Financials Tokyo Gas Co., Ltd.

Equities

9531

JP3573000001

Natural Gas Utilities

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,589 ^JPY	-1.83%		-4.50%	+10.84%

Apr. 25	Nikkei says Soros Fund Among Investors In Japan Electricity Exchange Startup	RE
Apr. 25	Tech Issues Roil Asian Stocks	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,346,925	1,127,233	1,085,969	981,076	1,081,823	1,441,238	-	-
Enterprise Value (EV) ¹	2,040,072	1,816,991	1,866,463	2,005,719	1,871,196	1,409,916	2,339,345	2,346,745
P/E ratio	16 x	26.1 x	21.9 x	11.1 x	3.86 x	8.52 x	12.1 x	12.6 x
Yield	2%	2.35%	2.44%	2.91%	2.6%	1.99%	1.95%	2.03%
Capitalization / Revenue	0.69 x	0.59 x	0.62 x	0.46 x	0.33 x	0.53 x	0.52 x	0.52 x
EV / Revenue	1.04 x	0.94 x	1.06 x	0.93 x	0.57 x	0.53 x	0.84 x	0.84 x
EV / EBITDA	8.12 x	6.81 x	7.36 x	6.38 x	2.99 x	5.9 x	5.36 x	6.39 x
EV / FCF	-32.8 x	22.3 x	-46.3 x	-91.3 x	6.6 x	10.7 x	31.3 x	53.3 x
FCF Yield	-3.05%	4.48%	-2.16%	-1.1%	15.2%	9.37%	3.2%	1.87%
Price to Book	1.16 x	0.98 x	0.94 x	0.8 x	0.69 x	0.83 x	0.8 x	0.81 x
Nbr of stocks (in thousands)	449,950	441,014	441,003	439,550	433,423	401,571	-	-
Reference price ²	2,994	2,556	2,462	2,232	2,496	3,589	3,589	3,589
Announcement Date	4/26/19	4/28/20	4/28/21	4/27/22	4/26/23	4/25/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,962,308	1,925,235	1,765,146	2,145,197	3,289,634	2,664,518	2,781,180	2,787,940
EBITDA ¹	251,278	266,918	253,762	314,587	626,553	395,000	436,100	367,200
EBIT ¹	93,704	101,508	77,675	117,777	421,477	220,308	167,000	157,625
Operating Margin	4.78%	5.27%	4.4%	5.49%	12.81%	8.27%	6%	5.65%
Earnings before Tax (EBT) ¹	117,248	67,566	66,184	126,865	407,479	252,089	134,733	123,600
Net income ¹	84,555	43,382	49,505	88,745	280,916	169,936	117,967	113,667
Net margin	4.31%	2.25%	2.8%	4.14%	8.54%	6.38%	4.24%	4.08%
EPS ²	187.6	98.07	112.3	201.8	647.0	411.9	297.0	285.6
Free Cash Flow ¹	-62,156	81,422	-40,337	-21,970	283,508	132,111	74,850	44,000
FCF margin	-3.17%	4.23%	-2.29%	-1.02%	8.62%	4.96%	2.69%	1.58%
FCF Conversion (EBITDA)	-	30.5%	-	-	45.25%	35.57%	17.16%	11.98%
FCF Conversion (Net income)	-	187.69%	-	-	100.92%	77.74%	63.45%	38.71%
Dividend per Share ²	60.00	60.00	60.00	65.00	65.00	70.00	70.00	73.00
Announcement Date	4/26/19	4/28/20	4/28/21	4/27/22	4/26/23	4/25/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	910,481	828,071	464,405	872,616	514,890	757,691	609,939	751,338	1,361,277	938,917	989,440	649,696	623,035	1,272,731	629,890	761,897	648,250	625,700	661,650	849,550
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	46,169	51,644	20,150	45,342	-7,814	80,249	51,207	39,291	90,498	145,194	185,785	92,977	36,763	129,740	33,128	57,440	43,300	26,000	28,400	71,400
Operating Margin	5.07%	6.24%	4.34%	5.2%	-1.52%	10.59%	8.4%	5.23%	6.65%	15.46%	18.78%	14.31%	5.9%	10.19%	5.26%	7.54%	6.68%	4.16%	4.29%	8.4%
Earnings before Tax (EBT)	40,678	42,195	26,102	49,202	760	76,903	57,700	53,660	111,360	131,636	164,483	109,745	-	152,639	22,979	-	26,200	21,600	34,600	73,900
Net income ¹	28,349	29,350	16,041	31,849	2,003	54,893	38,438	33,202	71,640	96,457	112,819	77,669	26,314	103,983	11,572	54,381	43,100	21,600	12,600	45,200
Net margin	3.11%	3.54%	3.45%	3.65%	0.39%	7.24%	6.3%	4.42%	5.26%	10.27%	11.4%	11.95%	4.22%	8.17%	1.84%	7.14%	6.65%	3.45%	1.9%	5.32%
EPS ²	63.89	66.55	36.49	72.42	4.570	124.8	88.06	76.65	164.7	222.2	260.1	180.9	64.86	245.8	31.27	134.8	110.9	55.60	32.40	116.3
Dividend per Share	30.00	30.00	-	30.00	-	-	-	-	32.50	-	-	-	-	32.50	-	-	-	-	-	-
Announcement Date	10/30/19	10/29/20	10/28/21	10/28/21	1/28/22	4/27/22	7/27/22	10/27/22	10/27/22	1/31/23	4/26/23	7/27/23	10/26/23	10/26/23	2/2/24	4/25/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	693,147	689,758	780,494	1,024,643	789,373	887,607	898,107	905,507
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.758 x	2.584 x	3.076 x	3.257 x	1.26 x	2.247 x	2.059 x	2.466 x
Free Cash Flow ¹	-62,156	81,422	-40,337	-21,970	283,508	132,111	74,850	44,000
ROE (net income / shareholders' equity)	7.4%	3.8%	4.3%	7.5%	20%	10.4%	6.87%	5.68%
ROA (Net income/ Total Assets)	3.75%	4.14%	2.67%	4.26%	12%	6.11%	3.5%	2.45%
Assets ¹	2,252,727	1,048,472	1,852,427	2,085,115	2,335,562	2,781,741	3,370,476	4,639,456
Book Value Per Share ²	2,576	2,603	2,616	2,792	3,596	4,250	4,496	4,451
Cash Flow per Share	547.0	482.0	520.0	659.0	1,129	927.0	-	-
Capex ¹	215,219	224,874	241,173	199,334	207,996	199,099	305,000	305,000
Capex / Sales	10.97%	11.68%	13.66%	9.29%	6.32%	7.47%	10.97%	10.94%
Announcement Date	4/26/19	4/28/20	4/28/21	4/27/22	4/26/23	4/25/24	-	-

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

Ratings for Tokyo Gas Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,589 JPY

Average target price

3,456 JPY

Spread / Average Target

-3.71%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Natural Gas Utilities

	1st Jan change	Capi.
TOKYO GAS CO., LTD.	+10.84%	9.16B
ATMOS ENERGY CORPORATION	+0.89%	17.64B
GAIL INDIA LIMITED	+28.35%	16.4B
ADANI TOTAL GAS LIMITED	-6.96%	12.12B
OSAKA GAS COMPANY., LTD.	+16.20%	8.89B
PETRONAS GAS	+3.56%	7.48B
APA GROUP	-2.58%	6.96B
ALTAGAS LTD.	+8.30%	6.51B
NATIONAL FUEL GAS COMPANY	+7.30%	4.96B
CHINA GAS HOLDINGS LIMITED	-5.97%	5.03B

Other Natural Gas Utilities