TOKYOTOKEIBA CO.,LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 4,380 JPY | +1.27% |
|
+2.58% | -1.24% |
| Apr. 05 | Tranche Update on Tokyotokeiba Co.,Ltd.'s Equity Buyback Plan announced on February 14, 2024. | CI |
| Feb. 29 | Tokyotokeiba'S Attributable Profit Down 9.9% in 2023 | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 98,235 | 133,628 | 116,921 | 103,753 | 121,558 | 119,433 | - | - |
| Enterprise Value (EV) 1 | 102,529 | 129,876 | 116,094 | 96,234 | 123,188 | 119,433 | 119,433 | 119,433 |
| P/E ratio | 18.9 x | 25.8 x | 13.3 x | 11.1 x | 14.4 x | 13.1 x | 11.4 x | 10.9 x |
| Yield | 1.45% | 1.18% | 1.52% | 1.98% | 2.03% | 2.31% | 2.57% | 2.74% |
| Capitalization / Revenue | 3.96 x | 4.64 x | 3.68 x | 2.93 x | 3.24 x | 2.94 x | 2.78 x | 2.62 x |
| EV / Revenue | 3.96 x | 4.64 x | 3.68 x | 2.93 x | 3.24 x | 2.94 x | 2.78 x | 2.62 x |
| EV / EBITDA | 8.22 x | 8.6 x | 6.85 x | 5.44 x | 6.43 x | 6.12 x | 5.56 x | 5.43 x |
| EV / FCF | -446 x | 13.1 x | 33 x | -614 x | 141 x | -155 x | 11.7 x | 12 x |
| FCF Yield | -0.22% | 7.64% | 3.03% | -0.16% | 0.71% | -0.64% | 8.55% | 8.32% |
| Price to Book | 1.47 x | 1.89 x | 1.61 x | 1.29 x | 1.4 x | 1.29 x | 1.19 x | 1.1 x |
| Nbr of stocks (in thousands) | 28,557 | 28,553 | 27,414 | 27,412 | 27,409 | 27,268 | - | - |
| Reference price 2 | 3,440 | 4,680 | 4,265 | 3,785 | 4,435 | 4,380 | 4,380 | 4,380 |
| Announcement Date | 2/14/20 | 2/15/21 | 2/14/22 | 2/14/23 | 2/14/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 24,836 | 28,789 | 31,800 | 35,450 | 37,544 | 40,565 | 42,975 | 45,500 |
| EBITDA 1 | 11,951 | 15,531 | 17,061 | 19,060 | 18,917 | 19,500 | 21,500 | 22,000 |
| EBIT 1 | 7,981 | 11,172 | 12,803 | 14,163 | 13,362 | 13,255 | 15,110 | 16,000 |
| Operating Margin | 32.13% | 38.81% | 40.26% | 39.95% | 35.59% | 32.68% | 35.16% | 35.16% |
| Earnings before Tax (EBT) 1 | 7,501 | 7,771 | 13,111 | 13,353 | 12,149 | 13,000 | 15,000 | 16,000 |
| Net income 1 | 5,200 | 5,175 | 9,084 | 9,386 | 8,452 | 9,160 | 10,500 | 11,000 |
| Net margin | 20.94% | 17.98% | 28.57% | 26.48% | 22.51% | 22.58% | 24.43% | 24.18% |
| EPS 2 | 182.1 | 181.2 | 320.4 | 342.4 | 308.4 | 334.2 | 383.1 | 401.3 |
| Free Cash Flow 1 | -220.4 | 10,213 | 3,544 | -169.1 | 864 | -770 | 10,210 | 9,940 |
| FCF margin | -0.89% | 35.48% | 11.14% | -0.48% | 2.3% | -1.9% | 23.76% | 21.85% |
| FCF Conversion (EBITDA) | - | 65.76% | 20.77% | - | 4.57% | - | 47.49% | 45.18% |
| FCF Conversion (Net income) | - | 197.35% | 39.01% | - | 10.22% | - | 97.24% | 90.36% |
| Dividend per Share 2 | 50.00 | 55.00 | 65.00 | 75.00 | 90.00 | 101.0 | 112.5 | 120.0 |
| Announcement Date | 2/14/20 | 2/15/21 | 2/14/22 | 2/14/23 | 2/14/24 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2021 S2 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 13,786 | 13,108 | 15,681 | 14,975 | 8,548 | 8,277 | 16,825 | 7,952 | 8,748 | 16,700 | 9,921 | 8,829 | 18,750 | 8,250 | 9,149 | 17,399 | 10,563 | - | 8,760 | 10,120 | 18,880 | 11,400 | 10,520 | 21,920 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 4,597 | 4,919 | 6,253 | 6,249 | 3,494 | 3,060 | 6,554 | 3,009 | 3,990 | 6,999 | 4,449 | 2,715 | 7,164 | 2,912 | 3,452 | 6,364 | 4,117 | - | 2,830 | 3,240 | 6,070 | 3,980 | 2,950 | 6,930 |
