TORAY INDUSTRIES, INC. |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 771.6 JPY | +1.01% |
|
+2.09% | +5.27% |
| May. 27 | Toray Industries to Build Advanced Materials Production Plant in South Korea's Gumi City | MT |
| May. 22 | Immunis Partners with Toray to Reverse Sarcopenia | CI |
Valuation
| Fiscal Period: März | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 750,376 | 1,140,322 | 1,022,540 | 1,211,012 | 1,185,376 | 1,223,495 | - | - |
| Enterprise Value (EV) 1 | 1,490,235 | 1,877,895 | 1,721,071 | 1,937,110 | 1,899,173 | 1,934,625 | 1,924,969 | 1,921,606 |
| P/E ratio | 13.5 x | 24.9 x | 12.1 x | 16.6 x | 54.1 x | 14.3 x | 11.7 x | 10.4 x |
| Yield | 3.41% | 1.26% | 2.5% | 2.38% | 2.43% | 2.38% | 2.74% | 2.94% |
| Capitalization / Revenue | 0.34 x | 0.61 x | 0.46 x | 0.49 x | 0.48 x | 0.47 x | 0.45 x | 0.43 x |
| EV / Revenue | 0.67 x | 1 x | 0.77 x | 0.78 x | 0.77 x | 0.74 x | 0.71 x | 0.67 x |
| EV / EBITDA | 5.97 x | 9.11 x | 6.82 x | 8.23 x | 10.2 x | 7.37 x | 6.55 x | 6 x |
| EV / FCF | 17.5 x | 16.5 x | 21.2 x | 45.6 x | 29.4 x | 46.2 x | 30.7 x | 27.6 x |
| FCF Yield | 5.7% | 6.05% | 4.71% | 2.19% | 3.41% | 2.16% | 3.25% | 3.62% |
| Price to Book | 0.69 x | 0.92 x | 0.73 x | 0.79 x | 0.68 x | 0.68 x | 0.65 x | 0.62 x |
| Nbr of stocks (in thousands) | 1,599,950 | 1,600,452 | 1,600,720 | 1,601,021 | 1,601,643 | 1,601,643 | - | - |
| Reference price 2 | 469.0 | 712.5 | 638.8 | 756.4 | 740.1 | 763.9 | 763.9 | 763.9 |
| Announcement Date | 5/28/20 | 5/13/21 | 5/13/22 | 5/12/23 | 5/13/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,214,633 | 1,883,600 | 2,228,523 | 2,489,330 | 2,464,596 | 2,597,611 | 2,716,776 | 2,863,452 |
| EBITDA 1 | 249,510 | 206,084 | 252,432 | 235,376 | 186,845 | 262,335 | 293,871 | 320,455 |
| EBIT 1 | 131,186 | 90,265 | 132,063 | 109,001 | 57,651 | 124,700 | 153,273 | 169,576 |
| Operating Margin | 5.92% | 4.79% | 5.93% | 4.38% | 2.34% | 4.8% | 5.64% | 5.92% |
| Earnings before Tax (EBT) 1 | 94,046 | 65,566 | 120,315 | 111,870 | 59,567 | 127,722 | 151,929 | 170,859 |
| Net income 1 | 55,725 | 45,794 | 84,235 | 72,823 | 21,897 | 84,183 | 101,632 | 113,931 |
| Net margin | 2.52% | 2.43% | 3.78% | 2.93% | 0.89% | 3.24% | 3.74% | 3.98% |
| EPS 2 | 34.83 | 28.61 | 52.63 | 45.49 | 13.67 | 53.33 | 65.20 | 73.44 |
| Free Cash Flow 1 | 85,000 | 113,700 | 81,100 | 42,489 | 64,700 | 41,847 | 62,641 | 69,637 |
| FCF margin | 3.84% | 6.04% | 3.64% | 1.71% | 2.63% | 1.61% | 2.31% | 2.43% |
| FCF Conversion (EBITDA) | 34.07% | 55.17% | 32.13% | 18.05% | 34.63% | 15.95% | 21.32% | 21.73% |
| FCF Conversion (Net income) | 152.53% | 248.29% | 96.28% | 58.35% | 295.47% | 49.71% | 61.64% | 61.12% |
| Dividend per Share 2 | 16.00 | 9.000 | 16.00 | 18.00 | 18.00 | 18.20 | 20.91 | 22.44 |
| Announcement Date | 5/28/20 | 5/13/21 | 5/13/22 | 5/12/23 | 5/13/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: März | 2020 S2 | 2021 S1 | 2021 S2 | 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 | 2024 S2 | 2025 Q1 | 2025 Q2 | 2025 S1 | 2025 Q3 | 2025 Q4 | 2025 S2 | 2026 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,092,274 | 856,069 | 1,027,531 | 1,062,978 | 583,894 | 581,651 | 1,165,545 | 605,869 | 655,925 | 1,261,794 | 640,006 | 587,530 | 1,227,536 | 578,057 | 621,319 | 1,199,376 | 630,032 | 635,188 | 1,265,220 | 607,520 | 657,640 | 1,265,150 | 678,420 | 660,080 | 1,363,350 | 640,400 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 59,538 | 34,096 | 56,169 | 68,962 | 35,806 | 26,081 | 61,887 | 27,108 | 27,313 | 54,421 | 44,246 | 10,334 | - | 21,906 | 23,651 | 44,445 | 26,924 | -13,718 | 13,206 | 27,275 | 32,825 | 58,000 | 37,200 | 33,525 | 66,000 | 44,700 |
