TSE: 4704 - Trend Micro Incorporated

Yield per half year: +16.53%
Dividend yield: +10.11%
Sector: Technology

Reporting Trend Micro Incorporated

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥							884.35
Выручка, млрд ¥	160.41	165.2	174.06	190.36	223.8	248.69	248.69	200.42	8.52
Чистая прибыль, млрд ¥	28.31	27.95	26.9	38.37	29.84	10.73	10.73	26.76	-17.43
EV, млрд ¥	717.91	656.3	672.85	693.59	687.46	785.57	853.76	699.15	3.66
EBIT, млрд ¥	37.21	37.69	39.46	43.64	31.34	31.98	32.6	36.82	-3.23
EBITDA, млрд ¥	53.12	53.66	61.17	64.21	56.53	60.3	60.92	59.17	2.36
Баланс стоимость, млрд ¥	187.01	187.27	188.53	220.64	228.66	214.39	214.39	207.90	2.74
FCF, млрд ¥	37.53	34.42	42.47	36.48	35.92	30.87	30.87	36.03	-2.15
Операционный денежный поток, млрд ¥	49.96	45.11	54.31	55.27	56.9	57.23	57.23	53.76	4.87
Операционная прибыль, млрд ¥	35.84	37.69	39.46	43.64	31.34	32.6	32.6	36.95	-2.86
Операционные расходы, млрд ¥	91.84	95.21	96.43	104.7	138.15	152.43	152.43	117.38	9.87
CAPEX, млрд ¥	12.43	10.69	11.84	18.79	20.98	26.36	26.36	17.73	19.78

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Выручка, млрд ¥	50.43	54.88	56.8	61.7	58.7	60.83	64.19	64.97	65.93	68.6	64.90	2.43
Чистая прибыль, млрд ¥	8.53	6.43	13.53	0.974	6.37	5.48	0.95	-2.07	10.75	7.14	4.45	5.43
EV, млрд ¥	799.63	734.94	895.47	685.31	729.13	751.15	578.71	762.7	884.23	716.59	738.68	-0.94
EBIT, млрд ¥	11.12	7.54	9.8	8.2	9.55	8.64	11.43	2.99	12.13	12.31	9.50	7.34
EBITDA, млрд ¥	17.24	15.81	16.48	14.33	15.4	15.78	18.74	10.43	19.59	19.83	16.87	4.68
Баланс стоимость, млрд ¥	201.71	222.15	240.3	228.66	207.85	212.84	216.14	214.39	117.3	101.17	172.37	-13.82
FCF, млрд ¥	13.87	12.43	4.03	5.6	13.48	8.61	6.27	2.5	8.65	5.47	6.30	-8.67
Операционный денежный поток, млрд ¥	19.25	17.28	10.03	10.34	19.48	14.3	13.03	10.43	16.3	11.41	13.09	-4.41
Операционная прибыль, млрд ¥	11.12	7.54	9.8	8.2	9.55	8.64	11.43	2.99	12.13	12.31	9.50	7.34
Операционные расходы, млрд ¥	26.95	34.2	35.44	41.58	34.76	37.09	36.83	43.75	37.79	39.8	39.05	1.42
CAPEX, млрд ¥	5.38	4.86	6	4.74	6	5.68	6.76	7.93	7.66	5.94	6.79	0.90

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥	116.5	124.98	155.74	197.73	191.54	247.86	261.27	183.57	14.68
Short Term Investments ¥	61.29	47.62	56.53	59.07	51.31	51.17	37.76	53.14	1.45
Total Receivables ¥	38.98	45.23	47.28	53.5	63.61	68.93	68.93	55.71	8.79
Total Current Assets ¥	241.92	227.35	268.65	321.75	319.93	388.89	388.89	305.31	11.33
Чистые активы, млрд ¥	241.92	227.35	268.65	321.75	7.09	300.17	7.09	225.00	5.71
Активы, млрд ¥	346.24	359.71	376.7	420.46	470.8	492.63	492.63	424.06	6.49
Short Term Debt ¥		-88.79	-92.96	-100.03	192.91	10.25	10.25	-15.7240	-164.93
Задолженность, млрд ¥	159.16	172.29	187.34	199.03	242.12	278.21	278.2	215.80	10.06
Чистый долг, млрд ¥	-116.5	-124.98	-155.74	-197.73	-191.54	-247.86	-261.27	-183.5700	14.68
Расходы на обслуживание долга ¥	0.002	1.43	1.89	0.012	0.043	4.41	0.043	1.56	25.26
Чист. проц. доходы, млрд ¥	1.53	1.71	0.724	0.424	2.14	5.24	5.24	2.05	25.10
Амортизация, млрд ¥	15.91	15.97	21.7	20.57	25.19	28.32	28.32	22.35	12.14
Себестоимость, млрд ¥		32.3	38.17	42.02	54.3	63.66	63.66	46.09	14.53
Товарно материальные запасы ¥	3.68	4.11	3.4	3.7	4.26	6.66	6.66	4.43	10.14

