Company Valuation: TOSNET Corporation

Data adjusted to current consolidation scope
Fiscal Period: September 2020 2021 2022 2023 2024 2025
Market Cap 1 4,489 4,442 3,987 6,239 5,955 6,903
Change - -1.05% -10.22% 56.47% -4.55% 15.92%
Enterprise Value (EV) 1 1,634 986.6 550.5 2,158 1,208 1,719
Change - -39.62% -44.2% 292.03% -44.01% 42.29%
P/E 14x 7.88x 8.01x 10.8x 6.68x 9.17x
PBR 0.77x 0.7x 0.6x 0.87x 0.75x 0.81x
PEG - 0.1x -0.7x 0.7x 0.1x -0.7x
Capitalization / Revenue 0.45x 0.45x 0.4x 0.57x 0.52x 0.58x
EV / Revenue 0.16x 0.1x 0.05x 0.2x 0.1x 0.14x
EV / EBITDA 2.53x 1.05x 0.65x 2.25x 1.22x 1.58x
EV / EBIT 3.78x 1.33x 0.8x 2.7x 1.48x 2x
EV / FCF 3.87x 1.72x 4.23x 2.66x 1.58x 5.81x
FCF Yield 25.9% 58% 23.6% 37.6% 63.2% 17.2%
Dividend per Share 2 15 20 23 30 33 37
Rate of return 1.58% 2.13% 2.73% 2.27% 2.62% 2.48%
EPS 2 67.86 119.2 105.3 121.8 188.5 162.4
Distribution rate 22.1% 16.8% 21.8% 24.6% 17.5% 22.8%
Net sales 1 9,948 9,918 10,030 10,937 11,559 11,907
EBITDA 1 645 938 843 959 993 1,085
EBIT 1 432 742 691 798 817 860
Net income 1 321 564 498 576 891 757
Net Debt 1 -2,855 -3,455 -3,437 -4,081 -4,747 -5,184
Reference price 2 949.00 939.00 843.00 1,319.00 1,259.00 1,489.00
Nbr of stocks (in thousands) 4,730 4,730 4,730 4,730 4,730 4,636
Announcement Date 12/25/20 12/24/21 12/27/22 12/27/23 12/27/24 12/18/25
1JPY in Million2JPY
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 45.24M
22.69x1.72x8.99x1.8% 16.49B
79.67x3.61x7.9x2.25% 11.33B
12.13x0.75x7.5x4.06% 8.87B
24.32x1.82x9.85x - 4.06B
13.88x1.44x6.12x3.24% 3.59B
11.63x0.59x5.05x6.03% 1.8B
9.15x0.86x4.78x6.38% 1.11B
Average 24.78x 1.54x 7.17x 3.96% 5.91B
Weighted average by Cap. 33.10x 1.91x 8.05x 2.8%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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