Financials TOHO CO., LTD.

Equities

9602

JP3598600009

Entertainment Production

Delayed Japan Exchange Other stock markets 12:56:23 2024-07-09 am EDT			5-day change	1st Jan Change
4,517 ^JPY	-1.59%		-5.39%	-5.33%

Jun. 19	Toho's Profit Up 29% in Fiscal Q1	MT
May. 28	Polymetals Resources Satisfies Two of Three Conditions in Endeavor Mine Acquisition	MT

Valuation

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	590,128	710,627	847,311	827,486	848,873	784,501	-	-
Enterprise Value (EV) ¹	521,098	634,178	769,058	738,679	772,253	661,210	635,734	610,659
P/E ratio	16.3 x	48.5 x	28.6 x	24.9 x	18.7 x	19.6 x	18.3 x	17.3 x
Yield	1.65%	0.88%	0.94%	1.27%	1.75%	1.58%	1.66%	1.74%
Capitalization / Revenue	2.25 x	3.7 x	3.71 x	3.39 x	3 x	2.73 x	2.62 x	2.5 x
EV / Revenue	1.98 x	3.3 x	3.37 x	3.02 x	2.73 x	2.3 x	2.12 x	1.95 x
EV / EBITDA	8.28 x	20.3 x	15.7 x	13.6 x	11.1 x	9.75 x	8.82 x	8.06 x
EV / FCF	11.6 x	-43.1 x	44.1 x	20.4 x	37.2 x	22.1 x	16.4 x	15.1 x
FCF Yield	8.64%	-2.32%	2.27%	4.9%	2.69%	4.52%	6.1%	6.63%
Price to Book	1.59 x	1.89 x	2.13 x	2.02 x	1.84 x	1.7 x	1.61 x	1.52 x
Nbr of stocks (in thousands)	177,482	177,657	177,077	174,575	174,593	170,915	-	-
Reference price ²	3,325	4,000	4,785	4,740	4,862	4,590	4,590	4,590
Announcement Date	4/14/20	4/13/21	4/12/22	4/13/23	4/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	262,766	191,948	228,367	244,295	283,347	286,912	299,194	313,293
EBITDA ¹	62,926	31,244	48,899	54,394	69,507	67,829	72,060	75,740
EBIT ¹	52,857	22,447	39,948	44,880	59,251	58,062	61,171	65,467
Operating Margin	20.12%	11.69%	17.49%	18.37%	20.91%	20.24%	20.45%	20.9%
Earnings before Tax (EBT) ¹	55,694	23,738	44,481	50,490	67,002	60,040	64,200	67,800
Net income ¹	36,609	14,688	29,568	33,430	45,283	40,600	43,086	45,933
Net margin	13.93%	7.65%	12.95%	13.68%	15.98%	14.15%	14.4%	14.66%
EPS ²	203.8	82.54	167.2	190.4	259.5	234.0	250.5	264.9
Free Cash Flow ¹	45,036	-14,714	17,430	36,229	20,740	29,910	38,753	40,462
FCF margin	17.14%	-7.67%	7.63%	14.83%	7.32%	10.42%	12.95%	12.92%
FCF Conversion (EBITDA)	71.57%	-	35.64%	66.6%	29.84%	44.1%	53.78%	53.42%
FCF Conversion (Net income)	123.02%	-	58.95%	108.37%	45.8%	73.67%	89.94%	88.09%
Dividend per Share ²	55.00	35.00	45.00	60.00	85.00	72.38	76.00	79.71
Announcement Date	4/14/20	4/13/21	4/12/22	4/13/23	4/15/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S2	2021 S1	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	118,708	73,991	118,050	50,570	59,747	110,317	61,865	58,488	120,353	59,385	64,557	123,942	74,153	65,489	139,642	63,458	80,247	83,360	72,180	64,420	72,925
EBITDA	-	-	-	-	-	-	-	-	-	-	11,570	-	-	-	-	-	-	-	-	-	-