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Наличность, млрд ¥	204.26	189.37	167.06	191.54	173.7	187.74	188.9	261.27	154.2	144.28	187.28	-5.13
Short Term Investments ¥	53.56	47.52	80.64	51.31	57.41	73.63	88.64	37.76	51.73	56.87	61.73	-5.03
Total Receivables ¥	45.08	47.34	46.53	63.61	54.66	54.42	57.08	68.93	59.39	54.76	58.92	0.12
Total Current Assets ¥	316.26	300.25	311.97	319.93	300.17	331.7	352.74	388.89	288.92	280	328.45	-3.33
Чистые активы, млрд ¥	316.26	300.25	311.97	7.09	6.77	6.94					126.60	-52.93
Активы, млрд ¥	418.04	459.38	470.32	470.8	450.22	464.77	474.69	492.63	396.99	377.96	441.41	-4.05
Short Term Debt ¥				-192.91	195.23	203.06	202.36	10.25	217.01	9.51	128.44	-45.79
Задолженность, млрд ¥	215.69	236.7	229.66	242.12	242.35	251.91	258.53	278.2	279.66	276.76	269.01	1.90
Чистый долг, млрд ¥	-204.26	-189.37	-167.06	-191.54	-173.7	-187.74	-188.9	-261.27	-154.2	-144.28	-187.2780	-5.13
Расходы на обслуживание долга ¥	0.019	0.024	0.778	3.61	0.004						0.8870	-26.77
Чист. проц. доходы, млрд ¥	0.082	0.18	0.778	1.1	0.953	1.33	1.86	1.7	0.522	0.733	1.23	-11.23
Амортизация, млрд ¥		8.27	6.68	6.13	5.85	7.14	7.32	7.44	7.46	7.52	7.38	1.04
Себестоимость, млрд ¥						15.11	15.93	18.23	16.02	16.49	16.36	1.76
Товарно материальные запасы ¥	3.87	3.8	3.97	4.26	4.27	5.09	5.11	6.66	8.77	10	7.13	14.46

	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	202.58	200.31	192.87	275.06	213.21	78.38			78.38	191.97	-17.11
Цена акции ао					6140	7548	8567	10330	10330	8146.25	13.89
Число акций ао, млн	139.77	139.51	139.49	139.49	139.97	136.91			136.91	139.07	-0.38
FCF/акцию	268.53	246.69	304.46	261.53	256.66	225.44			225.45	258.96	-1.79

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	5 quarters average	CAGR 5
EPS	61.1	46.06	96.9	6.98	45.82	39.98	7.01	-15.29	78.83	53.35		32.78	5.94
Цена акции ао											10330	10330.00	0.00
FCF/акцию	99.35	89	28.86	40.09	96.92	62.81	46.31	18.41	63.4	40.87		46.36	-8.24

	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, %	15.55	14.93	14.32	18.75	13.28	4.84			5.01	10.89	13.22	-20.17
ROA, %	8.36	7.92	7.31	9.63	6.7	2.23			2.18	6.93	6.76	-22.39
ROS, %		16.92	15.46	20.16	13.33	4.31	4.31	4.31	4.31	8.40	9.28	-26.55
ROCE, %	15.86	15.69	16.09	15.21	13.14	14.05		15.2	15.2	15.06	14.74	-1.13
Ebit margin, %		22.81	22.67	22.93	14	12.86		13.11	13.11		17.11	-10.37
Рентаб EBITDA, %	33.12	32.48	35.14	33.73	25.26	24.24		24.5	24.5	17.05	28.57	-6.96
Чистая рентаб, %	17.65	16.92	15.46	20.16	13.33	4.31			4.31	8.40	14.04	-23.93
Operation Margin, %		22.81	22.67	22.93	14	13.11	13.11	13.11	13.11	11.21	15.25	-10.58

