Financials Tokyu Corporation

Equities

9005

JP3574200006

Passenger Transportation, Ground & Sea

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-01 am EDT			5-day change	1st Jan Change
1,851 ^JPY	-0.94%		-3.14%	+7.55%

Mar. 14	Singapore's PCG to reopen fund for luxury Japan ski resort as weak yen beckons	RE
Mar. 05	Asilla, Inc. announced that it has received ¥760 million in funding from Innovation Engine, Inc., aStart Co., Ltd., Mitsubishi UFJ Capital Co., Ltd., AXA Life Insurance Co., Ltd., Tokyu Corporation,	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,174,838	1,057,832	890,435	958,592	1,062,448	1,108,649	-	-
Enterprise Value (EV) ¹	2,207,030	2,099,452	2,026,665	2,102,073	2,280,625	2,351,298	2,351,432	2,371,407
P/E ratio	20.3 x	24.3 x	-15.8 x	109 x	41 x	18.5 x	18 x	17.5 x
Yield	1.03%	1.35%	1.02%	0.94%	0.85%	0.98%	1.24%	1.42%
Capitalization / Revenue	1.02 x	0.91 x	0.95 x	1.09 x	1.14 x	1.07 x	1.09 x	1.07 x
EV / Revenue	1.91 x	1.8 x	2.17 x	2.39 x	2.45 x	2.27 x	2.31 x	2.29 x
EV / EBITDA	13.7 x	13.6 x	35.8 x	18.2 x	17.9 x	13.2 x	13 x	12.7 x
EV / FCF	-21.7 x	-42 x	-69.2 x	311 x	-38.6 x	79.3 x	52.5 x	72.5 x
FCF Yield	-4.6%	-2.38%	-1.45%	0.32%	-2.59%	1.26%	1.9%	1.38%
Price to Book	1.58 x	1.36 x	1.27 x	1.36 x	1.46 x	1.47 x	1.39 x	1.32 x
Nbr of stocks (in thousands)	607,780	622,254	604,094	602,131	602,978	598,946	-	-
Reference price ²	1,933	1,700	1,474	1,592	1,762	1,868	1,868	1,868
Announcement Date	5/13/19	5/22/20	5/13/21	5/13/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,157,440	1,164,243	935,927	879,112	931,293	1,037,582	1,016,217	1,036,017
EBITDA ¹	160,584	154,208	56,650	115,735	127,576	178,664	181,261	187,416
EBIT ¹	81,971	68,760	-31,658	31,544	44,603	91,500	90,950	95,133
Operating Margin	7.08%	5.91%	-3.38%	3.59%	4.79%	8.82%	8.95%	9.18%
Earnings before Tax (EBT) ¹	83,162	65,764	-55,715	27,032	41,385	92,873	92,336	96,401
Net income ¹	57,824	42,386	-56,229	8,782	25,995	62,200	62,175	63,654
Net margin	5%	3.64%	-6.01%	1%	2.79%	5.99%	6.12%	6.14%
EPS ²	95.14	69.88	-93.08	14.58	42.94	100.9	103.8	106.6
Free Cash Flow ¹	-101,510	-49,988	-29,305	6,767	-59,027	29,662	44,790	32,724
FCF margin	-8.77%	-4.29%	-3.13%	0.77%	-6.34%	2.86%	4.41%	3.16%
FCF Conversion (EBITDA)	-	-	-	5.85%	-	16.6%	24.71%	17.46%
FCF Conversion (Net income)	-	-	-	77.06%	-	47.69%	72.04%	51.41%
Dividend per Share ²	20.00	23.00	15.00	15.00	15.00	18.23	23.21	26.53
Announcement Date	5/13/19	5/22/20	5/13/21	5/13/22	5/11/23	-	-	-

