Financials TOA Corporation

Equities

6809

JP3538600002

Communications & Networking

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,126 ^JPY	+1.08%		+4.36%	+8.90%

Feb. 15	Tranche Update on TOA Corporation's Equity Buyback Plan announced on February 14, 2024.	CI
Feb. 15	TOA Corporation's Equity Buyback announced on February 14, 2024, has expired with 2,125,300 shares, representing 6.60% for ¥2,316.58 million.	CI

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	37,790	27,273	31,316	22,131	26,537	33,843	-	-
Enterprise Value (EV) ¹	18,658	13,261	16,660	7,134	13,443	33,843	33,843	33,843
P/E ratio	15.1 x	13.2 x	19.7 x	15.1 x	15.1 x	22.3 x	17.8 x	15.9 x
Yield	2.33%	3.23%	2.08%	2.94%	4.85%	3.55%	3.55%	3.55%
Capitalization / Revenue	0.82 x	0.61 x	0.77 x	0.54 x	0.59 x	0.69 x	0.65 x	0.62 x
EV / Revenue	0.82 x	0.61 x	0.77 x	0.54 x	0.59 x	0.69 x	0.65 x	0.62 x
EV / EBITDA	7.6 x	5.56 x	8.38 x	6.26 x	8.27 x	7.85 x	7.13 x	6.51 x
EV / FCF	34 x	-37.6 x	8.35 x	25.1 x	-12 x	24.6 x	21.1 x	16.5 x
FCF Yield	2.94%	-2.66%	12%	3.98%	-8.31%	4.06%	4.73%	6.06%
Price to Book	0.87 x	0.64 x	0.71 x	0.49 x	0.57 x	0.78 x	0.77 x	0.75 x
Nbr of stocks (in thousands)	33,862	33,880	32,519	32,546	32,166	30,056	-	-
Reference price ²	1,116	805.0	963.0	680.0	825.0	1,126	1,126	1,126
Announcement Date	5/8/19	5/13/20	5/7/21	5/2/22	5/2/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	46,338	45,068	40,575	40,864	45,123	49,000	52,000	55,000
EBITDA ¹	4,971	4,902	3,738	3,534	3,209	4,314	4,748	5,201
EBIT ¹	3,903	3,465	2,293	2,159	1,713	2,800	3,200	3,600
Operating Margin	8.42%	7.69%	5.65%	5.28%	3.8%	5.71%	6.15%	6.55%
Earnings before Tax (EBT) ¹	4,099	3,297	2,547	2,427	2,627	2,750	3,400	3,800
Net income ¹	2,504	2,065	1,596	1,466	1,765	1,628	2,037	2,275
Net margin	5.4%	4.58%	3.93%	3.59%	3.91%	3.32%	3.92%	4.14%
EPS ²	73.97	60.99	48.87	45.08	54.51	50.60	63.30	70.70
Free Cash Flow ¹	1,111	-726	3,750	880	-2,204	1,375	1,601	2,051
FCF margin	2.4%	-1.61%	9.24%	2.15%	-4.88%	2.81%	3.08%	3.73%
FCF Conversion (EBITDA)	22.35%	-	100.32%	24.9%	-	31.87%	33.72%	39.43%
FCF Conversion (Net income)	44.37%	-	234.96%	60.03%	-	84.46%	78.6%	90.15%
Dividend per Share ²	26.00	26.00	20.00	20.00	40.00	40.00	40.00	40.00
Announcement Date	5/8/19	5/13/20	5/7/21	5/2/22	5/2/23	-	-	-

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	2023 S2	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	20,766	24,302	17,666	22,909	10,662	18,937	10,191	11,736	21,927	9,084	11,223	20,307	11,247	13,569	24,816	10,042	11,849	21,891	12,498	15,109	27,109	10,700	12,600	23,300	12,720	15,980	28,700
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,167	2,298	-32	2,325	800	748	400	1,011	1,411	-302	347	45	567	1,101	1,668	-114	807	693	1,297	1,407	2,107	-	900	900	770	1,530	2,300
Operating Margin	5.62%	9.46%	-0.18%	10.15%	7.5%	3.95%	3.93%	8.61%	6.43%	-3.32%	3.09%	0.22%	5.04%	8.11%	6.72%	-1.14%	6.81%	3.17%	10.38%	9.31%	7.77%	-	7.14%	3.86%	6.05%	9.57%	8.01%
Earnings before Tax (EBT)	1,278	-	42	-	841	841	473	-	-	485	-	979	411	-	-	169	-	1,191	1,247	-	-	-	-	-	-	-	-
Net income ¹	670	-	-155	1,751	564	460	343	663	1,006	267	362	629	251	885	1,136	-63	802	739	819	625	889	-43	578	536	489	1,013	1,502
Net margin	3.23%	-	-0.88%	7.64%	5.29%	2.43%	3.37%	5.65%	4.59%	2.94%	3.23%	3.1%	2.23%	6.52%	4.58%	-0.63%	6.77%	3.38%	6.55%	4.14%	3.28%	-0.4%	4.59%	2.3%	3.84%	6.34%	5.23%
EPS ²	19.79	-	-4.740	53.61	17.36	14.15	10.55	20.38	30.93	8.200	11.12	19.32	7.790	27.40	35.19	-1.960	24.94	22.98	25.45	19.40	27.60	-1.300	18.00	16.70	15.20	31.50	46.70
Dividend per Share ²	10.00	-	10.00	10.00	10.00	10.00	-	10.00	10.00	-	20.00	20.00	-	20.00	20.00	-	-	20.00	-	20.00	20.00	-	20.00	20.00	-	20.00	20.00
Announcement Date	11/5/19	5/13/20	11/4/20	5/7/21	11/2/21	11/2/21	2/2/22	5/2/22	5/2/22	8/2/22	11/1/22	11/1/22	2/2/23	5/2/23	5/2/23	8/2/23	11/2/23	11/2/23	2/2/24	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	19,132	14,012	14,656	14,997	13,094	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,111	-726	3,750	880	-2,204	1,375	1,601	2,051
ROE (net income / shareholders' equity)	5.8%	4.8%	3.7%	3.3%	3.9%	3.5%	4.3%	4.8%
ROA (Net income/ Total Assets)	7.07%	6.15%	4.36%	4.04%	3.37%	-	-	-
Assets ¹	35,419	33,597	36,570	36,318	52,341	-	-	-
Book Value Per Share ²	1,276	1,262	1,365	1,374	1,438	1,448	1,470	1,499
Cash Flow per Share	105.0	103.0	93.10	87.30	101.0	-	-	-
Capex ¹	2,150	4,144	1,540	1,122	1,870	758	804	851
Capex / Sales	4.64%	9.19%	3.8%	2.75%	4.14%	1.55%	1.55%	1.55%
Announcement Date	5/8/19	5/13/20	5/7/21	5/2/22	5/2/23	-	-	-

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 TOA Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,126 JPY

Average target price

1,350 JPY

Spread / Average Target

+19.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Communications & Networking

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NOKIA OYJ	+12.86%	20.23B
ZHONGJI INNOLIGHT CO., LTD.	+63.72%	20.06B
ZTE CORPORATION	+8.53%	17.63B
ERICSSON	-10.51%	17.46B

Other Communications & Networking