Financials Token Corporation

Equities

1766

JP3590900001

Homebuilding

Delayed Japan Exchange 02:00:00 2024-04-30 am EDT 5-day change 1st Jan Change
10,820 JPY +3.54% Intraday chart for Token Corporation +1.12% +17.61%

Valuation

Fiscal Period: April 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 91,184 99,511 131,231 116,431 106,074 140,489 - -
Enterprise Value (EV) 1 -29,439 -16,830 6,386 -7,096 -12,083 140,489 140,489 140,489
P/E ratio 8.42 x 11.6 x 13 x 11.3 x 20.2 x 20.1 x 15.1 x 13.3 x
Yield 3.24% 2.97% 2.25% 2.89% 3.17% 2.39% 2.49% 2.58%
Capitalization / Revenue 0.28 x 0.31 x 0.42 x 0.37 x 0.33 x 0.42 x 0.39 x 0.37 x
EV / Revenue 0.28 x 0.31 x 0.42 x 0.37 x 0.33 x 0.42 x 0.39 x 0.37 x
EV / EBITDA 5,305,683 x 6,630,516 x - - - - - -
EV / FCF 25,978,198 x -55,685,941 x 12,263,393 x 78,829,322 x 14,234,318 x - - -
FCF Yield 0% -0% 0% 0% 0% - - -
Price to Book 0.99 x 1.02 x 1.24 x 1.03 x 0.92 x - - -
Nbr of stocks (in thousands) 13,449 13,447 13,446 13,445 13,444 13,444 - -
Reference price 2 6,780 7,400 9,760 8,660 7,890 10,450 10,450 10,450
Announcement Date 6/12/19 6/18/20 6/14/21 6/13/22 6/13/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: April 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 328,524 323,386 309,809 311,586 316,849 338,500 356,000 375,000
EBITDA 17,186 15,008 - - - - - -
EBIT 1 15,606 12,819 15,562 15,039 9,738 10,500 14,000 16,000
Operating Margin 4.75% 3.96% 5.02% 4.83% 3.07% 3.1% 3.93% 4.27%
Earnings before Tax (EBT) 1 16,241 13,089 15,274 15,343 8,547 10,800 14,300 16,300
Net income 1 10,832 8,606 10,080 10,275 5,239 7,000 9,300 10,600
Net margin 3.3% 2.66% 3.25% 3.3% 1.65% 2.07% 2.61% 2.83%
EPS 2 805.4 640.0 749.7 764.2 389.7 520.7 691.8 788.5
Free Cash Flow 3,510 -1,787 10,701 1,477 7,452 - - -
FCF margin 1.07% -0.55% 3.45% 0.47% 2.35% - - -
FCF Conversion (EBITDA) 20.42% - - - - - - -
FCF Conversion (Net income) 32.4% - 106.16% 14.37% 142.24% - - -
Dividend per Share 2 220.0 220.0 220.0 250.0 250.0 250.0 260.0 270.0
Announcement Date 6/12/19 6/18/20 6/14/21 6/13/22 6/13/23 - - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: April 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
Net sales 1 158,100 165,286 154,346 155,463 76,522 150,736 79,302 81,548 160,850 76,126 78,877 155,003 79,483 82,363 161,846 82,165 84,270 166,435 84,960 87,105 172,065
EBITDA - - - - - - - - - - - - - - - - - - - - -
EBIT 1 5,029 7,790 6,795 8,767 3,698 7,224 4,116 3,699 7,815 3,335 2,679 6,014 2,091 1,633 3,724 2,996 2,557 5,553 2,872 2,075 4,947
Operating Margin 3.18% 4.71% 4.4% 5.64% 4.83% 4.79% 5.19% 4.54% 4.86% 4.38% 3.4% 3.88% 2.63% 1.98% 2.3% 3.65% 3.03% 3.34% 3.38% 2.38% 2.88%
Earnings before Tax (EBT) 1 5,252 7,837 7,471 7,803 - 7,359 4,187 3,797 7,984 3,443 2,740 6,183 2,192 172 2,364 3,037 2,646 5,683 2,986 2,140 5,112
Net income 1 3,440 5,166 5,012 5,068 2,505 4,976 2,898 2,401 5,299 2,146 2,027 4,173 1,452 -386 1,066 1,885 1,943 3,828 1,997 1,175 3,172
Net margin 2.18% 3.13% 3.25% 3.26% 3.27% 3.3% 3.65% 2.94% 3.29% 2.82% 2.57% 2.69% 1.83% -0.47% 0.66% 2.29% 2.31% 2.3% 2.35% 1.35% 1.84%
EPS 255.8 - 372.7 - - 370.1 215.5 - - 159.7 - 310.4 108.0 - - 140.3 - 284.8 148.5 - -
Dividend per Share - - - - - - - - - - - - - - - - - - - - -
Announcement Date 12/12/19 6/18/20 12/11/20 6/14/21 12/13/21 12/13/21 3/14/22 6/13/22 6/13/22 9/12/22 12/13/22 12/13/22 3/10/23 6/13/23 6/13/23 9/12/23 12/13/23 12/13/23 3/13/24 - -
1JPY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: April 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position 120,623 116,341 124,845 123,527 118,157 - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 3,510 -1,787 10,701 1,477 7,452 - - -
ROE (net income / shareholders' equity) 12.3% 9% 9.9% 9.4% 4.6% - - -
ROA (Net income/ Total Assets) 8.45% 6.89% 8.59% 7.91% 5.14% - - -
Assets 1 128,177 124,837 117,409 129,960 101,915 - - -
Book Value Per Share 6,874 7,288 7,848 8,436 8,576 - - -
Cash Flow per Share 923.0 803.0 934.0 930.0 555.0 - - -
Capex 1 7,071 2,448 1,627 1,461 1,498 1,000 1,000 1,000
Capex / Sales 2.15% 0.76% 0.53% 0.47% 0.47% 0.3% 0.28% 0.27%
Announcement Date 6/12/19 6/18/20 6/14/21 6/13/22 6/13/23 - - -
1JPY in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

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