.6	2.35	2.35	2.35	5.88	2.50	-3.85
ROCE, %	17.33	17.04	16.21	14.8	11.63	12.47	11.73	14.02	14.02	10.21	12.93	-1.08
Ebit margin, %			5.56	5.26	4.43	4.7	4.2	4.2	4.2		4.56	-4.40
Рентаб EBITDA, %	7.18	7.06	6.93	6.69	6.03	6.4	5.95	5.95	5.95	14.52	6.20	-2.32
Чистая рентаб, %	3.68	3.17	3.32	2.86	2.34	2.6	2.35		2.35	7.06	2.69	-6.68
Operation Margin, %			5.35	5.26	4.43	4.7	4.79	4.79	4.79	8.27	4.79	-1.85

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	0.9539	2.86	2.69	2.63	1.27	3.01	2.82	2.68	0.1953	3.17		8.22	2.38	1.04
ROA, %	0.4775	1.39	1.36	1.34	0.6569	1.54	1.44	1.37	0.1004	1.62		5.24	1.21	1.02
ROIC, %					3.98							10.29	3.98	0.00
ROS, %					1.49	3.18	3.05	2.9	0.2163	3.28	2.35	5.88	2.36	-5.08
ROCE, %		3.88	3.26	3.64	1.17	3.97	3.72	2.38	-0.7847	4.1	14.02	10.21	4.69	30.39
Ebit margin, %						5.51	5.27	3.36	-1.13	5.53	4.2		3.45	-4.44
Рентаб EBITDA, %		5.65	4.87	5.38	3.39	7.09	6.99	5.18	0.7728	7.17	5.95	14.52	5.21	-3.17
Чистая рентаб, %	1.11	3.08	2.96	2.86	1.49	3.18	3.05	2.9	0.2163	3.28		7.06	2.53	0.62
Operation Margin, %					3.29	5.43	5.1	5.08	3.53	5.53	4.79	8.27	4.81	-1.25

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	31.46	17.02	27.7	25.23	15.64	19.02	18.88		18.88	172.21	21.29	-7.38
P/BV	3.82	1.92	3.08	2.4	1.18	1.58	1.48		1.48	128.91	1.94	-13.63
P/S	1.16	0.54	0.9188	0.7213	0.3654	0.4951	0.443		0.443	129.26	0.5887	-13.58
P/FCF						-19.7	30.74	30.74	30.74	31.09	13.93	-215.99
E/P						0.0495	0.0473	0.0473	0.0473	0.12	0.0480	-1.50
EV/EBIT			15.56	12.1	6.48	10.01	10.35	10.35	10.35		9.86	-3.08
EV/EBITDA	15.41	7.13	12.49	9.52	4.76	7.34	7.3		7.3	10.33	8.28	-10.18
EV/S			0.8647	0.6367	0.2873	0.4702	0.4347	0.4347	0.4347	129.00	0.4527	-7.35
EV/FCF			27.64	9.48	20.59	-17.62	26.93	26.93	26.93	-104.17	13.26	23.22
Debt/EBITDA	0.1821	0.2584	0.1994	0.6299	1.01	0.8831	0.8183	0.8183	0.8183	-3.18	0.8319	5.37
Netdebt/Ebitda			-0.7804	-1.27	-1.29	-0.3893	-0.1393	-0.1393	-0.1393	27.83	-0.6456	-35.73
Debt/Ratio			0.0281	0.0721	0.0987	0.1016	0.0911	0.0911	0.0911	0.14	0.0909	4.79
Debt/Equity			0.0494	0.1521	0.2133	0.1971	0.1762	0.7847	0.7847	0.88	0.3047	38.84
Debt/Net Income			0.4163	1.47	2.6	2.17	2.08	2.08	2.08	3.50	2.08	7.19
PEG								0.4468	0.4468		0.4468	0.00
Бета						3.15	-1.13	-4.27	-4.27	0.57	-0.7500	-210.67
Индекс Альтмана						0.6394	-4.27	-4.27	-4.27	-14.10	-2.6335	-288.32

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	24.74	27.91	29.57	15.39	18.77	19.96	22.44	20.03	18.88	17.24			172.21	19.71	-2.89
P/BV	14.81	1.29	1.52	1.53	1.57	1.75	1.96	1.78	1.47	1.38			128.91	1.67	-4.64
P/S	0.67	0.7428	0.8754	0.4735	0.4889	0.5269	0.5985	0.5361	0.4426	0.4105			129.26	0.5029	-4.87
P/FCF												30.74	31.09	30.74	0.00
E/P												0.0473	0.12	0.0473	0.00
EV/EBIT						35.65	43.35	62.69	-154.83	27.46		10.35		-2.1960	-24.91
EV/EBITDA	106.33	8.7	9.9	8.42	55.91	8.18	9.17	9.09	8.61	7.85			10.33	8.58	-0.82
EV/S					1.9	1.96	2.29	2.11	1.75	1.52		0.4347	129.00	1.62	-28.27
EV/FCF					50.03	62.27	66.77					26.93	-104.17	51.50	-14.35
Debt/EBITDA		3.99	4.52	4	6.78	2.9	2.9	3.84	25.56	2.72		0.8183	-3.18	7.17	-22.36
Netdebt/Ebitda					-2.99	-0.5388	-0.7884	0.0081	-4.35	-0.6248		-0.1393	27.83	-1.1789	-29.30
Debt/Ratio					0.1016	0.0997	0.0942	0.0947	0.0911	0.0958		0.0911	0.14	0.0934	-0.67
Debt/Equity					0.1971	0.1942	0.183	0.1815	0.1762	0.1862		0.7847	0.88	0.3023	33.80
Debt/Net Income					15.47	6.45	6.65	6.87	91.31	5.94		2.08	3.50	22.57	-20.74
PEG												0.4468		0.4468	0.00
Бета											-2.59	-4.27	0.57	-3.4300	28.40
Индекс Альтмана											-4.27	-4.27	-14.10	-4.2700	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		7.5	7.19	7.21	8.55	8.11	9.72	13.47			13.47		9.41	13.31
Дивиденд	118	156	149	149	176.5	83.5	200	277	400.5		400.5		227.50	17.81
Див доход, ао, %	1.49	1.35	1.96	1.7	1.58	0.6918	1.93	2.35	4.28		3.41	2.96	2.17	22.06
Дивиденды / прибыль, %			30.24	28.97	25.83	32.54	37.9	38.47	55.86		55.86	44.64	38.12	16.68
Dividend Coverage Ratio										1.79	1.79		1.79	0.00

	2022Q2	2022Q4	2023Q2	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	8.11	4.05	9.72			7.29	6.22
Дивиденды / прибыль, %	326.2	56.86	274		44.64	219.02	-5.65
Dividend Coverage Ratio				1.79		1.79	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	11298	11298	0.00

	CAGR 5

	CAGR 5