TORAY INDUSTRIES, INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 702.8 JPY | +0.60% |
|
-1.67% | -4.13% |
| Apr. 23 | Japanese Companies Pledge $120 Million Investment in South Korea | MT |
| Apr. 22 | South Korean Shares Rise; Korean Government Reveals 23 Trillion Won Fund | MT |
Valuation
| Fiscal Period: März | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,130,947 | 750,376 | 1,140,322 | 1,022,540 | 1,211,012 | 1,125,635 | - | - |
| Enterprise Value (EV) 1 | 1,934,862 | 1,490,235 | 1,877,895 | 1,721,071 | 1,937,110 | 1,794,887 | 1,785,360 | 1,752,302 |
| P/E ratio | 14.2 x | 13.5 x | 24.9 x | 12.1 x | 16.6 x | 17.6 x | 12.9 x | 10.7 x |
| Yield | 2.26% | 3.41% | 1.26% | 2.5% | 2.38% | 2.56% | 2.74% | 3.05% |
| Capitalization / Revenue | 0.47 x | 0.34 x | 0.61 x | 0.46 x | 0.49 x | 0.46 x | 0.43 x | 0.41 x |
| EV / Revenue | 0.81 x | 0.67 x | 1 x | 0.77 x | 0.78 x | 0.73 x | 0.69 x | 0.64 x |
| EV / EBITDA | 7.59 x | 5.97 x | 9.11 x | 6.82 x | 8.23 x | 7.79 x | 6.74 x | 5.95 x |
| EV / FCF | -23 x | 17.5 x | 16.5 x | 21.2 x | 45.6 x | 24 x | 35.5 x | 29.2 x |
| FCF Yield | -4.34% | 5.7% | 6.05% | 4.71% | 2.19% | 4.16% | 2.82% | 3.43% |
| Price to Book | 1 x | 0.69 x | 0.92 x | 0.73 x | 0.79 x | 0.71 x | 0.68 x | 0.65 x |
| Nbr of stocks (in thousands) | 1,599,869 | 1,599,950 | 1,600,452 | 1,600,720 | 1,601,021 | 1,601,643 | - | - |
| Reference price 2 | 706.9 | 469.0 | 712.5 | 638.8 | 756.4 | 702.8 | 702.8 | 702.8 |
| Announcement Date | 5/14/19 | 5/28/20 | 5/13/21 | 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 | 2,388,848 | 2,214,633 | 1,883,600 | 2,228,523 | 2,489,330 | 2,466,056 | 2,597,270 | 2,730,197 |
| EBITDA 1 | 254,779 | 249,510 | 206,084 | 252,432 | 235,376 | 230,380 | 264,910 | 294,548 |
| EBIT 1 | 141,469 | 131,186 | 90,265 | 132,063 | 109,001 | 99,366 | 128,227 | 151,118 |
| Operating Margin | 5.92% | 5.92% | 4.79% | 5.93% | 4.38% | 4.03% | 4.94% | 5.54% |
| Earnings before Tax (EBT) 1 | 127,419 | 94,046 | 65,566 | 120,315 | 111,870 | 103,600 | 132,280 | 156,514 |
| Net income 1 | 79,373 | 55,725 | 45,794 | 84,235 | 72,823 | 63,963 | 87,572 | 104,908 |
| Net margin | 3.32% | 2.52% | 2.43% | 3.78% | 2.93% | 2.59% | 3.37% | 3.84% |
| EPS 2 | 49.61 | 34.83 | 28.61 | 52.63 | 45.49 | 39.91 | 54.65 | 65.51 |
| Free Cash Flow 1 | -84,008 | 85,000 | 113,700 | 81,100 | 42,489 | 74,632 | 50,328 | 60,051 |
| FCF margin | -3.52% | 3.84% | 6.04% | 3.64% | 1.71% | 3.03% | 1.94% | 2.2% |
| FCF Conversion (EBITDA) | - | 34.07% | 55.17% | 32.13% | 18.05% | 32.4% | 19% | 20.39% |
| FCF Conversion (Net income) | - | 152.53% | 248.29% | 96.28% | 58.35% | 116.68% | 57.47% | 57.24% |
| Dividend per Share 2 | 16.00 | 16.00 | 9.000 | 16.00 | 18.00 | 18.00 | 19.25 | 21.45 |
| Announcement Date | 5/14/19 | 5/28/20 | 5/13/21 | 5/13/22 | 5/12/23 | - | - | - |
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 | 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 | 2025 Q1 | 2025 Q2 | 2025 S1 | 2025 Q3 | 2025 Q4 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,122,359 | 1,092,274 | 856,069 | 1,027,531 | 549,306 | 1,062,978 | 583,894 | 581,651 | 1,165,545 | 605,869 | 655,925 | 1,261,794 | 640,006 | 587,530 | 1,227,536 | 578,057 | 621,319 | 1,199,376 | 630,032 | 622,811 | 1,267,000 | 614,350 | 659,400 | 1,290,000 | 680,800 | 666,600 | 1,390,000 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 71,648 | 59,538 | 34,096 | 56,169 | 34,075 | 68,962 | 35,806 | 26,081 | 61,887 | 27,108 | 27,313 | 54,421 | 44,246 | 10,334 | - | 21,906 | 23,651 | 44,445 | 26,924 | 21,995 | 47,600 | 26,350 | 30,850 | 50,000 | 37,800 | 35,350 | 62,000 |
