Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥1,131, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 14x in the Renewable Energy industry in Asia. Total loss to shareholders of 41% over the past three years. Announcement • Apr 04
RENOVA, Inc. to Report Fiscal Year 2026 Results on May 13, 2026 RENOVA, Inc. announced that they will report fiscal year 2026 results at 3:30 PM, Tokyo Standard Time on May 13, 2026 Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥926, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 13x in the Renewable Energy industry in Asia. Total loss to shareholders of 53% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JP¥817, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 13x in the Renewable Energy industry in Asia. Total loss to shareholders of 58% over the past three years. New Risk • Feb 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings are forecast to decline by an average of 8.6% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (5.4% average weekly change). Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: JP¥3.54 (vs JP¥8.66 loss in 3Q 2025) Third quarter 2026 results: EPS: JP¥3.54 (up from JP¥8.66 loss in 3Q 2025). Revenue: JP¥23.4b (up 56% from 3Q 2025). Net income: JP¥320.0m (up JP¥1.10b from 3Q 2025). Profit margin: 1.4% (up from net loss in 3Q 2025). The move to profitability was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Price Target Changed • Jan 14
Price target increased by 11% to JP¥1,093 Up from JP¥982, the current price target is an average from 4 analysts. New target price is 61% above last closing price of JP¥679. Stock is up 3.0% over the past year. The company is forecast to post earnings per share of JP¥20.53 for next year compared to JP¥29.85 last year. Announcement • Nov 29
RENOVA, Inc. to Report Q3, 2026 Results on Feb 06, 2026 RENOVA, Inc. announced that they will report Q3, 2026 results on Feb 06, 2026 Announcement • Oct 14
Renova, Inc.'s Subsidiary Omaezakikou Biomass Power Plant G.K Announces Resumption of Operation of Omaezakikou Biomass Power Plant RENOVA, Inc. announced that Omaezakikou Biomass Power Plant, which is owned by its consolidated subsidiary, Omaezakikou Biomass Power Plant G.K., resumed operation on October 10, upon completion of the inspection and repair work that had been conducted since June 2025, with the restart of operation timing having been rescheduled to October as announced on September 22, 2025. Under the initial plan for the current fiscal year (ending March 31, 2026), scheduled maintenance of approximately 20 days was planned in January 2026. Since the major inspection and preventative maintenance works to be conducted during the scheduled maintenance have been completed as part of the recent repair work, the planned January 2026 maintenance has become unnecessary. Accordingly, RENOVA plans to conduct only a follow-up inspection of the repaired areas in January 2026. Although the suspension of operation causes a decrease in revenue, the overall impact on the financial results for the current fiscal year (ending March 31, 2026) is expected to be minor. This is primarily due to the several factors that include the completion of the aforementioned scheduled maintenance at Omaezakikou Biomass Power Plant, a certain level of buffer for unscheduled suspension that was already included in the full-year forecast for the biomass power generation business, an increase in profit from lower spot fuel prices, and the recording of additional business development fees from storage battery businesses which were not included in the initial forecast. Announcement • Oct 01
RENOVA, Inc. (TSE:9519) acquired an additional 16% stake in Karatsu Biomass Energy GK from JA Mitsui Leasing, Ltd. for approximately ¥610 million. RENOVA, Inc. (TSE:9519) acquired an additional 16% stake in Karatsu Biomass Energy GK from JA Mitsui Leasing, Ltd. for approximately ¥610 million on September 30, 2025. A cash consideration of ¥613 million will be paid by RENOVA, Inc. Upon completion, RENOVA, Inc. will own 51% stake in Karatsu Biomass Energy GK.
For the period ending March 31, 2025, Karatsu Biomass Energy GK reported operating loss of ¥1 million. As of March 31, 2025, Karatsu Biomass Energy GK reported total assets of ¥47.13 billion and total common equity of ¥13.5 billion.
