TOSOH CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,175 JPY | +1.16% |
|
+3.25% | +20.77% |
| Feb. 05 | Tosoh Corp.'s Nine-Month Profit Drops 11% | MT |
| Feb. 05 | Tosoh Corporation Provides Consolidated Earnings Guidance for the Full Year Ending March 31, 2024 | CI |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 558,873 | 399,549 | 673,842 | 577,230 | 572,045 | 692,457 | - | - |
| Enterprise Value (EV) 1 | 565,970 | 396,585 | 651,202 | 507,619 | 628,545 | 752,442 | 742,885 | 744,092 |
| P/E ratio | 7.15 x | 7.19 x | 10.7 x | 5.35 x | 11.4 x | 11.4 x | 9.55 x | 8.64 x |
| Yield | 3.25% | 4.55% | 2.83% | 4.41% | 4.45% | 3.69% | 3.8% | 3.92% |
| Capitalization / Revenue | 0.65 x | 0.51 x | 0.92 x | 0.63 x | 0.54 x | 0.67 x | 0.64 x | 0.61 x |
| EV / Revenue | 0.66 x | 0.5 x | 0.89 x | 0.55 x | 0.59 x | 0.73 x | 0.68 x | 0.66 x |
| EV / EBITDA | 4.04 x | 3.4 x | 5.08 x | 2.75 x | 5.34 x | 5.72 x | 4.88 x | 4.49 x |
| EV / FCF | 44.6 x | 10.2 x | 14.6 x | 7.8 x | -6.62 x | 23.4 x | 22.9 x | 15.2 x |
| FCF Yield | 2.24% | 9.78% | 6.83% | 12.8% | -15.1% | 4.28% | 4.37% | 6.6% |
| Price to Book | 1.03 x | 0.7 x | 1.09 x | 0.81 x | 0.77 x | 0.89 x | 0.84 x | 0.79 x |
| Nbr of stocks (in thousands) | 324,738 | 324,836 | 318,150 | 318,209 | 318,334 | 318,371 | - | - |
| Reference price 2 | 1,721 | 1,230 | 2,118 | 1,814 | 1,797 | 2,175 | 2,175 | 2,175 |
| Announcement Date | 5/9/19 | 5/12/20 | 5/11/21 | 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 | 861,456 | 786,083 | 732,850 | 918,580 | 1,064,376 | 1,030,997 | 1,089,270 | 1,132,858 |
| EBITDA 1 | 140,258 | 116,557 | 128,281 | 184,708 | 117,668 | 131,566 | 152,160 | 165,713 |
| EBIT 1 | 105,739 | 81,658 | 87,819 | 144,045 | 74,606 | 87,762 | 108,441 | 119,414 |
| Operating Margin | 12.27% | 10.39% | 11.98% | 15.68% | 7.01% | 8.51% | 9.96% | 10.54% |
| Earnings before Tax (EBT) 1 | 113,306 | 83,649 | 95,061 | 159,670 | 81,615 | 95,452 | 110,417 | 122,235 |
| Net income 1 | 78,133 | 55,550 | 63,276 | 107,938 | 50,335 | 60,812 | 72,383 | 79,628 |
| Net margin | 9.07% | 7.07% | 8.63% | 11.75% | 4.73% | 5.9% | 6.65% | 7.03% |
| EPS 2 | 240.6 | 171.0 | 197.9 | 339.2 | 158.1 | 190.1 | 227.8 | 251.9 |
| Free Cash Flow 1 | 12,682 | 38,789 | 44,479 | 65,090 | -95,000 | 32,210 | 32,481 | 49,084 |
| FCF margin | 1.47% | 4.93% | 6.07% | 7.09% | -8.93% | 3.12% | 2.98% | 4.33% |
| FCF Conversion (EBITDA) | 9.04% | 33.28% | 34.67% | 35.24% | - | 24.48% | 21.35% | 29.62% |
| FCF Conversion (Net income) | 16.23% | 69.83% | 70.29% | 60.3% | - | 52.97% | 44.87% | 61.64% |
| Dividend per Share 2 | 56.00 | 56.00 | 60.00 | 80.00 | 80.00 | 80.35 | 82.59 | 85.17 |
| Announcement Date | 5/9/19 | 5/12/20 | 5/11/21 | 5/12/22 | 5/12/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 396,352 | 389,731 | 328,466 | 404,384 | 227,314 | 428,515 | 240,953 | 249,112 | 490,065 | 252,325 | 274,324 | 526,649 | 267,937 | 269,790 | 537,727 | 240,638 | 245,041 | 485,679 | 262,221 | 285,000 | 533,950 | 267,000 | 294,000 | 309,900 | 329,100 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 40,417 | 41,241 | 17,643 | 70,176 | 35,174 | 65,322 | 41,562 | 37,161 | 78,723 | 30,307 | 14,719 | 45,026 | 13,874 | 15,706 | 29,580 | 13,605 | 18,499 | 32,104 | 27,496 | 29,117 | 42,750 | 22,500 | 30,500 | 34,000 | 39,000 |
