Financials Toyo Tire Corporation

Equities

5105

JP3610600003

Tires & Rubber Products

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,874 ^JPY	+2.06%		+0.51%	+21.78%

Feb. 14	Toyo Tire's Profit Jumps 51% in 2023	MT
Feb. 14	Toyo Tire Corporation Proposes Dividend for the Fiscal Year Ended December 31, 2023, Effective March 28, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	242,430	241,369	276,168	230,446	363,367	442,507	-	-
Enterprise Value (EV) ¹	332,824	311,929	346,225	317,991	393,133	477,860	463,628	448,919
P/E ratio	9.76 x	20.7 x	6.68 x	4.81 x	5.03 x	7.42 x	6.91 x	6.62 x
Yield	2.86%	2.87%	4.24%	5.34%	4.24%	3.93%	4.18%	4.42%
Capitalization / Revenue	0.64 x	0.7 x	0.7 x	0.46 x	0.66 x	0.76 x	0.73 x	0.7 x
EV / Revenue	0.88 x	0.91 x	0.88 x	0.64 x	0.71 x	0.82 x	0.77 x	0.71 x
EV / EBITDA	5.23 x	5.44 x	4.64 x	4.49 x	3.65 x	4.01 x	3.75 x	3.47 x
EV / FCF	-10.6 x	11.6 x	-113 x	-9.9 x	7.5 x	11.3 x	10.7 x	8.36 x
FCF Yield	-9.44%	8.6%	-0.89%	-10.1%	13.3%	8.87%	9.39%	12%
Price to Book	1.09 x	1.09 x	0.99 x	0.72 x	0.92 x	1.03 x	0.94 x	0.85 x
Nbr of stocks (in thousands)	153,924	153,934	153,940	153,939	153,969	153,969	-	-
Reference price ²	1,575	1,568	1,794	1,497	2,360	2,874	2,874	2,874
Announcement Date	2/14/20	2/15/21	2/15/22	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	377,457	343,764	393,647	497,213	552,825	580,571	605,587	635,977
EBITDA ¹	63,609	57,333	74,548	70,794	107,671	119,097	123,741	129,361
EBIT ¹	38,447	36,328	53,080	44,046	76,899	86,959	91,018	96,799
Operating Margin	10.19%	10.57%	13.48%	8.86%	13.91%	14.98%	15.03%	15.22%
Earnings before Tax (EBT) ¹	34,055	15,700	57,362	66,624	96,084	83,320	89,347	95,854
Net income ¹	24,482	11,682	41,350	47,956	72,273	59,482	64,178	67,080
Net margin	6.49%	3.4%	10.5%	9.64%	13.07%	10.25%	10.6%	10.55%
EPS ²	161.4	75.89	268.6	311.5	469.4	387.3	416.0	434.1
Free Cash Flow ¹	-31,404	26,829	-3,073	-32,131	52,401	42,366	43,529	53,668
FCF margin	-8.32%	7.8%	-0.78%	-6.46%	9.48%	7.3%	7.19%	8.44%
FCF Conversion (EBITDA)	-	46.8%	-	-	48.67%	35.57%	35.18%	41.49%
FCF Conversion (Net income)	-	229.66%	-	-	72.5%	71.23%	67.82%	80.01%
Dividend per Share ²	45.00	45.00	76.00	80.00	100.0	113.1	120.2	127.0
Announcement Date	2/14/20	2/15/21	2/15/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	150,586	186,392	96,415	110,840	207,255	101,773	121,894	223,667	126,763	146,783	129,160	136,296	265,457	143,764	143,604	287,368	136,682	144,741	280,000	144,000	153,166	290,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7,928	26,958	12,705	13,417	26,122	16,172	9,800	25,972	5,419	12,655	14,574	12,099	26,673	23,650	26,576	50,226	21,303	20,085	40,000	24,001	23,830	48,000
Operating Margin	5.26%	14.46%	13.18%	12.1%	12.6%	15.89%	8.04%	11.61%	4.27%	8.62%	11.28%	8.88%	10.05%	16.45%	18.51%	17.48%	15.59%	13.88%	14.29%	16.67%	15.56%	16.55%
Earnings before Tax (EBT) ¹	1,908	28,042	11,704	-	-	24,767	-	41,121	20,444	-	14,909	19,413	34,322	39,703	22,059	61,762	19,225	20,550	40,000	23,825	23,900	48,000
Net income ¹	520	20,673	8,193	12,484	-	17,797	13,233	31,030	13,738	3,188	10,883	18,239	29,122	27,645	15,506	43,151	15,200	18,017	27,000	17,900	15,050	32,000
Net margin	0.35%	11.09%	8.5%	11.26%	-	17.49%	10.86%	13.87%	10.84%	2.17%	8.43%	13.38%	10.97%	19.23%	10.8%	15.02%	11.12%	12.45%	9.64%	12.43%	9.83%	11.03%
EPS ²	3.380	134.3	53.22	81.10	-	115.6	85.94	201.6	89.24	20.71	70.69	118.5	189.2	179.6	100.7	-	109.7	120.1	-	126.6	95.76	-
Dividend per Share	20.00	20.00	-	-	-	-	-	30.00	-	-	-	-	20.00	-	-	-	-	-	-	-	-	-
Announcement Date	8/7/20	8/10/21	11/12/21	2/15/22	2/15/22	5/12/22	8/10/22	8/10/22	11/14/22	2/14/23	5/11/23	8/10/23	8/10/23	11/14/23	2/14/24	2/14/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	90,394	70,560	70,057	87,545	29,766	35,353	21,121	6,413
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.421 x	1.231 x	0.9398 x	1.237 x	0.2765 x	0.2968 x	0.1707 x	0.0496 x
Free Cash Flow ¹	-31,404	26,829	-3,073	-32,131	52,401	42,367	43,529	53,668
ROE (net income / shareholders' equity)	13%	5.3%	16.5%	16%	20.2%	14.9%	13.8%	13.3%
ROA (Net income/ Total Assets)	7.81%	6.76%	11.4%	9.03%	13.8%	10.2%	10.3%	9.77%
Assets ¹	313,374	172,907	361,221	530,968	522,588	581,132	622,930	686,575
Book Value Per Share ²	1,447	1,434	1,819	2,083	2,567	2,781	3,066	3,394
Cash Flow per Share ²	327.0	212.0	408.0	485.0	669.0	641.0	659.0	680.0
Capex ¹	42,633	26,967	37,766	47,303	34,102	45,020	43,796	45,146
Capex / Sales	11.29%	7.84%	9.59%	9.51%	6.17%	7.75%	7.23%	7.1%
Announcement Date	2/14/20	2/15/21	2/15/22	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

Ratings for Toyo Tire Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,874 JPY

Average target price

3,075 JPY

Spread / Average Target

+6.99%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Tires & Rubber Products

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THE YOKOHAMA RUBBER CO., LTD.	+22.39%	4.04B
THE GOODYEAR TIRE & RUBBER COMPANY	-17.32%	3.36B
DÄTWYLER HOLDING AG	-9.22%	3.29B
VIETNAM RUBBER INDUSTRY GROUP -	+41.51%	3.29B
SUMITOMO RUBBER INDUSTRIES, LTD.	+20.79%	3.09B
KUMHO PETRO CHEMICAL CO.,LTD	-3.24%	2.24B
NOKIAN RENKAAT OYJ	+9.95%	1.34B

Other Tires & Rubber Products