RENOVA, Inc. (TSE:9519) completed the acquisition of an additional 16% stake in Karatsu Biomass Energy GK from JA Mitsui Leasing, Ltd. on September 30, 2025. Announcement • Aug 14
RENOVA, Inc. to Report Q2, 2026 Results on Nov 10, 2025 RENOVA, Inc. announced that they will report Q2, 2026 results on Nov 10, 2025 Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥9.53 (vs JP¥3.73 in 1Q 2025) First quarter 2026 results: EPS: JP¥9.53 (up from JP¥3.73 in 1Q 2025). Revenue: JP¥20.5b (up 35% from 1Q 2025). Net income: JP¥862.0m (up 160% from 1Q 2025). Profit margin: 4.2% (up from 2.2% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥749, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total loss to shareholders of 72% over the past three years. Reported Earnings • Jun 24
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: JP¥29.85 (down from JP¥112 in FY 2024). Revenue: JP¥70.2b (up 57% from FY 2024). Net income: JP¥2.69b (down 70% from FY 2024). Profit margin: 3.8% (down from 20% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 2.1%. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jun 17
Consensus EPS estimates increase by 26%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from JP¥96.7b to JP¥94.4b. EPS estimate rose from JP¥16.50 to JP¥20.73. Net income forecast to shrink 30% next year vs 17% growth forecast for Renewable Energy industry in Japan . Consensus price target of JP¥978 unchanged from last update. Share price fell 6.4% to JP¥633 over the past week. Reported Earnings • May 13
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: JP¥29.85 (down from JP¥112 in FY 2024). Revenue: JP¥70.2b (up 57% from FY 2024). Net income: JP¥2.69b (down 70% from FY 2024). Profit margin: 3.8% (down from 20% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 2.1%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Price Target Changed • May 04
Price target decreased by 14% to JP¥978 Down from JP¥1,135, the current price target is an average from 5 analysts. New target price is 50% above last closing price of JP¥653. Stock is down 56% over the past year. The company is forecast to post earnings per share of JP¥30.50 for next year compared to JP¥112 last year. Major Estimate Revision • Apr 26
Consensus EPS estimates fall by 59%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from JP¥72.3b to JP¥75.6b. EPS estimate fell from JP¥73.13 to JP¥30.00 per share. Net income forecast to grow 63% next year vs 15% growth forecast for Renewable Energy industry in Japan. Consensus price target of JP¥1,096 unchanged from last update. Share price rose 12% to JP¥657 over the past week. Announcement • Apr 16
RENOVA, Inc. to Report Q1, 2026 Results on Aug 07, 2025 RENOVA, Inc. announced that they will report Q1, 2026 results on Aug 07, 2025 Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥551, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Renewable Energy industry in Asia. Total loss to shareholders of 68% over the past three years. Announcement • Mar 28
RENOVA, Inc. to Report Fiscal Year 2025 Results on May 12, 2025 RENOVA, Inc. announced that they will report fiscal year 2025 results at 3:30 PM, Tokyo Standard Time on May 12, 2025 Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥731, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 13x in the Renewable Energy industry in Asia. Total loss to shareholders of 45% over the past three years. New Risk • Feb 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 222% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). Earnings are forecast to decline by an average of 5.4% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.1% net profit margin). Reported Earnings • Feb 08
Third quarter 2025 earnings released: JP¥8.67 loss per share (vs JP¥40.13 profit in 3Q 2024) Third quarter 2025 results: JP¥8.67 loss per share (down from JP¥40.13 profit in 3Q 2024). Revenue: JP¥14.9b (up 33% from 3Q 2024). Net loss: JP¥784.0m (down 125% from profit in 3Q 2024). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Announcement • Nov 20
RENOVA, Inc. to Report Q3, 2025 Results on Feb 07, 2025 RENOVA, Inc. announced that they will report Q3, 2025 results on Feb 07, 2025 Reported Earnings • Nov 09
