TOYOTA TSUSHO CORPORATION Financials Toyota Tsusho Corporation
Equities
8015
JP3635000007
Diversified Industrial Goods Wholesale
|
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 9,670 JPY | +0.45% |
|
+3.91% | +16.39% |
| Apr. 26 | Toyota Tsusho Corporation Proposes Revision of Dividend for the Year-End March 31, 2024 | CI |
| Apr. 02 | Toyota Tsusho Completes Merger of Two Subsidiaries | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,268,537 | 895,803 | 1,634,308 | 1,780,345 | 1,977,479 | 3,402,507 | - | - |
| Enterprise Value (EV) 1 | 2,305,722 | 2,009,979 | 2,460,950 | 2,915,384 | 3,325,207 | 3,611,865 | 4,530,197 | 4,483,870 |
| P/E ratio | 9.57 x | 6.61 x | 12.1 x | 8.01 x | 6.96 x | 10.9 x | 9.72 x | 9.24 x |
| Yield | 2.77% | 4.32% | 2.41% | 3.16% | 3.59% | 2.77% | 3.03% | 3.25% |
| Capitalization / Revenue | 0.19 x | 0.13 x | 0.26 x | 0.22 x | 0.2 x | 0.35 x | 0.32 x | 0.3 x |
| EV / Revenue | 0.34 x | 0.3 x | 0.39 x | 0.36 x | 0.34 x | 0.35 x | 0.42 x | 0.39 x |
| EV / EBITDA | 7.92 x | 6.4 x | 7.75 x | 7.2 x | 6.42 x | 7.7 x | 7.36 x | 6.91 x |
| EV / FCF | 21.4 x | 21.4 x | 28.1 x | -27.2 x | 10.9 x | 21.5 x | 24.3 x | 22.5 x |
| FCF Yield | 4.68% | 4.67% | 3.56% | -3.68% | 9.15% | 4.65% | 4.11% | 4.44% |
| Price to Book | 1.06 x | 0.75 x | 1.11 x | 1.03 x | 1.03 x | 1.46 x | 1.33 x | 1.21 x |
| Nbr of stocks (in thousands) | 351,883 | 351,847 | 351,842 | 351,847 | 351,865 | 351,862 | - | - |
| Reference price 2 | 3,605 | 2,546 | 4,645 | 5,060 | 5,620 | 9,670 | 9,670 | 9,670 |
| 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: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 6,762,702 | 6,694,071 | 6,309,303 | 8,028,000 | 9,848,560 | 10,188,980 | 10,941,867 | 11,429,940 |
| EBITDA 1 | 291,202 | 313,928 | 317,407 | 405,026 | 517,737 | 593,930 | 615,564 | 648,769 |
| EBIT 1 | 215,197 | 210,370 | 213,058 | 294,141 | 388,753 | 441,589 | 480,315 | 504,188 |
| Operating Margin | 3.18% | 3.14% | 3.38% | 3.66% | 3.95% | 4.33% | 4.39% | 4.41% |
| Earnings before Tax (EBT) 1 | 229,193 | 224,801 | 221,425 | 330,132 | 427,126 | 469,639 | 515,538 | 535,871 |
| Net income 1 | 132,622 | 135,551 | 134,602 | 222,235 | 284,155 | 331,444 | 352,362 | 368,486 |
| Net margin | 1.96% | 2.02% | 2.13% | 2.77% | 2.89% | 3.25% | 3.22% | 3.22% |
| EPS 2 | 376.9 | 385.2 | 382.6 | 631.6 | 807.6 | 941.9 | 994.7 | 1,047 |
| Free Cash Flow 1 | 107,832 | 93,899 | 87,606 | -107,196 | 304,372 | 212,825 | 186,301 | 198,870 |
| FCF margin | 1.59% | 1.4% | 1.39% | -1.34% | 3.09% | 2% | 1.7% | 1.74% |
| FCF Conversion (EBITDA) | 37.03% | 29.91% | 27.6% | - | 58.79% | 35.83% | 30.27% | 30.65% |
| FCF Conversion (Net income) | 81.31% | 69.27% | 65.09% | - | 107.11% | 62.26% | 52.87% | 53.97% |
| Dividend per Share 2 | 100.0 | 110.0 | 112.0 | 160.0 | 202.0 | 268.1 | 293.1 | 314.7 |
