Financials TOHO CO., LTD.

Equities

9602

JP3598600009

Entertainment Production

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
5,250 ^JPY	-0.94%		-2.81%	+10.09%

Apr. 16	Wall Street Cues, China Economy Reports Blunt Asian Stocks Markets	MT
Apr. 16	Japan's Nikkei touches one-month low on U.S. peers weakness	RE

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	717,135	590,128	710,627	847,311	827,486	899,805	-	-
Enterprise Value (EV) ¹	656,992	521,098	634,178	769,058	738,679	772,253	750,447	734,603
P/E ratio	23.7 x	16.3 x	48.5 x	28.6 x	24.9 x	18.7 x	23 x	21.6 x
Yield	1.13%	1.65%	0.88%	0.94%	1.27%	1.75%	1.33%	1.43%
Capitalization / Revenue	2.91 x	2.25 x	3.7 x	3.71 x	3.39 x	3 x	3.19 x	3.07 x
EV / Revenue	2.67 x	1.98 x	3.3 x	3.37 x	3.02 x	2.73 x	2.66 x	2.51 x
EV / EBITDA	12.1 x	8.28 x	20.3 x	15.7 x	13.6 x	11.1 x	11.1 x	10.3 x
EV / FCF	25.8 x	11.6 x	-43.1 x	44.1 x	20.4 x	37.2 x	24.9 x	19.1 x
FCF Yield	3.88%	8.64%	-2.32%	2.27%	4.9%	2.69%	4.02%	5.25%
Price to Book	2.02 x	1.59 x	1.89 x	2.13 x	2.02 x	1.84 x	1.94 x	1.86 x
Nbr of stocks (in thousands)	180,185	177,482	177,657	177,077	174,575	171,391	-	-
Reference price ²	3,980	3,325	4,000	4,785	4,740	5,250	5,250	5,250
Announcement Date	4/12/19	4/14/20	4/13/21	4/12/22	4/13/23	4/15/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	246,274	262,766	191,948	228,367	244,295	283,347	282,300	292,726
EBITDA ¹	54,508	62,926	31,244	48,899	54,394	69,507	67,733	71,500
EBIT ¹	44,982	52,857	22,447	39,948	44,880	59,251	56,571	60,150
Operating Margin	18.27%	20.12%	11.69%	17.49%	18.37%	20.91%	20.04%	20.55%
Earnings before Tax (EBT) ¹	45,609	55,694	23,738	44,481	50,490	67,002	59,550	63,025
Net income ¹	30,197	36,609	14,688	29,568	33,430	45,283	39,633	42,017
Net margin	12.26%	13.93%	7.65%	12.95%	13.68%	15.98%	14.04%	14.35%
EPS ²	167.9	203.8	82.54	167.2	190.4	259.5	228.2	243.3
Free Cash Flow ¹	25,483	45,036	-14,714	17,430	36,229	20,740	30,180	38,553
FCF margin	10.35%	17.14%	-7.67%	7.63%	14.83%	7.32%	10.69%	13.17%
FCF Conversion (EBITDA)	46.75%	71.57%	-	35.64%	66.6%	29.84%	44.56%	53.92%
FCF Conversion (Net income)	84.39%	123.02%	-	58.95%	108.37%	45.8%	76.15%	91.76%
Dividend per Share ²	45.00	55.00	35.00	45.00	60.00	85.00	70.00	74.83
Announcement Date	4/12/19	4/14/20	4/13/21	4/12/22	4/13/23	4/15/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	2020 S2	2021 S1	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	144,058	118,708	73,991	60,242	118,050	50,570	59,747	110,317	61,865	58,488	120,353	59,385	64,557	123,942	74,153	65,489	139,642	63,458	80,247	80,567	69,700	62,267	71,450
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	11,570	-	-	-	-	-	-	-	-	-	-