Second quarter 2025 earnings released: JP¥5.07 loss per share (vs JP¥18.57 profit in 2Q 2024) Second quarter 2025 results: JP¥5.07 loss per share (down from JP¥18.57 profit in 2Q 2024). Revenue: JP¥18.5b (up 107% from 2Q 2024). Net loss: JP¥459.0m (down 131% from profit in 2Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has fallen by 46% per year, which means it is performing significantly worse than earnings. Price Target Changed • Oct 08
Price target decreased by 22% to JP¥1,110 Down from JP¥1,430, the current price target is an average from 6 analysts. New target price is 19% above last closing price of JP¥934. Stock is down 15% over the past year. The company is forecast to post earnings per share of JP¥67.45 for next year compared to JP¥112 last year. Announcement • Aug 10
RENOVA, Inc. to Report Q2, 2025 Results on Nov 07, 2024 RENOVA, Inc. announced that they will report Q2, 2025 results on Nov 07, 2024 Major Estimate Revision • Aug 06
Consensus EPS estimates increase by 12%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from JP¥78.8b to JP¥76.3b. EPS estimate rose from JP¥70.42 to JP¥78.54. Net income forecast to shrink 25% next year vs 26% growth forecast for Renewable Energy industry in Japan . Consensus price target down from JP¥1,470 to JP¥1,430. Share price fell 19% to JP¥745 over the past week. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to JP¥645, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total loss to shareholders of 86% over the past three years. Reported Earnings • Jun 25
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: JP¥112 (up from JP¥34.08 in FY 2023). Revenue: JP¥44.7b (up 33% from FY 2023). Net income: JP¥8.86b (up 231% from FY 2023). Profit margin: 20% (up from 8.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 8.6%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 39% per year, which means it has not declined as severely as earnings. Announcement • Jun 05
RENOVA, Inc. to Report Q1, 2025 Results on Aug 08, 2024 RENOVA, Inc. announced that they will report Q1, 2025 results on Aug 08, 2024 Major Estimate Revision • May 29
Consensus EPS estimates increase by 10%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from JP¥81.7b to JP¥80.3b. EPS estimate rose from JP¥61.80 to JP¥68.08. Net income forecast to shrink 37% next year vs 29% growth forecast for Renewable Energy industry in Japan . Consensus price target down from JP¥1,525 to JP¥1,470. Share price fell 5.2% to JP¥1,016 over the past week. New Risk • May 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 263% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.3% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (15% increase in shares outstanding). Announcement • May 10
RENOVA, Inc., Annual General Meeting, Jun 20, 2024 RENOVA, Inc., Annual General Meeting, Jun 20, 2024. Reported Earnings • May 09
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: JP¥112 (up from JP¥34.08 in FY 2023). Revenue: JP¥44.7b (up 33% from FY 2023). Net income: JP¥8.86b (up 231% from FY 2023). Profit margin: 20% (up from 8.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to JP¥1,186, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Renewable Energy industry in Japan. Total loss to shareholders of 63% over the past three years. Major Estimate Revision • May 09
Consensus EPS estimates increase by 26%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from JP¥83.1b to JP¥81.7b. EPS estimate rose from JP¥58.05 to JP¥73.07. Net income forecast to grow 62% next year vs 40% growth forecast for Renewable Energy industry in Japan. Consensus price target broadly unchanged at JP¥1,525. Share price fell 20% to JP¥1,186 over the past week. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,545, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 12x in the Renewable Energy industry in Japan. Total loss to shareholders of 55% over the past three years. New Risk • Apr 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Earnings are forecast to decline by an average of 9.7% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (15% increase in shares outstanding). Announcement • Apr 03
