Financials Toyota Boshoku Corporation

Equities

3116

JP3635400009

Auto, Truck & Motorcycle Parts

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,304 ^JPY	-4.75%		-4.58%	+2.97%

Apr. 26	Toyota Boshoku Corporation Announces Dividend for the Fiscal Year Ended March 31, 2024, Payable on May 27, 2024	CI
Mar. 05	Craif Inc. announced that it has received funding from Toyota Boshoku Corporation, Toyoda Gosei Co., Ltd.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	311,060	240,437	341,931	374,105	399,372	411,294	-	-
Enterprise Value (EV) ¹	267,628	201,592	288,525	255,902	305,406	458,600	307,712	273,980
P/E ratio	11.3 x	9.69 x	11 x	9.53 x	27.2 x	8.24 x	8.52 x	6.97 x
Yield	3.34%	4.2%	2.46%	3.2%	3.28%	3.73%	3.88%	3.73%
Capitalization / Revenue	0.22 x	0.18 x	0.27 x	0.26 x	0.25 x	0.23 x	0.21 x	0.2 x
EV / Revenue	0.19 x	0.15 x	0.23 x	0.18 x	0.19 x	0.23 x	0.16 x	0.13 x
EV / EBITDA	2.78 x	2.29 x	2.97 x	2.49 x	3.22 x	4.54 x	2.52 x	1.87 x
EV / FCF	-431 x	7.91 x	12.5 x	2.88 x	5.77 x	5.62 x	8.5 x	4.18 x
FCF Yield	-0.23%	12.6%	8%	34.7%	17.3%	17.8%	11.8%	23.9%
Price to Book	1.06 x	0.83 x	1.02 x	0.97 x	1 x	1.02 x	0.89 x	0.81 x
Nbr of stocks (in thousands)	185,707	186,820	186,847	186,866	186,884	178,513	-	-
Reference price ²	1,675	1,287	1,830	2,002	2,137	2,304	2,304	2,304
Announcement Date	4/26/19	4/30/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,417,376	1,372,616	1,272,140	1,421,451	1,604,036	1,953,625	1,970,000	2,053,700
EBITDA ¹	96,339	88,008	97,050	102,856	94,712	100,930	122,175	146,849
EBIT ¹	61,257	47,785	57,103	60,290	47,672	78,636	92,350	98,833
Operating Margin	4.32%	3.48%	4.49%	4.24%	2.97%	4.03%	4.69%	4.81%
Earnings before Tax (EBT) ¹	61,489	48,074	57,345	64,529	52,291	87,372	86,500	101,533
Net income ¹	27,457	24,786	31,188	39,260	14,679	57,885	50,450	59,367
Net margin	1.94%	1.81%	2.45%	2.76%	0.92%	2.96%	2.56%	2.89%
EPS ²	147.8	132.9	166.9	210.2	78.57	311.7	270.3	330.4
Free Cash Flow ¹	-621	25,498	23,091	88,731	52,967	55,423	36,202	65,500
FCF margin	-0.04%	1.86%	1.82%	6.24%	3.3%	2.84%	1.84%	3.19%
FCF Conversion (EBITDA)	-	28.97%	23.79%	86.27%	55.92%	38.96%	29.63%	44.6%
FCF Conversion (Net income)	-	102.87%	74.04%	226.01%	360.84%	95.17%	71.76%	110.33%
Dividend per Share ²	56.00	54.00	45.00	64.00	70.00	86.00	89.33	86.00
Announcement Date	4/26/19	4/30/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-