| Operating Margin | 10.2% | 10.58% | 5.37% | 17.35% | 15.47% | 15.24% | 17.25% | 14.92% | 16.06% | 12.01% | 5.37% | 8.55% | 5.18% | 5.82% | 5.5% | 5.65% | 7.55% | 6.61% | 10.49% | 10.22% | 8.01% | 8.43% | 10.37% | 10.97% | 11.85% |
| Earnings before Tax (EBT) | 40,976 | - | 18,594 | - | - | 67,983 | 46,106 | - | - | 42,618 | - | 64,247 | 8,016 | - | - | 21,595 | - | 43,329 | 23,960 | - | - | - | - | - | - |
| Net income 1 | 26,773 | 28,777 | 11,713 | 51,563 | 24,322 | 46,031 | 31,389 | 30,518 | 61,907 | 28,444 | 13,596 | 42,040 | 4,274 | 4,021 | 8,295 | 13,228 | 13,488 | 26,716 | 14,684 | 18,850 | 8,300 | 15,400 | 20,700 | 23,000 | 24,900 |
| Net margin | 6.75% | 7.38% | 3.57% | 12.75% | 10.7% | 10.74% | 13.03% | 12.25% | 12.63% | 11.27% | 4.96% | 7.98% | 1.6% | 1.49% | 1.54% | 5.5% | 5.5% | 5.5% | 5.6% | 6.61% | 1.55% | 5.77% | 7.04% | 7.42% | 7.57% |
| EPS | 82.44 | - | 36.48 | - | - | 144.7 | 98.64 | - | - | 89.39 | - | 132.1 | 13.42 | - | - | 41.56 | - | 83.93 | 46.02 | - | - | - | - | - | - |
| Dividend per Share | 28.00 | - | 28.00 | - | - | 30.00 | - | - | - | - | - | 40.00 | - | - | - | - | - | 40.00 | - | - | - | - | - | - | - |
| Announcement Date | 10/31/19 | 5/12/20 | 10/30/20 | 5/11/21 | 11/2/21 | 11/2/21 | 2/3/22 | 5/12/22 | 5/12/22 | 8/2/22 | 11/1/22 | 11/1/22 | 2/3/23 | 5/12/23 | 5/12/23 | 8/3/23 | 11/2/23 | 11/2/23 | 2/5/24 | - | - | - | - | - | - |
1JPY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 7,097 | - | - | - | 56,500 | 59,984 | 50,428 | 51,635 |
| Net Cash position 1 | - | 2,964 | 22,640 | 69,611 | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.0506 x | - | - | - | 0.4802 x | 0.4559 x | 0.3314 x | 0.3116 x |
| Free Cash Flow 1 | 12,682 | 38,789 | 44,479 | 65,090 | -95,000 | 32,210 | 32,481 | 49,084 |
| ROE (net income / shareholders' equity) | 15.1% | 10% | 10.7% | 16.3% | 7% | 8.06% | 9.01% | 9.26% |
| ROA (Net income/ Total Assets) | 13.1% | 9.74% | 10.2% | 15.5% | 7.89% | 5.6% | 6.5% | 6.7% |
| Assets 1 | 598,299 | 570,209 | 621,655 | 696,341 | 638,234 | 1,085,920 | 1,113,585 | 1,188,476 |
| Book Value Per Share 2 | 1,665 | 1,747 | 1,935 | 2,228 | 2,321 | 2,446 | 2,590 | 2,757 |
| Cash Flow per Share 2 | 347.0 | 278.0 | 324.0 | 467.0 | 293.0 | 330.0 | 371.0 | 437.0 |
| Capex 1 | 64,829 | 61,134 | 50,627 | 48,034 | 79,239 | 71,803 | 77,193 | 78,103 |
| Capex / Sales | 7.53% | 7.78% | 6.91% | 5.23% | 7.44% | 6.96% | 7.09% | 6.89% |
| Announcement Date | 5/9/19 | 5/12/20 | 5/11/21 | 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
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
2,175
JPY
Average target price
2,340
JPY
Spread / Average Target
+7.59%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +20.77% | 4.4B | |
| -0.19% | 74.89B | |
| +0.09% | 46.52B | |
| -4.19% | 30.82B | |
| +9.85% | 18.19B | |
| -10.05% | 11.54B | |
| +6.39% | 11.24B | |
| -8.09% | 9.73B | |
| +2.79% | 9.4B | |
| +6.35% | 9.37B |
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