RENOVA, Inc. announced that it expects to receive ¥17.8164 billion in funding from Tokyo Gas Co.,Ltd. RENOVA Inc. announced that it has entered into Capital and Business Alliance Agreement with new investor Tokyo Gas Co., Ltd. to issue 11,877,600 common shares at an issue price of ¥1,500 per share for the gross proceeds of ¥17,816,400,000 on April 1, 2024. The transaction has been approved by the shareholders of the company and is expected to close on April 17, 2024. The company has disclosed the issue expenses of ¥70,000,000 and the net proceeds of ¥17,816,400,000. Post completion; the investor will acquire 13.04% stake in company. Major Estimate Revision • Feb 14
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥45.1b to JP¥44.4b. EPS estimate also fell from JP¥161 per share to JP¥141 per share. Net income forecast to grow 39% next year vs 34% growth forecast for Renewable Energy industry in Japan. Consensus price target broadly unchanged at JP¥1,593. Share price was steady at JP¥1,200 over the past week. Announcement • Feb 13
RENOVA, Inc. to Report Fiscal Year 2024 Results on May 08, 2024 RENOVA, Inc. announced that they will report fiscal year 2024 results on May 08, 2024 Reported Earnings • Feb 09
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: JP¥40.13 (up from JP¥6.69 loss in 3Q 2023). Revenue: JP¥11.5b (up 54% from 3Q 2023). Net income: JP¥3.17b (up JP¥3.69b from 3Q 2023). Profit margin: 28% (up from net loss in 3Q 2023). Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. Announcement • Dec 22
Renova, Inc. Announces Notice Concerning Schedule Change for the Start of Operation At Omaezakikou Biomass Power Plant RENOVA, Inc. has been proceeding with commissioning at the Omaezakikou Biomass Power Plant owned by Omaezakikou biomass Energy G.K., an equity method affiliate of RENOVA, toward start of operation in December 2023. However, given the additional time required for final adjustments to the boiler and turbine facilities to ensure long-term stable operation at the plant, the schedule for the start of operation has been changed to March 2024 (planned). RENOVA also informs that the procedure for reschedule of the FIT period for the project planning to apply, and the FIT electricity sales period is from March 2024 to February 2044. OmaezakikouBiomass Energy G.K. has received Liquidated Damages from the EPC due to the change for the start of commercial operation based on the EPC contract. The impact on financial results for the current fiscal year (ending March 2024) is currently being examined. If any further impacts identified in the future, the company will promptly make announcement. Announcement • Dec 13
RENOVA, Inc. Announces Executive Changes RENOVA Inc. announced that, at a meeting of the board of directors held on December 13, 2023, it resolved and preliminarily decided to implement changes of personnel. Changes of Personnel (As of January 1, 2024): Ryota Suzuki, Co-Head of Operation Division as Head of Operation Division. Outgoing (As of December 31, 2023): Masayoshi Oide, Head of Operation Division. Announcement • Nov 24
RENOVA, Inc. to Report Q3, 2024 Results on Feb 07, 2024 RENOVA, Inc. announced that they will report Q3, 2024 results on Feb 07, 2024 Price Target Changed • Nov 14
Price target decreased by 9.8% to JP¥1,582 Down from JP¥1,753, the current price target is an average from 6 analysts. New target price is 57% above last closing price of JP¥1,010. Stock is down 65% over the past year. The company is forecast to post earnings per share of JP¥156 for next year compared to JP¥34.08 last year. Reported Earnings • Nov 08
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: JP¥18.56 (up from JP¥2.33 in 2Q 2023). Revenue: JP¥8.96b (up 1.6% from 2Q 2023). Net income: JP¥1.46b (up JP¥1.28b from 2Q 2023). Profit margin: 16% (up from 2.1% in 2Q 2023). Revenue missed analyst estimates by 37%. Earnings per share (EPS) exceeded analyst estimates by 87%. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Price Target Changed • Oct 20
Price target decreased by 8.1% to JP¥1,753 Down from JP¥1,908, the current price target is an average from 6 analysts. New target price is 62% above last closing price of JP¥1,082. Stock is down 68% over the past year. The company is forecast to post earnings per share of JP¥149 for next year compared to JP¥34.08 last year. Announcement • Sep 18
