Reported Earnings • Aug 09
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: JP¥44.71 (down from JP¥50.89 in 2Q 2024). Revenue: JP¥20.3b (up 1.0% from 2Q 2024). Net income: JP¥4.47b (down 12% from 2Q 2024). Profit margin: 22% (down from 25% in 2Q 2024). Revenue missed analyst estimates by 5.9%. Earnings per share (EPS) also missed analyst estimates by 34%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Professional Services industry in Japan. Announcement • Jul 25
The Carlyle Group Inc. (NasdaqGS:CG) completed the acquisition of 40% stake in TRYT Inc. (TSE:9164) from EQT Private Capital Asia, EQT AB (publ) (OM:EQT) and others. The Carlyle Group Inc. (NasdaqGS:CG) agreed to acquire 40% stake in TRYT Inc. (TSE:9164) from EQT Private Capital Asia, EQT AB (publ) (OM:EQT) and others for ¥35.2 billion on June 10, 2025. The offer price is ¥880 per share, and the minimum number of shares to be purchased is 6,666,700 shares. The tender offer is set to begin on June 11, 2025, and will run until July 23, 2025 There is no maximum limit specified, which means the Offeror intends to purchase all shares tendered if the minimum threshold is met. The Special Committee consisted of independent outside directors of the Company, namely Maiko Ono, Goro Nishimoto, and Hiroyuki Izutsu. The committee was tasked with reviewing whether to proceed with the Transactions and making recommendations to the Board of Directors, as well as examining whether the Board's decision on the Transactions would be disadvantageous to the Company's minority shareholders The Offeror aims to make TRYT Inc. a wholly-owned subsidiary through a series of transactions, including a reverse share split and a private transfer of shares from LSDH, the largest shareholder. If the tender offer does not result in acquiring all shares, a reverse share split will be conducted, followed by a private transfer of shares from LSDH to the Offeror. The private transfer price is set at ¥870 per share, slightly lower than the tender offer price, to facilitate the completion of the tender offer. The tender offer is conducted under Japanese law, and there are specific considerations regarding U.S. regulations and other international legal restrictions. The announcement includes disclaimers about forward-looking statements and the legal framework governing the tender offer.
The expected completion of the transaction is July 23, 2025. Nomura Securities Co., Ltd. act as transfer agent for TRYT Inc. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. as financial advisor, Mori Hamada & Matsumoto LPC as legal advisor for TRYT Inc. Naoya Shiota of Morrison & Foerster LLP (Japan) acted as financial advisor to EQT and Life Science & Digital Health Co. Limited.
The Carlyle Group Inc. (NasdaqGS:CG) completed the acquisition of 40% stake in TRYT Inc. (TSE:9164) from EQT Private Capital Asia, EQT AB (publ) (OM:EQT) and others on July 23, 2025. As TRYT received from the Offeror a report on the results of the Tender Offer to the effect that the Tender Offer was successfully completed because 35,828,456 Company Shares were tendered in the Tender Offer with the total number of the tendered TRYT Shares being equal to or greater than the minimum number of shares to be purchased (6,666,700 shares). Accordingly, the Offeror will acquire all of the tendered TRYT Shares. Price Target Changed • Jul 18
Price target increased by 132% to JP¥880 Up from JP¥380, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥880. The company is forecast to post earnings per share of JP¥35.74 for next year compared to JP¥29.17 last year. Board Change • Jun 11
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. President & Representative Director Hidetaka Sasai was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jun 10
The Carlyle Group Inc. (NasdaqGS:CG) agreed to acquire TRYT Inc. (TSE:9164) from Life Science & Digital Health Co. Limited, EQT AB (publ) (OM:EQT) and others for ¥88 billion. The Carlyle Group Inc. (NasdaqGS:CG) agreed to acquire TRYT Inc. (TSE:9164) from Life Science & Digital Health Co. Limited, EQT AB (publ) (OM:EQT) and others for ¥88 billion on June 10, 2025. The offer price is ¥880 per share, and the minimum number of shares to be purchased is 6,666,700 shares. The tender offer is set to begin on June 11, 2025, and will run until July 23, 2025 There is no maximum limit specified, which means the Offeror intends to purchase all shares tendered if the minimum threshold is met. The Special Committee consisted of independent outside directors of the Company, namely Maiko Ono, Goro Nishimoto, and Hiroyuki Izutsu. The committee was tasked with reviewing whether to proceed with the Transactions and making recommendations to the Board of Directors, as well as examining whether the Board's decision on the Transactions would be disadvantageous to the Company's minority shareholders The Offeror aims to make TRYT Inc. a wholly-owned subsidiary through a series of transactions, including a reverse share split and a private transfer of shares from LSDH, the largest shareholder. If the tender offer does not result in acquiring all shares, a reverse share split will be conducted, followed by a private transfer of shares from LSDH to the Offeror. The private transfer price is set at ¥870 per share, slightly lower than the tender offer price, to facilitate the completion of the tender offer. The tender offer is conducted under Japanese law, and there are specific considerations regarding U.S. regulations and other international legal restrictions. The announcement includes disclaimers about forward-looking statements and the legal framework governing the tender offer.
