Financials Toda Corporation

Equities

1860

JP3627000007

Construction & Engineering

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,020 ^JPY	+2.63%		+4.22%	+9.29%

Mar. 27	Toda Corp. Completes 5 Billion Yen Buyback Program	MT
Mar. 26	Tranche Update on Toda Corporation's Equity Buyback Plan announced on November 13, 2023.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	208,479	192,870	248,684	228,389	212,987	310,432	-	-
Enterprise Value (EV) ¹	243,053	178,153	294,587	276,946	326,984	473,685	453,799	451,651
P/E ratio	8.14 x	7.46 x	12.6 x	12.3 x	19.4 x	18.3 x	15.6 x	14.4 x
Yield	2.94%	4.13%	2.47%	3.51%	3.91%	2.72%	2.82%	2.98%
Capitalization / Revenue	0.41 x	0.37 x	0.49 x	0.46 x	0.39 x	0.6 x	0.56 x	0.53 x
EV / Revenue	0.48 x	0.34 x	0.58 x	0.55 x	0.6 x	0.91 x	0.82 x	0.77 x
EV / EBITDA	6.59 x	-	9.34 x	9.5 x	16 x	18.5 x	17.6 x	16.7 x
EV / FCF	-4.6 x	3.21 x	-5.67 x	40.5 x	-4.65 x	49.3 x	36.6 x	-76.6 x
FCF Yield	-21.7%	31.2%	-17.6%	2.47%	-21.5%	2.03%	2.73%	-1.31%
Price to Book	0.78 x	0.71 x	0.8 x	0.72 x	0.68 x	0.95 x	0.94 x	0.92 x
Nbr of stocks (in thousands)	306,586	306,629	306,638	308,217	308,230	304,494	-	-
Reference price ²	680.0	629.0	811.0	741.0	691.0	1,020	1,020	1,020
Announcement Date	5/14/19	5/29/20	5/14/21	5/13/22	5/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	510,436	518,683	507,134	501,509	547,155	519,767	550,450	587,800
EBITDA ¹	36,865	-	31,531	29,150	20,431	25,650	25,733	27,050
EBIT ¹	34,518	35,243	27,697	24,385	14,135	18,333	19,400	21,600
Operating Margin	6.76%	6.79%	5.46%	4.86%	2.58%	3.53%	3.52%	3.67%
Earnings before Tax (EBT) ¹	38,341	38,945	29,376	28,230	17,897	26,400	28,000	29,600
Net income ¹	25,595	25,845	19,735	18,560	10,995	17,100	19,950	21,467
Net margin	5.01%	4.98%	3.89%	3.7%	2.01%	3.29%	3.62%	3.65%
EPS ²	83.49	84.30	64.36	60.43	35.64	55.76	65.48	70.86
Free Cash Flow ¹	-52,859	55,509	-51,991	6,841	-70,345	9,600	12,400	-5,900
FCF margin	-10.36%	10.7%	-10.25%	1.36%	-12.86%	1.85%	2.25%	-1%
FCF Conversion (EBITDA)	-	-	-	23.47%	-	37.43%	48.19%	-
FCF Conversion (Net income)	-	214.78%	-	36.86%	-	56.14%	62.16%	-
Dividend per Share ²	20.00	26.00	20.00	26.00	27.00	27.75	28.75	30.33
Announcement Date	5/14/19	5/29/20	5/14/21	5/13/22	5/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	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 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	235,365	214,514	-	121,984	235,574	121,078	144,857	265,935	114,949	124,856	239,805	141,267	166,083	-	114,391	115,938	230,329	122,423	167,248	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	15,544	6,105	-	4,962	8,598	8,022	7,765	15,787	3,409	-2,942	467	4,091	9,577	-	2,123	1,057	3,180	4,607	8,213	-	-	-	-	-
Operating Margin	6.6%	2.85%	-	4.07%	3.65%	6.63%	5.36%	5.94%	2.97%	-2.36%	0.19%	2.9%	5.77%	-	1.86%	0.91%	1.38%	3.76%	4.91%	-	-	-	-	-
Earnings before Tax (EBT)	18,194	6,869	-	5,643	10,956	8,726	8,548	17,274	5,305	-1,472	3,833	7,756	-	-	3,813	-	9,129	2,537	-	-	-	-	-	-
Net income ¹	12,286	4,444	15,291	4,044	7,543	5,941	5,076	11,017	3,680	-479	3,201	5,169	2,625	-	1,921	3,288	5,209	1,409	8,486	-	-	-	-	-
Net margin	5.22%	2.07%	-	3.32%	3.2%	4.91%	3.5%	4.14%	3.2%	-0.38%	1.33%	3.66%	1.58%	-	1.68%	2.84%	2.26%	1.15%	5.07%	-	-	-	-	-
EPS	40.08	14.50	-	13.19	24.60	19.35	-	-	11.94	-	10.39	16.77	8.480	-	6.200	10.61	16.81	4.570	-	-	-	-	-	-
Dividend per Share	-	-	20.00	-	10.00	-	-	-	-	-	13.50	-	-	13.50	-	-	14.00	-	-	14.00	15.00	15.00	15.00	16.00
Announcement Date	11/8/19	11/13/20	5/14/21	11/15/21	11/15/21	2/10/22	5/13/22	5/13/22	8/10/22	11/11/22	11/11/22	2/13/23	5/15/23	5/15/23	8/10/23	11/13/23	11/13/23	2/13/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	34,574	-	45,903	48,557	113,997	163,252	143,367	141,219
Net Cash position ¹	-	14,717	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9379 x	-	1.456 x	1.666 x	5.58 x	6.365 x	5.571 x	5.221 x
Free Cash Flow ¹	-52,859	55,509	-51,991	6,841	-70,345	9,600	12,400	-5,900
ROE (net income / shareholders' equity)	10%	9.6%	6.8%	5.9%	3.5%	5.3%	6.13%	6.57%
ROA (Net income/ Total Assets)	6.09%	5.88%	4.43%	3.75%	2.41%	2.55%	2.63%	2.45%
Assets ¹	420,422	439,713	445,341	494,687	455,287	670,588	757,596	876,190
Book Value Per Share ²	868.0	883.0	1,011	1,027	1,024	1,070	1,089	1,106
Cash Flow per Share ²	90.60	94.10	76.90	75.90	56.10	68.30	82.20	90.30
Capex ¹	23,471	20,332	25,735	21,814	39,500	30,000	26,250	30,000
Capex / Sales	4.6%	3.92%	5.07%	4.35%	7.22%	5.77%	4.77%	5.1%
Announcement Date	5/14/19	5/29/20	5/14/21	5/13/22	5/15/23	-	-	-

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 Toda Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

1,020 JPY

Average target price

832.5 JPY

Spread / Average Target

-18.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction & Engineering

	1st Jan change	Capi.
TODA CORPORATION	+9.29%	1.97B
VINCI	-2.29%	67.67B
LARSEN & TOUBRO LIMITED	+2.13%	59.37B
QUANTA SERVICES, INC.	+21.25%	38.3B
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+11.23%	30.73B
FERROVIAL SE	+2.06%	26.35B
CHINA RAILWAY GROUP LIMITED	+22.89%	22.01B
WSP GLOBAL INC.	+15.06%	19.47B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+22.99%	17.6B
EMCOR GROUP, INC.	+64.33%	16.64B

Other Construction & Engineering