RENOVA, Inc.(TSE:9519) dropped from FTSE All-World Index (USD) RENOVA, Inc.(TSE:9519) dropped from FTSE All-World Index (USD) Announcement • Aug 27
RENOVA, Inc. to Report Q2, 2024 Results on Nov 07, 2023 RENOVA, Inc. announced that they will report Q2, 2024 results on Nov 07, 2023 Reported Earnings • Aug 08
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: JP¥17.20 (down from JP¥59.04 in 1Q 2023). Revenue: JP¥9.60b (up 13% from 1Q 2023). Net income: JP¥1.35b (down 71% from 1Q 2023). Profit margin: 14% (down from 54% in 1Q 2023). Revenue missed analyst estimates by 9.6%. Earnings per share (EPS) also missed analyst estimates by 37%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Jun 22
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: JP¥34.08 (up from JP¥20.24 in FY 2022). Revenue: JP¥33.6b (up 15% from FY 2022). Net income: JP¥2.68b (up 69% from FY 2022). Profit margin: 8.0% (up from 5.4% in FY 2022). Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • Jun 01
RENOVA, Inc. (TSE:9519) acquired remaining 62% stake in Hitoyoshi Solar T.K. from Fuyo General Lease Co., Ltd. (TSE:8424). RENOVA, Inc. (TSE:9519) acquired remaining 62% stake in Hitoyoshi Solar T.K. from Fuyo General Lease Co., Ltd. (TSE:8424) on May 31, 2023. Hitoyoshi Solar has reported net assets of ¥1 million and total assets of ¥7.15 billion during fiscal year ended March 2023.
RENOVA, Inc. (TSE:9519) completed the acquisition of remaining 62% stake in Hitoyoshi Solar T.K. from Fuyo General Lease Co., Ltd. (TSE:8424) on May 31, 2023. Announcement • May 17
RENOVA, Inc. Provides Electricity Sales Guidance for the Full Year Ending March 31, 2024 RENOVA, Inc. provided electricity sales guidance for the full year ending March 31, 2024. For the year, the company expects to generate electricity sales of 2,297,728,004 kWh. Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,656, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Renewable Energy industry in Japan. Total returns to shareholders of 88% over the past three years. Announcement • May 13
RENOVA, Inc. to Report Q1, 2024 Results on Aug 07, 2023 RENOVA, Inc. announced that they will report Q1, 2024 results on Aug 07, 2023 Reported Earnings • May 10
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: JP¥34.08 (up from JP¥20.24 in FY 2022). Revenue: JP¥33.6b (up 15% from FY 2022). Net income: JP¥2.68b (up 69% from FY 2022). Profit margin: 8.0% (up from 5.4% in FY 2022). Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Major Estimate Revision • May 10
Consensus EPS estimates increase by 18%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from JP¥72.0b to JP¥69.7b. EPS estimate rose from JP¥104 to JP¥123. Net income forecast to grow 145% next year vs 39% growth forecast for Renewable Energy industry in Japan. Consensus price target of JP¥2,407 unchanged from last update. Share price fell 15% to JP¥1,626 over the past week. Announcement • May 08
RENOVA, Inc., Annual General Meeting, Jun 20, 2023 RENOVA, Inc., Annual General Meeting, Jun 20, 2023. Price Target Changed • Apr 28
Price target decreased by 8.5% to JP¥2,407 Down from JP¥2,632, the current price target is an average from 6 analysts. New target price is 25% above last closing price of JP¥1,918. Stock is up 19% over the past year. The company is forecast to post earnings per share of JP¥42.56 for next year compared to JP¥20.24 last year. Price Target Changed • Apr 26
Price target decreased by 8.5% to JP¥2,407 Down from JP¥2,632, the current price target is an average from 6 analysts. New target price is 20% above last closing price of JP¥2,007. Stock is up 24% over the past year. The company is forecast to post earnings per share of JP¥42.56 for next year compared to JP¥20.24 last year. Reported Earnings • Feb 12
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: JP¥6.69 loss per share (improved from JP¥65.40 loss in 3Q 2022). Revenue: JP¥7.46b (down 3.7% from 3Q 2022). Net loss: JP¥526.0m (loss narrowed 90% from 3Q 2022). Revenue missed analyst estimates by 15%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Price Target Changed • Feb 09
Price target decreased by 16% to JP¥2,217 Down from JP¥2,627, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥2,181. Stock is up 46% over the past year. The company is forecast to post earnings per share of JP¥45.97 for next year compared to JP¥20.24 last year. Announcement • Feb 09