EBIT ¹	19,318	7,098	21,463	6,713	11,772	18,485	14,273	11,711	25,984	9,883	9,013	18,896	18,324	12,428	30,752	10,858	17,641	20,225	14,575	11,625	13,400
Operating Margin	16.27%	9.59%	18.18%	13.27%	19.7%	16.76%	23.07%	20.02%	21.59%	16.64%	13.96%	15.25%	24.71%	18.98%	22.02%	17.11%	21.98%	24.26%	20.19%	18.05%	18.38%
Earnings before Tax (EBT) ¹	-	6,921	22,980	7,823	13,678	-	17,296	15,319	32,615	9,304	8,571	-	18,695	14,078	32,773	11,510	22,719	20,350	15,600	11,650	12,800
Net income ¹	13,724	3,795	15,081	5,083	9,404	14,487	11,516	10,042	21,558	5,580	6,292	11,872	12,291	9,460	21,751	6,651	16,881	13,650	10,350	7,900	7,000
Net margin	11.56%	5.13%	12.78%	10.05%	15.74%	13.13%	18.61%	17.17%	17.91%	9.4%	9.75%	9.58%	16.58%	14.45%	15.58%	10.48%	21.04%	16.37%	14.34%	12.26%	9.6%
EPS	-	21.30	85.17	28.84	53.23	-	65.22	57.02	122.2	32.02	36.11	-	70.41	-	124.6	38.09	-	-	-	-	-
Dividend per Share	-	17.50	17.50	-	-	-	-	-	20.00	-	-	-	-	-	20.00	-	-	-	-	-	-
Announcement Date	4/14/20	10/13/20	10/12/21	1/12/22	4/12/22	4/12/22	7/12/22	10/12/22	10/12/22	1/12/23	4/13/23	4/13/23	7/13/23	10/11/23	10/11/23	1/15/24	4/15/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	69,030	76,449	78,253	88,807	76,620	123,291	148,767	173,842
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	45,036	-14,714	17,430	36,229	20,740	29,910	38,753	40,462
ROE (net income / shareholders' equity)	10%	3.9%	7.7%	8.3%	10.4%	8.91%	8.89%	8.9%
ROA (Net income/ Total Assets)	11.6%	3.05%	8.77%	9.23%	11%	7.7%	7%	7.15%
Assets ¹	316,079	482,043	337,325	362,381	413,112	527,273	615,510	642,424
Book Value Per Share ²	2,092	2,115	2,241	2,345	2,637	2,694	2,851	3,019
Cash Flow per Share	260.0	132.0	218.0	245.0	318.0	-	-	-
Capex ¹	10,856	10,097	28,252	19,564	22,610	17,020	16,780	16,780
Capex / Sales	4.13%	5.26%	12.37%	8.01%	7.98%	5.93%	5.61%	5.36%
Announcement Date	4/14/20	4/13/21	4/12/22	4/13/23	4/15/24	-	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for TOHO CO., LTD.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,590 JPY

Average target price

6,171 JPY

Spread / Average Target

+34.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Movie, TV Production & Distribution

	1st Jan change	Capi.
TOHO CO., LTD.	-5.33%	4.88B
ENDEAVOR GROUP HOLDINGS, INC.	+15.47%	8.29B
MANGO EXCELLENT MEDIA CO., LTD.	-22.50%	5.03B
MADISON SQUARE GARDEN SPORTS CORP.	+6.55%	4.64B
BANIJAY GROUP N.V.	+2.96%	3.99B
BEIJING ENLIGHT MEDIA CO., LTD.	-5.64%	3.08B
CHINA FILM CO., LTD.	-13.89%	2.71B
LIONSGATE STUDIOS CORP.	-20.66%	2.38B
ALIBABA PICTURES GROUP LIMITED	-15.62%	1.54B
ZHEJIANG HUACE FILM & TV CO., LTD.	-4.26%	1.45B

Movie, TV Production & Distribution