Financials Toei Animation Co.,Ltd.

Equities

4816

JP3560200002

Entertainment Production

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,633 ^JPY	+2.25%		+0.04%	-30.45%

2023	100 Thieves and Higround, Toei Animation Inc and Crunchyroll Reveal Two Collections Featuring Beloved Anime, Dragon Ball Z	CI
2023	Toei Animation Co.,Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	223,455	206,515	484,650	415,940	538,081	538,387	-	-
Enterprise Value (EV) ¹	188,956	166,503	441,563	355,636	471,122	454,039	439,777	425,550
P/E ratio	19.6 x	18.1 x	43.8 x	32.4 x	25.7 x	29.9 x	29.4 x	26.2 x
Yield	1.28%	1.39%	0.59%	0.92%	1.18%	0.98%	1.03%	1.14%
Capitalization / Revenue	4.01 x	3.77 x	9.39 x	7.29 x	6.15 x	6.2 x	6.07 x	5.65 x
EV / Revenue	3.39 x	3.04 x	8.56 x	6.24 x	5.39 x	5.23 x	4.96 x	4.47 x
EV / EBITDA	11.5 x	9.92 x	27.4 x	19 x	16.1 x	19.2 x	16.9 x	15.1 x
EV / FCF	28.5 x	17.7 x	52.9 x	-1,104 x	38.3 x	25.5 x	23.2 x	23.1 x
FCF Yield	3.51%	5.66%	1.89%	-0.09%	2.61%	3.91%	4.32%	4.33%
Price to Book	3.33 x	2.76 x	5.69 x	4.33 x	4.7 x	4.29 x	3.88 x	3.52 x
Nbr of stocks (in thousands)	204,629	204,470	204,494	204,493	204,438	204,477	-	-
Reference price ²	1,092	1,010	2,370	2,034	2,632	2,633	2,633	2,633
Announcement Date	5/14/19	5/14/20	5/13/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	55,701	54,819	51,595	57,020	87,457	86,878	88,724	95,280
EBITDA ¹	16,493	16,790	16,104	18,709	29,272	23,630	25,980	28,267
EBIT ¹	15,741	16,094	15,503	18,107	28,669	23,703	26,128	27,660
Operating Margin	28.26%	29.36%	30.05%	31.76%	32.78%	27.28%	29.45%	29.03%
Earnings before Tax (EBT) ¹	16,097	16,426	15,994	18,619	29,791	25,100	27,500	29,000
Net income ¹	11,375	11,437	11,067	12,820	20,900	18,004	18,402	20,020
Net margin	20.42%	20.86%	21.45%	22.48%	23.9%	20.72%	20.74%	21.01%
EPS ²	55.59	55.92	54.12	62.69	102.2	88.11	89.50	100.4
Free Cash Flow ¹	6,623	9,430	8,348	-322	12,306	17,776	18,991	18,412
FCF margin	11.89%	17.2%	16.18%	-0.56%	14.07%	20.46%	21.4%	19.32%
FCF Conversion (EBITDA)	40.16%	56.16%	51.84%	-	42.04%	75.22%	73.1%	65.14%
FCF Conversion (Net income)	58.22%	82.45%	75.43%	-	58.88%	98.73%	103.2%	91.97%
Dividend per Share ²	14.00	14.00	14.00	18.80	31.00	25.70	27.10	30.10
Announcement Date	5/14/19	5/14/20	5/13/21	5/12/22	5/11/23	-	-	-

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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	29,010	25,809	24,455	27,140	16,553	29,740	12,782	14,498	27,280	18,061	24,389	42,450	22,614	22,393	45,007	19,884	26,300	46,184	20,933	20,093	22,325	20,125	23,925	19,525
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,662	7,432	7,496	8,007	6,893	11,138	3,193	3,776	6,969	4,110	10,084	14,194	7,611	6,864	14,475	2,095	9,270	11,365	6,407	5,639	7,905	5,580	6,966	5,549
Operating Margin	29.86%	28.8%	30.65%	29.5%	41.64%	37.45%	24.98%	26.04%	25.55%	22.76%	41.35%	33.44%	33.66%	30.65%	32.16%	10.54%	35.25%	24.61%	30.61%	28.06%	35.41%	27.73%	29.12%	28.42%
Earnings before Tax (EBT)	8,914	-	7,640	8,354	6,845	11,064	3,398	4,157	7,555	5,307	-	15,524	7,272	-	14,267	3,938	9,919	13,857	6,494	-	-	-	-	-
Net income ¹	6,271	5,166	5,601	5,466	5,096	8,144	1,906	2,770	4,676	4,023	7,498	11,521	4,981	4,398	9,379	3,120	7,120	10,240	4,353	3,704	-	-	-	-
Net margin	21.62%	20.02%	22.9%	20.14%	30.79%	27.38%	14.91%	19.11%	17.14%	22.27%	30.74%	27.14%	22.03%	19.64%	20.84%	15.69%	27.07%	22.17%	20.79%	18.43%	-	-	-	-
EPS	30.66	-	27.39	-	24.92	39.83	9.320	-	-	19.67	36.67	56.35	24.36	21.51	-	15.27	-	50.09	21.28	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/25/19	5/14/20	10/30/20	5/13/21	10/25/21	10/25/21	1/27/22	5/12/22	5/12/22	7/28/22	10/27/22	10/27/22	1/30/23	5/11/23	5/11/23	7/28/23	10/27/23	10/27/23	1/29/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	34,499	40,012	43,087	60,304	66,959	84,348	98,610	112,837
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	6,623	9,430	8,348	-322	12,306	17,776	18,991	18,412
ROE (net income / shareholders' equity)	18.2%	16.1%	13.9%	14.2%	19.9%	14.9%	14%	13.5%
ROA (Net income/ Total Assets)	19.8%	18%	11.1%	16.2%	21.5%	11.5%	11.6%	11.2%
Assets ¹	57,526	63,427	99,748	79,132	97,302	156,560	158,637	178,750
Book Value Per Share ²	328.0	365.0	416.0	470.0	560.0	614.0	679.0	748.0
Cash Flow per Share	59.30	59.30	57.10	65.60	105.0	-	-	-
Capex ¹	454	231	340	515	918	865	754	764
Capex / Sales	0.82%	0.42%	0.66%	0.9%	1.05%	1%	0.85%	0.8%
Announcement Date	5/14/19	5/14/20	5/13/21	5/12/22	5/11/23	-	-	-

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 Toei Animation Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

2,633 JPY

Average target price

2,760 JPY

Spread / Average Target

+4.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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