| Operating Margin | 33.35% | 37.53% | 39.88% | 41.73% | 40.88% | 36.97% | 38.95% | 37.84% | 45.61% | 41.91% | 44.84% | 30.75% | 38.21% | 35.3% | 37.73% | 36.58% | 38.98% | - | 32.31% | 32.02% | 32.15% | 34.91% | 28.04% | 31.61% |
| Earnings before Tax (EBT) 1 | 4,447 | 4,752 | - | 6,565 | 3,441 | 3,105 | 6,546 | 3,056 | 4,354 | 7,410 | 4,442 | 1,501 | - | 1,729 | 3,463 | 5,192 | 4,175 | - | 2,830 | 3,240 | 6,070 | 3,980 | 2,950 | 6,930 |
| Net income 1 | 3,215 | 3,145 | 2,030 | 4,448 | 2,493 | 2,143 | 4,636 | 2,060 | 2,987 | 5,047 | 3,216 | 1,123 | 4,339 | 1,186 | 2,361 | 3,547 | 2,832 | - | 1,800 | 2,200 | 4,000 | 2,800 | 2,200 | 5,000 |
| Net margin | 23.32% | 23.99% | 12.95% | 29.7% | 29.16% | 25.89% | 27.55% | 25.91% | 34.14% | 30.22% | 32.42% | 12.72% | 23.14% | 14.38% | 25.81% | 20.39% | 26.81% | - | 20.55% | 21.74% | 21.19% | 24.56% | 20.91% | 22.81% |
| EPS | - | 110.2 | - | 155.8 | 87.30 | - | - | 75.16 | - | 184.1 | 117.4 | - | - | 43.29 | - | 129.4 | 103.3 | - | - | - | - | - | - | - |
| Dividend per Share | - | 25.00 | - | 30.00 | - | - | - | - | - | 30.00 | - | - | - | - | - | 30.00 | - | 60.00 | - | - | - | - | - | - |
| Announcement Date | 2/14/20 | 7/31/20 | 2/15/21 | 7/30/21 | 10/28/21 | 2/14/22 | 2/14/22 | 4/28/22 | 7/29/22 | 7/29/22 | 10/28/22 | 2/14/23 | 2/14/23 | 4/28/23 | 7/31/23 | 7/31/23 | 10/31/23 | 2/14/24 | - | - | - | - | - | - |
1JPY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt | 4,294 | - | - | - | 1,630 | - | - | - |
| Net Cash position | - | 3,752 | 827 | 7,519 | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.3593 x | - | - | - | 0.0862 x | - | - | - |
| Free Cash Flow 1 | -220 | 10,213 | 3,544 | -169 | 864 | -770 | 10,210 | 9,940 |
| ROE (net income / shareholders' equity) | 8% | 7.5% | 12.7% | 12.3% | 10.1% | 10% | 10.8% | 10.5% |
| ROA (Net income/ Total Assets) | 8.59% | 11.7% | 12.3% | 12.1% | 11.1% | 10.9% | 12% | 12.1% |
| Assets 1 | 60,519 | 44,110 | 73,730 | 77,746 | 75,924 | 84,037 | 87,500 | 90,909 |
| Book Value Per Share 2 | 2,346 | 2,470 | 2,657 | 2,929 | 3,164 | 3,393 | 3,677 | 3,968 |
| Cash Flow per Share | 321.0 | 334.0 | 471.0 | 521.0 | 511.0 | - | - | - |
| Capex 1 | 9,444 | 2,965 | 10,235 | 14,236 | 11,939 | 16,000 | 7,000 | 7,000 |
| Capex / Sales | 38.03% | 10.3% | 32.19% | 40.16% | 31.8% | 39.44% | 16.29% | 15.38% |
| Announcement Date | 2/14/20 | 2/15/21 | 2/14/22 | 2/14/23 | 2/14/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
4,380
JPY
Average target price
6,200
JPY
Spread / Average Target
+41.55%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -1.24% | 759M | |
| +7.14% | 33.01B | |
| +5.10% | 24.32B | |
| +22.35% | 20.52B | |
| -18.63% | 19.87B | |
| -18.07% | 19.35B | |
| -1.52% | 16.62B | |
| -4.07% | 9.51B | |
| -21.91% | 7.92B | |
| +6.70% | 7.13B |
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