Financials Toyo Suisan Kaisha, Ltd.

Equities

2875

JP3613000003

Food Processing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
9,544 ^JPY	+4.23%		+4.63%	+31.10%

Apr. 24	INVESTOR GROUP, IN REPORT, URGES TOYO SUISAN KAISHA TO EXIT LEGA…	RE
Apr. 24	Investor group urges Toyo Suisan to focus on instant noodles, exit legacy business	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	430,473	533,111	474,895	446,298	566,807	974,699	-	-
Enterprise Value (EV) ¹	316,755	401,725	319,516	272,325	384,540	775,392	756,023	738,848
P/E ratio	23.3 x	22.8 x	16.3 x	19.9 x	17.1 x	19.5 x	18.2 x	17.7 x
Yield	1.66%	1.53%	1.94%	2.06%	1.8%	1.44%	1.65%	1.74%
Capitalization / Revenue	1.07 x	1.28 x	1.14 x	1.23 x	1.3 x	2.01 x	1.96 x	1.91 x
EV / Revenue	0.79 x	0.97 x	0.77 x	0.75 x	0.88 x	1.6 x	1.52 x	1.44 x
EV / EBITDA	8.45 x	9.31 x	6.21 x	6.05 x	6.83 x	10 x	9.12 x	8.62 x
EV / FCF	86.3 x	13.7 x	10.4 x	13.2 x	-	18.8 x	20.6 x	20.5 x
FCF Yield	1.16%	7.28%	9.59%	7.59%	-	5.32%	4.85%	4.88%
Price to Book	1.45 x	1.74 x	1.43 x	1.26 x	1.45 x	2.27 x	2.08 x	1.93 x
Nbr of stocks (in thousands)	102,129	102,129	102,128	102,128	102,127	102,127	-	-
Reference price ²	4,215	5,220	4,650	4,370	5,550	9,544	9,544	9,544
Announcement Date	5/10/19	5/15/20	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	401,064	416,031	417,511	361,495	435,786	484,082	497,861	511,403
EBITDA ¹	37,503	43,128	51,469	45,011	56,329	77,185	82,869	85,686
EBIT ¹	23,661	28,348	36,460	29,737	40,330	60,728	65,771	67,409
Operating Margin	5.9%	6.81%	8.73%	8.23%	9.25%	12.55%	13.21%	13.18%
Earnings before Tax (EBT) ¹	25,906	32,600	38,909	31,586	43,547	66,395	71,417	73,968
Net income ¹	18,438	23,379	29,070	22,414	33,126	49,869	53,412	54,662
Net margin	4.6%	5.62%	6.96%	6.2%	7.6%	10.3%	10.73%	10.69%
EPS ²	180.5	228.9	284.6	219.5	324.4	488.3	523.7	537.8
Free Cash Flow ¹	3,670	29,238	30,656	20,656	-	41,218	36,696	36,081
FCF margin	0.92%	7.03%	7.34%	5.71%	-	8.51%	7.37%	7.06%
FCF Conversion (EBITDA)	9.79%	67.79%	59.56%	45.89%	-	53.4%	44.28%	42.11%
FCF Conversion (Net income)	19.9%	125.06%	105.46%	92.16%	-	82.65%	68.7%	66.01%
Dividend per Share ²	70.00	80.00	90.00	90.00	100.0	137.1	157.1	165.7
Announcement Date	5/10/19	5/15/20	5/14/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	198,345	-	203,594	86,858	170,498	97,599	93,398	103,127	109,813	212,940	112,373	110,473	222,846	111,181	123,709	234,890	123,509	125,081	116,800	124,750	135,100	122,600
EBITDA	-	-	-	-	-	-	-	-	12,483	-	16,758	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	11,664	-	18,134	6,397	14,796	10,026	4,915	10,727	8,251	18,978	12,907	8,445	21,352	13,190	16,634	29,824	18,187	12,833	15,775	17,650	19,900	11,400
Operating Margin	5.88%	-	8.91%	7.36%	8.68%	10.27%	5.26%	10.4%	7.51%	8.91%	11.49%	7.64%	9.58%	11.86%	13.45%	12.7%	14.73%	10.26%	13.51%	14.15%	14.73%	9.3%
Earnings before Tax (EBT)	13,149	-	20,127	-	15,714	10,586	-	11,236	-	20,245	13,565	9,737	23,302	15,275	-	33,392	20,017	-	-	-	-	-
Net income ¹	9,571	-	14,704	4,535	10,975	7,378	4,061	8,649	6,621	15,270	10,098	7,758	17,856	11,023	14,109	25,132	14,772	11,031	-	-	-	-
Net margin	4.83%	-	7.22%	5.22%	6.44%	7.56%	4.35%	8.39%	6.03%	7.17%	8.99%	7.02%	8.01%	9.91%	11.4%	10.7%	11.96%	8.82%	-	-	-	-
EPS ²	93.72	-	144.0	44.41	107.5	72.24	39.77	84.69	64.84	149.5	98.87	75.96	-	107.9	138.2	246.1	144.6	103.4	123.4	154.2	163.0	-
Dividend per Share ²	40.00	40.00	40.00	40.00	40.00	-	-	-	-	40.00	-	-	-	-	60.00	60.00	-	80.00	-	70.00	-	70.00
Announcement Date	10/31/19	5/15/20	10/30/20	10/29/21	10/29/21	1/31/22	5/13/22	7/29/22	10/31/22	10/31/22	1/31/23	5/12/23	5/12/23	7/31/23	10/31/23	10/31/23	1/31/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	113,718	131,386	155,379	173,973	182,267	199,308	218,677	235,852
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,670	29,238	30,656	20,656	-	41,219	36,696	36,081
ROE (net income / shareholders' equity)	6.4%	7.8%	9.1%	6.5%	8.9%	12.2%	12%	11.3%
ROA (Net income/ Total Assets)	6.85%	7.91%	9.34%	7.23%	9.19%	9.8%	9.67%	10%
Assets ¹	269,032	295,611	311,261	310,061	360,532	508,869	552,542	545,261
Book Value Per Share ²	2,905	3,003	3,246	3,475	3,840	4,206	4,578	4,933
Cash Flow per Share ²	316.0	374.0	432.0	369.0	481.0	647.0	681.0	701.0
Capex ¹	30,390	19,691	17,127	13,117	14,253	20,000	30,000	32,500
Capex / Sales	7.58%	4.73%	4.1%	3.63%	3.27%	4.13%	6.03%	6.36%
Announcement Date	5/10/19	5/15/20	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 Toyo Suisan Kaisha, Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

9,544 JPY

Average target price

10,050 JPY

Spread / Average Target

+5.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
TOYO SUISAN KAISHA, LTD.	+31.10%	6.19B
NESTLÉ S.A.	-4.99%	266B
MONDELEZ INTERNATIONAL, INC.	-2.51%	94.98B
KRAFT HEINZ	+3.19%	46.39B
GENERAL MILLS, INC.	+8.74%	39.99B
DANONE	-0.07%	39.95B
THE HERSHEY COMPANY	-0.15%	38.02B
ARCHER-DANIELS-MIDLAND COMPANY	-16.78%	30.16B
NESTLÉ INDIA LIMITED	-5.60%	28.72B
ASSOCIATED BRITISH FOODS PLC	+10.73%	24.54B

Other Food Processing