Financials Toyobo Co., Ltd.

Equities

3101

JP3619800000

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-12 am EDT			5-day change	1st Jan Change
1,046 ^JPY	+0.10%		+0.38%	-1.04%

May. 22	Toyobo Proposes to Pay Dividend of 40 Yen Per Share	MT
May. 13	Toyobo Co., Ltd. Announces Year End Dividend for the Year Ended March 31, 2024, Payable on June 26, 2024; Provides Dividend Guidance for the Fiscal Year Ending March 31, 2025	CI

Valuation

Fiscal Period: Marzo	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	101,512	126,522	97,164	92,170	99,288	92,151	-	-
Enterprise Value (EV) ¹	247,653	274,747	257,679	256,633	307,583	325,951	334,551	349,401
P/E ratio	7.37 x	30.1 x	7.55 x	-141 x	40.4 x	31.3 x	12.5 x	11 x
Yield	3.5%	2.81%	3.66%	3.85%	3.55%	3.82%	3.95%	4.21%
Capitalization / Revenue	0.3 x	0.37 x	0.26 x	0.23 x	0.24 x	0.21 x	0.21 x	0.2 x
EV / Revenue	0.73 x	0.81 x	0.69 x	0.64 x	0.74 x	0.75 x	0.75 x	0.74 x
EV / EBITDA	6.22 x	6.01 x	5.31 x	8.82 x	10.7 x	8.74 x	7.61 x	7.26 x
EV / FCF	49.1 x	23.3 x	-34.3 x	-9.1 x	-7.69 x	-14.6 x	-34.9 x	-32.4 x
FCF Yield	2.03%	4.29%	-2.91%	-11%	-13%	-6.87%	-2.87%	-3.09%
Price to Book	0.57 x	0.68 x	0.5 x	0.48 x	0.5 x	0.47 x	0.46 x	0.45 x
Nbr of stocks (in thousands)	88,812	88,850	88,897	88,710	88,099	88,099	-	-
Reference price ²	1,143	1,424	1,093	1,039	1,127	1,046	1,046	1,046
Announcement Date	5/11/20	5/10/21	5/12/22	5/11/23	5/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	339,607	337,406	375,720	399,921	414,265	433,600	448,100	469,350
EBITDA ¹	39,799	45,752	48,510	29,113	28,801	37,300	43,967	48,150
EBIT ¹	22,794	26,657	28,430	10,063	8,995	16,667	20,500	24,100
Operating Margin	6.71%	7.9%	7.57%	2.52%	2.17%	3.84%	4.57%	5.13%
Earnings before Tax (EBT) ¹	19,716	5,582	14,796	612	5,587	6,650	12,667	15,250
Net income ¹	13,774	4,202	12,865	-655	2,455	2,950	7,357	8,350
Net margin	4.06%	1.25%	3.42%	-0.16%	0.59%	0.68%	1.64%	1.78%
EPS ²	155.1	47.30	144.8	-7.370	27.87	33.45	83.50	94.80
Free Cash Flow ¹	5,039	11,775	-7,511	-28,213	-39,974	-22,389	-9,586	-10,800
FCF margin	1.48%	3.49%	-2%	-7.05%	-9.65%	-5.16%	-2.14%	-2.3%
FCF Conversion (EBITDA)	12.66%	25.74%	-	-	-	-	-	-
FCF Conversion (Net income)	36.58%	280.22%	-	-	-	-	-	-
Dividend per Share ²	40.00	40.00	40.00	40.00	40.00	40.00	41.33	44.00
Announcement Date	5/11/20	5/10/21	5/12/22	5/11/23	5/13/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	2020 S2	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	174,698	157,507	179,899	183,900	90,600	101,220	191,820	101,000	100,075	201,123	97,615	101,183	97,100	102,400	199,400	107,900	106,942	214,846	103,650	107,750	214,000	110,450	111,750	226,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	17,045	-	-	-	-	-	-
EBIT ¹	11,680	10,420	16,237	17,100	5,800	5,530	11,330	4,600	3,264	7,885	1,683	495	-100	2,400	2,400	2,600	4,003	6,634	3,033	4,100	7,000	4,467	5,067	11,000
Operating Margin	6.69%	6.62%	9.03%	9.3%	6.4%	5.46%	5.91%	4.55%	3.26%	3.92%	1.72%	0.49%	-0.1%	2.34%	1.2%	2.41%	3.74%	3.09%	2.93%	3.81%	3.27%	4.04%	4.53%	4.87%
Earnings before Tax (EBT)	-	3,952	-	11,467	3,564	-	-	10,875	-	14,841	-606	-	-843	-	3,086	542	1,959	2,501	-	-	-	-	-	-
Net income ¹	11,112	2,642	1,560	9,700	2,400	765	3,165	7,800	3,173	10,970	-1,211	-10,414	-500	2,500	2,000	-400	882	444	300	900	1,200	1,000	1,300	2,300
Net margin	6.36%	1.68%	0.87%	5.27%	2.65%	0.76%	1.65%	7.72%	3.17%	5.45%	-1.24%	-10.29%	-0.51%	2.44%	1%	-0.37%	0.82%	0.21%	0.29%	0.84%	0.56%	0.91%	1.16%	1.02%
EPS	-	29.75	-	109.2	27.23	-	-	87.71	-	123.4	-13.63	-	-5.800	-	22.82	-4.970	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	5/11/20	11/9/20	5/10/21	11/8/21	2/10/22	5/12/22	5/12/22	8/8/22	11/10/22	11/10/22	2/8/23	5/11/23	8/7/23	11/9/23	11/9/23	2/8/24	5/13/24	5/13/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	146,141	148,225	160,515	164,463	208,295	233,800	242,400	257,250
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.672 x	3.24 x	3.309 x	5.649 x	7.232 x	6.268 x	5.513 x	5.343 x
Free Cash Flow ¹	5,039	11,775	-7,511	-28,213	-39,974	-22,389	-9,586	-10,800
ROE (net income / shareholders' equity)	7.8%	2.3%	6.8%	-0.3%	1.3%	1.49%	2.88%	4.12%
ROA (Net income/ Total Assets)	3.8%	4.23%	4.58%	1.19%	1.16%	1.94%	2.97%	3.74%
Assets ¹	362,745	99,445	281,056	-54,998	210,853	152,062	247,699	223,262
Book Value Per Share ²	2,003	2,090	2,192	2,146	2,237	2,230	2,254	2,308
Cash Flow per Share	347.0	262.0	371.0	207.0	253.0	-	-	-
Capex ¹	36,445	23,253	33,640	42,734	61,569	50,000	38,333	42,500
Capex / Sales	10.73%	6.89%	8.95%	10.69%	14.86%	11.53%	8.55%	9.06%
Announcement Date	5/11/20	5/10/21	5/12/22	5/11/23	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

Ratings for Toyobo Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,046 JPY

Average target price

1,370 JPY

Spread / Average Target

+30.98%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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