Financials Toyo Tanso Co., Ltd.

Equities

5310

JP3616000000

Electrical Components & Equipment

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
7,750 ^JPY	+5.44%		+1.71%	+61.96%

Feb. 22	Toyo Tanso Co., Ltd. Announces Retirement of Shunsaku Hiraga as Director	CI
Feb. 14	Toyo Tanso Co., Ltd. Announces Dividend for the Year Ended December 31, 2023, Payable on March 29, 2024; Provides Dividend Guidance for the Year Ending December 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	47,692	42,302	67,112	78,857	100,353	162,537	-	-
Enterprise Value (EV) ¹	29,888	25,925	48,948	60,706	82,222	156,265	161,029	164,485
P/E ratio	16.2 x	15.9 x	15 x	15.2 x	13.4 x	19.5 x	16.9 x	14.5 x
Yield	2.2%	2.48%	1.88%	1.86%	2.3%	1.61%	1.86%	2.11%
Capitalization / Revenue	1.31 x	1.35 x	1.78 x	1.8 x	2.04 x	2.97 x	2.65 x	2.36 x
EV / Revenue	0.82 x	0.83 x	1.3 x	1.39 x	1.67 x	2.85 x	2.62 x	2.38 x
EV / EBITDA	3.73 x	4.18 x	5.68 x	6.18 x	6.5 x	10.3 x	8.78 x	7.57 x
EV / FCF	208 x	4.31 x	22.8 x	-	23.3 x	-24.6 x	-1,365 x	51.6 x
FCF Yield	0.48%	23.2%	4.39%	-	4.28%	-4.07%	-0.07%	1.94%
Price to Book	0.73 x	0.64 x	0.93 x	1.02 x	1.19 x	1.8 x	1.68 x	1.55 x
Nbr of stocks (in thousands)	20,973	20,973	20,973	20,973	20,972	20,972	-	-
Reference price ²	2,274	2,017	3,200	3,760	4,785	7,750	7,750	7,750
Announcement Date	2/14/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	36,402	31,226	37,734	43,774	49,251	54,767	61,400	68,991
EBITDA ¹	8,006	6,206	8,618	9,820	12,658	15,138	18,349	21,718
EBIT ¹	5,175	3,422	5,666	6,667	9,283	11,428	13,409	15,750
Operating Margin	14.22%	10.96%	15.02%	15.23%	18.85%	20.87%	21.84%	22.83%
Earnings before Tax (EBT) ¹	3,946	3,726	6,130	7,298	10,317	11,750	13,415	15,693
Net income ¹	2,944	2,662	4,465	5,181	7,506	8,338	9,639	11,214
Net margin	8.09%	8.52%	11.83%	11.84%	15.24%	15.23%	15.7%	16.25%
EPS ²	140.4	127.0	212.9	247.1	357.9	397.6	459.6	534.7
Free Cash Flow ¹	144	6,009	2,151	-	3,523	-6,361	-118	3,185
FCF margin	0.4%	19.24%	5.7%	-	7.15%	-11.62%	-0.19%	4.62%
FCF Conversion (EBITDA)	1.8%	96.83%	24.96%	-	27.83%	-	-	14.66%
FCF Conversion (Net income)	4.89%	225.73%	48.17%	-	46.94%	-	-	28.4%
Dividend per Share ²	50.00	50.00	60.00	70.00	110.0	124.8	143.9	163.4
Announcement Date	2/14/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	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
Net sales ¹	17,261	15,514	15,712	17,535	9,914	10,285	20,199	9,906	10,387	20,293	11,735	11,746	23,481	11,304	12,408	23,712	12,289	13,250	25,539	12,302	13,060	26,000	14,228	14,868
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,301	6,254	2,936	3,468	-	3,280	3,610	6,890	3,810	3,970
EBIT ¹	2,017	2,063	1,359	2,366	1,782	1,518	3,300	1,502	1,537	3,039	1,926	1,702	3,628	2,137	2,473	4,610	2,080	2,593	4,673	2,487	2,670	5,167	2,963	3,326
Operating Margin	11.69%	13.3%	8.65%	13.49%	17.97%	14.76%	16.34%	15.16%	14.8%	14.98%	16.41%	14.49%	15.45%	18.9%	19.93%	19.44%	16.93%	19.57%	18.3%	20.22%	20.44%	19.87%	20.83%	22.37%
Earnings before Tax (EBT) ¹	1,002	2,062	-	2,730	1,798	1,602	3,400	1,755	1,827	3,582	2,202	1,514	3,716	2,625	3,095	5,720	2,263	-	-	2,800	3,000	5,800	3,100	3,500
Net income ¹	641	1,461	1,201	1,824	1,344	2,641	1,297	1,203	1,361	2,564	1,588	1,029	2,617	1,833	2,295	4,128	1,682	1,696	3,378	2,000	2,100	4,100	2,200	2,400
Net margin	3.71%	9.42%	7.64%	10.4%	13.56%	25.68%	6.42%	12.14%	13.1%	12.63%	13.53%	8.76%	11.15%	16.22%	18.5%	17.41%	13.69%	12.8%	13.23%	16.26%	16.08%	15.77%	15.46%	16.14%
EPS	-	69.69	-	86.98	64.09	-	-	57.37	-	122.3	75.73	-	-	87.44	-	196.8	80.20	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/14/20	8/7/20	2/12/21	8/10/21	11/5/21	2/14/22	2/14/22	5/16/22	8/9/22	8/9/22	11/8/22	2/14/23	2/14/23	5/10/23	8/9/23	8/9/23	11/7/23	2/14/24	2/14/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	1,948
Net Cash position ¹	17,804	16,377	18,164	18,151	18,131	6,272	1,507	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	0.0897 x
Free Cash Flow ¹	144	6,009	2,151	-	3,523	-6,361	-118	3,185
ROE (net income / shareholders' equity)	4.6%	4%	6.4%	6.9%	9.3%	9.58%	10.3%	11.1%
ROA (Net income/ Total Assets)	6.89%	5.1%	7.84%	8.51%	10.9%	8.07%	8.13%	8.5%
Assets ¹	42,706	52,237	56,928	60,847	68,574	103,368	118,512	131,933
Book Value Per Share ²	3,097	3,175	3,443	3,679	4,028	4,305	4,622	4,993
Cash Flow per Share ²	275.0	260.0	354.0	397.0	519.0	493.0	586.0	759.0
Capex ¹	5,005	6,375	5,076	2,968	5,555	15,853	13,500	12,667
Capex / Sales	13.75%	20.42%	13.45%	6.78%	11.28%	28.95%	21.99%	18.36%
Announcement Date	2/14/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

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 Tanso Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7,750 JPY

Average target price

8,729 JPY

Spread / Average Target

+12.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electrical Component

	1st Jan change	Capi.
TOYO TANSO CO., LTD.	+61.96%	1.03B
TE CONNECTIVITY LTD.	-0.21%	42.94B
FUJIKURA LTD.	+148.96%	4.73B
XIAMEN FARATRONIC CO., LTD.	+1.47%	2.92B
FANGDA CARBON NEW MATERIAL CO.,LTD	-6.30%	2.7B
MPI CORPORATION	+84.83%	1.16B
ACBEL POLYTECH INC.	-3.89%	1.04B
BEIJING YUANLIU HONGYUAN ELECTRONIC TECHNOLOGY CO., LTD.	-34.98%	1.04B
NINGBO SUNRISE ELC TECHNOLOGY CO.,LTD	-16.00%	900M
JIANGSU LETTALL ELECTRONIC CO.,LTD	-21.49%	869M

Electrical Component