Financials Topre Corporation

Equities

5975

JP3598200008

Auto, Truck & Motorcycle Parts

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-02 am EDT			5-day change	1st Jan Change
2,488 ^JPY	-0.68%		-1.70%	+32.48%

Feb. 15	Tranche Update on Topre Corporation's Equity Buyback Plan announced on February 14, 2024.	CI
Feb. 15	Topre Corporation's Equity Buyback announced on February 14, 2024 has closed with 1,245,500 shares, representing 2.37% for ¥2,789.92 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	108,483	62,980	81,937	61,651	64,410	127,506	-	-
Enterprise Value (EV) ¹	91,845	85,486	115,445	75,282	70,788	127,506	127,506	127,506
P/E ratio	7.06 x	7.47 x	6.52 x	5.61 x	6.43 x	7.18 x	8.46 x	7.37 x
Yield	2.9%	3.75%	1.92%	2.13%	2.44%	2.01%	2.41%	3.01%
Capitalization / Revenue	0.54 x	0.29 x	0.38 x	0.26 x	0.22 x	0.36 x	0.35 x	0.33 x
EV / Revenue	0.54 x	0.29 x	0.38 x	0.26 x	0.22 x	0.36 x	0.35 x	0.33 x
EV / EBITDA	3,145,062 x	2,013,605 x	2,620,984 x	2,016,194 x	-	-	-	-
EV / FCF	-7.1 x	-2.55 x	-9.23 x	3.07 x	9.23 x	6.48 x	6.21 x	5.23 x
FCF Yield	-14.1%	-39.2%	-10.8%	32.6%	10.8%	15.4%	16.1%	19.1%
Price to Book	0.73 x	0.43 x	0.51 x	0.35 x	0.34 x	0.63 x	0.6 x	0.56 x
Nbr of stocks (in thousands)	52,483	52,483	52,490	52,469	52,494	51,248	-	-
Reference price ²	2,067	1,200	1,561	1,175	1,227	2,488	2,488	2,488
Announcement Date	5/10/19	5/21/20	5/14/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	201,365	213,591	214,544	233,601	290,416	351,450	368,900	384,550
EBITDA	34,493	31,277	31,262	30,578	-	-	-	-
EBIT ¹	19,954	13,827	10,833	6,853	7,330	17,200	22,300	25,850
Operating Margin	9.91%	6.47%	5.05%	2.93%	2.52%	4.89%	6.04%	6.72%
Earnings before Tax (EBT) ¹	23,479	11,491	16,609	17,610	15,504	24,000	22,200	27,300
Net income ¹	15,372	8,435	12,559	10,998	10,009	18,500	15,675	17,975
Net margin	7.63%	3.95%	5.85%	4.71%	3.45%	5.26%	4.25%	4.67%
EPS ²	292.9	160.7	239.3	209.6	190.7	346.6	294.2	337.7
Free Cash Flow ¹	-15,284	-24,713	-8,879	20,099	6,977	19,675	20,521	24,399
FCF margin	-7.59%	-11.57%	-4.14%	8.6%	2.4%	5.6%	5.56%	6.34%
FCF Conversion (EBITDA)	-	-	-	65.73%	-	-	-	-
FCF Conversion (Net income)	-	-	-	182.75%	69.71%	106.35%	130.92%	135.74%
Dividend per Share ²	60.00	45.00	30.00	25.00	30.00	50.00	60.00	75.00
Announcement Date	5/10/19	5/21/20	5/14/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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	107,988	88,433	54,584	108,424	62,685	62,492	56,886	72,755	129,641	75,461	85,314	79,344	86,387	165,731	93,846	90,400	87,400	90,700	92,200	97,500
EBITDA	-	-	6,288	-	8,771	7,100	5,762	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,764	2,420	604	3,342	2,629	882	-958	1,166	208	1,887	5,235	3,155	2,993	6,148	7,063	2,800	4,500	5,100	5,600	6,400
Operating Margin	8.12%	2.74%	1.11%	3.08%	4.19%	1.41%	-1.68%	1.6%	0.16%	2.5%	6.14%	3.98%	3.46%	3.71%	7.53%	3.1%	5.15%	5.62%	6.07%	6.56%
Earnings before Tax (EBT)	8,106	1,553	1,432	4,740	5,754	7,116	8,430	7,054	15,484	-6,767	6,787	12,360	-	19,166	1,429	-	-	-	-	-
Net income	5,471	1,459	665	2,547	4,146	4,305	5,315	4,673	9,988	-4,825	4,846	9,080	4,405	13,485	894	-	3,300	3,500	4,000	4,300
Net margin	5.07%	1.65%	1.22%	2.35%	6.61%	6.89%	9.34%	6.42%	7.7%	-6.39%	5.68%	11.44%	5.1%	8.14%	0.95%	-	3.78%	3.86%	4.34%	4.41%
EPS	104.3	27.81	12.67	48.55	79.01	82.04	101.3	-	190.3	-91.96	-	173.0	-	256.9	17.03	-	-	-	-	-
Dividend per Share	30.00	15.00	-	15.00	-	-	-	-	10.00	-	-	-	-	25.00	-	-	-	-	-	-
Announcement Date	11/14/19	11/13/20	11/12/21	11/12/21	2/10/22	5/13/22	8/10/22	11/14/22	11/14/22	2/10/23	5/12/23	8/10/23	11/14/23	11/14/23	2/14/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	22,506	33,508	13,631	6,378	-	-	-
Net Cash position	16,638	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	0.7196 x	1.072 x	0.4458 x	-	-	-	-
Free Cash Flow ¹	-15,284	-24,713	-8,879	20,099	6,977	19,675	20,521	24,399
ROE (net income / shareholders' equity)	10.6%	5.7%	8.1%	6.5%	5.4%	7.8%	7.1%	8.1%
ROA (Net income/ Total Assets)	9.5%	4.25%	5.72%	5.4%	5.01%	7%	6.2%	7.3%
Assets ¹	161,780	198,430	219,482	203,567	199,777	264,286	252,823	246,233
Book Value Per Share ²	2,845	2,787	3,089	3,369	3,640	3,944	4,177	4,452
Cash Flow per Share	570.0	493.0	628.0	662.0	710.0	-	-	-
Capex ¹	38,786	46,258	33,597	20,946	18,201	20,000	20,000	20,000
Capex / Sales	19.26%	21.66%	15.66%	8.97%	6.27%	5.69%	5.42%	5.2%
Announcement Date	5/10/19	5/21/20	5/14/21	5/13/22	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 Topre Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,505 JPY

Average target price

2,600 JPY

Spread / Average Target

+3.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	+27.60%	10.65B

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