RENOVA, Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2023 RENOVA, Inc. provided consolidated earnings guidance for the fiscal year ending March 31, 2023. For the year, the company now expects revenue of JPY 35,500 million, operating profit of JPY 8,700 million, profit attributable to owners of parent of JPY 2,900 million and basic earnings per share of JPY 36.77. Announcement • Dec 28
RENOVA, Inc. to Report Q3, 2023 Results on Feb 09, 2023 RENOVA, Inc. announced that they will report Q3, 2023 results on Feb 09, 2023 Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent External Director Ken Takayama was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 09
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: JP¥2.33 (down from JP¥75.97 in 2Q 2022). Revenue: JP¥8.81b (up 22% from 2Q 2022). Net income: JP¥183.0m (down 97% from 2Q 2022). Profit margin: 2.1% (down from 82% in 2Q 2022). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 74%. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Renewable Energy industry in Japan. Announcement • Nov 07
RENOVA, Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2023 RENOVA, Inc. provided consolidated earnings guidance for the fiscal year ending March 31, 2023. For the year, the company expects revenue of JPY 35,500 million, operating profit of JPY 8,700 million, profit for the period attributable to owners of the parent of JPY 2,900 million and basic earnings per share of JPY 36.77. Buying Opportunity • Nov 02
Now 21% undervalued Over the last 90 days, the stock is up 23%. The fair value is estimated to be JP¥3,935, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last year. Earnings per share has declined by 60%. For the next 3 years, revenue is forecast to grow by 27% per annum. Earnings is also forecast to grow by 7.1% per annum over the same time period. Buying Opportunity • Oct 13
Now 20% undervalued Over the last 90 days, the stock is up 33%. The fair value is estimated to be JP¥4,322, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last year. Earnings per share has declined by 60%. For the next 3 years, revenue is forecast to grow by 27% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Price Target Changed • Oct 05
Price target increased to JP¥2,412 Up from JP¥2,057, the current price target is an average from 7 analysts. New target price is 37% below last closing price of JP¥3,800. Stock is down 14% over the past year. The company is forecast to post earnings per share of JP¥42.04 for next year compared to JP¥20.24 last year. Buying Opportunity • Sep 21
Now 21% undervalued Over the last 90 days, the stock is up 70%. The fair value is estimated to be JP¥4,449, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last year. Earnings per share has declined by 60%. For the next 3 years, revenue is forecast to grow by 26% per annum. Earnings is also forecast to grow by 6.7% per annum over the same time period. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥3,420, the stock trades at a forward P/E ratio of 57x. Average forward P/E is 18x in the Renewable Energy industry in Japan. Total returns to shareholders of 300% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥4,449 per share. Announcement • Sep 07
RENOVA, Inc. to Report Q2, 2023 Results on Nov 07, 2022 RENOVA, Inc. announced that they will report Q2, 2023 results on Nov 07, 2022 Major Estimate Revision • Aug 15
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from JP¥35.6b to JP¥36.1b. EPS estimate increased from JP¥35.95 to JP¥42.10 per share. Net income forecast to shrink 3.7% next year vs 3.7% decline forecast for Renewable Energy industry in Japan. Consensus price target broadly unchanged at JP¥2,065. Share price rose 5.3% to JP¥2,698 over the past week. Reported Earnings • Aug 09
First quarter 2023 earnings: EPS exceeds analyst expectations First quarter 2023 results: EPS: JP¥59.04 (up from JP¥16.84 in 1Q 2022). Revenue: JP¥8.53b (up 39% from 1Q 2022). Net income: JP¥4.64b (up 254% from 1Q 2022). Profit margin: 54% (up from 21% in 1Q 2022). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 229%. Over the next year, revenue is forecast to grow 45%, compared to a 9.6% growth forecast for the industry in Japan. 
