Financials Toho Gas Co., Ltd.

Equities

9533

JP3600200004

Natural Gas Utilities

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
4,135 ^JPY	+8.39%		+15.37%	+40.41%

Apr. 25	Tranche Update on Toho Gas Co., Ltd.'s Equity Buyback Plan announced on March 28, 2024.	CI
Mar. 28	Toho Gas Co., Ltd. announces an Equity Buyback for 4,000,000 shares, representing 3.8% for ¥10,000 million.	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	528,492	517,460	721,249	286,401	258,914	432,646	-	-
Enterprise Value (EV) ¹	635,217	609,990	796,943	391,413	367,348	364,211	529,084	537,436
P/E ratio	35.7 x	31.9 x	83.9 x	18.6 x	7.68 x	13.3 x	23 x	21.3 x
Yield	1.11%	1.12%	0.81%	2.11%	2.44%	2.02%	1.51%	1.51%
Capitalization / Revenue	1.15 x	1.07 x	1.66 x	0.56 x	0.37 x	0.58 x	0.65 x	0.65 x
EV / Revenue	1.38 x	1.26 x	1.83 x	0.76 x	0.52 x	0.58 x	0.8 x	0.81 x
EV / EBITDA	11.8 x	10.4 x	15.6 x	7.2 x	4.59 x	8.06 x	8.86 x	8.63 x
EV / FCF	-3,471,132,329 x	17,906,110 x	26,159,297 x	-20,134,425 x	92,321,590 x	55,989,364 x	-	-
FCF Yield	-0%	0%	0%	-0%	0%	0%	-	-
Price to Book	1.61 x	1.6 x	2.01 x	0.75 x	0.64 x	0.8 x	1.01 x	0.98 x
Nbr of stocks (in thousands)	106,336	105,604	105,600	105,101	105,121	104,630	-	-
Reference price ²	4,970	4,900	6,830	2,725	2,463	4,135	4,135	4,135
Announcement Date	4/26/19	4/28/20	4/28/21	4/27/22	4/27/23	4/25/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	461,199	485,623	434,776	515,313	706,073	632,985	661,750	662,750
EBITDA ¹	53,906	58,908	50,978	54,368	80,011	64,200	59,700	62,300
EBIT ¹	17,831	21,351	13,515	17,858	43,743	33,597	22,500	24,550
Operating Margin	3.87%	4.4%	3.11%	3.47%	6.2%	5.31%	3.4%	3.7%
Earnings before Tax (EBT)	21,064	23,393	13,331	21,329	47,403	40,151	-	27,100
Net income ¹	14,820	16,266	8,592	15,459	33,721	27,304	18,750	20,000
Net margin	3.21%	3.35%	1.98%	3%	4.78%	4.31%	2.83%	3.02%
EPS ²	139.4	153.6	81.37	146.7	320.8	259.7	179.7	193.8
Free Cash Flow	-183	34,066	30,465	-19,440	3,979	6,505	-	-
FCF margin	-0.04%	7.01%	7.01%	-3.77%	0.56%	1.03%	-	-
FCF Conversion (EBITDA)	-	57.83%	59.76%	-	4.97%	-	-	-
FCF Conversion (Net income)	-	209.43%	354.57%	-	11.8%	23.82%	-	-
Dividend per Share ²	55.00	55.00	55.00	57.50	60.00	70.00	62.50	62.50
Announcement Date	4/26/19	4/28/20	4/28/21	4/27/22	4/27/23	4/25/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3
Net sales ¹	230,116	202,693	105,091	207,880	128,244	179,189	144,515	158,328	302,843	183,173	220,057	155,275	145,631	300,906	148,678
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	18,174	14,859	-3,608	2,805	40	15,013	13,022	-4,602	8,420	12,787	22,536	23,622	5,197	28,819	-395
Operating Margin	7.9%	7.33%	-3.43%	1.35%	0.03%	8.38%	9.01%	-2.91%	2.78%	6.98%	10.24%	15.21%	3.57%	9.58%	-0.27%
Earnings before Tax (EBT) ¹	20,614	16,143	-3,285	4,194	1,342	-	14,297	-	9,803	14,209	23,391	25,683	-	34,228	2,558
Net income ¹	14,786	11,760	-2,402	2,922	982	11,555	10,321	-3,430	6,891	10,349	16,481	18,597	6,000	24,597	877
Net margin	6.43%	5.8%	-2.29%	1.41%	0.77%	6.45%	7.14%	-2.17%	2.28%	5.65%	7.49%	11.98%	4.12%	8.17%	0.59%
EPS ²	139.3	111.4	-	27.68	9.320	-	98.21	-32.65	65.56	98.46	-	176.9	57.07	234.0	8.330
Dividend per Share	27.50	27.50	-	27.50	-	-	-	-	30.00	-	-	-	-	30.00	-
Announcement Date	10/29/19	10/29/20	10/29/21	10/29/21	1/28/22	4/27/22	7/28/22	10/27/22	10/27/22	1/27/23	4/27/23	7/27/23	10/31/23	10/31/23	1/30/24

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	106,725	92,530	75,694	105,012	108,434	84,637	96,438	104,790
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.98 x	1.571 x	1.485 x	1.932 x	1.355 x	1.318 x	1.615 x	1.682 x
Free Cash Flow	-183	34,066	30,465	-19,440	3,979	6,505	-	-
ROE (net income / shareholders' equity)	4.5%	5%	2.5%	4.2%	8.6%	6.4%	4.18%	4.42%
ROA (Net income/ Total Assets)	3.94%	4.44%	2.85%	3.49%	7.14%	5.71%	-	-
Assets ¹	376,570	366,320	301,509	443,560	472,208	477,870	-	-
Book Value Per Share ²	3,078	3,056	3,404	3,642	3,829	4,345	4,091	4,211
Cash Flow per Share	479.0	508.0	436.0	493.0	666.0	626.0	-	-
Capex	32,798	34,310	33,932	40,375	37,814	40,871	-	-
Capex / Sales	7.11%	7.07%	7.8%	7.84%	5.36%	6.46%	-	-
Announcement Date	4/26/19	4/28/20	4/28/21	4/27/22	4/27/23	4/25/24	-	-

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 Gas Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

4,135 JPY

Average target price

2,730 JPY

Spread / Average Target

-33.98%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Natural Gas Utilities

	1st Jan change	Capi.
TOHO GAS CO., LTD.	+40.41%	2.75B
ATMOS ENERGY CORPORATION	+0.89%	17.64B
GAIL INDIA LIMITED	+28.35%	16.4B
ADANI TOTAL GAS LIMITED	-6.96%	12.12B
TOKYO GAS CO., LTD.	+10.84%	9.16B
OSAKA GAS COMPANY., LTD.	+16.20%	8.89B
PETRONAS GAS	+3.56%	7.48B
APA GROUP	-2.58%	6.96B
ALTAGAS LTD.	+8.30%	6.51B
NATIONAL FUEL GAS COMPANY	+7.30%	4.96B

Other Natural Gas Utilities