Financials TOC Co., Ltd.

Equities

8841

JP3538400007

Real Estate Development & Operations

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-07 am EDT			5-day change	1st Jan Change
774 ^JPY	-1.28%		-1.53%	+10.89%

2023	Tranche Update on TOC Co., Ltd.'s Equity Buyback Plan announced on May 9, 2023.	CI
2023	TOC Co., Ltd.'s Equity Buyback announced on May 9, 2023, has closed with 1,433,200 shares, representing 1.51% for ¥945.91 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	77,764	56,193	75,245	63,282	60,350	73,405	-	-
Enterprise Value (EV) ¹	51,518	27,659	45,903	32,103	30,706	73,405	73,405	73,405
P/E ratio	17.3 x	12.6 x	18.2 x	20.4 x	18.5 x	15.7 x	31.9 x	30.6 x
Yield	1.18%	1.7%	1.27%	1.5%	1.57%	1.28%	1.28%	1.28%
Capitalization / Revenue	4.23 x	3.06 x	4.68 x	3.87 x	3.85 x	5.4 x	5.73 x	5.52 x
EV / Revenue	4.23 x	3.06 x	4.68 x	3.87 x	3.85 x	5.4 x	5.73 x	5.52 x
EV / EBITDA	9.39 x	6.8 x	9.93 x	8.19 x	10.2 x	21 x	20.1 x	19.1 x
EV / FCF	-19.6 x	12.4 x	35.2 x	22.2 x	-40.3 x	6.32 x	-7.93 x	94.6 x
FCF Yield	-5.11%	8.05%	2.84%	4.5%	-2.48%	15.8%	-12.6%	1.06%
Price to Book	0.85 x	0.63 x	0.8 x	0.67 x	0.6 x	0.7 x	0.69 x	0.68 x
Nbr of stocks (in thousands)	101,652	95,729	95,489	95,018	95,040	93,629	-	-
Reference price ²	765.0	587.0	788.0	666.0	635.0	784.0	784.0	784.0
Announcement Date	5/14/19	5/12/20	5/11/21	5/10/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	18,383	18,379	16,087	16,337	15,686	13,600	12,800	13,300
EBITDA ¹	8,282	8,263	7,581	7,729	5,910	3,500	3,650	3,850
EBIT ¹	6,323	6,227	5,619	5,745	4,266	-550	2,300	2,500
Operating Margin	34.4%	33.88%	34.93%	35.17%	27.2%	-4.04%	17.97%	18.8%
Earnings before Tax (EBT) ¹	6,599	6,491	6,067	4,542	4,774	6,890	3,450	3,550
Net income ¹	4,495	4,476	4,131	3,106	3,257	4,700	2,300	2,400
Net margin	24.45%	24.35%	25.68%	19.01%	20.76%	34.56%	17.97%	18.05%
EPS ²	44.34	46.42	43.20	32.69	34.28	50.08	24.56	25.63
Free Cash Flow ¹	-3,975	4,523	2,139	2,847	-1,497	11,612	-9,261	776
FCF margin	-21.62%	24.61%	13.3%	17.43%	-9.54%	85.38%	-72.35%	5.83%
FCF Conversion (EBITDA)	-	54.74%	28.22%	36.84%	-	331.77%	-	20.16%
FCF Conversion (Net income)	-	101.05%	51.78%	91.66%	-	247.06%	-	32.33%
Dividend per Share ²	9.000	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Announcement Date	5/14/19	5/12/20	5/11/21	5/10/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	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
Net sales ¹	9,364	7,634	4,012	8,062	4,018	4,257	-	4,001	4,053	8,054	3,956	3,676	3,477	3,347	6,824	3,486	3,290
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	732	-	1,051	386
EBIT ¹	3,385	2,612	1,379	2,933	1,328	1,484	2,812	1,358	1,277	2,635	1,022	609	786	453	1,239	675	-2,464
Operating Margin	36.15%	34.22%	34.37%	36.38%	33.05%	34.86%	-	33.94%	31.51%	32.72%	25.83%	16.57%	22.61%	13.53%	18.16%	19.36%	-74.89%
Earnings before Tax (EBT) ¹	3,559	2,853	1,454	1,454	1,427	1,661	3,088	1,510	1,481	2,991	1,117	666	929	7,663	8,592	754	-2,456
Net income ¹	2,430	1,944	980	962	984	1,160	2,144	1,039	1,009	2,048	760	449	636	5,286	5,922	509	-1,731
Net margin	25.95%	25.47%	24.43%	11.93%	24.49%	27.25%	-	25.97%	24.9%	25.43%	19.21%	12.21%	18.29%	157.93%	86.78%	14.6%	-52.61%
EPS ²	25.10	20.31	10.31	10.12	10.36	12.21	22.57	10.94	10.61	21.55	8.010	4.720	6.750	56.24	62.99	5.500	-18.49
Dividend per Share ²	5.000	5.000	5.000	5.000	-	5.000	5.000	-	5.000	5.000	-	5.000	-	5.000	5.000	-	5.000
Announcement Date	11/5/19	11/10/20	11/9/21	11/9/21	2/8/22	5/10/22	5/10/22	8/9/22	11/8/22	11/8/22	2/7/23	5/9/23	8/8/23	11/7/23	11/7/23	2/6/24	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	26,246	28,534	29,342	31,179	29,644	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-3,975	4,523	2,139	2,847	-1,497	11,612	-9,261	776
ROE (net income / shareholders' equity)	5.1%	5.1%	4.5%	3.3%	3.4%	4.6%	2.2%	2.2%
ROA (Net income/ Total Assets)	5.39%	5.81%	5.4%	5.54%	4.05%	-0.21%	2.13%	2.16%
Assets ¹	83,325	77,045	76,512	56,108	80,411	-2,238,095	107,981	111,111
Book Value Per Share ²	903.0	926.0	979.0	995.0	1,050	1,119	1,134	1,149
Cash Flow per Share	63.70	67.50	63.70	53.60	51.60	-	-	-
Capex ¹	810	2,453	1,584	2,105	2,418	2,000	13,000	3,000
Capex / Sales	4.41%	13.35%	9.85%	12.88%	15.42%	14.71%	101.56%	22.56%
Announcement Date	5/14/19	5/12/20	5/11/21	5/10/22	5/9/23	-	-	-

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 TOC Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

784 JPY

Average target price

1,180 JPY

Spread / Average Target

+50.51%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
TOC CO., LTD.	+10.89%	477M
MITSUI FUDOSAN CO., LTD.	+39.68%	29.46B
SUN HUNG KAI PROPERTIES LIMITED	-10.95%	27.77B
CHINA RESOURCES LAND LIMITED	+9.82%	27.05B
DLF LIMITED	+17.83%	26.3B
MITSUBISHI ESTATE CO., LTD.	+51.67%	23.85B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+8.72%	20.92B
EMAAR PROPERTIES	+1.01%	19.13B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+29.11%	16.64B
CK ASSET HOLDINGS LIMITED	-12.37%	15.27B

Other Real Estate Development & Operations