Trend Micro Incorporated (4704.T) – Renewal challenges balanced by hybrid ARR

Trend Micro Incorporated (4704.T) (Q2FY23)

Stock Performance: Trend Micro stock price showed a downtrend in the past 3-month period and gave negative returns of -18%. The price decreased by -22% in the past 1 year. It had a 52-week high of ¥7595 and its 52-week low is ¥5420.

Quarter Performance : In Q2FY23, company revenue increased by 11% to ¥60.83bn from ¥54.87bn in Q2FY22 and the COGS increased by 15% to ¥15.11bn from ¥13.14bn in the same period

Guidance: For FY23, Trend Micro expects revenue to increase by 11% Y/Y to ¥248.5bn. Operating income is expected to be ¥34.8bn. Ordinary income to be ~ ¥34.9bn. Net income is expected to be ¥25.1bn.

Highlights

The corporation encountered unfavorable effects from Foreign Exchange (Forex) rates and dealt with reduced renewal rates, notably within the enterprise sector.

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Highlights

Valuation

– Enterprise Value
– CrispIdea Forecast
– CrispIdea Segment Forecast
– Economic Value Added Analysis
– Discounted Cash Flow Analysis
– P/E Analysis
– Peer Valuation
– CrispIdea Forecast Relative to Consensus
– Consensus History and Surprise
– Consensus Momentum

Actual & Historical Performance

– Income Statement
– Balance Sheet
– Cash Flow
– 10 Year Historical Performance
– Ratio Analysis
– Du Pont Analysis
– ROIC & ROCE Analysis
– Segment Performance
– Key Metrics
– M&A Deals

Peer Performance

– Summary
– Profitability
– Growth
– Price Performance

Ownership

Stock Price Performance

Crispidea Coverage

No of Pages: 37

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