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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	580,197	584,046	434,019	501,908	243,877	443,052	211,439	224,621	209,182	225,511	434,693	235,812	260,788	239,200	244,200	483,468	245,433	301,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	44,839	23,921	-20,398	-11,260	23,812	24,941	9,943	-3,340	8,772	13,051	21,823	14,809	7,971	24,500	21,000	45,533	23,728	22,270
Operating Margin	7.73%	4.1%	-4.7%	-2.24%	9.76%	5.63%	4.7%	-1.49%	4.19%	5.79%	5.02%	6.28%	3.06%	10.24%	8.6%	9.42%	9.67%	7.4%
Earnings before Tax (EBT)	46,511	-	-25,200	-	-	39,908	11,639	-	11,079	15,579	26,658	10,549	-	28,362	21,638	50,076	22,550	-
Net income	32,233	-	-27,162	-	14,876	24,185	5,992	-21,395	7,278	11,202	18,480	5,766	1,749	19,900	15,100	35,029	15,017	-
Net margin	5.56%	-	-6.26%	-	6.1%	5.46%	2.83%	-9.52%	3.48%	4.97%	4.25%	2.45%	0.67%	8.32%	6.18%	7.25%	6.12%	-
EPS	53.01	-	-44.96	-	24.70	40.15	9.960	-35.53	12.08	18.59	30.67	9.560	2.710	32.69	25.16	57.85	25.08	-
Dividend per Share	12.00	-	10.00	-	-	7.500	-	-	-	-	7.500	-	-	-	-	7.500	-	-
Announcement Date	11/11/19	5/22/20	11/10/20	5/13/21	11/9/21	11/9/21	2/10/22	5/13/22	8/10/22	11/14/22	11/14/22	2/13/23	5/11/23	8/8/23	11/8/23	11/8/23	2/9/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,032,192	1,041,620	1,136,230	1,143,481	1,218,177	1,242,649	1,242,783	1,262,758
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.428 x	6.755 x	20.06 x	9.88 x	9.549 x	6.955 x	6.856 x	6.738 x
Free Cash Flow ¹	-101,510	-49,988	-29,305	6,767	-59,027	29,662	44,790	32,724
ROE (net income / shareholders' equity)	8%	5.6%	-7.71%	1.2%	3.6%	8.15%	7.78%	7.82%
ROA (Net income/ Total Assets)	3.5%	2.9%	-1.07%	1.41%	1.86%	3.01%	2.71%	2.79%
Assets ¹	1,651,095	1,461,586	5,254,457	621,708	1,397,513	2,068,507	2,292,867	2,281,775
Book Value Per Share ²	1,226	1,253	1,163	1,167	1,205	1,271	1,340	1,418
Cash Flow per Share ²	224.0	211.0	53.10	154.0	180.0	247.0	258.0	265.0
Capex ¹	239,945	205,290	106,385	110,397	157,677	133,020	147,400	154,000
Capex / Sales	20.73%	17.63%	11.37%	12.56%	16.93%	12.82%	14.5%	14.86%
Announcement Date	5/13/19	5/22/20	5/13/21	5/13/22	5/11/23	-	-	-

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 Tokyu Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,868 JPY

Average target price

2,054 JPY

Spread / Average Target

+9.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Passenger Transportation, Ground & Sea

	1st Jan change	Capi.
TOKYU CORPORATION	+7.55%	7.11B
CENTRAL JAPAN RAILWAY COMPANY	+0.28%	22.6B
INDIAN RAILWAY CATERING & TOURISM CORPORATION LIMITED	+17.04%	9.96B
WEST JAPAN RAILWAY COMPANY	+10.53%	9.27B
HANKYU HANSHIN HOLDINGS, INC.	-8.38%	6.32B
KEISEI ELECTRIC RAILWAY CO., LTD	-11.61%	6.08B
KINTETSU GROUP HOLDINGS CO.,LTD.	-10.80%	4.9B
SEIBU HOLDINGS INC.	+24.48%	4.7B
TOBU RAILWAY CO., LTD.	-21.01%	4.12B
ODAKYU ELECTRIC RAILWAY CO., LTD.	-17.50%	4.03B

Other Passenger Transportation, Ground & Sea