| Operating Margin | 5.45% | 3.98% | 5.47% | 6.49% | 6.13% | 4.48% | 5.31% | 4.47% | 4.16% | 4.31% | 6.91% | 1.76% | - | 3.79% | 3.81% | 3.71% | 4.27% | -2.16% | 1.04% | 4.49% | 4.99% | 4.58% | 5.48% | 5.08% | 4.84% | 6.98% |
| Earnings before Tax (EBT) 1 | - | 8,439 | 57,127 | 81,205 | 39,302 | -192 | 39,110 | 57,224 | 27,752 | 84,976 | 24,039 | 2,855 | 26,894 | 25,107 | 23,872 | 48,979 | 27,323 | -16,735 | 10,588 | 25,700 | 32,300 | 58,000 | 37,450 | 29,050 | 66,000 | - |
| Net income 1 | 10,067 | 4,466 | 41,328 | 60,924 | 28,382 | -5,071 | 23,311 | 39,921 | 19,191 | 59,112 | 15,441 | -1,730 | 13,711 | 13,946 | 14,921 | 28,867 | 16,792 | -23,762 | -6,970 | 18,800 | 22,133 | 37,550 | 26,433 | 21,333 | 43,900 | 34,800 |
| Net margin | 0.92% | 0.52% | 4.02% | 5.73% | 4.86% | -0.87% | 2% | 6.59% | 2.93% | 4.68% | 2.41% | -0.29% | 1.12% | 2.41% | 2.4% | 2.41% | 2.67% | -3.74% | -0.55% | 3.09% | 3.37% | 2.97% | 3.9% | 3.23% | 3.22% | 5.43% |
| EPS 2 | - | 2.790 | - | 38.06 | 17.73 | -3.160 | - | 24.94 | 11.98 | 36.92 | 9.650 | -1.080 | - | 8.710 | 9.320 | 18.03 | 10.48 | -14.84 | - | 13.45 | 14.47 | - | 15.66 | 15.69 | - | 21.74 |
| Dividend per Share 2 | - | 4.500 | - | 8.000 | - | 8.000 | - | - | 9.000 | 9.000 | - | 9.000 | 9.000 | - | 9.000 | 9.000 | - | 9.000 | - | - | 10.00 | - | - | 10.00 | - | - |
| Announcement Date | 5/28/20 | 11/6/20 | 5/13/21 | 11/9/21 | 2/9/22 | 5/13/22 | 5/13/22 | 8/9/22 | 11/8/22 | 11/8/22 | 2/8/23 | 5/12/23 | 5/12/23 | 8/7/23 | 11/8/23 | 11/8/23 | 2/8/24 | 5/13/24 | 5/13/24 | - | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: März | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 739,859 | 737,573 | 698,531 | 726,098 | 713,797 | 711,130 | 701,474 | 698,111 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.965 x | 3.579 x | 2.767 x | 3.085 x | 3.82 x | 2.711 x | 2.387 x | 2.179 x |
| Free Cash Flow 1 | 85,000 | 113,700 | 81,100 | 42,489 | 64,700 | 41,847 | 62,641 | 69,637 |
| ROE (net income / shareholders' equity) | 5% | 3.89% | 6.4% | 5% | 1.3% | 4.9% | 5.9% | 6.16% |
| ROA (Net income/ Total Assets) | 3.8% | 3.9% | 4.08% | 3.59% | 3.1% | 3.03% | 3.47% | 3.79% |
| Assets 1 | 1,466,258 | 1,174,205 | 2,062,809 | 2,030,323 | 706,355 | 2,778,596 | 2,930,331 | 3,007,251 |
| Book Value Per Share 2 | 684.0 | 773.0 | 878.0 | 959.0 | 1,084 | 1,121 | 1,167 | 1,240 |
| Cash Flow per Share 2 | 102.0 | 101.0 | 128.0 | 124.0 | 94.30 | 150.0 | 165.0 | 188.0 |
| Capex 1 | 140,767 | 133,200 | 100,936 | 112,546 | 147,165 | 192,450 | 171,125 | 178,650 |
| Capex / Sales | 6.36% | 7.07% | 4.53% | 4.52% | 5.97% | 7.41% | 6.3% | 6.24% |
| Announcement Date | 5/28/20 | 5/13/21 | 5/13/22 | 5/12/23 | 5/13/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
763.9
JPY
Average target price
877.3
JPY
Spread / Average Target
+14.84%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +4.20% | 7.59B | |
| +1.24% | 100B | |
| -11.38% | 59.03B | |
| +80.95% | 48.97B | |
| +1.21% | 33.93B | |
| -2.35% | 30.35B | |
| +0.99% | 18.03B | |
| +16.72% | 17.67B | |
| +4.48% | 13.43B | |
| +83.76% | 13.06B |
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- Financials Toray Industries, Inc.
