Financials TOCALO Co.,Ltd.

Equities

3433

JP3552290003

Industrial Machinery & Equipment

Delayed Japan Exchange Other stock markets 11:39:35 2024-05-20 pm EDT			5-day change	1st Jan Change
1,951 ^JPY	-0.71%		+3.39%	+30.59%

May. 09	TOCALO Co.,Ltd. Provides Consolidated Earnings Guidance for the Second Quarter and Full Year of Fiscal Year Ending March 31, 2025	CI
May. 09	Tocalo Co.,Ltd. Announces Dividend for the Year End March 31, 2024, Payable on June 28, 2024 and Provides Guidance for the Second Quarter End and Year End March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	53,013	61,950	88,031	82,714	78,858	116,795	-	-
Enterprise Value (EV) ¹	44,908	53,259	74,873	66,889	60,885	106,393	116,795	116,795
P/E ratio	9.74 x	14.1 x	16.1 x	12 x	10.7 x	17 x	16.2 x	14.6 x
Yield	3.44%	2.45%	2.42%	3.31%	3.86%	2.96%	2.95%	3.26%
Capitalization / Revenue	1.34 x	1.63 x	2.25 x	1.89 x	1.64 x	2.28 x	2.25 x	2.09 x
EV / Revenue	1.34 x	1.63 x	2.25 x	1.89 x	1.64 x	2.28 x	2.25 x	2.09 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	26,599,666 x	14,764,056 x	15,331,061 x	-	15,976,073 x	37,252,541 x	35,695,242 x	21,235,424 x
FCF Yield	0%	0%	0%	-	0%	0%	0%	0%
Price to Book	1.41 x	1.54 x	1.99 x	1.68 x	1.46 x	1.92 x	-	-
Nbr of stocks (in thousands)	60,795	60,795	60,795	60,819	60,847	59,438	-	-
Reference price ²	872.0	1,019	1,448	1,360	1,296	1,965	1,965	1,965
Announcement Date	5/10/19	5/8/20	5/10/21	5/10/22	5/10/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	39,558	37,896	39,073	43,813	48,144	46,735	52,000	56,000
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	7,741	6,550	8,669	10,255	10,558	9,197	11,000	12,300
Operating Margin	19.57%	17.28%	22.19%	23.41%	21.93%	19.68%	21.15%	21.96%
Earnings before Tax (EBT)	8,078	6,794	8,566	10,448	10,989	9,655	-	-
Net income ¹	5,441	4,404	5,463	6,909	7,350	6,326	7,200	8,000
Net margin	13.75%	11.62%	13.98%	15.77%	15.27%	13.54%	13.85%	14.29%
EPS ²	89.51	72.45	89.86	113.6	120.8	105.5	121.1	134.6
Free Cash Flow	1,993	4,196	5,742	-	4,936	2,856	3,272	5,500
FCF margin	5.04%	11.07%	14.7%	-	10.25%	6.11%	6.29%	9.82%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	36.63%	95.28%	105.11%	-	67.16%	45.15%	45.44%	68.75%
Dividend per Share ²	30.00	25.00	35.00	45.00	50.00	53.00	58.00	64.00
Announcement Date	5/10/19	5/8/20	5/10/21	5/10/22	5/10/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	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
Net sales ¹	18,794	19,102	19,093	19,980	10,362	21,098	11,129	11,586	22,715	11,906	12,090	23,996	12,428	11,720	24,148	11,787	11,184	22,971	11,833	11,931	23,764	11,900	12,800	24,700	13,200	14,100	27,300
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,348	3,202	4,091	4,578	2,352	5,111	2,444	2,700	5,144	2,724	2,857	5,581	2,643	2,334	4,977	2,268	2,027	4,295	2,109	2,793	4,902	2,320	2,680	5,000	2,800	3,200	6,000
Operating Margin	17.81%	16.76%	21.43%	22.91%	22.7%	24.23%	21.96%	23.3%	22.65%	22.88%	23.63%	23.26%	21.27%	19.91%	20.61%	19.24%	18.12%	18.7%	17.82%	23.41%	20.63%	19.5%	20.94%	20.24%	21.21%	22.7%	21.98%
Earnings before Tax (EBT)	3,400	3,394	4,187	4,379	2,384	5,222	2,396	-	-	2,949	3,083	6,032	2,628	2,329	4,957	2,380	-	4,590	2,138	-	-	-	-	-	-	-	-
Net income ¹	2,148	2,256	2,688	2,775	1,583	3,448	1,549	1,912	3,461	1,912	2,007	3,919	1,750	1,681	3,431	1,539	1,446	2,985	1,295	2,046	3,341	1,540	1,760	3,300	1,800	2,100	3,900
Net margin	11.43%	11.81%	14.08%	13.89%	15.28%	16.34%	13.92%	16.5%	15.24%	16.06%	16.6%	16.33%	14.08%	14.34%	14.21%	13.06%	12.93%	12.99%	10.94%	17.15%	14.06%	12.94%	13.75%	13.36%	13.64%	14.89%	14.29%
EPS	35.34	-	44.22	-	-	56.72	25.46	-	-	31.44	-	64.45	28.75	-	-	25.35	-	49.42	21.77	-	-	-	-	-	-	-	-
Dividend per Share	12.50	-	12.50	-	-	20.00	-	-	-	-	-	22.50	-	-	-	-	-	25.00	-	-	-	-	-	-	-	-	-
Announcement Date	10/31/19	5/8/20	10/30/20	5/10/21	10/29/21	10/29/21	1/31/22	5/10/22	5/10/22	7/29/22	10/31/22	10/31/22	1/31/23	5/10/23	5/10/23	7/31/23	10/31/23	10/31/23	1/31/24	5/9/24	5/9/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	8,105	8,691	13,158	15,825	17,973	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	1,993	4,196	5,742	-	4,936	2,856	3,272	5,500
ROE (net income / shareholders' equity)	15.2%	11.3%	12.9%	14.8%	14.3%	11.6%	-	-
ROA (Net income/ Total Assets)	14.7%	11.5%	14.2%	15.8%	15.3%	12.7%	-	-
Assets ¹	37,053	38,273	38,397	43,692	48,022	49,826	-	-
Book Value Per Share	618.0	662.0	727.0	807.0	885.0	933.0	-	-
Cash Flow per Share	133.0	122.0	135.0	159.0	170.0	156.0	-	-
Capex ¹	6,051	2,425	4,846	4,450	4,958	5,021	6,000	5,000
Capex / Sales	15.3%	6.4%	12.4%	10.16%	10.3%	10.74%	11.54%	8.93%
Announcement Date	5/10/19	5/8/20	5/10/21	5/10/22	5/10/23	5/9/24	-	-

¹JPY in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for TOCALO Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,965 JPY

Average target price

3,000 JPY

Spread / Average Target

+52.67%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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