| 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 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 3,364,298 | 2,732,583 | - | 3,744,666 | 2,032,047 | - | 2,375,630 | - | 4,907,747 | 2,459,655 | - | 2,540,752 | - | 5,135,235 | 2,574,947 | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 108,646 | 71,999 | 73,438 | 149,417 | 77,848 | - | 102,334 | 105,649 | 207,983 | 108,212 | - | 113,730 | - | 233,147 | 120,988 | 87,454 |
| Operating Margin | 3.23% | 2.63% | - | 3.99% | 3.83% | - | 4.31% | - | 4.24% | 4.4% | - | 4.48% | - | 4.54% | 4.7% | - |
| Earnings before Tax (EBT) 1 | 125,173 | 74,269 | - | 176,755 | 84,274 | 69,103 | 120,612 | - | 232,035 | 121,805 | - | 132,787 | - | 254,110 | 129,929 | 85,600 |
| Net income 1 | 79,138 | 41,694 | 70,866 | 127,573 | 52,698 | 41,964 | 74,834 | 76,446 | 151,280 | 84,148 | 48,727 | 92,716 | 85,041 | 177,757 | 93,101 | 60,586 |
| Net margin | 2.35% | 1.53% | - | 3.41% | 2.59% | - | 3.15% | - | 3.08% | 3.42% | - | 3.65% | - | 3.46% | 3.62% | - |
| EPS | 224.9 | 118.5 | - | 362.6 | 149.8 | - | 212.7 | - | 430.0 | 239.2 | - | 263.5 | - | 505.2 | 264.6 | - |
| Dividend per Share | 60.00 | 50.00 | - | 70.00 | - | - | - | - | 96.00 | - | - | - | - | 125.0 | - | - |
| Announcement Date | 10/31/19 | 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 | 4/26/24 |
1JPY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,037,185 | 1,114,176 | 826,642 | 1,135,039 | 1,347,728 | 1,170,969 | 1,127,690 | 1,081,363 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.562 x | 3.549 x | 2.604 x | 2.802 x | 2.603 x | 1.972 x | 1.832 x | 1.667 x |
| Free Cash Flow 1 | 107,832 | 93,899 | 87,606 | -107,196 | 304,372 | 212,825 | 186,301 | 198,870 |
| ROE (net income / shareholders' equity) | 11.2% | 11.3% | 10.1% | 13.9% | 15.6% | 15.1% | 14.5% | 13.8% |
| ROA (Net income/ Total Assets) | 3.03% | 5% | 4.53% | 5.81% | 6.82% | 5.61% | 5.51% | 5.52% |
| Assets 1 | 4,375,808 | 2,709,400 | 2,970,520 | 3,827,355 | 4,164,664 | 6,091,140 | 6,357,856 | 6,670,028 |
| Book Value Per Share 2 | 3,398 | 3,401 | 4,177 | 4,931 | 5,441 | 7,011 | 7,245 | 7,968 |
| Cash Flow per Share 2 | 593.0 | 680.0 | 679.0 | 947.0 | 1,174 | 1,340 | 1,296 | 1,286 |
| Capex 1 | 102,964 | 94,746 | 157,449 | 186,455 | 222,416 | 283,978 | 258,333 | 258,333 |
| Capex / Sales | 1.52% | 1.42% | 2.5% | 2.32% | 2.26% | 2.67% | 2.4% | 2.26% |
| 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
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
9,670
JPY
Average target price
11,000
JPY
Spread / Average Target
+13.75%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +16.39% | 21.62B | |
| +56.60% | 91.85B | |
| +41.92% | 71.52B | |
| +19.61% | 63.05B | |
| +8.10% | 42.1B | |
| +27.08% | 30.34B | |
| +16.68% | 17.92B | |
| -3.76% | 12.84B | |
| +2.43% | 5.92B | |
| -27.24% | 5.61B |
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