Stock 8439 TOKYO CENTURY CORPORATION
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Financials Tokyo Century Corporation

Equities

8439

JP3424950008

Corporate Financial Services

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
1,542 JPY +0.36% Intraday chart for Tokyo Century Corporation +0.62% +0.98%
Apr. 11 Tokyo Century Corporation agreed to acquire an unknown minority stake in Meeq Co., Ltd. CI
Mar. 29 NTT DATA Group Corporation agreed to acquire 30% stake in NTT Global Data Centers Holding Asia NAV2 Pte. Ltd. from Tokyo Century Corporation for ¥9.5 billion. CI

Valuation

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 508,537 413,120 908,288 551,740 539,176 755,047 - -
Enterprise Value (EV) 1 3,462,040 4,433,163 4,975,467 4,563,490 4,865,798 5,166,282 5,318,626 5,344,516
P/E ratio 9.73 x 6.45 x 18.5 x 11 x 113 x 10.3 x 9.47 x 8.42 x
Yield 2.58% 4.02% 1.85% 3.17% 3.25% 3.31% 3.62% 4.11%
Capitalization / Revenue 0.48 x 0.35 x 0.76 x 0.43 x 0.41 x 0.56 x 0.53 x 0.5 x
EV / Revenue 3.24 x 3.8 x 4.15 x 3.57 x 3.67 x 3.81 x 3.76 x 3.54 x
EV / EBITDA - - - - - - - -
EV / FCF -12,263,430 x -11,232,269 x -17,741,327 x - -10,626,309 x - - -
FCF Yield -0% -0% -0% - -0% - - -
Price to Book 1.19 x 0.75 x 1.59 x 0.82 x 0.71 x 0.87 x 0.84 x 0.79 x
Nbr of stocks (in thousands) 422,461 488,178 488,327 488,806 489,603 489,654 - -
Reference price 2 1,204 846.2 1,860 1,129 1,101 1,542 1,542 1,542
Announcement Date 5/9/19 5/20/20 5/13/21 5/12/22 5/12/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,067,612 1,166,599 1,200,184 1,277,976 1,324,962 1,354,695 1,414,623 1,508,007
EBITDA - - - - - - - -
EBIT 1 77,721 88,346 77,154 82,675 91,221 100,187 108,661 123,050
Operating Margin 7.28% 7.57% 6.43% 6.47% 6.88% 7.4% 7.68% 8.16%
Earnings before Tax (EBT) 1 86,427 94,916 79,847 89,407 35,598 119,375 130,687 145,820
Net income 1 52,271 56,303 49,145 50,290 4,765 73,408 79,695 89,698
Net margin 4.9% 4.83% 4.09% 3.94% 0.36% 5.42% 5.63% 5.95%
EPS 2 123.7 131.2 100.6 102.9 9.738 149.9 162.8 183.2
Free Cash Flow -282,306 -394,681 -280,445 - -457,901 - - -
FCF margin -26.44% -33.83% -23.37% - -34.56% - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 31.00 34.00 34.50 35.75 35.75 51.00 55.83 63.33
Announcement Date 5/9/19 5/20/20 5/13/21 5/12/22 5/12/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2021 S1 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 S1 2024 Q3
Net sales 1 549,755 592,208 618,757 318,128 341,091 315,140 626,482 331,987 366,493 328,990 685,458 317,905
EBITDA - - - - - - - - - - - -
EBIT 1 40,421 42,186 49,797 16,034 16,844 26,931 49,355 19,723 22,143 28,249 53,093 28,721
Operating Margin 7.35% 7.12% 8.05% 5.04% 4.94% 8.55% 7.88% 5.94% 6.04% 8.59% 7.75% 9.03%
Earnings before Tax (EBT) 1 46,104 42,115 54,315 17,994 17,098 -12,550 8,836 -1,167 - 32,300 60,952 31,927
Net income 1 27,014 27,521 33,193 10,280 6,817 -19,492 -6,274 -3,895 14,934 18,216 35,602 21,452
Net margin 4.91% 4.65% 5.36% 3.23% 2% -6.19% -1% -1.17% 4.07% 5.54% 5.19% 6.75%
EPS 2 63.93 56.36 67.92 21.03 - -39.86 -12.82 -7.955 - 37.20 72.71 43.81
Dividend per Share 16.75 17.00 17.75 - - - 17.75 - - - 25.00 -
Announcement Date 11/5/19 11/9/20 11/8/21 2/7/22 5/12/22 8/5/22 11/7/22 2/7/23 5/12/23 8/9/23 11/10/23 2/9/24
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,953,503 4,020,043 4,067,179 4,011,750 4,326,622 4,411,235 4,563,579 4,589,469
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow -282,306 -394,681 -280,445 - -457,901 - - -
ROE (net income / shareholders' equity) 12.7% 11.5% 8.7% 8.1% 0.7% 8.92% 9.11% 9.66%
ROA (Net income/ Total Assets) 2.2% 1.88% 1.39% 1.61% 1.81% 1.18% 1.22% 1.35%
Assets 1 2,375,091 2,995,095 3,527,212 3,129,745 263,523 6,242,186 6,510,991 6,650,857
Book Value Per Share 2 1,010 1,136 1,168 1,377 1,556 1,777 1,841 1,957
Cash Flow per Share 428.0 515.0 492.0 512.0 467.0 - - -
Capex 223,152 344,017 331,776 360,316 426,472 - - -
Capex / Sales 20.9% 29.49% 27.64% 28.19% 32.19% - - -
Announcement Date 5/9/19 5/20/20 5/13/21 5/12/22 5/12/23 - - -
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 Tokyo Century Corporation

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
1,542 JPY
Average target price
1,765 JPY
Spread / Average Target
+14.46%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Commercial Leasing
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