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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	714,791	657,825	545,425	726,715	297,813	652,080	382,866	386,505	350,346	411,457	761,803	407,367	434,866	475,499	488,559	964,058	507,121	482,446	483,000	490,000	495,000	502,000
EBITDA	-	-	-	-	16,706	-	29,053	28,904	14,770	21,557	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	26,508	21,277	3,614	53,489	6,464	24,263	18,203	17,824	3,404	9,465	12,869	15,762	19,041	22,166	27,432	49,598	27,125	1,913	20,667	21,383	23,067	23,250
Operating Margin	3.71%	3.23%	0.66%	7.36%	2.17%	3.72%	4.75%	4.61%	0.97%	2.3%	1.69%	3.87%	4.38%	4.66%	5.61%	5.14%	5.35%	0.4%	4.28%	4.36%	4.66%	4.63%
Earnings before Tax (EBT) ¹	27,109	20,965	3,163	-	6,301	25,788	19,048	19,693	7,550	12,189	19,739	13,362	19,190	25,374	29,674	55,048	24,324	8,000	-	-	-	-
Net income ¹	12,638	12,148	-7,667	38,855	1,958	14,153	10,345	14,762	-1,378	3,394	2,016	6,754	5,909	12,505	16,443	28,948	13,164	15,773	-	-	-	-
Net margin	1.77%	1.85%	-1.41%	5.35%	0.66%	2.17%	2.7%	3.82%	-0.39%	0.82%	0.26%	1.66%	1.36%	2.63%	3.37%	3%	2.6%	3.27%	-	-	-	-
EPS ²	67.85	-	-41.04	-	10.48	75.75	55.35	79.05	-7.380	18.17	10.79	36.15	31.63	66.93	88.00	154.9	70.45	86.36	58.34	62.09	64.76	85.10
Dividend per Share	28.00	-	10.00	-	-	32.00	-	-	-	-	35.00	-	-	-	-	43.00	-	-	-	-	-	-
Announcement Date	10/31/19	4/30/20	10/29/20	4/28/21	10/29/21	10/29/21	2/2/22	4/28/22	7/29/22	10/28/22	10/28/22	2/3/23	4/27/23	7/28/23	10/31/23	10/31/23	2/2/24	4/26/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	43,432	38,845	53,406	118,203	93,966	99,855	103,582	137,313
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-621	25,498	23,091	88,731	52,967	55,423	36,202	65,500
ROE (net income / shareholders' equity)	9.6%	8.5%	10%	10.9%	3.7%	13.6%	12.5%	12.6%
ROA (Net income/ Total Assets)	8%	3.15%	3.84%	7.13%	5.3%	8.18%	8.6%	8.85%
Assets ¹	343,421	787,157	812,188	550,767	276,806	707,260	586,628	670,810
Book Value Per Share ²	1,573	1,558	1,793	2,067	2,144	2,515	2,588	2,830
Cash Flow per Share ²	337.0	349.0	381.0	438.0	330.0	593.0	579.0	635.0
Capex ¹	61,341	49,848	48,922	34,202	53,980	72,000	68,333	64,000
Capex / Sales	4.33%	3.63%	3.85%	2.41%	3.37%	3.69%	3.47%	3.12%
Announcement Date	4/26/19	4/30/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-

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 Toyota Boshoku Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,304 JPY

Average target price

2,740 JPY

Spread / Average Target

+18.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Automotive Accessories

	1st Jan change	Capi.
TOYOTA BOSHOKU CORPORATION	+2.97%	2.61B
GENTEX CORPORATION	+6.28%	8.03B
CHANGZHOU XINGYU AUTOMOTIVE LIGHTING SYSTEMS CO.,LTD.	-1.98%	5.07B
THULE GROUP AB	+10.31%	2.92B
ADIENT PLC	-16.34%	2.78B
NINGBO JIFENG AUTO PARTS CO., LTD.	-3.12%	2.27B
PHINIA INC.	+28.26%	1.77B
NINGBO HUAXIANG ELECTRONIC CO., LTD.	+3.15%	1.49B
KUNSHAN HUGUANG AUTO HARNESS CO.,LTD.	+35.33%	1.62B
DOWLAIS GROUP PLC	-22.93%	1.43B

Automotive Accessories