Financials Toyoda Gosei Co., Ltd. OTC Markets

Equities

TGOS.F

JP3634200004

Auto, Truck & Motorcycle Parts

Market Closed - OTC Markets Other stock markets 09:40:33 2024-01-11 am EST			5-day change	1st Jan Change
19.58 ^USD	+1.66%		-.--%	+1.66%

Jun. 20	Toyota Motor Suppliers Denso and Aisin Divest Holdings	MT
Jun. 20	Toyota Group suppliers Denso, Aisin scale back cross-shareholdings, filing shows	RE

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	239,972	376,436	262,295	295,230	412,208	359,299	-	-
Enterprise Value (EV) ¹	260,098	394,647	309,425	352,983	404,586	336,963	324,232	290,811
P/E ratio	21.4 x	10.7 x	11.2 x	18.4 x	8.11 x	8.74 x	7.26 x	7.05 x
Yield	3.24%	2.06%	2.96%	2.63%	2.93%	3.75%	3.85%	4.4%
Capitalization / Revenue	0.3 x	0.52 x	0.32 x	0.31 x	0.38 x	0.33 x	0.31 x	0.31 x
EV / Revenue	0.32 x	0.55 x	0.37 x	0.37 x	0.38 x	0.31 x	0.28 x	0.25 x
EV / EBITDA	4.7 x	5.31 x	4.07 x	4.27 x	3.41 x	3.04 x	2.59 x	2.22 x
EV / FCF	23.5 x	22.4 x	-9.74 x	16 x	4.61 x	13.3 x	8.47 x	6.43 x
FCF Yield	4.26%	4.47%	-10.3%	6.24%	21.7%	7.53%	11.8%	15.5%
Price to Book	0.7 x	0.96 x	0.61 x	0.66 x	0.79 x	0.66 x	0.63 x	0.6 x
Nbr of stocks (in thousands)	129,435	129,448	129,464	129,487	127,029	127,028	-	-
Reference price ²	1,854	2,908	2,026	2,280	3,245	2,828	2,828	2,828
Announcement Date	4/30/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	812,937	721,498	830,243	951,877	1,071,107	1,094,439	1,141,339	1,168,900
EBITDA ¹	55,386	74,291	76,116	82,702	118,556	110,800	125,340	131,000
EBIT ¹	17,888	36,479	34,172	35,069	67,703	62,667	73,844	76,275
Operating Margin	2.2%	5.06%	4.12%	3.68%	6.32%	5.73%	6.47%	6.53%
Earnings before Tax (EBT) ¹	16,106	37,301	37,696	35,323	71,801	63,260	76,662	77,450
Net income ¹	11,226	35,205	23,352	16,004	51,454	40,367	48,700	48,025
Net margin	1.38%	4.88%	2.81%	1.68%	4.8%	3.69%	4.27%	4.11%
EPS ²	86.74	272.0	180.4	123.6	400.2	323.7	389.5	401.1
Free Cash Flow ¹	11,073	17,652	-31,769	22,021	87,682	25,376	38,300	45,217
FCF margin	1.36%	2.45%	-3.83%	2.31%	8.19%	2.32%	3.36%	3.87%
FCF Conversion (EBITDA)	19.99%	23.76%	-	26.63%	73.96%	22.9%	30.56%	34.52%
FCF Conversion (Net income)	98.64%	50.14%	-	137.6%	170.41%	62.86%	78.65%	94.15%
Dividend per Share ²	60.00	60.00	60.00	60.00	95.00	106.0	109.0	124.5
Announcement Date	4/30/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	391,511	309,409	412,089	387,363	213,115	229,765	209,498	244,716	454,214	247,600	250,063	259,326	263,523	522,849	281,373	266,885	269,850	270,950	282,000	275,550
EBITDA	-	-	-	-	17,129	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-867	4,514	31,965	12,991	6,001	15,180	3,142	9,125	12,267	11,423	11,379	16,386	17,305	33,691	22,209	11,803	13,200	14,350	16,450	15,500
Operating Margin	-0.22%	1.46%	7.76%	3.35%	2.82%	6.61%	1.5%	3.73%	2.7%	4.61%	4.55%	6.32%	6.57%	6.44%	7.89%	4.42%	4.89%	5.3%	5.83%	5.63%
Earnings before Tax (EBT) ¹	-2,655	3,736	-	13,330	7,009	17,357	4,568	9,524	14,092	9,712	11,519	16,599	17,525	34,124	24,218	13,459	14,700	13,500	16,300	15,900
Net income ¹	-1,220	3,437	31,768	9,027	4,480	9,845	2,616	5,619	8,235	5,844	1,925	11,616	11,654	23,270	18,014	10,170	8,650	8,900	10,600	9,750
Net margin	-0.31%	1.11%	7.71%	2.33%	2.1%	4.28%	1.25%	2.3%	1.81%	2.36%	0.77%	4.48%	4.42%	4.45%	6.4%	3.81%	3.21%	3.28%	3.76%	3.54%
EPS	-	26.56	-	69.74	34.61	76.04	20.21	-	63.61	45.14	-	89.71	-	179.7	140.1	-	-	-	-	-
Dividend per Share	-	25.00	-	35.00	-	-	-	-	30.00	-	-	-	-	38.00	-	-	-	-	-	-
Announcement Date	4/30/20	10/29/20	4/28/21	10/29/21	2/2/22	4/28/22	7/29/22	10/28/22	10/28/22	2/3/23	4/27/23	7/28/23	10/31/23	10/31/23	2/2/24	4/26/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	20,126	18,211	47,130	57,753	-	-	-	-
Net Cash position ¹	-	-	-	-	7,622	22,337	35,067	68,488
Leverage (Debt/EBITDA)	0.3634 x	0.2451 x	0.6192 x	0.6983 x	-	-	-	-
Free Cash Flow ¹	11,073	17,652	-31,769	22,021	87,682	25,376	38,301	45,217
ROE (net income / shareholders' equity)	3.2%	9.6%	5.7%	3.6%	10.6%	7.44%	8.62%	8.66%
ROA (Net income/ Total Assets)	2.52%	4.74%	4.61%	4.1%	7.98%	6.4%	7.13%	6.87%
Assets ¹	444,735	742,170	506,259	390,687	644,473	630,729	683,509	699,393
Book Value Per Share ²	2,666	3,021	3,312	3,463	4,112	4,270	4,503	4,742
Cash Flow per Share ²	376.0	564.0	504.0	492.0	796.0	714.0	839.0	850.0
Capex ¹	46,385	49,595	51,728	48,897	46,709	61,000	51,250	50,667
Capex / Sales	5.71%	6.87%	6.23%	5.14%	4.36%	5.57%	4.49%	4.33%
Announcement Date	4/30/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-	-

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 Toyoda Gosei Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,828 JPY

Average target price

3,697 JPY

Spread / Average Target

+30.71%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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	1st Jan change	Capi.
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SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	+86.57%	15.47B
SUMITOMO ELECTRIC INDUSTRIES, LTD.	+39.38%	12.13B
BOSCH LIMITED	+53.36%	12.04B
MAGNA INTERNATIONAL INC.	-26.76%	12.04B

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