RENOVA, Inc.

9519.T · Utilities · Utilities - Renewable · Valued as of 2026-11-05 · Statements 2026-03-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

-269.65M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

1.16B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

422.34M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

438.92M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

471.45M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.93×

the ratio the screener ranks by

Margin of Safety

-7.4%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: -269.65M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)1.71B USD
−②Net Debt Today1.97B USD
+③Growth Value0 USD
=Value-269.65M USD

EPV of the Operations (NOPAT over WACC)

1.71B USD

Net debt today

-1.97B USD

Growth Value

0 USD

Value

-269.65M USD

①EPV (Earnings Power Value)

1.71B USD

②Net Debt Today

1.97B USD

③Growth Value

0 USD

Market value

Market Cap471.45M USD

The price on the date above times the shares.

Value vs market

Margin of Safety—

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 1.16B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 1.16B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap471.45M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+59.5%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 422.34M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF555.42M USD
+②Invested Capital at Year 15, Today1.84B USD
−③Net Debt Today1.97B USD
=Value422.34M USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment rising to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

555.42M USD

②Invested Capital at Year 15, Today

1.84B USD

③Net Debt Today

1.97B USD

Market value

Market Cap471.45M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-11.6%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 3.27%
Cost of Equity =Risk-Free Rate 4.50%+Beta (default) 1.00×Market Risk Premium 6.00%= 10.50%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 7.79M USDPretax Income 36.72M USD= 21.22%

The tax the interest saves.

Interest Expense =EBIT 82.04M USD−Pretax Income 36.72M USD= 45.32M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 45.32M USDTotal Debt 2.13B USD×(1 − Tax Rate for WACC 21.22%)= 1.67%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 2.13B USDMarket Cap + Total Debt 471.45M USD + 2.13B USD= 81.91%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 18.09%×Cost of Equity 10.50%+Debt Weight 81.91%×Cost of Debt 1.67%= 3.27%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-03-31.

Total Assets 3.83B USD − Total Liabilities 2.67B USD = Book Value Today 1.16B USD

Total Debt 2.13B USD − Cash and Short-Term Investments 159.47M USD = Net Debt Today 1.97B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 114.5%at most 5%does not pass90,395,000 / 78,978,100
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets4.1%at least -10.0%passes(177.06M USD − 20.72M USD) ÷ 3.83B USD
Price to bookMarket Cap ÷ Book Value Today0.41×at most 3×passes471.45M USD ÷ 1.16B USD
Operating marginOperating Income ÷ Revenue8.4%above 10.0%does not pass46.18M USD ÷ 548.73M USD
Revenue growthRevenue ÷ Revenue a Year Before − 116.8%above 10.0%passes548.73M USD / 469.97M USD
Net cash(Cash − Total Debt) ÷ Market Cap-422.0%above -30%does not pass(144.54M USD − 2.13B USD) ÷ 471.45M USD
Operating efficiencyOperating Income ÷ Gross Profit15.7%above 25.0%does not pass46.18M USD ÷ 294.95M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

825.82 JPY

Enterprise value

459.69B JPY

the provider's own figure

EV / EBITDA

19.92×

Price / book

0.56×

the provider's book

Price / earnings

22.55×

Return on equity

2.2%

the provider's figure, not this page's

Profit margin

2.9%

Revenue growth

-7.4%

Analyst target, mean

1083.58 JPY

Analysts

4

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2023202420252026

Revenue

252.36M295.78M469.97M548.73M

Gross profit

177.44M180.73M259.33M294.95M

Operating income

67.92M35.28M21.64M46.18M

EBITDA

operating income before depreciation and amortisation

127.75M175.54M175.95M193.49M

Pretax income

36.29M78.42M26.09M36.72M

Net income

20.13M58.54M17.98M20.72M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

28.96M9.24M-6.51M6.45M

R&D

————
Balance sheet, year end (USD)2023202420252026

Total assets

2.28B3.08B3.55B3.83B

Total liabilities

1.79B2.38B2.65B2.67B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

322.80M449.50M596.16M769.34M

Total debt

1.55B2.03B2.23B2.13B

Cash and equivalents

160.59M114.53M160.08M144.54M

Net PP&E

fixed assets after depreciation

1.14B1.51B1.56B1.50B

Working capital

current assets less current liabilities

340.78M289.56M371.02M359.83M
Cash flow (USD)2023202420252026

Operating cash flow

76.14M123.82M210.74M177.06M

Capital expenditure

paid out, so below zero

-82.18M-105.17M-58.43M-37.11M

Depreciation and amortisation

69.37M74.26M110.48M111.45M

Free cash flow

operating cash flow plus capital expenditure

-6.04M18.65M152.31M139.95M