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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Toshiba Corporation    6502   JP3592200004

TOSHIBA CORPORATION

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Toshiba : Support for Toshiba CEO tumbles in shareholder vote

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08/03/2020 | 10:50pm EDT
FILE PHOTO: Logo of Toshiba Corp is seen as Window cleaners work on the company's headquarters in Tokyo

Toshiba Chief Executive Nobuaki Kurumatani may have held onto his job but a breakdown of voting results at last week's shareholder meeting showed a precipitous slide in support to just 58% from 99% a year earlier.

And while two activist funds fell short in their bid to add a total of 5 nominees to the board, one nominee - Yoichiro Imai, the co-founder of activist fund and Toshiba's top shareholder Effissimo Capital Management - gained substantial backing with 43% of the vote.

Both results, disclosed on Tuesday, indicate that pressure from activist funds on the beleaguered Japanese industrial conglomerate is likely to remain for some time.

Singapore-based Effissimo, which owns a 9.9% stake, had sought additional directors, citing fictitious transactions Toshiba disclosed this year as evidence that its corporate governance has not made significant progress since a major accounting scandal in 2015.

Proxy advisers Institutional Shareholder Services Inc and Glass, Lewis & Co had sided with Toshiba, arguing that the current management team is relatively new and diverse.

Toshiba has been under pressure from activist funds since it sold 600 billion yen ($5.6 billion) of stock to dozens of foreign hedge funds during a crisis stemming from the bankruptcy of its U.S. nuclear power unit in 2017.

Effissimo and other activist funds hold about 30% of Toshiba's voting rights. Foreign shareholders in total account for about 60%. Toshiba added seven new independent directors last year at the urging of U.S. hedge fund King Street Capital.

By Makiko Yamazaki

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Financials
Sales 2021 3 211 B 30 408 M 30 408 M
Net income 2021 91 370 M 865 M 865 M
Net cash 2021 245 B 2 317 M 2 317 M
P/E ratio 2021 13,1x
Yield 2021 0,98%
Capitalization 1 265 B 11 980 M 11 985 M
EV / Sales 2021 0,32x
EV / Sales 2022 0,29x
Nbr of Employees 125 648
Free-Float 93,2%
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 4 076,00 JPY
Last Close Price 2 790,00 JPY
Spread / Highest target 86,4%
Spread / Average Target 46,1%
Spread / Lowest Target 11,1%
EPS Revisions
Managers
NameTitle
Nobuaki Kurumatani President, CEO & Representative Director
Satoshi Tsunakawa Chairman
Masayoshi Hirata Chief Financial Officer & Head-Accounting
Keiichi Yumita Head-Information Systems
Yutaka Sata Vice President-Research & Development
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