| Operating Margin | 6.38% | 5.45% | 3.98% | 5.47% | 6.2% | 6.49% | 6.13% | 4.48% | 5.31% | 4.47% | 4.16% | 4.31% | 6.91% | 1.76% | - | 3.79% | 3.81% | 3.71% | 4.27% | 3.53% | 3.76% | 4.29% | 4.68% | 3.88% | 5.55% | 5.3% | 4.46% |
| Earnings before Tax (EBT) 1 | 67,572 | - | 8,439 | 57,127 | 40,267 | 81,205 | 39,302 | -192 | 39,110 | 57,224 | 27,752 | 84,976 | 24,039 | 2,855 | 26,894 | 25,107 | 23,872 | 48,979 | 27,323 | 19,200 | 47,000 | 22,000 | 28,000 | 50,000 | 35,000 | 31,000 | 66,000 |
| Net income 1 | 45,658 | 10,067 | 4,466 | 41,328 | 31,195 | 60,924 | 28,382 | -5,071 | 23,311 | 39,921 | 19,191 | 59,112 | 15,441 | -1,730 | 13,711 | 13,946 | 14,921 | 28,867 | 16,792 | 13,120 | 28,900 | 19,450 | 21,050 | 33,200 | 25,200 | 24,250 | 43,900 |
| Net margin | 4.07% | 0.92% | 0.52% | 4.02% | 5.68% | 5.73% | 4.86% | -0.87% | 2% | 6.59% | 2.93% | 4.68% | 2.41% | -0.29% | 1.12% | 2.41% | 2.4% | 2.41% | 2.67% | 2.11% | 2.28% | 3.17% | 3.19% | 2.57% | 3.7% | 3.64% | 3.16% |
| EPS 2 | 28.54 | - | 2.790 | - | 19.49 | 38.06 | 17.73 | -3.160 | - | 24.94 | 11.98 | 36.92 | 9.650 | -1.080 | - | 8.710 | 9.320 | 18.03 | 10.48 | 8.671 | - | 15.18 | 14.68 | - | 16.93 | 17.43 | - |
| Dividend per Share 2 | 8.000 | - | 4.500 | - | - | 8.000 | - | 8.000 | - | - | 9.000 | 9.000 | - | 9.000 | 9.000 | - | 9.000 | 9.000 | - | 9.000 | - | - | 10.00 | - | - | 10.00 | - |
| Announcement Date | 11/7/19 | 5/28/20 | 11/6/20 | 5/13/21 | 11/9/21 | 11/9/21 | 2/9/22 | 5/13/22 | 5/13/22 | 8/9/22 | 11/8/22 | 11/8/22 | 2/8/23 | 5/12/23 | 5/12/23 | 8/7/23 | 11/8/23 | 11/8/23 | 2/8/24 | - | - | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 803,915 | 739,859 | 737,573 | 698,531 | 726,098 | 669,253 | 659,725 | 626,667 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.155 x | 2.965 x | 3.579 x | 2.767 x | 3.085 x | 2.905 x | 2.49 x | 2.128 x |
| Free Cash Flow 1 | -84,008 | 85,000 | 113,700 | 81,100 | 42,489 | 74,632 | 50,328 | 60,051 |
| ROE (net income / shareholders' equity) | 7.1% | 5% | 3.89% | 6.4% | 5% | 4.01% | 5.42% | 6.22% |
| ROA (Net income/ Total Assets) | 5% | 3.8% | 3.9% | 4.08% | 3.59% | 2.44% | 3.03% | 3.48% |
| Assets 1 | 1,587,622 | 1,466,258 | 1,174,205 | 2,062,809 | 2,030,323 | 2,626,458 | 2,892,552 | 3,014,007 |
| Book Value Per Share 2 | 707.0 | 684.0 | 773.0 | 878.0 | 959.0 | 994.0 | 1,031 | 1,076 |
| Cash Flow per Share 2 | 113.0 | 102.0 | 101.0 | 128.0 | 124.0 | 130.0 | 142.0 | 159.0 |
| Capex 1 | 172,696 | 140,767 | 133,200 | 100,936 | 112,546 | 137,963 | 142,213 | 148,296 |
| Capex / Sales | 7.23% | 6.36% | 7.07% | 4.53% | 4.52% | 5.59% | 5.48% | 5.43% |
| Announcement Date | 5/14/19 | 5/28/20 | 5/13/21 | 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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
702.8
JPY
Average target price
842.5
JPY
Spread / Average Target
+19.88%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -4.13% | 7.15B | |
| +5.14% | 103B | |
| -5.63% | 63.04B | |
| +39.52% | 39.06B | |
| +12.91% | 37.58B | |
| +7.41% | 33.24B | |
| +6.85% | 19.22B | |
| +12.86% | 16.83B | |
| +7.73% | 15.03B | |
| +16.93% | 14.96B |
- Stock Market
- Equities
- 3402 Stock
- Financials Toray Industries, Inc.