The expected completion of the transaction is July 23, 2025. Nomura Securities Co., Ltd. act as transfer agent for TRYT Inc. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. as financial advisor, Mori Hamada & Matsumoto LPC as legal advisor for TRYT Inc. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥653, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Professional Services industry in Japan. Total returns to shareholders of 51% over the past year. Announcement • Jun 06
TRYT Inc. to Report Q2, 2025 Results on Aug 08, 2025 TRYT Inc. announced that they will report Q2, 2025 results on Aug 08, 2025 Reported Earnings • May 14
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: JP¥10.41 loss per share (further deteriorated from JP¥8.98 loss in 1Q 2024). Revenue: JP¥12.8b (up 8.2% from 1Q 2024). Net loss: JP¥1.04b (loss widened 16% from 1Q 2024). Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Professional Services industry in Japan. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to JP¥486, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Professional Services industry in Japan. Total loss to shareholders of 21% over the past year. Simply Wall St's valuation model estimates the intrinsic value at JP¥209 per share. Price Target Changed • Apr 10
Price target decreased by 15% to JP¥413 Down from JP¥487, the current price target is an average from 3 analysts. New target price is 12% above last closing price of JP¥368. Stock is down 51% over the past year. The company is forecast to post earnings per share of JP¥36.82 for next year compared to JP¥29.17 last year. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥346, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Professional Services industry in Japan. Total loss to shareholders of 47% over the past year. Simply Wall St's valuation model estimates the intrinsic value at JP¥198 per share. Announcement • Apr 02
TRYT Inc. to Report Q1, 2025 Results on May 13, 2025 TRYT Inc. announced that they will report Q1, 2025 results on May 13, 2025 Major Estimate Revision • Feb 28
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥44.96 to JP¥38.00 per share. Revenue forecast steady at JP¥64.3b. Net income forecast to grow 30% next year vs 16% growth forecast for Professional Services industry in Japan. Consensus price target down from JP¥533 to JP¥513. Share price was steady at JP¥358 over the past week. Price Target Changed • Feb 27
Price target decreased by 8.9% to JP¥513 Down from JP¥563, the current price target is an average from 3 analysts. New target price is 43% above last closing price of JP¥359. Stock is down 47% over the past year. The company is forecast to post earnings per share of JP¥38.00 for next year compared to JP¥29.17 last year. Reported Earnings • Feb 15
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥29.17 (down from JP¥49.01 in FY 2023). Revenue: JP¥57.1b (up 8.2% from FY 2023). Net income: JP¥2.92b (down 41% from FY 2023). Profit margin: 5.1% (down from 9.3% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Professional Services industry in Japan. Announcement • Feb 14
TRYT Inc., Annual General Meeting, Mar 28, 2025 TRYT Inc., Annual General Meeting, Mar 28, 2025. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥496, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Professional Services industry in Japan. Total loss to shareholders of 14% over the past year. Simply Wall St's valuation model estimates the intrinsic value at JP¥863 per share. Price Target Changed • Feb 05
Price target decreased by 8.0% to JP¥533 Down from JP¥580, the current price target is an average from 3 analysts. New target price is 28% above last closing price of JP¥418. Stock is down 32% over the past year. The company is forecast to post earnings per share of JP¥32.52 for next year compared to JP¥49.01 last year. Announcement • Dec 20
TRYT Inc. to Report Fiscal Year 2024 Results on Feb 13, 2025 TRYT Inc. announced that they will report fiscal year 2024 results on Feb 13, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: JP¥5.78 loss per share (down from JP¥1.73 profit in 3Q 2023). Revenue: JP¥12.7b (up 5.3% from 3Q 2023). Net loss: JP¥578.0m (down 434% from profit in 3Q 2023). Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in Japan. Announcement • Sep 12
TRYT Inc. to Report Q3, 2024 Results on Nov 14, 2024 TRYT Inc. announced that they will report Q3, 2024 results on Nov 14, 2024 Major Estimate Revision • Aug 23