EBIT ¹	33,539	19,318	7,098	10,945	21,463	6,713	11,772	18,485	14,273	11,711	25,984	9,883	9,013	18,896	18,324	12,428	30,752	10,858	17,641	18,833	14,000	11,200	12,600
Operating Margin	23.28%	16.27%	9.59%	18.17%	18.18%	13.27%	19.7%	16.76%	23.07%	20.02%	21.59%	16.64%	13.96%	15.25%	24.71%	18.98%	22.02%	17.11%	21.98%	23.38%	20.09%	17.99%	17.63%
Earnings before Tax (EBT) ¹	35,129	-	6,921	12,494	22,980	7,823	13,678	-	17,296	15,319	32,615	9,304	8,571	-	18,695	14,078	32,773	11,510	22,719	18,200	15,200	11,800	13,600
Net income ¹	22,885	13,724	3,795	8,397	15,081	5,083	9,404	14,487	11,516	10,042	21,558	5,580	6,292	11,872	12,291	9,460	21,751	6,651	16,881	12,400	10,400	7,900	9,300
Net margin	15.89%	11.56%	5.13%	13.94%	12.78%	10.05%	15.74%	13.13%	18.61%	17.17%	17.91%	9.4%	9.75%	9.58%	16.58%	14.45%	15.58%	10.48%	21.04%	15.39%	14.92%	12.69%	13.02%
EPS	127.4	-	21.30	-	85.17	28.84	53.23	-	65.22	57.02	122.2	32.02	36.11	-	70.41	-	124.6	38.09	-	-	-	-	-
Dividend per Share	17.50	-	17.50	-	17.50	-	-	-	-	-	20.00	-	-	-	-	-	20.00	-	-	-	-	-	-
Announcement Date	10/11/19	4/14/20	10/13/20	10/12/21	10/12/21	1/12/22	4/12/22	4/12/22	7/12/22	10/12/22	10/12/22	1/12/23	4/13/23	4/13/23	7/13/23	10/11/23	10/11/23	1/15/24	4/15/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	60,143	69,030	76,449	78,253	88,807	76,620	149,358	165,201
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	25,483	45,036	-14,714	17,430	36,229	20,740	30,180	38,553
ROE (net income / shareholders' equity)	8.7%	10%	3.9%	7.7%	8.3%	10.4%	8.68%	8.81%
ROA (Net income/ Total Assets)	10.3%	11.6%	3.05%	8.77%	9.23%	11%	7.63%	7.8%
Assets ¹	293,879	316,079	482,043	337,325	362,381	413,112	519,214	538,675
Book Value Per Share ²	1,975	2,092	2,115	2,241	2,345	2,637	2,704	2,821
Cash Flow per Share	221.0	260.0	132.0	218.0	245.0	318.0	-	-
Capex ¹	12,120	10,856	10,097	28,252	19,564	22,610	17,020	16,780
Capex / Sales	4.92%	4.13%	5.26%	12.37%	8.01%	7.98%	6.03%	5.73%
Announcement Date	4/12/19	4/14/20	4/13/21	4/12/22	4/13/23	4/15/24	-	-

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 TOHO CO., LTD.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5,250 JPY

Average target price

6,124 JPY

Spread / Average Target

+16.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Movie, TV Production & Distribution

	1st Jan change	Capi.
TOHO CO., LTD.	+10.09%	5.72B
ENDEAVOR GROUP HOLDINGS, INC.	+11.67%	8B
MANGO EXCELLENT MEDIA CO., LTD.	-8.57%	5.95B
MADISON SQUARE GARDEN SPORTS CORP.	+2.72%	4.47B
FL ENTERTAINMENT N.V.	+8.88%	4.16B
BEIJING ENLIGHT MEDIA CO., LTD.	+13.50%	3.72B
CHINA FILM CO., LTD.	-1.63%	3.1B
CHINA RUYI HOLDINGS LIMITED	+7.51%	2.75B
ZHEJIANG HUACE FILM & TV CO., LTD.	+36.29%	2.07B
BEIJING JETSEN TECHNOLOGY CO., LTD	-2.95%	1.81B

Movie, TV Production & Distribution