Financials Toppan Inc.

Equities

7911

JP3629000005

Commercial Printing Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,637 ^JPY	+0.14%		+2.57%	-7.57%

Apr. 10	INDUSTRIAL-X Co., Ltd. announced that it has received ¥700 million in funding from Hiroshima Venture Capital Co., Ltd., QR Investment Co., Ltd., TOPPAN Holdings Inc., THK Co., Ltd., Shizuoka Capital Company Limited, Iyogin Capital Co. Ltd. other investors	CI
Apr. 01	Tranche Update on TOPPAN Holdings Inc.'s Equity Buyback Plan announced on May 12, 2023.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	537,787	573,237	640,829	725,780	869,855	1,144,372	-	-
Enterprise Value (EV) ¹	484,768	458,165	421,682	515,203	588,715	865,972	860,672	870,472
P/E ratio	13.1 x	6.34 x	7.88 x	5.93 x	14.4 x	17.3 x	15.9 x	14.9 x
Yield	2.39%	3.62%	2.14%	2.03%	1.73%	1.32%	1.46%	1.57%
Capitalization / Revenue	0.37 x	0.39 x	0.44 x	0.47 x	0.53 x	0.69 x	0.68 x	0.66 x
EV / Revenue	0.33 x	0.31 x	0.29 x	0.33 x	0.36 x	0.52 x	0.51 x	0.5 x
EV / EBITDA	4.58 x	3.74 x	3.46 x	3.74 x	3.99 x	5.88 x	5.06 x	4.58 x
EV / FCF	168 x	8.04 x	2.67 x	5.28 x	42.1 x	13.8 x	12.1 x	11.7 x
FCF Yield	0.6%	12.4%	37.5%	18.9%	2.37%	7.27%	8.24%	8.52%
Price to Book	0.46 x	0.48 x	0.48 x	0.53 x	0.66 x	0.85 x	0.83 x	0.81 x
Nbr of stocks (in thousands)	321,835	346,157	342,689	335,078	326,400	314,647	-	-
Reference price ²	1,671	1,656	1,870	2,166	2,665	3,637	3,637	3,637
Announcement Date	5/13/19	6/19/20	5/12/21	5/11/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,464,755	1,486,007	1,466,935	1,547,533	1,638,833	1,650,333	1,685,000	1,741,333
EBITDA ¹	105,928	122,366	121,790	137,700	147,436	147,150	170,000	190,000
EBIT ¹	45,743	66,413	58,789	73,505	76,636	70,267	88,000	105,000
Operating Margin	3.12%	4.47%	4.01%	4.75%	4.68%	4.26%	5.22%	6.03%
Earnings before Tax (EBT) ¹	65,203	134,854	130,020	180,943	109,558	110,650	112,650	109,550
Net income ¹	41,060	87,047	81,997	123,182	60,866	66,933	71,600	75,167
Net margin	2.8%	5.86%	5.59%	7.96%	3.71%	4.06%	4.25%	4.32%
EPS ²	127.6	261.1	237.2	365.2	185.1	210.0	228.7	244.0
Free Cash Flow ¹	2,891	56,991	158,107	97,550	13,980	62,967	70,900	74,133
FCF margin	0.2%	3.84%	10.78%	6.3%	0.85%	3.82%	4.21%	4.26%
FCF Conversion (EBITDA)	2.73%	46.57%	129.82%	70.84%	9.48%	42.79%	41.71%	39.02%
FCF Conversion (Net income)	7.04%	65.47%	192.82%	79.19%	22.97%	94.07%	99.02%	98.63%
Dividend per Share ²	40.00	60.00	40.00	44.00	46.00	48.00	53.00	57.00
Announcement Date	5/13/19	6/19/20	5/12/21	5/11/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	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	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	712,621	-	686,012	-	376,040	719,027	390,092	438,414	-	391,046	411,211	802,257	411,371	425,205	387,734	412,541	800,275	415,533	434,193	389,500	412,000	429,300	446,200
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	16,262	-	15,135	-	15,763	24,093	20,316	29,096	-	13,818	14,809	28,627	21,165	26,844	9,981	15,380	25,361	14,366	30,273	13,700	16,800	22,300	38,200
Operating Margin	2.28%	-	2.21%	-	4.19%	3.35%	5.21%	6.64%	-	3.53%	3.6%	3.57%	5.14%	6.31%	2.57%	3.73%	3.17%	3.46%	6.97%	3.52%	4.08%	5.19%	8.56%
Earnings before Tax (EBT)	101,925	-	10,834	-	-	29,359	124,708	-	-	22,954	-	83,941	22,984	-	15,204	-	29,194	57,659	-	-	-	-	-
Net income	69,035	-	5,675	-	-	19,447	87,002	-	-	13,980	39,250	53,230	11,897	-4,261	9,651	-	18,061	39,700	-	-	-	-	-
Net margin	9.69%	-	0.83%	-	-	2.7%	22.3%	-	-	3.58%	9.54%	6.64%	2.89%	-1%	2.49%	-	2.26%	9.55%	-	-	-	-	-
EPS	212.7	-	16.39	-	-	57.33	257.6	-	-	42.04	-	160.8	36.76	-	29.59	-	55.62	123.1	-	-	-	-	-
Dividend per Share	20.00	40.00	20.00	20.00	-	20.00	-	-	24.00	-	-	22.00	-	-	-	-	24.00	-	-	-	-	-	-
Announcement Date	11/11/19	6/19/20	11/11/20	5/12/21	11/10/21	11/10/21	2/9/22	5/11/22	5/11/22	8/5/22	11/9/22	11/9/22	2/8/23	5/12/23	8/14/23	11/13/23	11/13/23	2/14/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	53,019	115,072	219,147	210,577	281,140	278,400	283,700	273,900
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,891	56,991	158,107	97,550	13,980	62,967	70,900	74,133
ROE (net income / shareholders' equity)	3.6%	7.4%	6.5%	9.2%	4.5%	5.1%	5.15%	5%
ROA (Net income/ Total Assets)	2.26%	3.08%	2.58%	3.28%	3.59%	3.2%	4.1%	4.8%
Assets ¹	1,816,372	2,829,490	3,182,928	3,754,061	1,697,266	2,091,667	1,746,341	1,565,972
Book Value Per Share ²	3,626	3,416	3,870	4,090	4,060	4,272	4,358	4,494
Cash Flow per Share ²	315.0	429.0	-	556.0	400.0	180.0	225.0	188.0
Capex ¹	67,182	72,695	56,607	42,539	92,100	96,333	100,667	102,000
Capex / Sales	4.59%	4.89%	3.86%	2.75%	5.62%	5.84%	5.97%	5.86%
Announcement Date	5/13/19	6/19/20	5/12/21	5/11/22	5/12/23	-	-	-

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 Toppan Inc.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,637 JPY

Average target price

4,640 JPY

Spread / Average Target

+27.58%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Commercial Printing Services

	1st Jan change	Capi.
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FELLAZO CORP.	+180.00%	1.21B
DELUXE CORPORATION	-5.13%	896M
SHENZHEN JINJIA GROUP CO.,LTD.	-18.44%	861M
KOSAIDO HOLDINGS CO., LTD.	-7.76%	605M
ENNIS, INC.	-10.09%	510M
GUIZHOUYONGJI PRINTING CO.,LTD	-11.47%	461M

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