Consensus EPS estimates fall by 25% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥60.0b to JP¥57.7b. EPS estimate also fell from JP¥47.51 per share to JP¥35.74 per share. Net income forecast to shrink 0.4% next year vs 13% growth forecast for Professional Services industry in Japan . Consensus price target down from JP¥743 to JP¥590. Share price rose 3.2% to JP¥450 over the past week. Major Estimate Revision • Aug 22
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥60.0b to JP¥58.0b. EPS estimate also fell from JP¥47.51 per share to JP¥36.47 per share. Net income forecast to grow 9.3% next year vs 13% growth forecast for Professional Services industry in Japan. Consensus price target down from JP¥743 to JP¥690. Share price rose 6.8% to JP¥438 over the past week. Reported Earnings • Aug 13
Second quarter 2024 earnings: EPS in line with expectations, revenues disappoint Second quarter 2024 results: EPS: JP¥50.88 (up from JP¥49.73 in 2Q 2023). Revenue: JP¥20.1b (up 8.8% from 2Q 2023). Net income: JP¥5.09b (up 2.3% from 2Q 2023). Profit margin: 25% (down from 27% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in Japan. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to JP¥335, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 15x in the Professional Services industry in Japan. Total loss to shareholders of 63% over the past year. Announcement • Jun 08
TRYT Inc. to Report Q2, 2024 Results on Aug 09, 2024 TRYT Inc. announced that they will report Q2, 2024 results on Aug 09, 2024 Major Estimate Revision • May 24
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥55.64 to JP¥49.35 per share. Revenue forecast steady at JP¥60.5b. Net income forecast to grow 26% next year vs 14% growth forecast for Professional Services industry in Japan. Consensus price target down from JP¥967 to JP¥910. Share price fell 2.8% to JP¥454 over the past week. Reported Earnings • May 18
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: JP¥8.98 loss per share (down from JP¥49.73 profit in 1Q 2023). Revenue: JP¥11.9b (down 36% from 1Q 2023). Net loss: JP¥898.0m (down 118% from profit in 1Q 2023). Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in Japan. Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to JP¥483, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 16x in the Professional Services industry in Japan. New Risk • Apr 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 8.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.7% average weekly change). Minor Risk High level of debt (100% net debt to equity). Announcement • Mar 28
TRYT Inc. to Report Q1, 2024 Results on May 14, 2024 TRYT Inc. announced that they will report Q1, 2024 results on May 14, 2024 Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥715, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 18x in the Professional Services industry in Japan. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,368 per share. Reported Earnings • Feb 14
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥49.01 (up from JP¥36.21 in FY 2022). Revenue: JP¥52.8b (up 19% from FY 2022). Net income: JP¥4.90b (up 35% from FY 2022). Profit margin: 9.3% (up from 8.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.4%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Professional Services industry in Japan. Announcement • Jan 09
TRYT Inc. to Report Fiscal Year 2023 Results on Feb 13, 2024 TRYT Inc. announced that they will report fiscal year 2023 results on Feb 13, 2024 Board Change • Dec 31
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 3 experienced directors. 1 highly experienced director. President & Representative Director Hidetaka Sasai is the most experienced director on the board, commencing their role in 2005. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 18
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: JP¥1.73. Net income: JP¥173.0m (up JP¥173.0m from 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 55%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Professional Services industry in Japan. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥604, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Professional Services industry in Japan. Announcement • Sep 23
TRYT Inc. to Report Q3, 2023 Results on Nov 14, 2023 TRYT Inc. announced that they will report Q3, 2023 results on Nov 14, 2023 Reported Earnings • Aug 12
Second quarter 2023 earnings released Second quarter 2023 results: EPS: JP¥23.37. Net income: JP¥2.34b (up JP¥2.34b from 2Q 2022).