Company Valuation: Toho Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: January 2020 2021 2022 2023 2024 2025
Capitalization 1 19,374 20,320 11,617 17,361 30,796 29,871
Change - 4.88% -42.83% 49.44% 77.38% -3%
Enterprise Value (EV) 1 42,319 48,423 34,574 36,983 43,488 40,103
Change - 14.42% -28.6% 6.97% 17.59% -7.78%
P/E ratio 40.9x -5.66x 34.7x 17.3x 8.54x 6.66x
PBR 0.81x 1.08x 0.58x 0.77x 1.13x 0.97x
PEG - 0x -0x 0x 0x 0.3x
Capitalization / Revenue 0.08x 0.11x 0.06x 0.08x 0.13x 0.12x
EV / Revenue 0.18x 0.26x 0.18x 0.17x 0.18x 0.16x
EV / EBITDA 9.48x -521x 13.2x 5.61x 4.1x 3.97x
EV / EBIT 29.5x -15.4x -77.5x 10.1x 5.56x 5.35x
EV / FCF 24.1x -52.5x 11.4x 7.91x 7.28x 22.1x
FCF Yield 4.15% -1.91% 8.76% 12.6% 13.7% 4.52%
Dividend per Share 2 16.67 - 1.667 11.67 30 41.67
Rate of return 2.78% - 0.46% 2.17% 3.14% 4.5%
EPS 2 14.69 -111.3 10.38 31.17 111.7 139
Distribution rate 113% - 16.1% 37.4% 26.9% 30%
Net sales 1 231,266 186,217 188,567 215,572 244,930 246,465
EBITDA 1 4,463 -93 2,611 6,596 10,611 10,113
EBIT 1 1,433 -3,142 -446 3,650 7,819 7,496
Net income 1 474 -3,591 335 1,006 3,605 4,485
Net Debt 1 22,945 28,103 22,957 19,622 12,692 10,232
Reference price 2 600.33 629.67 360.00 538.00 954.33 925.67
Nbr of stocks (in thousands) 32,272 32,271 32,270 32,270 32,270 32,269
Announcement Date 4/22/20 4/21/21 4/20/22 4/26/23 4/24/24 4/24/25
1JPY in Million2JPY
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 258M
33.81x1.23x24.11x - 11.97B
15.42x0.61x9.06x2.99% 8.48B
30.46x0.69x10.8x-.--% 2.58B
12.34x0.31x7.25x5.89% 2.34B
14.69x - - -.--% 856M
18.94x0.39x7.07x3.4% 678M
Average 20.94x 0.65x 11.66x 2.46% 3.88B
Weighted average by Cap. 24.84x 0.87x 15.93x 2.77%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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