Financials Toyota Industries Corporation

Equities

6201

JP3634600005

Heavy Machinery & Vehicles

Market Closed - Japan Exchange 01:00:00 2024-02-22 am EST 5-day change 1st Jan Change
15,275 JPY +3.24% Intraday chart for Toyota Industries Corporation +3.63% +32.83%

Valuation

Fiscal Period: Marzo 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,723,195 1,608,309 3,061,358 2,629,767 2,282,024 4,742,547 - -
Enterprise Value (EV) 1 2,558,251 2,589,935 4,168,472 3,773,197 3,778,432 5,824,301 5,788,431 5,654,350
P/E ratio 11.3 x 11 x 22.4 x 14.6 x 11.8 x 19.4 x 18.4 x 17.2 x
Yield 2.79% 3.09% 1.52% 2.01% 2.59% 1.43% 1.53% 1.71%
Capitalization / Revenue 0.78 x 0.74 x 1.45 x 0.97 x 0.68 x 1.29 x 1.24 x 1.2 x
EV / Revenue 1.15 x 1.19 x 1.97 x 1.39 x 1.12 x 1.58 x 1.52 x 1.43 x
EV / EBITDA 7.98 x 7.7 x 12.7 x 9.86 x 8.84 x 12.4 x 11.1 x 10.2 x
EV / FCF -20.5 x 19.8 x -191 x 45.1 x -16.2 x 10.2 x 20.3 x 27.8 x
FCF Yield -4.87% 5.04% -0.52% 2.22% -6.16% 9.82% 4.93% 3.6%
Price to Book 0.69 x 0.66 x 0.95 x 0.67 x 0.59 x 1.12 x 1.02 x 0.98 x
Nbr of stocks (in thousands) 310,486 310,484 310,483 310,480 310,479 310,478 - -
Reference price 2 5,550 5,180 9,860 8,470 7,350 15,275 15,275 15,275
Announcement Date 4/26/19 4/30/20 4/28/21 4/28/22 4/27/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,214,946 2,171,355 2,118,302 2,705,183 3,379,891 3,685,422 3,819,756 3,940,452
EBITDA 1 320,636 336,545 327,998 382,803 427,666 470,324 521,354 554,863
EBIT 1 134,684 128,233 118,159 159,066 169,904 227,638 244,284 260,518
Operating Margin 6.08% 5.91% 5.58% 5.88% 5.03% 6.18% 6.4% 6.61%
Earnings before Tax (EBT) 1 202,225 196,288 184,011 246,123 262,967 330,433 349,192 378,345
Net income 1 152,748 145,881 136,700 180,306 192,861 244,652 258,065 275,386
Net margin 6.9% 6.72% 6.45% 6.67% 5.71% 6.64% 6.76% 6.99%
EPS 2 492.0 469.8 440.3 580.7 621.2 785.7 830.5 888.2
Free Cash Flow 1 -124,694 130,601 -21,778 83,714 -232,678 572,224 285,399 203,540
FCF margin -5.63% 6.01% -1.03% 3.09% -6.88% 15.53% 7.47% 5.17%
FCF Conversion (EBITDA) - 38.81% - 21.87% - 121.67% 54.74% 36.68%
FCF Conversion (Net income) - 89.53% - 46.43% - 233.89% 110.59% 73.91%
Dividend per Share 2 155.0 160.0 150.0 170.0 190.0 218.5 233.8 260.9
Announcement Date 4/26/19 4/30/20 4/28/21 4/28/22 4/27/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2020 S2 2021 S1 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 2024 S2 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 1,102,951 1,068,404 957,007 643,928 1,260,842 707,107 737,234 759,631 842,865 1,602,496 865,069 912,326 889,455 947,968 1,837,423 990,144 921,961 1,863,000 878,393 897,899 931,867 973,743
EBITDA - - - 92,775 - 56,602 78,260 - - - - 97,412 - - - - - - - - - -
EBIT 1 71,582 56,651 30,201 36,874 94,367 41,925 22,774 43,611 48,399 92,010 46,678 31,216 52,509 69,543 122,052 78,859 50,903 93,000 53,749 58,084 58,310 81,642
Operating Margin 6.49% 5.3% 3.16% 5.73% 7.48% 5.93% 3.09% 5.74% 5.74% 5.74% 5.4% 3.42% 5.9% 7.34% 6.64% 7.96% 5.52% 4.99% 6.12% 6.47% 6.26% 8.38%
Earnings before Tax (EBT) 1 108,059 88,229 65,212 36,499 137,801 81,709 26,613 91,711 53,247 144,958 85,125 32,884 111,609 68,923 180,532 121,727 51,060 144,000 133,594 55,690 109,881 79,325
Net income 1 82,284 63,597 48,108 25,788 103,386 59,398 17,522 71,623 35,265 106,888 62,340 23,633 86,978 51,830 138,808 91,993 33,439 91,000 104,624 37,726 83,702 54,164
Net margin 7.46% 5.95% 5.03% 4% 8.2% 8.4% 2.38% 9.43% 4.18% 6.67% 7.21% 2.59% 9.78% 5.47% 7.55% 9.29% 3.63% 4.88% 11.91% 4.2% 8.98% 5.56%
EPS 2 265.0 - 155.0 83.06 333.0 191.3 56.43 230.7 113.6 344.3 200.8 76.11 280.1 166.9 447.1 296.3 94.28 - 337.0 121.5 269.6 174.5
Dividend per Share 2 80.00 - 70.00 80.00 80.00 - 90.00 - 90.00 90.00 - 100.0 - 100.0 100.0 - 120.0 - - 135.0 - 135.0
Announcement Date 10/31/19 4/30/20 10/29/20 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 - - - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 835,056 981,626 1,107,114 1,143,430 1,496,408 1,081,754 1,045,884 911,803
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.604 x 2.917 x 3.375 x 2.987 x 3.499 x 2.3 x 2.006 x 1.643 x
Free Cash Flow 1 -124,694 130,601 -21,778 83,714 -232,678 572,224 285,399 203,540
ROE (net income / shareholders' equity) 6.1% 5.9% 4.8% 5% 5% 6.08% 5.65% 5.86%
ROA (Net income/ Total Assets) 2.9% 3.72% 3.12% 3.48% 3.4% 2.84% 2.84% 3.01%
Assets 1 5,259,917 3,916,962 4,376,977 5,176,120 5,664,918 8,625,146 9,076,679 9,156,158
Book Value Per Share 2 7,987 7,855 10,423 12,653 12,360 13,657 15,039 15,618
Cash Flow per Share 2 1,091 1,141 1,116 1,301 1,451 1,307 1,379 1,584
Capex 1 225,621 216,002 222,360 237,371 289,974 168,250 165,000 165,000
Capex / Sales 10.19% 9.95% 10.5% 8.77% 8.58% 4.57% 4.32% 4.19%
Announcement Date 4/26/19 4/30/20 4/28/21 4/28/22 4/27/23 - - -
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
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
15,275 JPY
Average target price
12,779 JPY
Spread / Average Target
-16.34%
Consensus
1st Jan change Capi.
+32.83% 31 543 M $
+13.45% 58 036 M $
+7.79% 31 937 M $
+15.78% 26 866 M $
+11.71% 24 592 M $
-3.88% 21 915 M $
+2.69% 17 033 M $
+0.33% 15 742 M $
+6.90% 10 963 M $
+9.49% 8 976 M $
Other Heavy Machinery & Vehicles
+229% on MICROSOFT CORPORATION since our purchase on January 11, 2019
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