Financials Toyobo Co., Ltd.

Equities

3101

JP3619800000

Commodity Chemicals

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,106 ^JPY	+0.55%		+1.37%	+4.64%

Feb. 08	Toyobo Co., Ltd. Provides Earnings Guidance for the Fiscal Year Ending March 31, 2024	CI
Feb. 08	Toyobo Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	125,607	101,512	126,522	97,164	92,170	97,438	-	-
Enterprise Value (EV) ¹	266,613	247,653	274,747	257,679	256,633	286,438	319,038	346,038
P/E ratio	-208 x	7.37 x	30.1 x	7.55 x	-141 x	45.3 x	12.9 x	9.82 x
Yield	2.83%	3.5%	2.81%	3.66%	3.85%	3.62%	3.62%	3.8%
Capitalization / Revenue	0.37 x	0.3 x	0.37 x	0.26 x	0.23 x	0.24 x	0.23 x	0.21 x
EV / Revenue	0.79 x	0.73 x	0.81 x	0.69 x	0.64 x	0.7 x	0.74 x	0.76 x
EV / EBITDA	7.11 x	6.22 x	6.01 x	5.31 x	8.82 x	10.2 x	8.5 x	7.9 x
EV / FCF	-16.2 x	49.1 x	23.3 x	-34.3 x	-9.1 x	-15.5 x	-12.6 x	-16.8 x
FCF Yield	-6.17%	2.03%	4.29%	-2.91%	-11%	-6.46%	-7.93%	-5.96%
Price to Book	0.71 x	0.57 x	0.68 x	0.5 x	0.48 x	0.52 x	0.51 x	0.49 x
Nbr of stocks (in thousands)	88,768	88,812	88,850	88,897	88,710	88,099	-	-
Reference price ²	1,415	1,143	1,424	1,093	1,039	1,106	1,106	1,106
Announcement Date	5/9/19	5/11/20	5/10/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	336,698	339,607	337,406	375,720	399,921	411,500	432,100	454,350
EBITDA ¹	37,500	39,799	45,752	48,510	29,113	28,200	37,550	43,800
EBIT ¹	21,727	22,794	26,657	28,430	10,063	8,000	18,200	22,650
Operating Margin	6.45%	6.71%	7.9%	7.57%	2.52%	1.94%	4.21%	4.99%
Earnings before Tax (EBT) ¹	102	19,716	5,582	14,796	612	4,000	11,200	14,650
Net income ¹	-603	13,774	4,202	12,865	-655	2,150	7,575	9,935
Net margin	-0.18%	4.06%	1.25%	3.42%	-0.16%	0.52%	1.75%	2.19%
EPS ²	-6.800	155.1	47.30	144.8	-7.370	24.40	85.85	112.6
Free Cash Flow ¹	-16,448	5,039	11,775	-7,511	-28,213	-18,512	-25,316	-20,628
FCF margin	-4.89%	1.48%	3.49%	-2%	-7.05%	-4.5%	-5.86%	-4.54%
FCF Conversion (EBITDA)	-	12.66%	25.74%	-	-	-	-	-
FCF Conversion (Net income)	-	36.58%	280.22%	-	-	-	-	-
Dividend per Share ²	40.00	40.00	40.00	40.00	40.00	40.00	40.00	42.00
Announcement Date	5/9/19	5/11/20	5/10/21	5/12/22	5/11/23	-	-	-

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	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	164,909	174,698	157,507	179,899	89,300	183,900	90,600	101,220	191,820	101,000	100,075	201,123	97,615	101,183	97,100	102,400	199,400	107,900	104,150	213,600	102,350	109,250	215,000	110,300	110,200	225,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	11,114	11,680	10,420	16,237	7,900	17,100	5,800	5,530	11,330	4,600	3,264	7,885	1,683	495	-100	2,400	2,400	2,600	3,050	5,600	3,050	4,600	8,000	5,150	5,400	12,000
Operating Margin	6.74%	6.69%	6.62%	9.03%	8.85%	9.3%	6.4%	5.46%	5.91%	4.55%	3.26%	3.92%	1.72%	0.49%	-0.1%	2.34%	1.2%	2.41%	2.93%	2.62%	2.98%	4.21%	3.72%	4.67%	4.9%	5.33%
Earnings before Tax (EBT) ¹	4,210	-	3,952	-	-	11,467	3,564	-	-	10,875	-	14,841	-606	-	-843	-	3,086	542	2,600	4,000	-	-	-	-	-	-
Net income ¹	2,662	11,112	2,642	1,560	3,500	9,700	2,400	765	3,165	7,800	3,173	10,970	-1,211	-10,414	-500	2,500	2,000	-400	550	1,300	1,550	2,600	4,100	2,500	950	3,200
Net margin	1.61%	6.36%	1.68%	0.87%	3.92%	5.27%	2.65%	0.76%	1.65%	7.72%	3.17%	5.45%	-1.24%	-10.29%	-0.51%	2.44%	1%	-0.37%	0.53%	0.61%	1.51%	2.38%	1.91%	2.27%	0.86%	1.42%
EPS	29.99	-	29.75	-	-	109.2	27.23	-	-	87.71	-	123.4	-13.63	-	-5.800	-	22.82	-4.970	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/7/19	5/11/20	11/9/20	5/10/21	11/8/21	11/8/21	2/10/22	5/12/22	5/12/22	8/8/22	11/10/22	11/10/22	2/8/23	5/11/23	8/7/23	11/9/23	11/9/23	2/8/24	-	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	141,006	146,141	148,225	160,515	164,463	189,000	221,600	248,600
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.76 x	3.672 x	3.24 x	3.309 x	5.649 x	6.702 x	5.901 x	5.676 x
Free Cash Flow ¹	-16,448	5,039	11,775	-7,511	-28,213	-18,512	-25,316	-20,629
ROE (net income / shareholders' equity)	-0.3%	7.8%	2.3%	6.8%	-0.3%	1.12%	3.82%	4.75%
ROA (Net income/ Total Assets)	3.92%	3.8%	4.23%	4.58%	1.19%	0.85%	2.65%	2.95%
Assets ¹	-15,377	362,745	99,445	281,056	-54,998	252,941	285,849	336,780
Book Value Per Share ²	1,989	2,003	2,090	2,192	2,146	2,133	2,179	2,252
Cash Flow per Share	171.0	347.0	262.0	371.0	207.0	-	-	-
Capex ¹	25,512	36,445	23,253	33,640	42,734	53,000	50,000	50,000
Capex / Sales	7.58%	10.73%	6.89%	8.95%	10.69%	12.88%	11.57%	11%
Announcement Date	5/9/19	5/11/20	5/10/21	5/12/22	5/11/23	-	-	-

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

Ratings for Toyobo Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,106 JPY

Average target price

1,307 JPY

Spread / Average Target

+18.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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