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %	4.21	3.08	6.24	0.4383	2.85	2.45	0.433	-0.9665	5.34	4.05	10.89	2.26	10.58
ROA, %	2.03	1.47	2.91	0.207	1.38	1.2	0.2022	-0.4288	2.42	1.84	6.93	1.05	8.92
ROS, %						9.01	1.48	-3.19	16.31	10.41	8.40	6.80	2.93
ROCE, %	4.37	3.01	3.96	3.48	4.04	3.69	4.99	1.32	5.93	6.96	15.06	4.58	13.53
Ebit margin, %						14.2	17.8	4.6	18.39	17.94		14.59	4.79
Рентаб EBITDA, %	34.2	28.81	29.02	23.22	26.24	25.94	29.2	16.05	29.71	28.91	17.05	25.96	2.19
Чистая рентаб, %	16.92	11.72	23.82	1.58	10.86	9.01	1.48	-3.19	16.31	10.41	8.40	6.80	2.93
Operation Margin, %						14.2	17.8	4.6	18.39	17.94	11.21	14.59	4.79

	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	29.47	27.96	30.8	23.23	29.45	96.3			103.91	229.98	41.55	28.06
P/BV	4.46	4.17	4.38	4.03	3.84	4.82			5.2	200.58	4.25	2.94
P/S	5.2	4.73	4.76	4.68	3.93	4.16			4.48	200.20	4.45	-2.54
P/FCF						24.62	28.65	28.65	28.65	-3.43	27.31	5.18
E/P						0.0337	0.0121	0.0121	0.0121	0.33	0.0193	-28.92
EV/EBIT		17.42	17.05	15.89	21.93	24.56	26.19	26.19	26.19		22.95	10.51
EV/EBITDA	13.51	12.23	11	10.8	12.16	13.03			14.01	208.12	11.84	1.28
EV/S		3.97	3.87	3.64	3.07	3.16	3.43	3.43	3.43	199.94	3.35	-1.18
EV/FCF		19.07	15.84	19.01	19.14	25.45	27.66	27.66	27.66	66.89	23.78	7.79
Debt/EBITDA						0	0	0	0	1.02
Netdebt/Ebitda		-2.33	-2.55	-3.08	-3.39	-4.11	-4.29	-4.29	-4.29	-0.99	-3.8320	6.85
Debt/Ratio						0	0	0	0	0.12
Debt/Equity						0	0	0	0	12.72
Debt/Net Income						0	0	0	0	2.21
PEG								3.96	3.96		3.96	0.00
Бета						6	0.5507	-1.83	-1.83	52.59	1.57	-167.31
Индекс Альтмана						3.17	3.03	3.03	3.03	4.75	3.08	-1.49

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	26.32	25.08	25.8	29.76	33.15	36.1	56.8		68.87	51.9			229.98	49.36	9.38
P/BV	4.96	4.15	4.42	3.83	4.34	4.41	3.55	4.78	8.85	8.51			200.58	6.02	14.05
P/S	5.11	4.52	4.98	3.92	3.9	3.99	3.18	4.15	4.05	3.3			200.20	3.73	-3.73
EV/EBIT						86.95	50.65	255.17	72.91	58.22				104.78	-7.71
EV/EBITDA	10.81	9.92	12.37	10.73	11.76	13.12	9.32	12.52	13.7	10.45			208.12	11.82	-4.45
EV/S						12.35	9.02	11.74	13.41	10.45			199.94	11.39	-3.29
EV/FCF						87.21	92.27	305.32	102.23	130.98			66.89	143.60	8.47
Netdebt/Ebitda						-11.9	-10.08	-25.05	-7.87	-7.27			-0.99	-12.4340	-9.39
Бета											-5.58	-1.83	52.59	-3.7050	-42.73
Индекс Альтмана											3.03	3.03	4.75	3.03	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		19.79	21.99	21.68	20.77	26.54	20.26			20.31		22.25	-1.63
Дивиденд	141	149	163	160	153	195	151	682	184	184		273.00	3.76
Див доход, ао, %	2.65	2.21	2.29	2.76	2.85	2.32	5.64	11.04	10.11	10.11	66.41	6.39	28.82
Дивиденды / прибыль, %			69.89	78.69	80.58	54.13	88.94	188.78		188.78	38.64	98.22	19.13

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	26.38	0.157	0.002	0.001	20.15	0.106	0.001	0.003	95.7	0.587		19.28	40.82
Дивиденды / прибыль, %	309.24	2.44	0.0148	0.1027	316.1	1.93	0.1053	-0.1446	889.85	8.22	38.64	179.99	33.62

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	CAGR 5
Персонал, чел	7669	0.00

	CAGR 5

	CAGR 5